ModelEscrowAgreement.docx
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ModelEscrowAgreement.docx
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ModelEscrowAgreement
ESCROWAGREEMENT
ThisEscrowAgreementismadeandenteredintothisdayof,200,by
(the“Company”)and(the“EscrowAgent”).
WITNESSETH:
WHEREAS,anumberofStateshaveenactedNon-ParticipatingManufacturerStatutes("NPMStatutes")thatrequireTobaccoProductManufacturersthathavenotenteredintotheMasterSettlementAgreementtoestablishQualifiedEscrowFunds,and
WHEREAS,theCompanyisaTobaccoProductManufacturerthathasnotenteredintotheMasterSettlementAgreementandintendstocomplywithsuchNPMStatutesbyestablishingQualifiedEscrowFundswithrespecttostateswheretheCompany’stobaccoproductsaresold.
NOWTHEREFORE,inconsiderationofthemutualpromisescontainedhereinandothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichareherebyacknowledged,theundersignedpartiesheretoagreeasfollows:
SECTION1.AppointmentofEscrowAgent.
TheCompanyherebyappointstoserveasEscrowAgentunderthisEscrowAgreementonthetermsandconditionssetforthherein.TheEscrowAgentwarrantsthatitisafederallyorstatecharteredfinancialinstitutionorganizedandexistingunderthelawsoftheStateof,havingassetsofatleastonebilliondollars($1,000,000,000),andisnotanAffiliateofanyTobaccoProductManufacturerasdefinedintheNPMStatute.Byitsexecutionhereof,theEscrowAgentherebyacceptssuchappointmentandagreestoperformitsdutiesandobligationssetforthherein.
SECTION2.Definitions.
(a)CapitalizedtermsusedinthisEscrowAgreementandnototherwisedefinedhereinorintheBeneficiaryState’sNPMStatutesshallhavethemeaninggiventosuchtermsintheMasterSettlementAgreement.
(b)“Account”meansanescrowaccountconsistingofsegregatedsub-accountsforeachBeneficiaryStatemaintainedbytheEscrowAgentasaQualifiedEscrowFundinwhichthefundsrequiredtobeplacedinaQualifiedEscrowFundaredepositedincompliancewiththisEscrowAgreement.
(c)“BeneficiaryState”meansastatethatisapartytotheMasterSettlementAgreementforwhosebenefitfundsarebeingescrowedpursuanttothisEscrowAgreement.ForpurposesofthisEscrowAgreement,theinitialBeneficiaryStatesarethoselistedinAttachment“A”heretowhichisherebyincorporatedhereinbyreference,andthoseotherStatesthattheCompanyandtheEscrowAgentmayhereafteragreetoincludeasBeneficiaryStates.EscrowAgentisauthorizedtoincludeotherBeneficiaryStatesunderthisAgreementbywrittennoticefromtheCompanyandisfurtherauthorizedtoreviseAttachment“A”fromtimetotimetoreflectadditionsasinstructedbytheCompany.
(d)“MasterSettlementAgreement”meansthesettlementagreement(andrelateddocuments)enteredintoonNovember23,1998bynumerousStatesandmajorUnitedStatesTobaccoProductManufacturers,acopyofwhichhasbeenprovidedtotheEscrowAgentbytheCompany.
(e)“NPMStatutes”or“NPMStatute”arethelawsenactedineachoftheStatesthatarepartiestotheMasterSettlementAgreementandthatrequireaNon-ParticipatingManufacturertoestablishaQualifiedEscrowFund.TheCompanyshallprovideacopyoftheNPMStatutesforeachBeneficiaryStateunderthisEscrowAgreementtotheEscrowAgent.
(f)“QualifiedEscrowFund”meansanescrowarrangementwithaU.S.federalorU.S.statecharteredfinancialinstitutionhavingnoaffiliationwithanyTobaccoProductManufacturer
andhavingassetsofatleastonebilliondollars($1,000,000,000)wheresucharrangementrequiresthatthefinancialinstitutionholdtheescrowedfunds’principalforthebenefitofReleasingPartiesandprohibitstheTobaccoProductManufacturerplacingthefundsintoescrowfromusing,accessingordirectingtheuseofthefunds’principalexceptasconsistentwiththeapplicableNPMStatutes.
SECTION3.TheEscrowFundandReleaseofFundsTherefrom.
(a)FromtimetotimetheCompanyshalltendertotheEscrowAgentfordepositintheAccountthefundswhichtheCompanyisrequiredtoplaceintoaQualifiedEscrowFundpursuanttotheNPMStatutesofeachBeneficiaryState.
(b)AllfundsreceivedbytheEscrowAgentpursuanttothetermsofthisEscrowAgreementshallbeheld,investedanddisbursedinaccordancewiththetermsandconditionsofthisEscrowAgreementandtheNPMStatutes.
(c)ForeachBeneficiaryStateinwhichtheCompany’stobaccoproductsweresoldafterenactmentofthatstate’sNPMStatute,byApril15oftheyearfollowingeachyearofsuchenactment,theCompanyshalldelivertotheEscrowAgentfordepositpursuanttothissectionthefollowingamounts(assuchamountsareadjustedforinflationpursuanttoExhibitCoftheMasterSettlementAgreement)–1999:
$.0094241perUnitSold;2000:
$.0104712perUnitSold;foreachof2001and2002:
$.0136125perUnitSold;foreachof2003through2006:
$.0167539perUnitSold;foreachof2007andeachyearthereafter:
$.0188482perUnitSold.FortheyearinwhichtheNPMStatutewasfirstenacted,theamountduebyApril15ofthefollowingyearshallbebasedonlyonthoseUnitsSoldonandafterthestatute’seffectivedate.
(d)SegregatedMulti-StateSubaccounts:
(i)TheCompanyshalldesignatetotheEscrowAgenttheamounttobeplacedintheAccountandeachsub-accountforeachBeneficiaryStatebasedontheUnitsSoldthereininaccordancewiththeapplicableBeneficiaryState’sNPMStatute.AllfundsshallbeheldbytheEscrowAgentinsub-accountsseparateandapartfromallotherfundsandsub-
accountsofeachBeneficiaryState,theEscrowAgent,andtheCompany.TheEscrowAgentshallallocateallfundsasdesignatedbytheCompanyandreceivedbytheEscrowAgentamongthefollowingBeneficiaryStates,eachwithitsownseparate,segregatedsub-accountandownsub-accountnumber,asfollows:
Sub-accountnumber1(NameofBeneficiaryState)Sub-accountnumber2(NameofBeneficiaryState)Sub-accountnumber3(NameofBeneficiaryState)Sub-accountnumber4(NameofBeneficiaryState)Sub-accountnumber5(NameofBeneficiaryState)Sub-accountnumber6(NameofBeneficiaryState)Sub-accountnumber7(NameofBeneficiaryState)Sub-accountnumber8(NameofBeneficiaryState)Sub-accountnumber9(NameofBeneficiaryState)Sub-accountnumber10(NameofBeneficiaryState)
(ii)TheEscrowAgentshallplaceandholdsuchfundsinsuchsub-accountforthebenefitoftheapplicableBeneficiaryStateoranyReleasingPartylocatedorresidingintheapplicableBeneficiaryState.TheEscrowAgentmayfurthersegregateaparticularBeneficiaryState’ssub-accounttoidentifytheannualescrowpaymentsforthesameBeneficiaryStateforpurposesofreleaseoffundsfromthesameBeneficiaryState’ssub-accountunderSection3(f)(iii).
(iii)WithintheAccountestablishedunderthisEscrowAgreement,theEscrowAgentshallmaintainaseparatesub-accountledgerforeachBeneficiaryStatesufficienttoenabletrackingoftheprincipalamountsallocatedtoeachoftheBeneficiaryStatesunderthisEscrowAgreementandalldates,purposes,andamountofdeposits,withdrawals,orinterestoneachsub-accountforeachapplicableBeneficiaryState.TheEscrowAgentmayalsomaintainwithintheAccountaseparatesub-accountforthebenefitoftheCompanytowhichinterestorappreciationontheprincipal(the“InterestAccount”)maybedeposited.
(iv)UponwrittennoticefromtheCompany,theEscrowAgentshallestablishadditionalsub-accountsforadditionalBeneficiaryStateswhichshallbesubjecttothetermsandconditionsofthisAgreement.
(e)TheCompanyshallreceivetheinterestorotherappreciationonthefundsdepositedpursuanttoSection3asearned.WheneveranyinterestorotherfundsarepayableunderthisAgreementtotheCompany,suchpaymentshallbesubjecttothepaymentofEscrowAgent’sfees,costsandexpensesasprovidedinSection9.
(f)ThefundsdepositedpursuanttoSection3shallbereleasedfromtheapplicableBeneficiaryState’ssub-accountonlyunderthefollowingcircumstances:
(i)TopayajudgmentorsettlementonanyReleasedClaimbroughtagainsttheCompanybytheapplicableBeneficiaryStateorbyanyReleasingPartylocatedorresidingintheapplicableBeneficiaryState.Promptlyafterreceivingawrittenrequestforreleaseoffundsunderthissubsectionandpriortoanysuchrelease,theEscrowAgentshallprovidewrittennoticetotheCompany,totheReleasingParty,andtotheAttorneyGeneralorAttorneyGeneral’sDesigneeoftheapplicableBeneficiaryStateassetforthanddefinedinSection13herein.Thenoticeshallspecifyinreasonabledetailtheamountofthefundstobereleased,thepayeeandthebasisfortherequestedrelease(whichshallbeprovidedtotheEscrowAgentbythepersonrequestingpayment).TheCompanyandtheAttorneyGeneralorAttorneyGeneral’sDesigneeoftheapplicableBeneficiaryStateassetforthinSection13whosesub-accountwouldbereducedbythereleaseoffundsshallprovideawrittenresponsetotheEscrowAgentwithcopiestoeachother,withinthirty(30)calendardaysfromthedateofreceiptofthisnotice.ShouldtheCompanyortheapplicableBeneficiaryStatetimelyobjectinwritingtoarequestedreleaseoffundsunderthissubsection,theEscrowAgentshallnotauthorizetherequestedreleaseoffundsuntilsuchobjectionhasbeenfinallyresolved.Ifnoobjectionisreceived,theEscrowAgentshallpaytheReleasedClaimaftertheexpirationofthethirty(30)calendardayperiod.Fundsshallbereleasedfromescrowfromthesub-accountoftheapplicableBeneficiaryStateunderthissubsection(A)intheorderinwhichtheywereplacedintotheapplicableBeneficiaryState’ssub-accountescrowand(B)onlytotheextent
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