Escrow Agreement | Pdf Fpdf Docx | Arkansas

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Escrow Agreement | Pdf Fpdf Docx | Arkansas

Last updated: 12/20/2023

Escrow Agreement

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Description

ESCROW AGREEMENT. This form is used by a Non-Participating Tobacco Manufacturer (NPM) to establish and maintain a Qualified Escrow Fund (QEF) in compliance with state laws enacted under the Master Settlement Agreement (MSA). Because NPMs are not signatories to the MSA, they are required by statute in participating states to deposit funds into escrow accounts based on the number of cigarettes sold in those states. This form outlines the agreement between the NPM (the Company) and a qualified financial institution (the Escrow Agent), ensuring that the required deposits are securely held in sub-accounts for each beneficiary state. The agreement governs how deposits are made, how funds are invested, how interest is handled, and under what limited circumstances funds may be released, such as to pay judgments, settlements, or after 25 years if unused. It also sets rules for oversight, reporting, dispute resolution, and the responsibilities of both the Company and the Escrow Agent. www.FormsWorkflow.com

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