Common use of Exercise of the Over-Allotment Option Clause in Contracts

Exercise of the Over-Allotment Option. The Parties agree that if the Underwriters exercise their over-allotment option with respect to the Offering, OSG MLP shall redeem first from One Percent, second from OSGM and third from Bulk Ships until an aggregate number of Common Units has been redeemed equal to the number of Common Units issued upon the exercise of the over-allotment option, at a price per common unit equal to the price per Common Unit before expenses, but after underwriting discounts, commissions and structuring fees.