Common use of Membership Termination Clause in Contracts

Membership Termination. No Member may terminate its membership in the Sector other than in accordance with this Section 12. A Member that has agreed to join the Sector prior to the Effective Date may withdraw from Sector membership prior to the Effective Date without penalty or prejudice. Thereafter, only a Member that is not in breach of this Agreement and that has no outstanding Sector performance or payment obligations may terminate its membership in the Sector, and may do so only in compliance with the terms and conditions of this Section 12. Notwithstanding the foregoing, the Board may terminate the membership of a Member in breach of its payment or performance obligations under this Agreement, as the Board deems appropriate in its sole discretion. Subject to the provisions of this Section 12 regarding withdrawal prior to the Effective Date, above, a Member that is eligible to terminate such Member’s Sector membership may do so only by providing written notice to that effect to all other Members on or before July 1, or such date as the Board may from time to time establish for that purpose (the “Termination Date”) each year. A Member that fails to provide such notice by the Termination Date shall be deemed to have automatically renewed its Sector membership for the following year, and all other Members shall be entitled to act in reliance on such renewal accordingly. If any Member provides a membership termination notice by the Termination Date, each of the other Members shall have ten (10) days from the date they receive such notice to terminate their membership as well, notwithstanding the Termination Date notice deadline. Termination of membership in the Sector shall be effective as of the final day of the current fishing year. If a Member is in breach of this Agreement or has outstanding Sector payment or performance obligations as of the Termination Date, unless the Board takes action to terminate such Member’s membership, such Member’s membership shall be deemed renewed for the following year, notwithstanding any notice of withdrawal such Member may give, and the Sector shall have the authority to file an application for a Sector allocation including such Member as a Member of the Sector. Each Member hereby grants the Sector a power‐of‐ attorney, coupled with an interest, for such purposes, and authorizes each of the Sector’s officers to take any and all actions and execute any and all documents necessary or convenient to give effect to this provision. Termination of membership shall not relieve a person or entity of any obligations under this Agreement related to the period during which such person or entity was a Member, including but not limited to liquidated damages obligations for breach of this Agreement, consequential damages obligations for breaches resulting from acts of gross negligence or willful misconduct, or indemnification obligations related to such person or entity’s actions as a Member.

Membership Termination. No Member may terminate its membership in the Sector other than in accordance with this Section 12. A Member that has agreed to join the Sector prior to the Effective Date may withdraw from Sector membership prior to the Effective Date without penalty or prejudice. Thereafter, only a Member that is not in breach of this Agreement and that has no outstanding Sector performance or payment obligations may terminate its membership in the Sector, and may do so only in compliance with the terms and conditions of this Section 12. Notwithstanding the foregoing, the Board may terminate the membership of a Member in breach of its payment or performance obligations under this Agreement, as the Board deems appropriate in its sole discretion. Subject to the provisions of this Section 12 regarding withdrawal prior to the Effective Date, above, a Member that is eligible to terminate such Member’s Sector membership may do so only by providing written notice to that effect to all other Members on or before July April 1, 2015 or such date as the Board may from time to time establish for that purpose (the “Termination Date”) each fishing year. A Member that fails to provide such notice by the Termination Date shall be deemed to have automatically renewed its Sector membership for the following year, and all other Members shall be entitled to act in reliance on such renewal accordingly. If any Member provides a membership termination notice by the Termination Date, each of the other Members shall have ten (10) days from the date they receive such notice to terminate their membership as well, notwithstanding the Termination Date notice deadline. Termination of membership in the Sector shall be effective as of the final day of the current fishing year. If a Member is in breach of this Agreement or has outstanding Sector payment or performance obligations as of the Termination Date, unless the Board takes action to terminate such Member’s membership, such Member’s membership shall be deemed renewed for the following year, notwithstanding any notice of withdrawal such Member may give, and the Sector shall have the authority to file an application for a Sector allocation including such Member as a Member of the Sector. Each Member hereby grants the Sector a power‐of‐ attorneypower‐of‐attorney, coupled with an interest, for such purposes, and authorizes each of the Sector’s officers to take any and all actions and execute any and all documents necessary or convenient to give effect to this provision. Termination of membership shall not relieve a person or entity of any obligations under this Agreement related to the period during which such person or entity was a Member, including but not limited to liquidated damages obligations for breach of this Agreement, consequential damages obligations for breaches resulting from acts of gross negligence or willful misconduct, or indemnification obligations related to such person or entity’s actions as a Member.

Membership Termination. No Member may terminate its membership in the Sector 2 other than in accordance with this Section 12. A Member that has agreed to join the Sector prior to the 3 Effective Date may withdraw from Sector membership prior to the Effective Date without penalty or 4 prejudice. Thereafter, only a Member that is not in breach of this Agreement and that has no 5 outstanding Sector performance or payment obligations may terminate its membership in the SectorXxxxxx, 0 and may do so only in compliance with the terms and conditions of this Section 12. Notwithstanding the 7 foregoing, the Board may terminate the membership of a Member in breach of its payment or 8 performance obligations under this Agreement, as the Board deems appropriate in its sole discretion. 9 Subject to the provisions of this Section 12 regarding withdrawal prior to the Effective Date, above, a 10 Member that is eligible to terminate such Member’s Sector membership may do so only by providing 11 written notice to that effect to all other Members on or before July 1March 15, 2017 or such date as the 12 Board may from time to time establish for that purpose (the “Termination Date”) each fishing year. A 13 Member that fails to provide such notice by the Termination Date shall be deemed to have 14 automatically renewed its Sector membership for the following year, and all other Members shall be 15 entitled to act in reliance on such renewal accordingly. If any Member provides a membership 16 termination notice by the Termination Date, each of the other Members shall have ten (10) days from 17 the date they receive such notice to terminate their membership as well, notwithstanding the 18 Termination Date notice deadline. Termination of membership in the Sector shall be effective as of the 19 final day of the current fishing year. 20 If a Member is in breach of this Agreement or has outstanding Sector payment or performance 21 obligations as of the Termination Date, unless the Board takes action to terminate such Member’s 22 membership, such Member’s membership shall be deemed renewed for the following year, 23 notwithstanding any notice of withdrawal such Member may give, and the Sector shall have the 24 authority to file an application for a Sector allocation including such Member as a Member of the Sector. Each Member hereby grants the Sector a power‐of‐ attorney, coupled with an interest, for such purposes, and authorizes each of the Sector’s officers to take any and all actions and execute any and all documents necessary or convenient to give effect to this provision. Termination of membership shall not relieve a person or entity of any obligations under this Agreement related to the period during which such person or entity was a Member, including but not limited to liquidated damages obligations for breach of this Agreement, consequential damages obligations for breaches resulting from acts of gross negligence or willful misconduct, or indemnification obligations related to such person or entity’s actions as a Member.

Membership Termination. No Member may terminate its membership in the Sector other than in accordance with this Section 12. A Member that has agreed to join the Sector prior to the Effective Date may withdraw from Sector membership prior to the Effective Date without penalty or prejudice. Thereafter, only a Member that is not in breach of this Agreement and that has no outstanding Sector performance or payment obligations may terminate its membership in the Sector, and may do so only in compliance with the terms and conditions of this Section 12. Notwithstanding the foregoing, the Board may terminate the membership of a Member in breach of its payment or performance obligations under this Agreement, as the Board deems appropriate in its sole discretion. Subject to the provisions of this Section 12 regarding withdrawal prior to the Effective Date, above, a Member that is eligible to terminate such Member’s Sector membership may do so only by providing written notice to that effect to all other Members on or before July 1April 15, 2023 or such date as the Board may from time to time establish for that purpose (the “Termination Date”) each fishing year. A Member that fails to provide such notice by the Termination Date shall be deemed to have automatically renewed its Sector membership for the following year, and all other Members shall be entitled to act in reliance on such renewal accordingly. If any Member provides a membership termination notice by the Termination Date, each of the other Members shall have ten (10) days from the date they receive such notice to terminate their membership as well, notwithstanding the Termination Date notice deadline. Termination of membership in the Sector shall be effective as of the final day of the current fishing year. If a Member is in breach of this Agreement or has outstanding Sector payment or performance obligations as of the Termination Date, unless the Board takes action to terminate such Member’s membership, such Member’s membership shall be deemed renewed for the following year, notwithstanding any notice of withdrawal such Member may give, and the Sector shall have the authority to file an application for a Sector allocation including such Member as a Member of the Sector. Each Member hereby grants the Sector a power‐of‐ power-of-attorney, coupled with an interest, for such purposes, and authorizes each of the Sector’s officers to take any and all actions and execute any and all documents necessary or convenient to give effect to this provision. Termination of membership shall not relieve a person or entity of any obligations under this Agreement related to the period during which such person or entity was a Member, including but not limited to liquidated damages obligations for breach of this Agreement, consequential damages obligations for breaches resulting from acts of gross negligence or willful misconduct, or indemnification obligations related to such person or entity’s actions as a Member.