Common use of Length of Commitment Clause in Contracts

Length of Commitment. Each Member hereby agrees to cause each of its Permits and the related Participating Vessels enrolled in the Sector at the beginning of the fishing year following the date on which such Member enrolled in the Sector to remain enrolled in the Sector for that entire (one) fishing year (the “Commitment Period”); provided, however, that if the Members seek to extend the terms of this Agreement consistent with Article IX below and NMFS does not approve the Sector’s Operations Plan and Agreement, as the same may be amended, for the subsequent fishing year, then the obligation of such Member under this Section 2.03 shall terminate on the last day of the existing Commitment Period. Each Member further agrees that if its Permit leaves the Sector for any reason during the Commitment Period, or beginning for fishing years 2011 and beyond fails to notify the Manager of intent to leave Sector by the September 1 preceding the start of the next fishing year, (i) such Member shall be subject to the penalty or penalties described on the Schedule of Penalties (as hereinafter defined), and

Length of Commitment. Each Member hereby agrees to cause each of its Permits and the related Participating Vessels enrolled in the Sector at the beginning of the fishing year following the date on which such Member enrolled in the Sector to remain enrolled in the Sector for that entire (one) fishing year (the “Commitment Period”); provided, however, that if the Members seek to extend the terms of this Agreement consistent with Article IX below and NMFS does not approve the Sector’s Operations Plan and Agreement, as the same may be amended, for the subsequent fishing year, then the obligation of such Member under this Section 2.03 shall terminate on the last day of the existing Commitment Period. Each Member further agrees that if its Permit leaves the Sector for any reason during the Commitment Period, or beginning for fishing years 2011 2012 and beyond fails to notify the Manager of intent to leave Sector by the September December 1 preceding the start of the next fishing year, (i) such Member shall be subject to the penalty or penalties described on the Schedule of Penalties (as hereinafter defined), and