Master Settlement Agreement Clause Samples

Master Settlement Agreement. I. INTRODUCTION

Master Settlement Agreement. Without the prior written consent of Purchaser, prior to the Closing neither of the Sellers shall enter into an agreement to become a participating manufacturer under the Master Settlement Agreement with respect to the Transferred Business.

Master Settlement Agreement. On November 23, 1998, a $206 billion settlement was reached between California and 45 other states, Puerto Rico, the District of Columbia, three territories, and five major cigarette manufacturers in the United States concerning antitrust, consumer protection, and health-related litigation claims that were pending against the major tobacco companies at the time. The resulting Master Settlement Agreement (MSA) placed significant limitations on tobacco-related advertisements by tobacco companies and promised multi-billion dollar annual payments to the states. At the time of settlement, California was projected to receive approximately $25 billion in settlement funding through 2025. As part of the agreement, the states dropped their lawsuits against the named tobacco companies and agreed to impose similar settlement terms via state law on those tobacco companies that elected not to join the MSA. California implemented the relevant terms of the MSA against non-signatory tobacco companies, in part, by enacting the Model Escrow Statute, which required these non- signatories to make annual payments into a state-held escrow account based on the total number of cigarettes sold to California consumers as measured by state excise taxes collected on the sales. (See SB 822 (▇▇▇▇▇▇▇, ▇▇. 780, Stats. 1999); Hlth. & Saf. Code § 104555 et. seq.) The implementing statute specified that funds held in the escrow account would be used to pay judgments or settlements on any claim released by the state against the non-signatory tobacco manufacturers, or would be released back to the manufacturers under certain circumstances. The statute also authorized the California Attorney General to enforce its terms, and to bring a civil action on behalf of the state against any tobacco product manufacturer that failed to place the mandated funds into the escrow account. The MSA includes provisions that require signatory states to diligently enforce the terms of the agreement and to fund tobacco settlement escrow accounts at a rate roughly equivalent to the level of settlement payments received from signatory manufacturers under the MSA. Failure to diligently enforce the agreement and any related implementing statute exposes non-compliant states to substantial reductions in their MSA settlement payments. Attorney General ▇▇▇ ▇▇▇▇▇, the sponsor of the bill, notes that California has received payments in excess of $800 million in recent years from the MSA but: These annual payments, however, ...

Master Settlement Agreement. 36 5.12 [Intentionally Omitted.]..........................................................................36 5.13 Moist Snuff Equipment.............................................................................36 5.14

Master Settlement Agreement. Any party delivering an executed counterpart of any such agreement by facsimile shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of such agreement.

Master Settlement Agreement. Section XII(a)(4)(A) of the Master Settlement Agree- ment is hereby amended by deleting the parenthetical phrase beginning on the 16th line of page 111 and ending on the 19th line of page 111 stating: ‘‘(an d such Released Party gives notice to the applicable Settling State within 30 days of the service of such claim-over (or within 30 days after the MSA Execution Date, whichever is later) and prior to entry into any settlement of such claim-over) ’’ and adding in place of such parenthetical phrase the following parenthetical phrase: ‘‘(an d such Released Party gives notice to the applicable Settling State at the end of the calendar quarter (the quarterly periods to end on February 20, May 20, August 20, and November 20 of each year) in which service of such claim-over is received (or within 30 days after the MSA Execution Date, which- ever is later) and prior to entry into any settlement of such claim-over; provided, however, that service of any claims received within 15 days before the end of any quarterly period shall be deemed to have been received during the subsequent calendar quarter) ’’ Section XII(a)(4)(B) of the Master Settlement Agree- ment is hereby amended by deleting the parenthetical phrase beginning after the word ‘‘settlement ’’ on the 10th line of page 112 and ending on the 14th line of page 112 before the work ‘‘ju dgment’’ stating: ‘‘(to the extent that such Released Party has given notice to the applicable Settling State within 30 days of the service of such claim-over (or within 30 days after the MSA Execution Date, whichever is later) and prior to entry into any settlement of such claim-over),’’ and adding in place of such parenthetical phrase the following parenthetical phrase: ‘‘(to the extent that such Released Party has given notice to the applicable Settling State at the end of the calendar quarter in which service of such claim-over is received (or within 30 days after the MSA Execution Date, whichever is later), the end of the quarterly periods and the date on which service is deemed to have been received being those set forth in section XII(a)(4)(A) (as amended by this amendment), and prior to entry into any settlement of such claim-over),’’ Section XII(a)(8)(A) of the Master Settlement Agree- ment is hereby amended by deleting the parenthetical phrase beginning on the 19th line of page 114 and ending on the 22nd line of page 114 stating: ‘‘(an d such Released Party gives notice to the applicable Settling State within 30 days...

Master Settlement Agreement. REQUIREMENTS FOR TOBACCO PRODUCT MANUFACTURERS Section Part XIII-A. MASTER SETTLEMENT AGREEMENT – COMPLETEMENTARY PROCEDURES Section

Master Settlement Agreement. The Company is a “Participating Manufacturer” under the MSA. The Company is and has been at all times in compliance in all respects with the MSA and has filed or caused to be filed all filings required by the MSA. The Company has paid or caused to be paid all monetary payments required under the MSA.

Master Settlement Agreement. The Bureau of the Budget may 21 issue bonds for the purpose of refunding, advance refunding, 22 or refinancing outstanding bonds, for the purpose of 23 establishing reserves, paying the interest on the bonds, and 24 paying costs of issuance of the bonds, and for any other 25 proper public purpose. Bonds may be issued in one or more 26 series and shall be payable solely and secured solely by the 27 moneys required under this Act to be transferred from the 28 Tobacco Settlement Recovery Fund to the Tobacco Settlement 29 Bond Fund.