Home > Business > Agreement Template > Escrow Agreement > Escrow Agreement 1

Escrow Agreement 1


Escrow Agreement 1
Escrow Agreement 1
ESCROW AGREEMENT
This Escrow Agreement is made and entered into this
day of ,
200_, by
(the “Company”) and
(the “Escrow Agent”).
WITNESSETH:
WHEREAS, a number of States have enacted Non-Participating Manufacturer Statutes
(“NPM Statutes”) that require Tobacco Product Manufacturers that have not entered into the
Master Settlement Agreement to establish Qualified Escrow Funds, and
WHEREAS, the Company is a Tobacco Product Manufacturer that has not entered into
the Master Settlement Agreement and intends to comply with such NPM Statutes by establishing
Qualified Escrow Funds with respect to states where the Company’s tobacco products are sold.
NOW THEREFORE, in consideration of the mutual promises contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned parties hereto agree as follows:
SECTION 1. Appointment of Escrow Agent.
The Company hereby appoints ________________________ to serve as Escrow Agent under
this Escrow Agreement on the terms and conditions set forth herein. The Escrow Agent warrants
that it is a federally or state chartered financial institution organized and existing under the laws
of the State of ____________, having assets of at least one billion dollars ($1,000,000,000), and
is not an Affiliate of any Tobacco Product Manufacturer as defined in the NPM Statute. By its
execution hereof, the Escrow Agent hereby accepts such appointment and agrees to perform its
duties and obligations set forth herein.
1 of 15
Escrow Agreement 1
Previous

1/15

Next