Common use of Harvest Share Reserve Clause in Contracts

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

Harvest Share Reserve. Each Member acknowledges that under NMFS 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‐ 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 contributed to the Reserve.Member

Harvest Share Reserve. Each Member acknowledges that under NMFS 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 ensure the Sector’s ACE is not over‐ 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 contributed to the Reserve.Member

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

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

Harvest Share Reserve. Each Member acknowledges that under NMFS regulations, 2 the Members’ aggregate harvest of the Sector’s ACE may not exceed the Sector’s ACE allocation, as 3 adjusted by transfers of ACE between the Sector and other sectors. Each Member further acknowledges 4 that under NMFS regulations, each Member may be held jointly liable for fines, penalties and forfeitures related to the Sector’s ACE being overharvested. Each Member therefore authorizes the Manager to 6 annually establish a reserve of each Allocated Species in the amount the Manager deems necessary to 7 insure the Sector’s ACE is not over‐ over-harvested (the “Reserve”). The Reserve for each Allocated Species 8 shall be established by assessing the Members’ Harvest Shares for such Allocated Species on a pro rata 9 basis, according to their Harvest Share percentages for each such species. The amount of each 10 Member’s Harvest Share available for harvest or transfer shall be net of the amount assessed for the 11 Reserve. The Reserve shall be managed under a “Deemed Value System” (“DVS”) by the Manager in 12 accordance with the terms and conditions adopted by the Board from time to time. If the Board 13 requires that Members pay for distributions from the Reserve, the DVS payments received by the Sector 14 shall be distributed to the Members after the close of fishing for the year on a pro rata basis, such that 15 each Member receives a share of the total amount paid for distributions of each Allocated Species from 16 the Reserve proportionate to the amount of such Allocated Species each Member contributed to the Reserve.the

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

Harvest Share Reserve. Each Member acknowledges that under NMFS regulations, 2 the Members’ aggregate harvest of the Sector’s ACE may not exceed the Sector’s ACE allocation, as 3 adjusted by transfers of ACE between the Sector and other sectors. Each Member further acknowledges 4 that under NMFS regulations, each Member may be held jointly liable for fines, penalties and forfeitures related to the Sector’s ACE being overharvested. Each Member therefore authorizes the Manager to 6 annually establish a reserve of each Allocated Species in the amount the Manager deems necessary to 7 insure the Sector’s ACE is not over‐ over-harvested (the “Reserve”). The Reserve for each Allocated Species 8 shall be established by assessing the Members’ Harvest Shares for such Allocated Species on a pro rata 9 basis, according to their Harvest Share percentages for each such species. The amount of each 10 Member’s Harvest Share available for harvest or transfer shall be net of the amount assessed for the 11 Reserve. The Reserve shall be managed under a “Deemed Value System” (“DVS”) by the Manager in 12 accordance with the terms and conditions adopted by the Board from time to time. If the Board 13 requires that Members pay for distributions from the Reserve, the DVS payments received by the Sector Xxxxxx 00 shall be distributed to the Members after the close of fishing for the year on a pro rata basis, such that 15 each Member receives a share of the total amount paid for distributions of each Allocated Species from 16 the Reserve proportionate to the amount of such Allocated Species each Member contributed to the Reserve.the