This summary is not the rule. The rule text controls.
If you just graduated from law school and want a limited license to practice under supervision, you have to qualify for the very next Oklahoma Bar Exam offered after you graduate. You can't wait or skip an exam cycle and still qualify under this rule.
This means your eligibility is tied directly to your graduation date. If you graduate and the next bar exam is, say, in July, you need to meet all the requirements to sit for that July exam. If you don't meet those requirements in time for the first exam after graduation, you won't be eligible to apply for the limited license.
This rule keeps things straightforward. It makes sure that only recent graduates who are on track to become licensed attorneys, and who are actively working toward that goal by taking the next available bar exam, can get this special permission to practice law in a limited way before they're fully licensed.