Document:

Guarantee dated as of September 8, 2008, made by Philip Morris USA Inc.

 Exhibit 10.2 
 GUARANTEE, dated as of September 8, 2008 (as amended from time to time, this “Guarantee”), made by Philip Morris USA Inc., a Virginia corporation (the “Guarantor”), in favor of the
lenders (the “Lenders”) parties to the 364-Day Bridge Loan Agreement, dated as of January 28, 2008 (as amended, supplemented or otherwise modified from time to time, the “Bridge Loan Agreement”) among Altria
Group, Inc. (“Altria”), Goldman Sachs Credit Partners L.P. (“Goldman Sachs”) and Lehman Commercial Paper Inc., as administrative agents (in such capacity, the “Administrative Agents”). 

WITNESSETH: 
 SECTION
1.    Guarantee.  (a)  The Guarantor hereby unconditionally guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of all obligations of Altria now or
hereafter existing under the Bridge Loan Agreement, whether for principal, interest, fees, expenses or otherwise (the “Obligations”). 
 (b)  It is the intention of the Guarantor that this Guarantee not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to this Guarantee. To effectuate the foregoing intention, the amount guaranteed by the Guarantor under this Guarantee shall be limited to the maximum amount as will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, result in the Obligations of the Guarantor under this Guarantee not constituting a fraudulent transfer or
conveyance. For purposes hereof, “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 
 SECTION 2.    Guarantee Absolute.  The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the Bridge Loan Agreement, regardless of any
law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of Goldman Sachs, as Administrative Agent, or the Lenders with respect thereto. The liability of the Guarantor under this Guarantee
shall be absolute and unconditional irrespective of: 
 (i)  any lack of validity, enforceability or genuineness of any provision
of the Bridge Loan Agreement or any other agreement or instrument relating thereto; 
 (ii)  any change in the time, manner or
place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from the Bridge Loan Agreement; 
 (iii)  any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any
other guarantee, for all or any of the Obligations; or 
 (iv)  any other circumstance that might otherwise constitute a defense
available to, or a discharge of, Altria or a guarantor. 
 SECTION 3.    Subordination.  The Guarantor
covenants and agrees that its obligation to make payments of the Obligations hereunder constitutes an unsecured obligation of the 

 
Guarantor ranking (a) pari passu with all existing and future senior indebtedness of the Guarantor and (b) senior in right of payment to all
existing and future subordinated indebtedness of the Guarantor. 
 SECTION 4.    Waiver;
Subrogation.  (a)  The Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to this Guarantee and any requirement that Goldman Sachs, as Administrative Agent, or any Lender
protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against Altria or any other Person or any collateral. 
 (b)  The Guarantor hereby irrevocably waives any claims or other rights that it may now or hereafter acquire against Altria that arise from the
existence, payment, performance or enforcement of the Guarantor’s obligations under this Guarantee or the Bridge Loan Agreement, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or
indemnification and any right to participate in any claim or remedy of Goldman Sachs, as Administrative Agent, or any Lenders against Altria or any collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or
common law, including, without limitation, the right to take or receive from Altria, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. If any amount
shall be paid to the Guarantor in violation of the preceding sentence at any time prior to the cash payment in full of the Obligations and all other amounts payable under this Guarantee, such amount shall be held in trust for the benefit of Goldman
Sachs, as Administrative Agent, and the Lenders and shall forthwith be paid to Goldman Sachs, as Administrative Agent, to be credited and applied to the Obligations and all other amounts payable under this Guarantee, whether matured or unmatured, in
accordance with the terms of the Bridge Loan Agreement and this Guarantee, or be held as collateral for any Obligations or other amounts payable under this Guarantee thereafter arising. The Guarantor acknowledges that it will receive direct and
indirect benefits from the financing arrangements contemplated by the Bridge Loan Agreement and this Guarantee and that the waiver set forth in this Section 4(b) is knowingly made in contemplation of such benefits. 
 SECTION 5.    No Waiver; Remedies.  No failure on the part of Goldman Sachs, as Administrative Agent, or any Lender
to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 6.    Continuing
Guarantee; Transfer of Interest.  This Guarantee is a continuing guarantee and shall (a) remain in full force and effect until the earliest to occur of (i) the date, if any, on which the Guarantor shall consolidate with or
merge into Altria or any successor thereto, (ii) the date, if any, on which Altria or any successor thereto shall consolidate with or merge into the Guarantor, (iii) payment in full of the Obligations, and (iv) the rating of
Altria’s long term senior unsecured debt by Standard & Poor’s of A or higher, (b) be binding upon the Guarantor, its successors and assigns, and (c) inure to the benefit of and be enforceable by any Lender or
Administrative Agent, and by their respective successors, transferees, and assigns. 
  

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 SECTION 7.    Reinstatement.  This Guarantee shall continue to be
effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by Goldman Sachs, as Administrative Agent, or any Lender upon the insolvency, bankruptcy or
reorganization of Altria or otherwise, all as though such payment had not been made. 
 SECTION
8.    Amendment.  The Guarantor may amend this Guarantee at any time for any purpose without the consent of Goldman Sachs, as Administrative Agent, or any of the Lenders; provided, however, that if such
amendment adversely affects the rights of any Lender, the prior written consent of such Lender shall be required. 
 SECTION
9.    Governing Law.  This Guarantee shall be governed by, and construed in accordance with the laws of the State of New York. 
 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

					
	PHILIP MORRIS USA INC.
		
	By:	 	/S/ CRAIG JOHNSON
		 	Name:	 	Craig Johnson
		 	Title:	 	President
		
	By:	 	/S/ DANIEL BRYANT
		 	Name:	 	Daniel Bryant
		 	Title:	 	Treasurer

  

 3Guarantee dated as of September 8 ,2008, made by Philip Morris USA Inc.

 Exhibit 10.3 
 GUARANTEE, dated as of September 8, 2008 (as amended from time to time, this “Guarantee”), made by Philip Morris USA Inc., a Virginia corporation (the “Guarantor”), in favor of The
Bank of New York (as successor in interest to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank), as trustee (“Trustee”) for the holders of the 5.625% Notes due 2008, 7.000% Notes due 2013, and 7.750% Debentures due
2027 (collectively, the “Debt Securities”) of Altria Group, Inc., a Virginia corporation (the “Issuer”). 
 WITNESSETH: 
 SECTION 1.    Guarantee.  (a)  The Guarantor hereby unconditionally
guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the principal of, premium, if any, and interest on the Debt Securities (the “Obligations”), according to the terms of the Debt
Securities and as more fully described in the Indenture (as amended, modified or otherwise supplemented from time to time, the “Indenture”), dated as of December 2, 1996, between the Issuer and the Trustee. 
 (b)  It is the intention of the Guarantor that this Guarantee not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to this Guarantee. To effectuate the foregoing intention, the amount guaranteed by the Guarantor under this
Guarantee shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, result in the Obligations of the Guarantor under
this Guarantee not constituting a fraudulent transfer or conveyance. For purposes hereof, “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 
 SECTION 2.    Guarantee Absolute.  The Guarantor guarantees that the Obligations will be paid strictly in accordance
with the terms of the Indenture, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of holders of the Debt Securities with respect thereto. The liability of the
Guarantor under this Guarantee shall be absolute and unconditional irrespective of: 
 (i)  any lack of validity, enforceability or
genuineness of any provision of the Indenture, the Debt Securities or any other agreement or instrument relating thereto; 
 (ii)  any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from the Indenture; 
 (iii)  any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any
other guarantee, for all or any of the Obligations; or 
 (iv)  any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the Issuer or a guarantor. 
 SECTION 3.    Subordination.  The
Guarantor covenants and agrees that its obligation to make payments of the Obligations hereunder constitutes an unsecured obligation of the 

 
Guarantor ranking (a) pari passu with all existing and future senior indebtedness of the Guarantor and (b) senior in right of payment to all
existing and future subordinated indebtedness of the Guarantor. 
 SECTION 4.    Waiver;
Subrogation.  (a)  The Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to this Guarantee and any requirement that the Trustee, or the holders of any Debt Securities
protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against the Issuer or any other Person or any collateral. 
 (b)  The Guarantor hereby irrevocably waives any claims or other rights that it may now or hereafter acquire against the Issuer that arise from
the existence, payment, performance or enforcement of the Guarantor’s obligations under this Guarantee or the Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and
any right to participate in any claim or remedy of the Trustee, or the holders of any Debt Securities against the Issuer or any collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law,
including, without limitation, the right to take or receive from the Issuer, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. If any amount shall
be paid to the Guarantor in violation of the preceding sentence at any time prior to the cash payment in full of the Obligations and all other amounts payable under this Guarantee, such amount shall be held in trust for the benefit of the Trustee
and the holders of any Debt Securities and shall forthwith be paid to the Trustee, to be credited and applied to the Obligations and all other amounts payable under this Guarantee, whether matured or unmatured, in accordance with the terms of the
Indenture and this Guarantee, or be held as collateral for any Obligations or other amounts payable under this Guarantee thereafter arising. The Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by the Indenture and this Guarantee and that the waiver set forth in this Section 4(b) is knowingly made in contemplation of such benefits. 
 SECTION 5.  No Waiver; Remedies.  No failure on the part of the Trustee or any holder of the Debt Securities to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided
by law. 
 SECTION 6.  Continuing Guarantee; Transfer of Interest.  This Guarantee is a continuing guarantee and
shall (a) remain in full force and effect until the earliest to occur of (i) the date, if any, on which the Guarantor shall consolidate with or merge into the Issuer or any successor thereto, (ii) the date, if any, on which the Issuer
or any successor thereto shall consolidate with or merge into the Guarantor, (iii) payment in full of the Obligations, and (iv) the rating of the Issuer’s long term senior unsecured debt by Standard & Poor’s of A or
higher, (b) be binding upon the Guarantor, its successors and assigns, and (c) inure to the benefit of and be enforceable by any holder of Debt Securities, the Trustee, and by their respective successors, transferees, and assigns.

  

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 SECTION 7.    Reinstatement.  This Guarantee shall continue to be
effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by any holder of the Debt Securities or the Trustee upon the insolvency, bankruptcy or reorganization of
the Issuer or otherwise, all as though such payment had not been made. 
 SECTION 8.    Amendment.  The
Guarantor may amend this Guarantee at any time for any purpose without the consent of the Trustee or any holder of the Debt Securities; provided, however, that if such amendment adversely affects the rights of the Trustee or any holder of the
Debt Securities, the prior written consent of the Trustee shall be required. 
 SECTION 9.    Governing
Law.  This Guarantee shall be governed by, and construed in accordance with the laws of the State of New York. 
 IN WITNESS
WHEREOF, the Guarantor has caused this Guarantee to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

					
	PHILIP MORRIS USA INC.
		
	By:	 	/S/ CRAIG JOHNSON
		 	Name:	 	Craig Johnson
		 	Title:	 	President
		
	By:	 	/S/ DANIEL BRYANT
		 	Name:	 	Daniel Bryant
		 	Title:	 	Treasurer

  

 3

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