Common use of Option Valid Upon Bankruptcy or Involuntary Transfer Clause in Contracts

Option Valid Upon Bankruptcy or Involuntary Transfer. The Option hereunder shall remain valid and continue to apply to the Holder even if any Osprey Party: (a) voluntarily or involuntarily files for bankruptcy or similar proceedings in any court of competent jurisdiction or otherwise enters into any such proceeding, or (b) has the Option Interests transferred by operation of law or otherwise involuntarily.