NPM Statute definition

NPM Statute means the law or laws, as amended, enacted in each MSA State that require a Non-Participating Manufacturer to establish a Qualified Escrow Fund. The Company shall provide a copy of the NPM Statute for each Beneficiary State under this Escrow Agreement to the Escrow Agent.
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Examples of NPM Statute in a sentence

  • 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 $1 Billion ($1,000,000,000), and is not an Affiliate of any Tobacco Product Manufacturer as defined in the NPM Statute.

  • 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.

  • Capitalized terms used in this Escrow Agreement and not otherwise defined herein or in the Beneficiary State’s NPM Statute shall have the meaning given to such terms in the Master Settlement Agreement.

  • 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.

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

  • Typically, the NPM Statute requires deposits annually or quarterly.

  • 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.

  • For the year in which the NPM Statute was first enacted, the amount due by April 15 of the following year shall be based only on those Units Sold on and after the statute’s effective date.

  • All funds received by the Escrow Agent pursuant to the terms of this Escrow Agreement shall be held, invested, and disbursed in accordance with the terms and conditions of this Escrow Agreement and the applicable NPM Statute, regardless of the source of the funds— whether the funds are paid by the Company or by a third-party such as a Cigarette importer or an entity sharing liability with the Company for making the required QEF Principal deposits.

  • 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.

Related to NPM Statute

  • the Statutes means the Companies Act and every other act (as may from time to time be amended) for the time being in force in Bermuda applying to or affecting the Company, the Memorandum of Association and/or these presents;

  • Governing statute of an organization means the statute that governs the organization's internal affairs.

  • Statute means the Companies Act (As Revised) of the Cayman Islands.

  • Criminal drug statute means a Federal or non-Federal criminal statute involving the manufacture, distribution, dispensing, possession or use of any controlled substance.

  • Land Use Bylaw means Rocky View County Bylaw C-8000-2020, being the Land Use Bylaw, as amended or replaced from time to time;