Common use of ACE Transfer/Carryover Clause in Contracts

ACE Transfer/Carryover. The Sector may carry up to 10 percent of its unused ACE forward into the next fishing year. Participating Vessels and/or Permits may transfer Individual ACE to other Participating Vessels and/or Permits, or otherwise pool or redistribute Individual ACE, provided that the Manager is notified and provides his consent to such transfer. There is no limit on the amount of ACE that can be transferred between Sectors. This exchange can occur at any time during the fishing year and up to 2 weeks into the following fishing year. Members must notify the Manager prior to requesting a transfer of ACE to another Sector and such request must be approved by the Board prior to the Sector transmitting the ACE transfer request to NMFS. The transfer does not become effective until approved by NMFS and both Sectors are notified. Since ACE transfers may take place after fishing has commenced and it will not be clear whether sectors are able to balance overages by acquiring ACE until all transfers have been processed, the Sector recognizes that, consistent with Amendment 16, NMFS will hold 20 percent of the Sector ACE for each stock in reserve until 61 days after the beginning of the fishing year in order to ensure that sectors will have sufficient ACE to balance overages from the previous year.

ACE Transfer/Carryover. The Sector may carry up to 10 percent of its unused ACE forward into the next fishing year. Participating Vessels and/or Permits may transfer Individual ACE to other Participating Vessels and/or Permits, or otherwise pool or redistribute Individual ACE, provided that the Manager is notified and provides his consent consents to such transfer. There is no limit on the amount of ACE that can be transferred between Sectors. This exchange can occur at any time during the fishing year and up to 2 weeks into the following fishing year. Members must notify the Manager prior to requesting a transfer of ACE to another Sector and such request must be approved by the Board prior to the Sector transmitting the ACE transfer request to NMFS. The transfer does not become effective until approved by NMFS and both Sectors are notified. Since ACE transfers may take place after fishing has commenced and it will not be clear whether sectors are able to balance overages by acquiring ACE until all transfers have been processed, the Sector recognizes that, consistent with Amendment 16, that NMFS will hold 20 percent of the Sector ACE for each stock in reserve until 61 days after the beginning of the fishing year in order to ensure that sectors will have sufficient ACE to balance overages from the previous year.

ACE Transfer/Carryover. The Sector may carry up to 10 percent of its 1 unused ACE forward into the next fishing year. Participating Vessels and/or Permits may 2 transfer Individual ACE to other Participating Vessels and/or Permits, or otherwise pool 3 or redistribute Individual ACE, provided that the Manager is notified and provides his consent consents to 4 such transfer. 6 There is no limit on the amount of ACE that can be transferred between Sectors. This 7 exchange can occur at any time during the fishing year and up to 2 weeks into the 8 following fishing year. Members must notify the Manager prior to requesting a transfer 9 of ACE to another Sector and such request must be approved by the Board prior to the 10 Sector transmitting the ACE transfer request to NMFS. The transfer does not become 11 effective until approved by NMFS and both Sectors are notified. 13 Since ACE transfers may take place after fishing has commenced and it will not be clear 14 whether sectors are able to balance overages by acquiring ACE until all transfers have 15 been processed, the Sector recognizes that, consistent with Amendment 16, that NMFS will hold 20 percent of the Sector ACE 16 for each stock in reserve until 61 days after the beginning of the fishing year in order to 17 ensure that sectors will have sufficient ACE to balance overages from the previous year.