Not Exceeding the Sector’s Allocation Sample Clauses

Not Exceeding the Sector’s Allocation. In addition to the 10% of the ACE of each stock that will be set aside in reserve, the sector will avoid exceeding their ACE for any stock by having daily electronic reporting from all vessels actively fishing to the sector manager of the catch and discards of allocated stocks (see also section 5.2). By keeping close track of the catch of all participating vessels, and close accounting of the sector’s allocation of each stock, the sector manager will be able to alert all members of the situation if it is necessary for them to stop fishing. If the daily reporting indicates that sector catch is approaching the reserve, then the sector manager will issue a temporary ‘stop fishing order’ to all members (to ensure the sector’s ACE is not exceeded) until the Sector Manager acquires additional ACE, or until any discrepancies (which may have clouded the calculations of actual catch) are resolved. The Tri State Sector will allow the internal transfer of shares from one member to another, which will be tracked and recorded by the sector manager. These internal share transfers will be critical to prevent each sector member from exceeding his own portion of the share. At the request of any member, at any time, and before the sector as a whole catches 80% of the ACE of any stock, the sector manager will seek additional shares to lease/trade from other sectors. NMFS will be notified of any transfers between sectors and members acknowledge that no transfer is in effect until it has been approved by NMFS and such notice received by the sector manager. If the sector exceeds it’s ACE for any allocated stock, the sector manager will immediately issue a stop fishing order to all participating vessels. If additional ACE is acquired, then the ‘stop fishing order may be suspended. Finally, instead of authorizing the harvest of the reserve in the final month of the fishing year. the sector may choose to carry forward up to 10% of their ACE as allowed under Amendment 16. ARTICLE V - CATCH MONITORING, DISCARDS, VERIFICATION, OVERAGES, PORTS and CERTAIN OTHER MEMBERSHIP REQUIREMENTS
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Related to Not Exceeding the Sector’s Allocation

  • Allocation of Net Profits and Net Losses As of the last day of each Fiscal Period, any Net Profits or Net Losses for the Fiscal Period shall be allocated among and credited to or debited against the Capital Accounts of the Members in accordance with their respective Investment Percentages for such Fiscal Period.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • Allocations of Net Profits and Net Losses Except as otherwise set forth herein, Net Profits and Net Losses shall be allocated for each Fiscal Year to the Members in proportion to their respective Capital Accounts.

  • Allocation of Profit and Loss Article V, Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

  • Capital Accounts Allocations There shall be established in respect of each Holder a separate capital account in the books and records of the Up-MACRO Holding Trust in respect of the Holder's Capital Contributions to the Up-MACRO Holding Trust (each, a "Capital Account"), to which the following provisions shall apply:

  • Allocations of Profits and Losses Except as otherwise provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after giving effect to the Special Allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article IV if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. For purposes of this Article V, each Unvested Unit shall be treated as a Vested Unit. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the Partnership.

  • Limitation on Allocation of Net Loss To the extent that any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated (x) first, among the other Holders of Partnership Common Units in accordance with their respective Percentage Interests with respect to Partnership Common Units and (y) thereafter, among the Holders of other classes of Partnership Units as determined by the General Partner, subject to the limitations of this Section 6.4.A(vi).

  • Other Allocations Except as otherwise provided in this Agreement, all items of Partnership income, loss, deduction, and any other allocations not otherwise provided for shall be divided among the Unit Holders in the same proportions as they share Profits or Losses, as the case may be, for the year.

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