Common use of Consolidation Plan Clause in Contracts

Consolidation Plan. The Sector’s ACE shall be harvested in accordance with the terms 5 and conditions of this Section 7. 7 regulations, the Members’ aggregate harvest of the Sector’s ACE may not exceed the Sector’s ACE 8 allocation, as adjusted by transfers of ACE between the Sector and other sectors. Each Member further 9 acknowledges that under NMFS regulations, each Member may be held jointly liable for fines, penalties 10 and forfeitures related to the Sector’s ACE being overharvested. Each Member therefore authorizes the 11 Manager to annually establish a reserve of each Allocated Species in the amount the Manager deems 12 necessary to insure the Sector’s ACE is not over‐harvested (the “Reserve”). The Reserve for each 13 Allocated Species shall be established by assessing the Members’ Harvest Shares for such Allocated 14 Species on a pro rata basis, according to their Harvest Share percentages for each such species. The 15 amount of each Member’s Harvest Share available for harvest or transfer shall be net of the amount 16 assessed for the Reserve. The Reserve shall be managed under a “Deemed Value System” (“DVS”) by 17 the Manager in accordance with the terms and conditions adopted by the Board from time to time. If 18 the Board requires that Members pay for distributions from the Reserve, the DVS payments received by 19 the Sector shall be distributed to the Members after the close of fishing for the year on a pro rata basis, 20 such that each Member receives a share of the total amount paid for distributions of each Allocated 21 Species from the Reserve proportionate to the amount of such Allocated Species each Member

Consolidation Plan. The Sector’s ACE shall be harvested in accordance with the terms 5 7 and conditions of this Section 7. 7 8 7.1. Harvest Share Reserve. Each Member acknowledges that under NMFS 9 regulations, the Members’ aggregate harvest of the Sector’s ACE may not exceed the Sector’s ACE 8 10 allocation, as adjusted by transfers of ACE between the Sector and other sectors. Each Member further 9 11 acknowledges that under NMFS regulations, each Member may be held jointly liable for fines, penalties 10 12 and forfeitures related to the Sector’s ACE being overharvested. Each Member therefore authorizes the 11 13 Manager to annually establish a reserve of each Allocated Species in the amount the Manager deems 12 14 necessary to insure the Sector’s ACE is not over‐harvested over-harvested (the “Reserve”). The Reserve for each 13 15 Allocated Species shall be established by assessing the Members’ Harvest Shares for such Allocated 14 16 Species on a pro rata basis, according to their Harvest Share percentages for each such species. The 15 17 amount of each Member’s Harvest Share available for harvest or transfer shall be net of the amount 16 18 assessed for the Reserve. The Reserve shall be managed under a “Deemed Value System” (“DVS”) by 17 19 the Manager in accordance with the terms and conditions adopted by the Board from time to time. If 18 20 the Board requires that Members pay for distributions from the Reserve, the DVS payments received by 19 21 the Sector shall be distributed to the Members after the close of fishing for the year on a pro rata basis, 20 22 such that each Member receives a share of the total amount paid for distributions of each Allocated 21 23 Species from the Reserve proportionate to the amount of such Allocated Species each Member