Common use of Permit Transfer/Sale Clause in Contracts

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or “MRI” permit to a person who is not an Active Member unless such person assumes all of the transferring Member’s obligations under this Agreement as of the effective date of such transfer. A person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for the balance of the fishing year during which the transfer occurs, and thereafter may only remain a Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with Section 2, above.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or “MRI” permit to a person who is not an Active Member unless such person assumes all of the transferring Member’s obligations under this Agreement as of the effective date of such transfer. A person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for the balance of the fishing year during which the transfer occurs, and thereafter may only remain a Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with Section 2, above.above.‌

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a Member, 21 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time to time by 22 the Board, in favor of Active Members of the Sector, Active Members of other Northeast Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or “MRI” permit to a 24 person who is not an Active Member unless such person assumes all of the transferring Member’s 25 obligations under this Agreement as of the effective date of such transfer. A person other than a Member 26 who receives a Member’s “LA MS” permit or “MRI” permit from a Member in accordance with this Section 27 15 (a “Transferee”) shall only be eligible to participate in the Sector for the balance of the fishing year 28 during which the transfer occurs, and thereafter may only remain a Sector Member if such Transferee 29 applies for and is admitted to Sector membership in accordance with Section 2, above.