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. The occurrence of an "Event of Default" under Paragraph 9.1
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 (Xxxxxxx, Xx. 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 Xxx Xxxxx, 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. I. INTRODUCTION
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. The settlement agreement between certain tobacco manufacturers and the states, as incorporated in the consent decree entered in the action of State of North Carolina v. Xxxxxx Xxxxxx, Incorporated, et al., 98 CVS 14377, in the General Court of Justice, Superior Court Division, Wake County, North Carolina.
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.
Master Settlement Agreement. Mississippi’s attorney general filed the first state lawsuit against tobacco companies in 1994. Many states would eventually initiate litigation against the major tobacco companies as well. Four states (Florida, Minnesota, Mississippi, and Texas) settled with the tobacco companies individually prior to the MSA, while the remaining 46 states (including Pennsylvania) entered into the MSA in 1998, along with Washington D.C. and several U.S. territories. The MSA established a series of payments from the tobacco companies in perpetuity. The purpose of the MSA is to reduce smoking in the U.S., especially among youth, and is accomplished through: • Raising the cost of cigarettes by imposing payment obligations in the MSA, • Restricting tobacco advertising, marketing, and promotions, • Eliminating practices that mask the health risks of tobacco, • Providing funds to states so that they may invest in smoking prevention and cessation programs, and • Establishing and funding the Truth Initiative - an organization committed to making tobacco use and nicotine addiction a thing of the past. However, the MSA places no requirements or restrictions on how states spend their MSA receipts.
