Annual Distribution. Except as provided in Section 9.2, within 55 days after the end of each Fiscal Year, the General Partner shall cause the Partnership to distribute to the holders of the Preferred LP Interests, Pro Rata, an amount of cash equal to the amount of Net Operating Income allocated to the holders of the Preferred LP Interests pursuant to Section 5.1(e) for the Fiscal Year; provided that, in the event cash is insufficient in amount to distribute to the holders of the Preferred LP Interests the full amount to which they are entitled for any Fiscal Year pursuant to this Section 6.2, the General Partner shall cause future distributions of cash to be made to the holders of the Preferred LP Interests until any such shortfall has been eliminated prior to making any future distributions to the holders of the Common LP Interests pursuant to Section 6.1(b).
Annual Distribution. Each Member hereby acknowledges and agrees that the ACE of all stocks, as authorized by Amendment 16, the Framework Adjustment and NMFS to the Sector, shall be harvested in accordance with the Harvesting Rules, which are set forth as Exhibit C hereto. Each Member agrees to, and agrees to cause its Participating Vessels to, exercise all commercially reasonable efforts to (i) assist in harvesting an amount of regulated groundfish stocks allocated by Amendment 16 equal to, but not greater than, the ACE for each stock, as further set forth on Exhibit C, unless additional ACE can be acquired, and (ii) to comply with all of the other Sector requirements set forth on Exhibit A and Exhibit C hereto. If at any time during the fishing year the Board determines that the ACE may not be fully harvested, the Board shall, subject to the provisions of Section 4.02, redistribute the ACE, through weekly quota targets or otherwise, to ensure that the ACE is fully harvested. In addition, to the extent that the ACE is adjusted upward or downward after the commencement of any fishing year, whether by the authority of NMFS, by framework adjustment or by other regulatory action, the Board shall have the authority to redistribute the adjusted ACE through DAS, weekly quotas or otherwise, to ensure that the adjusted ACE is properly harvested by the Members. Prior to the commencement of the Fishing Year, the Board shall make an initial distribution of the Sector’s ACE to members based on the Members’ fishing history. After the initial allocation of individual ACE is made, and at any time during the fishing year, Members are free to transfer, lease, or sell any ACE attributed to their Permit to any other Member subject to advance approval of Manager. Such requests shall be made in writing to the Manger in a timely manner. Members with or without ownership interests in multiple Permits may consolidate individual ACE to harvest from a single or fewer vessels. Such consolidation will be approved by the Manager prior to validation, and requests shall be made in writing to the Manager in a timely manner. ACE from Vessels designated as “Lease Only” (Exhibit D) may by leased by Vessels designated as “Active Commercial Groundfish.” In FY 2009, approximately 44% of the permits which are enrolled in the Fixed Gear Sector for FY 2010 are attached to vessels actively fishing for NE Multispecies. For FY 2010, the Fixed Gear Sector has 88 Permits currently enrolled. Of those Permits approximately 3...
Annual Distribution. 5 multispecies authorized by NMFS to the Sector (the ACE) shall be harvested in accordance with 6 the Harvesting Rules, which are set forth as Exhibit D.
Annual Distribution. In consideration of Participant’s payment of the Participation Fee, and subject to all the terms and conditions set forth herein and the Project Company Agreement, the Participant shall receive an annual distribution, which shall be based on the energy generated by the Solar Unit(s) purchased by the Participant after accounting for expenses. The Annual Distribution will be paid in the form of a check or by electronic deposit and shall be mailed to the Participant’s current address or transferred to the Participant’s bank account in the Project Company’s records.
Annual Distribution. Each Member hereby acknowledges and agrees that the Annual Catch Entitlement (ACE) of multispecies authorized by Amendment 16 and NMFS to the Sector (the ACE) shall be harvested in accordance with the Harvesting Rules, which are set forth as Exhibit D hereto. Sector members will be allocated a portion of the Sector’s total allocation based on the proportion of each stock that they contribute to the Sector’s initial ACE. Those members who have more than one vessel enrolled in the Sector may decide to consolidate their fishing effort to one or more vessels. The shares allocated to individual Sector members will be monitored through sector-required (as distinct from NMFS-required) daily electronic reporting of all allocated stocks (catch by stock area). It is anticipated that through daily electronic reporting of catch by stock area, the sector manager will be able to track the sector’s ACEs on a real time basis. The attached roster lists all permits in the Sector and indicates whether the vessel is expected to be active in the groundfish fishery in 2010.
Annual Distribution. Each Member hereby acknowledges and agrees that the Annual Catch Entitlement (ACE) of multispecies authorized by Amendment 16 and NMFS to the Sector (the “ACE”) shall be harvested in accordance with the Harvesting Rules, which are set forth as Exhibit D hereto. Sector members will be allocated a portion of the Sector’s total allocation (a ‘share’)based on the proportion of each stock that they contribute to the Sector’s initial ACE. Those members who have more than one vessel enrolled in the Sector may decide to consolidate their fishing effort to one or more vessels. The attached roster in EXHIBIT B lists all permits in the Sector and indicates whether the vessel is expected to be active in the groundfish fishery in 2010. The share allocated to individual Sector members will be monitored through sector-required (as distinct from NMFS-required) daily electronic reporting of all allocated stocks (catch (including discards) by stock area). It is anticipated that through daily electronic reporting of catch by stock area, the sector manager will be able to track the sector’s ACEs on a real time basis.
Annual Distribution. The Company Shall distribute any undistributed Profits within 45 days of the end of each calendar year or completion of any Audit, whichever is later in time, unless otherwise agreed by Shareholder vote.
Annual Distribution. Each Member hereby acknowledges and agrees that the aggregate allocation of GB cod authorized by NMFS to the Sector (the “Aggregate Allocation”) shall be harvested in accordance with the Harvesting Rules, which are set forth as Exhibit C hereto, and the requirements as to DAS set forth on Exhibit B hereto. Each Member agrees to, and agrees to cause its Participating Vessels to, exercise all commercially reasonable efforts to (i) assist in harvesting an amount of GB cod equal to, but not greater than, the Aggregate Allocation, as further set forth on Exhibit C, and (ii) to comply with all of the other Sector requirements set forth on Exhibit B and Exhibit C hereto. If the Board determines that the Aggregate Allocation may not be fully harvested in any fishing year, the Board shall, subject to the provisions of Section 4.02, redistribute the Aggregate Allocation, through DAS, monthly quota targets or otherwise, to ensure that the Aggregate Allocation is fully harvested. In addition, to the extent that the Aggregate Allocation is adjusted upward or downward after the commencement of any fishing year, whether by the authority of NMFS, by framework adjustment or by other regulatory action, the Board shall have the authority to redistribute the adjusted Aggregate Allocation through DAS, monthly quotas or otherwise, to ensure that the adjusted Aggregate Allocation is properly harvested by the Members.
Annual Distribution. For each of the Partnership’s Fiscal Years, other than the last Fiscal Year, if the Net Income for the year is positive, the amount of such Net Income less any amounts determined and set aside by the Managing General Partner in order to cover anticipated capital and current expenses, liabilities, contingencies and cash flow requirements of the Partnership, shall be distributed to the Partners within twenty (20) days following delivery to the Partners of the annual financial statements of the Partnership for the Fiscal Year, such distribution to be made as follows and in the following priority:
(i) [confidential distribution provision];
(ii) then as to 99.999% of the balance of the Net Income available for distribution, among the Limited Partners and General Partners in accordance with their respective Proportionate Interests and where a Partner’s Proportionate Interest has changed during a Fiscal Year, such Partner’s Proportionate Interest for the purpose of distributions for such Fiscal Year shall be weighted in accordance with the portion of the Fiscal Year for which the applicable Proportionate Interest was effective; and
(iii) as to 0.001% of the balance of the Net Income available for distribution, to the Managing General Partner. For greater certainty, a distribution made pursuant to this Section 13.1 shall be deemed to be made in respect of the immediately prior Fiscal Year for the purposes of Section 12.2. [confidential distribution provision];
Annual Distribution. (a) Beginning in the first fiscal year following the date hereof, the Company shall make annual cash distributions to each Member, pro rata in accordance with their respective Membership Interests, of at least 2/3 of the net distributable profit (defined to be all profits of the Company, less capital needs set forth in the Budget for the following year) of the Company earned in the year concerned (the “Annual Distribution”). In addition to the Annual Distribution, the Management Committee may make additional distributions to the Members, pro rata in accordance with their respective Membership Interests.
(b) Distributions made upon liquidation of the Company shall be made as provided in Section 24.
