Exercise of the Over-Allotment Option. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Shares within 45 days after the date of this Agreement. The Underwriters shall not be under any obligation to purchase any Option Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which must be confirmed in writing by overnight mail or facsimile or other electronic transmission setting forth the number and type of Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares (the “Option Closing Date”), which shall not be later than one (1) full Business Day after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of Representative’s Counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Option Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number and type of Option Shares specified in such notice and (ii) each of the Underwriters, acting severally and not jointly, shall purchase that portion of the total number of Option Shares then being purchased as set forth in Schedule 1 opposite the name of such Underwriter.
Exercise of the Over-Allotment Option. The Parties agree that if the Underwriters exercise their Over-Allotment Option with respect to the Offering, the Company shall redeem Common Units from Seadrill with the net proceeds therefrom after the Underwriters’ discount and commissions but before expenses; the number of Common Units redeemed will be equal to the number of Common Units for which the Underwriters exercise their Over-Allotment Option.
Exercise of the Over-Allotment Option. The Parties hereby acknowledge that, if the Underwriters elect to exercise the Over-Allotment Option, the Partnership shall distribute that portion of the Proceeds to the General Partner that is equal in value to the amount by which the value of the GP Contribution exceeded the value of the Common Units and Subordinated Units received by the General Partner in exchange for the GP Contribution. If the Underwriters do not exercise or partially exercise the Over-Allotment Option, the Partnership shall distribute to the General Partner the Common Units that are not purchased by the Underwriters pursuant to the Over-Allotment Option.
Exercise of the Over-Allotment Option. The Parties acknowledge that in the event the Underwriters exercise their over-allotment option, the MLP shall contribute to the OLLC any net proceeds therefrom for debt repayment by the OLLC.
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.
Exercise of the Over-Allotment Option. The Parties acknowledge that in the event the Underwriters exercise their over-allotment option, the MLP shall use any net proceeds therefrom to redeem from USSM a number of Common Units held by USSM equal to the number of Common Units issued upon exercise of the over-allotment option, at a price per Common Unit equal to the net proceeds per Common Unit received by the MLP after underwriting discounts and commissions but before other expenses.
Exercise of the Over-Allotment Option. The Parties agree that if the Underwriters exercise their over-allotment option with respect to the Offering, MLP shall redeem Common Units from TOH with the net proceeds therefrom after the Underwriters' discount and commissions but before other expenses; the number of Common Units redeemed equal to the number of Common Units for which the Underwriters exercise their over-allotment option.
Exercise of the Over-Allotment Option. The parties to this Agreement acknowledge that in the event the underwriters in the Offering exercise their over-allotment option, the Partnership shall use any net proceeds therefrom to redeem common units representing limited partner interests in the Partnership then held by New KST LLC. ARTICLE V
Exercise of the Over-Allotment Option. In the event the Underwriters exercise their over-allotment option, (a) the MLP shall issue to Navios Maritime up to 1,500,000 additional Common Units which Navios Maritime, through the Underwriters and pursuant to the Purchase Agreement, will sell to the public in exchange for $[_________] (the “Over-Allotment Proceeds”) and (b) the MLP shall redeem from Navios Marine and Navios Marine will transfer to the MLP such number of Subordinated Units equal to the number of Common Units for which the Underwriters exercised their overallotment option. Navios Maritime will use part of the Over-Allotment Proceeds to [(a) pay the underwriting discounts and commissions and the advisory fee payable to [Xxxxxxx Xxxxx & Co., Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated] of $[___________] and (b) pay other transaction expenses incurred by Navios Maritime in connection with the exercise of the over-allotment option] (the Over-Allotment Proceeds remaining after deducting the amounts described in this section 3.01 shall constitute the “Net Over-Allotment Proceeds”). Navios Maritime will retain the Net Over-Allotment Proceeds, if any, and use such proceeds to repay indebtedness or for general corporate purposes.
Exercise of the Over-Allotment Option. The Parties acknowledge that in the event the Underwriters exercise their over-allotment option, MLP shall use any net proceeds therefrom to redeem from the Owners a number of Common Units held by the Owners equal to the number of Common Units issued upon exercise of the over-allotment option, at a price per Common Unit equal to the net proceeds per Common Unit received by MLP after the Underwriters' discount but before other expenses.
