Beneficiary State definition

Beneficiary State means a MSA State for whose benefit funds are being escrowed pursuant to the NPM Statute. For purposes of this Escrow Agreement, the initial Beneficiary States are those listed in Attachment A hereto, which is hereby incorporated herein by reference, and those other MSA States that the Company and the Escrow Agent may hereafter agree to include as Beneficiary States. Escrow Agent is authorized to include other Beneficiary States under this Escrow Agreement by written notice from the Company and is further authorized to revise Attachment A from time to time to reflect additional Beneficiary States as instructed by the Company.

Beneficiary State means a state that is a party to the Master Settlement Agreement for whose benefit funds are being escrowed pursuant to this Escrow Agreement. For purposes of this Escrow Agreement, the initial Beneficiary States are those listed in Attachment “A” hereto which is hereby incorporated herein by reference, and those other States that the Company and the Escrow Agent may hereafter agree to include as Beneficiary States. Escrow Agent is authorized to include other Beneficiary States under this Agreement by written notice from the Company and is further authorized to revise Attachment “A” from time to time to reflect additions as instructed by the Company.

Beneficiary State means an MSA State for whose benefit funds are being escrowed pursuant to the NPM Statute. For purposes of this Escrow Agreement, the Beneficiary States are those listed in Attachment A hereto, which is attached and hereby incorporated by reference, and those other MSA States that the Company and the Escrow Agent may hereafter agree to include as Beneficiary States. The Escrow Agent is authorized to include other Beneficiary States under this Escrow Agreement by written notice from the Company and is further authorized to revise Attachment A to reflect additional Beneficiary States as instructed by the Company. Whenever Attachment A is updated, the Escrow Agent shall: (i) obtain signatures on Attachment A from authorized representatives of both the Company and Escrow Agent; and (ii) provide an updated copy of Attachment A to all the Beneficiary States listed on Attachment A.

Examples of Beneficiary State in a sentence

• From time to time the Company shall tender to the Escrow Agent for deposit in the QEF Account the funds that the Company is required to place into a Qualified Escrow Fund pursuant to the NPM Statute of each Beneficiary State.

• With the exception of any suit, action or proceeding involving a Beneficiary State or any Releasing Party located or residing in a Beneficiary State, any suit, action or proceeding seeking to interpret or enforce any provision of, or based on any right arising out of, this Escrow Agreement shall be brought in a court of original jurisdiction for matters involving contract, equity and damage claims in the state where the Escrow Agent is incorporated.

• The Company shall make deposits as frequently as required by the NPM Statute of the applicable Beneficiary State.

• In addition, the court to which funds in the QEF Account have been tendered may order such funds held by the State Treasurer of the underlying Beneficiary State if consented to by that Beneficiary State.

• In addition to the foregoing remedies, the Escrow Agent is hereby authorized in the event of any such disagreement, to petition any state court of competent jurisdiction located in the capital city of the applicable Beneficiary State, or such other city as may be agreed to in writing by the applicable Beneficiary State, for instructions or to interplead the funds or assets so held into such court.

• This Escrow Agreement shall be construed in accordance with and governed by the laws of the state where the Escrow Agent is incorporated, except that the applicable Beneficiary State’s NPM Statute shall only be construed and applied according to, and governed by, the law of the applicable Beneficiary State.

• The Company shall designate to the Escrow Agent the amount to be placed in the QEF Sub-Account by Sales Year for each Beneficiary State based on the Units Sold therein in accordance with the applicable Beneficiary State’s NPM Statute.

• The Escrow Agent shall place and hold such funds in each QEF Sub- Account for the benefit of the applicable Beneficiary State or any Releasing Party located or residing in the applicable Beneficiary State.

More Definitions of Beneficiary State

Beneficiary State means a State that is a party to the Master Settlement Agreement for whose benefit funds are being escrowed pursuant to this Escrow Agreement.

Beneficiary State means the State in which the Beneficiary is located;