12 Guam Code Ann. § 81103
Terms Used In 12 Guam Code Ann. § 81103
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(a) Authority means the Guam Economic Development and
Commerce Authority, as established by Chapter 50 of this Division. (b) Board means the Board of Directors of the Authority.
(c) Bonds means bonds, notes or other evidences of indebtedness of the Authority payable solely from and secured
solely by the tobacco receipts, issued pursuant to this Chapter.
(d) Escrow means the escrow as that term is defined in the
Master Settlement Agreement.
(e) Escrow agent means the escrow agent as that term is defined in the Master Settlement Agreement.
(f) Government means the government of Guam.
(g) Independent auditor means the independent auditor as that term is defined in the Master Settlement Agreement.
(h) Master Settlement Agreement means the settlement agreement and related documents entered into on November 23,
1998, by Guam, the four (4) principal United States tobacco product manufacturers, and various other governmental parties, as amended and supplemented.
(i) Participating manufacturers means the participating manufacturers as that term is defined in the Master Settlement Agreement.
(j) Tobacco receipts means all of the payments to be made by the escrow agent and derived from payments made by the participating manufacturers and allocated to the government under the Master Settlement Agreement, other than pursuant to Article XVII of that agreement.
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 81 GEDCA TOBACCO SETTLEMENT REVENUE BOND ACT
(k) Tobacco trust funds means the funds specified in § 221303 of Title 5 of the Guam Code Annotated.
SOURCE: Subsection (k) amended by P.L. 29-019:IX:2 (Sept. 29, 2007).