Document:

Amended and Restated Intercreditor and Lien Subordination Agreement

Table of Contents

 Exhibit 4.5 

EXECUTION VERSION 
 AMENDED AND
RESTATED INTERCREDITOR AND LIEN SUBORDINATION AGREEMENT 
 among 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as ABL Lender 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Agent 
 and

 LIGGETT GROUP LLC, 

as Revolving Loan Borrower 

and 
 100 MAPLE LLC,

 as Term Loan Borrower 

Table of Contents

 TABLE OF CONTENTS 

Page 

							
	 Section 1. DEFINITIONS; INTERPRETATION.
	  	 	1	  
	 1.1
	 	Definitions	  	 	1	  
	 1.2
	 	Terms Generally	  	 	6	  
	 Section 2. LIEN PRIORITIES
	  	 	6	  
	 2.1
	 	Subordination	  	 	6	  
	 2.2
	 	Prohibition on Contesting Liens	  	 	6	  
	 2.3
	 	No New Liens	  	 	7	  
	 2.4
	 	Cooperation	  	 	7	  
	 Section 3. ENFORCEMENT
	  	 	7	  
	 3.1
	 	Exercise of Rights and Remedies	  	 	7	  
	 3.2
	 	Rights As Unsecured Creditors	  	 	9	  
	 3.3
	 	Release of Liens on ABL Collateral	  	 	9	  
	 3.4
	 	Insurance and Condemnation Awards	  	 	10	  
	 Section 4. PAYMENTS
	  	 	11	  
	 4.1
	 	Application of Proceeds	  	 	11	  
	 4.2
	 	Payments Over	  	 	12	  
	 Section 5. BAILEE FOR PERFECTION
	  	 	12	  
	 5.1
	 	Each Lender as Bailee	  	 	12	  
	 5.2
	 	Transfer of Pledged ABL Collateral	  	 	12	  
	 Section 6. INSOLVENCY OR LIQUIDATION PROCEEDINGS
	  	 	13	  
	 6.1
	 	General Applicability	  	 	13	  
	 6.2
	 	Bankruptcy Financing	  	 	13	  
	 6.3
	 	Relief from the Automatic Stay	  	 	14	  
	 6.4
	 	Adequate Protection	  	 	14	  
	 6.5
	 	Reorganization Securities	  	 	14	  
	 6.6
	 	Separate Classes	  	 	15	  
	 6.7
	 	Asset Dispositions	  	 	15	  
	 6.8
	 	Preference Issues	  	 	15	  
	 6.9
	 	Certain Waivers as to Section 1111(b)(2) of Bankruptcy Code	  	 	15	  
	 6.10
	 	Other Bankruptcy Laws	  	 	15	  
	 Section 7. NOTEHOLDER SECURED PARTIES’ PURCHASE OPTION
	  	 	16	  
	 7.1
	 	Exercise of Option	  	 	16	  
	 7.2
	 	Purchase and Sale	  	 	16	  
	 7.3
	 	Payment of Purchase Price	  	 	16	  
	 7.4
	 	Representations Upon Purchase and Sale	  	 	16	  
	 7.5
	 	Notice from ABL Lender Prior to Lien Enforcement Action	  	 	17	  
	 Section 8. RELIANCE; WAIVERS; ETC
	  	 	17	  

  
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	 8.1
	 	Reliance	  	 	17	  
	 8.2
	 	No Warranties or Liability	  	 	17	  
	 8.3
	 	No Waiver of Lien Priorities	  	 	17	  
	 Section 9. MISCELLANEOUS
	  	 	19	  
	 9.1
	 	Conflicts; Additional Security	  	 	19	  
	 9.2
	 	Continuing Nature of this Intercreditor Agreement; Severability	  	 	19	  
	 9.3
	 	When Discharge of ABL Debt and Discharge of Priority Noteholder Debt Deemed to Not Have Occurred	  	 	19	  
	 9.4
	 	Amendments to Noteholder Documents	  	 	19	  
	 9.5
	 	Amendments; Waivers	  	 	19	  
	 9.6
	 	Subrogation; Marshalling	  	 	20	  
	 9.7
	 	Consent to Jurisdiction; Waivers	  	 	20	  
	 9.8
	 	Notices	  	 	20	  
	 9.9
	 	Further Assurances	  	 	21	  
	 9.10
	 	Consent to Jurisdiction; Waiver of Jury Trial	  	 	21	  
	 9.11
	 	Governing Law	  	 	21	  
	 9.12
	 	Binding on Successors and Assigns	  	 	21	  
	 9.13
	 	Specific Performance	  	 	21	  
	 9.14
	 	Section Titles; Time Periods	  	 	21	  
	 9.15
	 	Counterparts	  	 	22	  
	 9.16
	 	Authorization	  	 	22	  
	 9.17
	 	No Third Party Beneficiaries	  	 	22	  

  
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 AMENDED AND RESTATED INTERCREDITOR AND LIEN SUBORDINATION AGREEMENT 

AMENDED AND RESTATED INTERCREDITOR AND LIEN SUBORDINATION AGREEMENT, dated as of January 27, 2017 (this “Intercreditor
Agreement” as hereinafter further defined), among Wells Fargo Bank, National Association (the “ABL Lender” as hereinafter further defined), for itself and on behalf of the other ABL Secured Parties (as hereinafter defined),
U.S. Bank National Association, in its capacity as collateral agent for the Noteholder Secured Parties (in such capacity, the “Collateral Agent” as hereinafter further defined), Liggett Group LLC, a Delaware limited liability
company (the “Revolving Loan Borrower, and 100 Maple LLC, a Delaware limited liability company (the “Term Loan Borrower” and, together with the Revolving Loan Borrower, the “Borrowers” and each
individually, a “Borrower”). 
 WITNESSETH: 

WHEREAS, the Borrowers have entered into a secured credit facility with ABL Lender as set forth in the ABL Loan Agreement (as hereinafter
defined) pursuant to which ABL Lender has made and from time to time may make loans and provide other financial accommodations to the Borrowers and secured by the ABL Collateral (as hereinafter defined); 

WHEREAS, the parties hereto have previously entered into an Intercreditor and Lien Subordination Agreement, dated as of February 12, 2013
(the “Existing Intercreditor Agreement”), by and among the ABL Lender, U.S. Bank National Association, in its capacity as collateral agent for the Noteholder Secured Parties (as defined in the Existing Intercreditor Agreement) (in
such capacity, the “Prior Collateral Agent”), and the Borrowers, in connection with the issuance by Vector Group Ltd. (the “Issuer”) of a series of 7.750% Senior Secured Notes due 2021 (the “Existing
Notes”); 
 WHEREAS, pursuant to the Noteholder Agreement (as hereinafter defined), the Issuer intends to issue 6.125% Senior
Secured Notes due 2025 (including any additional notes issued pursuant to the Noteholder Agreement), in an initial aggregate principal amount of $850,000,000, which will be guaranteed by the Borrowers and certain other direct and indirect
subsidiaries of the Issuer and secured by certain security interests in, and pledges of, certain assets and properties, including assets and properties of the Indenture Loan Parties (as hereinafter defined), the proceeds of which will be used, among
other things, to repay the entire outstanding principal amount of the Existing Notes; 
 WHEREAS, ABL Lender, on its own behalf and on
behalf of the other ABL Secured Parties, and Collateral Agent, on its own behalf and on behalf of the Noteholder Secured Parties, desire to amend and restate the Existing Intercreditor Agreement and enter into this Intercreditor Agreement to
(i) confirm the relative priority of the security interests of ABL Secured Parties and Noteholder Secured Parties in the ABL Collateral, (ii) provide for the orderly sharing among them, in accordance with such priorities, of proceeds of
such ABL Collateral upon any foreclosure thereon or other disposition thereof, (iii) replace the Prior Collateral Agent with the Collateral Agent and (iv) address related matters; 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
  

	Section 1.	DEFINITIONS; INTERPRETATION. 

 1.1 Definitions. As used in this Intercreditor
Agreement, the following terms have the meanings specified below: 
 “ABL Collateral” shall mean any and all of the assets
and property of any Borrower in which both the ABL Secured Parties and the Noteholder Secured Parties (or their respective agents) hold a security interest. 

“ABL Debt” shall mean all “Obligations” as such term is defined in the ABL Loan Agreement, including obligations,
liabilities and indebtedness of every kind, nature and description owing by any Borrower to any ABL Secured Party, including principal, interest, charges, fees, premiums, indemnities and expenses, however evidenced, whether as principal, surety,
endorser, guarantor or otherwise, arising under any of the ABL Documents, whether now existing or hereafter arising, whether arising before, during or after the initial or any renewal term of the ABL Documents or after the commencement of any case
with respect to any Borrower under the Bankruptcy Code or any other Insolvency or Liquidation Proceeding (and including any principal, 

  
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interest, fees, costs, expenses and other amounts, which would accrue and become due but for the commencement of such case, whether or not such amounts are allowed or allowable in whole or in
part in such case or similar proceeding), whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured. 

“ABL Documents” shall mean, collectively, the ABL Loan Agreement and all agreements, documents and instruments at any time
executed and/or delivered by any Borrower to, with or in favor of any ABL Secured Party in connection therewith, as all of the foregoing now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated, refinanced, replaced
or restructured (in whole or in part and including any agreements with, to or in favor of any other lender or group of lenders that at any time refinances, replaces or succeeds to all or any portion of the ABL Debt) in accordance with the terms of
this Intercreditor Agreement. 
 “ABL Event of Default” shall mean any “Event of Default” as defined in the ABL
Loan Agreement. 
 “ABL Lender” shall mean, collectively, Wells Fargo Bank, National Association and any other lender or
group of lenders that at any time refinances, replaces or succeeds to all or any portion of the ABL Debt or is otherwise party to the ABL Documents as a lender in accordance with the terms of this Intercreditor Agreement. 

“ABL Loan Agreement” shall mean the Third Amended and Restated Credit Agreement, dated as of January 14, 2015, by and
among the Borrowers and ABL Lender, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated, refinanced, replaced or restructured in accordance with the terms of this Intercreditor Agreement. 

“ABL Secured Parties” shall mean, collectively, (a) the ABL Lender, (b) the issuing bank or banks of letters of
credit or similar instruments under the ABL Loan Agreement, (c) each other person to whom any of the ABL Debt (including ABL Debt constituting Bank Product Obligations) is owed and (d) the successors, replacements and assigns of each of
the foregoing; sometimes being referred to herein individually as an “ABL Secured Party”. 
 “Agent” shall
have the meaning set forth in Section 5.1(a). 
 “Bank Product Obligations” shall mean Cash Management Obligations
and Hedging Obligations. 
 “Bankruptcy Code” shall mean the United States Bankruptcy Code, being Title 11 of the United
States Code, as the same now exists or may from time to time hereafter be amended, modified, recodified or supplemented. 

“Bankruptcy Law” shall mean the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors. 

“Borrowers” and “Borrower” shall have the meaning set forth in the preamble hereto. 

“Business Day” shall mean any day other than a Saturday, a Sunday or a day that is a legal holiday under the laws of the
State of New York or on which banking institutions in the State of New York are required or authorized by law or other governmental action to close. 

“Cash Management Obligations” shall mean, with respect to any Borrower, the obligations of such Borrower in connection with
(a) credit cards or (b) cash management or related services, including (i) the automated clearinghouse transfer of funds or overdrafts or (ii) controlled disbursement services. 

“Collateral Agent” shall mean U.S. Bank National Association, in its capacity as Collateral Agent under the Noteholder
Documents, and also includes any successor, replacement or agent acting on its behalf as Collateral Agent for the Noteholder Secured Parties under the Noteholder Documents. 

“DIP Financing” shall have the meaning set forth in Section 6.2. 

“Discharge of ABL Debt” shall mean (a) the termination or expiration of the commitments of ABL Lender and the financing
arrangements provided by ABL Lender to the Borrowers under the ABL Documents, (b) except to the extent otherwise provided in Sections 4.1 and 4.2, the payment in full in cash of the ABL Debt

  
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(other than (i) the ABL Debt described in clause (c) of this definition, (ii) contingent indemnification obligations as to which no claim has been made and (iii) obligations
under agreements with ABL Secured Parties which continue notwithstanding the termination of the commitments and repayment of the ABL Debt described herein), and (c) payment in full in cash of cash collateral, or at ABL Lender’s option, the
delivery to ABL Lender of a letter of credit payable to ABL Lender, in either case as required under the terms of the ABL Loan Agreement, in respect of letters of credit issued under the ABL Documents and Bank Product Obligations. 

“Discharge of Priority Noteholder Debt” shall mean, except to the extent otherwise provided in Sections 4.1 and
4.2, the final payment in full in cash of the Noteholder Debt. 
 “Discharge of Priority Debt” shall mean except to
the extent otherwise provided in Sections 4.1 and 4.2, the final payment in full in cash of the First Priority Debt (other than as described in the definition of Discharge of ABL Debt). 

“Excess ABL Debt” shall mean ABL Debt which does not constitute First Priority Debt. 

“Existing Intercreditor Agreement” shall have the meaning set forth in the recitals hereto. 

“Existing Notes” shall have the meaning set forth in the recitals hereto. 

“First Priority Debt” shall mean ABL Debt to the extent it constitutes Maximum Priority ABL Debt. 

“Hedging Obligations” shall mean, with respect to any Person, the obligations of such Person under (a) interest rate
swap agreements, interest rate cap agreements and interest rate collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in interest rates or the value of foreign currencies. 

“Indenture Loan Parties” shall mean the Issuer and those of its direct and indirect subsidiaries (including the Borrowers)
party to the Noteholder Agreement. 
 “Insolvency or Liquidation Proceeding” shall mean (a) any voluntary or
involuntary case or proceeding under any Bankruptcy Law with respect to any Borrower, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other
similar case or proceeding with respect to any Borrower or with respect to any of their respective assets, (c) any proceeding seeking the appointment of any trustee, receiver, liquidator, custodian or other insolvency official with similar
powers with respect to such Person or any or all of its assets or properties, (d) any liquidation, dissolution, reorganization or winding up of any Borrower whether voluntary or involuntary and whether or not involving insolvency or bankruptcy
or (e) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Borrower. 

“Intercreditor Agreement” shall mean this Intercreditor and Lien Subordination Agreement, as amended, modified, supplemented,
extended, renewed, restated or replaced from time to time in accordance with the terms hereof. 
 “Issuer” shall have the
meaning set forth in the recitals hereto. 
 “Lien” shall mean any mortgage, deed of trust, pledge, hypothecation,
assignment, deposit arrangement, security interest, encumbrance (including, but not limited to, easements, rights of way and the like), lien (statutory or other), security agreement or transfer intended as security, including any conditional sale or
other title retention agreement, the interest of a lessor under a capital lease or any financing lease having substantially the same economic effect as any of the foregoing. 

“Lien Enforcement Action” shall mean (a) any action by any Secured Party to foreclose on the Lien of such Person in all
or a material portion of the ABL Collateral or exercise any right of repossession, levy, attachment, setoff or liquidation against all or a material portion of the ABL Collateral, (b) any action by any Secured Party to take possession of, sell
or otherwise realize (judicially or non-judicially) upon all or a material portion of the ABL Collateral (including by setoff), (c) any action by any Secured Party to facilitate the possession of, sale of or
realization upon all or a material portion of the ABL Collateral including the solicitation of bids from third parties to conduct the liquidation of all or any material portion of the ABL Collateral, the engagement or retention of sales brokers,
marketing agents, investment bankers, accountants, 

  
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auctioneers or other third parties for the purpose of valuing, marketing, promoting or selling all or any material portion of the ABL Collateral, (d) the commencement by any Secured Party of
any legal proceedings against or with respect to all or a material portion of the ABL Collateral to facilitate the actions described in (a) through (c) above, or (e) any action to seek or request relief from or modification of the
automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of all or a material portion of the ABL Collateral, or any proceeds thereof. For the purposes hereof, (i) the notification of account debtors to make
payments to ABL Lender shall constitute a Lien Enforcement Action if and only if such action is coupled with an action to take possession of all or a material portion of the ABL Collateral or the commencement of any legal proceedings or actions
against or with respect to the Borrowers of all or a material portion of the ABL Collateral, and (ii) a material portion of the ABL Collateral shall mean ABL Collateral having a value in excess of $10,000,000. 

“Maximum Priority ABL Debt” shall mean, as of any date of determination, (a) principal of the ABL Debt (including
undrawn amounts under any letters of credit issued under the ABL Documents) up to $65,000,000 in the aggregate at any one time outstanding, plus (b) any interest on such amount (and including any interest which would accrue and become due but
for the commencement of Insolvency or Liquidation Proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case or similar proceeding), plus (c) the Maximum Priority Cash Management Obligations, plus
(d) the Maximum Priority Hedging Obligations, plus (e) any fees, costs, expenses and indemnities payable under any of the ABL Documents (and including any fees, costs, expenses and indemnities which would accrue and become due but for the
commencement of Insolvency or Liquidation Proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case or similar proceeding) minus (f) the amount of all permanent reductions in the commitments under the ABL
Documents and minus (g) the amount of all permanent repayments of ABL Debt to the extent such repayments result in a reduction of the commitments under the ABL Documents. 

“Maximum Priority Cash Management Obligations” shall mean, as of any date of determination, the amount of the ABL Debt
constituting Cash Management Obligations outstanding on such date, up to $5,000,000 in the aggregate at any one time outstanding. 

“Maximum Priority Hedging Obligations” shall mean, as of any date of determination, the amount of the ABL Debt constituting
Hedging Obligations outstanding on such date, up to $5,000,000 in the aggregate at any one time outstanding. 
 “Noteholder
Agreement” shall mean the Indenture, dated as of January 27, 2017, by and among the Issuer, the Indenture Loan Parties and the Noteholder Trustee, as the same now exists or may hereafter be amended, modified, supplemented, extended,
renewed, restated, refinanced, replaced or restructured. 
 “Noteholder Debt” shall mean all “Obligations” as
such term is defined in the Noteholder Agreement, including obligations, liabilities and indebtedness of every kind, nature and description owing by any Indenture Loan Party to any Noteholder Secured Party, including principal, interest, charges,
fees, premiums, indemnities and expenses, however evidenced, whether as principal, surety, endorser, guarantor or otherwise, arising under any of the Noteholder Documents, whether now existing or hereafter arising, whether arising before, during or
after the initial or any renewal term of the Noteholder Documents or after the commencement of any case with respect to any Indenture Loan Party under the Bankruptcy Code or any other Insolvency or Liquidation Proceeding (and including any
principal, interest, fees, costs, expenses and other amounts, which would accrue and become due but for the commencement of such case, whether or not such amounts are allowed or allowable in whole or in part in such case or similar proceeding),
whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured. 

“Noteholder Default” shall mean any “Event of Default” as defined in the Noteholder Agreement. 

“Noteholder Documents” shall mean, collectively, the Noteholder Agreement and all agreements, documents and instruments at
any time executed and/or delivered by any Indenture Loan Party to, with or in favor of any Noteholder Secured Party in connection therewith, as all of the foregoing now exist or may hereafter be amended, modified, supplemented, extended, renewed,
restated, refinanced, replaced or restructured (in whole or in part and including any agreements with, to or in favor of any other lender or group of lenders that at any time refinances, replaces or succeeds to all or any portion of the Noteholder
Debt). 
 “Noteholder Exclusive Assets” shall have the meaning set forth in Section 2.3(b). 

  
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 “Noteholder Secured Parties” shall mean, collectively, (a) the Noteholder
Trustee, solely in its capacity as trustee under the Noteholder Agreement and the other Noteholder Documents, (b) each holder of any Note or Notes, solely in its capacity as such holder, and each other person to whom any of the Noteholder Debt
is transferred or owed, solely in its capacity as such, (c) the Collateral Agent, and (d) the successors, replacements and assigns of each of the foregoing; sometimes being referred to herein individually as a “Noteholder Secured
Party”. 
 “Noteholder Trustee” shall mean U.S. Bank National Association, in its capacity as trustee under the
Noteholder Agreement, and also includes any successor, replacement or agent acting on its behalf as Noteholder Trustee for the Noteholder Secured Parties under the Noteholder Documents. 

“Notes” shall mean any notes issued pursuant to the Noteholder Agreement, whether issued pursuant to the initial offering or
subsequently, including any exchange notes and additional notes. 
 “Permitted Actions” shall mean any of the following:
(a) in any Insolvency or Liquidation Proceeding, filing a proof of claim or statement of interest with respect to the Noteholder Debt or Excess ABL Debt, as the case may be; (b) taking any action to preserve or protect the validity,
enforceability, perfection or priority of the Liens securing the Noteholder Debt or the Excess ABL Debt, as the case may be, provided that no such action is, or could reasonably be expected to be, (i) as to any action by any Noteholder Secured
Party, adverse to the Liens securing the First Priority Debt or the rights of the ABL Lender or any other ABL Secured Party to exercise remedies in respect thereof to the extent not expressly prohibited by this Agreement, (ii) as to any action
by any ABL Secured Party, adverse to the Liens securing the Noteholder Debt or the rights of the Collateral Agent or any other Noteholder Secured Party to exercise remedies in respect thereof to the extent not expressly prohibited by this
Intercreditor Agreement, or (iii) otherwise inconsistent with the terms of this Intercreditor Agreement, including the automatic release of Liens provided in Section 3.3; (c) filing any responsive or defensive
pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Noteholder Secured Parties or the claims of the ABL Secured Parties with
respect to Excess ABL Debt, including any claims secured by the ABL Collateral or otherwise making any agreements or filing any motions pertaining to the Noteholder Debt or Excess ABL Debt, in each case, to the extent not inconsistent with the terms
of this Intercreditor Agreement; (d) exercising rights and remedies as unsecured creditors, as provided in Section 3.2; and (e) the enforcement by the Collateral Agent and the Noteholder Secured Parties of any of
their rights and exercise any of their remedies with respect to the ABL Collateral after the termination of the Standstill Period (as defined in Section 3.1) or the enforcement by the ABL Lender or the ABL Secured Parties
of any of their rights and exercise of any of their remedies with respect to the ABL Collateral after Discharge of Priority Noteholder Debt. 

“Person” or “person” shall mean any individual, sole proprietorship, partnership, corporation (including any
corporation which elects subchapter S status under the Internal Revenue Code of 1986, as amended), limited liability company, limited liability partnership, business trust, unincorporated association, joint stock company, trust, joint venture, or
other entity or any government or any agency or instrumentality or political subdivision thereof. 
 “Pledged ABL
Collateral” shall have the meaning set forth in Section 5.1(a). 
 “Prior Collateral Agent” shall have the
meaning set forth in the recitals hereto. 
 “Qualified Financier” shall mean (a) a commercial bank organized under
the laws of the United States, or any state thereof, and having total assets in excess of $500,000,000, (b) a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and
Development or a political subdivision of any such country and which has total assets in excess of $500,000,000; provided that such bank is acting through a branch or agency located in the United States, and (c) a commercial finance company,
insurance company or other financial institution that is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business and having total assets in excess of $500,000,000. 

“Secured Parties” shall mean, collectively, the ABL Secured Parties and the Noteholder Secured Parties. 

“Standstill Period” shall have the meaning set forth in Section 3.1(a)(i)1(a)(i). 

  
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 “Subsidiary” means any “Subsidiary” of the Revolving Loan Borrower as
defined in the ABL Loan Agreement. 
 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as
from time to time in effect in the State of New York. 
 1.2 Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified, (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, and as to any Borrower shall be deemed to include a receiver, trustee or
debtor-in-possession on behalf of any of such person or on behalf of any such successor or assign, (c) the words “herein,” “hereof” and
“hereunder,” and words of similar import, shall be construed to refer to this Intercreditor Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to
Sections of this Intercreditor Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights. 
  

	Section 2.	LIEN PRIORITIES. 

 2.1 Subordination. Notwithstanding the date, manner or
order of grant, attachment or perfection of any Liens granted to the ABL Lender or the ABL Secured Parties or the Collateral Agent or the Noteholder Secured Parties and notwithstanding any provision of the UCC, or any applicable law or any
provisions of the ABL Documents or the Noteholder Documents or any other circumstance whatsoever: 
 (a) The Collateral Agent, for itself
and on behalf of the other Noteholder Secured Parties, hereby agrees that: (i) any Lien on the ABL Collateral securing the First Priority Debt now or hereafter held by or for the benefit or on behalf of any ABL Secured Party or any agent or
trustee therefor shall be senior in right, priority, operation, effect and in all other respects to any Lien on the ABL Collateral securing the Noteholder Debt now or hereafter held by or for the benefit or on behalf of any Noteholder Secured Party
or any agent or trustee therefor; and (ii) any Lien on the ABL Collateral securing any of the Noteholder Debt now or hereafter held by or for the benefit or on behalf of any Noteholder Secured Party or any agent or trustee therefor regardless
of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the ABL Collateral securing any First Priority Debt. 

(b) The ABL Lender, for itself and on behalf of the other ABL Secured Parties, hereby agrees that: (i) any Lien on the ABL Collateral
securing the Noteholder Debt now or hereafter held by or for the benefit or on behalf of any Noteholder Secured Party or any agent or trustee therefor shall be senior in right, priority, operation, effect and in all other respects to any Lien on the
ABL Collateral securing the principal amount of Excess ABL Debt now or hereafter held by or for the benefit or on behalf of any ABL Secured Party or any agent or trustee therefor; and (ii) any Lien on the ABL Collateral securing any Excess ABL
Debt now or hereafter held by or for the benefit or on behalf of any ABL Secured Party or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and
subordinate in all respects to all Liens on the ABL Collateral securing any Noteholder Debt. 
 2.2 Prohibition on Contesting Liens.
Each of the ABL Lender, for itself and on behalf of the other ABL Secured Parties, and the Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, agrees that it shall not (and hereby waives any right to) contest or
support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding involving any Borrower), the perfection, priority, validity or enforceability of a Lien held by or for the benefit or on behalf of any ABL
Secured Party in any ABL Collateral or by or on behalf of any Noteholder Secured Party in any ABL Collateral, as the case may be; provided that nothing in this Intercreditor Agreement shall be construed to prevent or impair the rights
of any ABL Secured Party or Noteholder Secured Party to enforce this Intercreditor Agreement, including the priority of the Liens as provided in Section 2.1. 

  
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 2.3 No New Liens. 

(a) So long as the Discharge of Priority Debt has not occurred, none of the Borrowers shall grant any additional Liens on any assets to secure
the Noteholder Debt unless it has granted, or substantially concurrently therewith shall grant, a lien on such asset to secure the ABL Debt or grant any additional Liens on any assets to secure the ABL Debt unless it has granted, or substantially
concurrently therewith shall grant, a Lien on such asset to secure the Noteholder Debt, all of which Liens shall be subject to the terms of this Intercreditor Agreement. Further, the parties hereto agree that, after the Discharge of Priority Debt
and so long as the Discharge of Priority Noteholder Debt has not occurred, none of the Borrowers shall grant any additional Liens on any asset to secure any Excess ABL Debt unless it has granted, or substantially concurrently therewith shall grant,
a Lien on such asset to secure the Noteholder Debt. Notwithstanding the foregoing, this provision will not be violated with respect to any assets which are specifically excluded from the grant of Liens securing the ABL Debt or the Noteholder Debt,
as provided in the ABL Documents or Noteholder Documents, respectively. To the extent that the provisions of this Section 2.3 are not complied with for any reason, without limiting any other right or remedy available to the
ABL Lender or any other ABL Secured Party or the Collateral Agent or any Noteholder Secured Party, the Collateral Agent agrees, for itself and on behalf of the other Noteholder Secured Parties, and the ABL Lender agrees, for itself and on behalf of
the other ABL Secured Parties, that any amount received by or distributed to any Noteholder Secured Party or any ABL Secured Party pursuant to or as a result of any Lien granted in contravention of this Section shall be subject to
Section 4 hereof. 
 (b) The Noteholder Secured Parties and the ABL Secured Parties hereby acknowledge and agree
that (i) the ABL Debt is secured by a first priority Lien in favor of the ABL Secured Parties on all of the Collateral (as such term is defined in the ABL Loan Agreement), (ii) as of the date hereof, the Noteholder Secured Parties do not have
and will not hereafter obtain a Lien on the cash or deposit accounts of any Borrower, except a Lien junior in priority to the Lien in favor of the ABL Secured Parties, which Lien will be subject to the terms and conditions of this Agreement,
(iii) the Noteholder Debt is secured by a Lien in favor of the Noteholder Secured Parties on all of the Collateral (as such term is defined in the Noteholder Agreement), including a Lien on the assets of Vector Tobacco Inc., a Virginia
corporation and on certain capital stock owned by VGR Holding LLC, a Delaware limited liability company (such assets of Vector Tobacco Inc. and VGR Holding LLC, the “Noteholder Exclusive Assets”) and (iv) as of the date hereof,
the ABL Secured Parties do not have and will not hereafter obtain a Lien on the Noteholder Exclusive Assets, except a Lien, junior in priority to the Lien in favor of the Noteholder Secured Parties. 

2.4 Cooperation. The parties hereto agree, subject to the other provisions of this Intercreditor Agreement, upon request by the ABL
Lender or the Collateral Agent, as the case may be, to advise the other from time to time of the ABL Collateral for which such party has taken steps to perfect its Liens and to identify the parties obligated under the ABL Documents or Noteholder
Documents, as the case may be. 
  

	Section 3.	ENFORCEMENT. 

 3.1 Exercise of Rights and Remedies. 

(a) Until the Discharge of Priority Debt, the Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, agrees that
it: 
 (i) will not enforce or exercise, or seek to enforce or exercise, any rights or remedies (including any right of setoff or
notification of account debtors) with respect to any ABL Collateral (including the enforcement of any right under any lockbox agreement, account control agreement, landlord waiver or bailee’s letter or any similar agreement or arrangement to
which the Collateral Agent or any other Noteholder Secured Party is a party) or commence or join with any Person (other than ABL Lender) in commencing, or filing a petition for, any action or proceeding with respect to such rights or remedies with
respect to the ABL Collateral (including any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding); provided, however, that (A) the Collateral Agent and the Noteholder Secured Parties may take Permitted
Actions, and (B) the Collateral Agent may exercise any or all of such rights or remedies after a period of 180 days has elapsed since the date on which any ABL Secured Party has commenced a Lien Enforcement Action and prior to or at the time of
such exercise, the Collateral Agent shall have (1) declared the existence of a Noteholder Default, (2) demanded the repayment of all the principal amount of the Noteholder Debt and (3) notified the ABL Lender of such declaration of a
Noteholder Default and demand (the “Standstill Period”); provided, further, that, notwithstanding the expiration of the Standstill Period or anything herein to the contrary,

  
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in no event shall the Collateral Agent or any other Noteholder Secured Party enforce or exercise any rights or remedies with respect to any ABL Collateral, or commence or petition for any such
action or proceeding (including any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding), at any time during which the ABL Lender or any other ABL Secured Party shall have commenced and shall be pursuing diligently a Lien
Enforcement Action; 
 (ii) will not contest, protest or object to any foreclosure action or proceeding brought by the ABL Lender or any
other ABL Secured Party, or any other enforcement or exercise by any ABL Secured Party of any rights or remedies, in each case relating to the ABL Collateral under the ABL Documents, so long as the Liens of the Collateral Agent attach to the
proceeds thereof subject to the relative priorities set forth in Section 2.1 and such actions or proceedings are being pursued in good faith in accordance with applicable law; 

(iii) subject to the Noteholder Secured Parties’ rights under Section 3.1(a)(i), will not object to the forbearance by the ABL
Lender or the other ABL Secured Parties from commencing or pursuing any foreclosure action or proceeding or any other enforcement or exercise of any rights or remedies with respect to any of the ABL Collateral; 

(iv) will not except for actions permitted under Section 3.1(a)(i), take or receive any ABL Collateral, or any proceeds thereof or
payment with respect thereto, in connection with the exercise of any right or remedy (including any right of setoff) with respect to any ABL Collateral or in connection with any insurance policy award or any condemnation award (or deed in lieu of
condemnation) relating to the ABL Collateral; 
 (v) will not object to the manner in which the ABL Lender or any other ABL Secured Party
may seek to enforce or collect the ABL Debt or the Liens of such ABL Secured Party securing First Priority Debt, regardless of whether any action or failure to act by or on behalf of the ABL Lender or any other ABL Secured Party is, or could be,
adverse to the interests of the Noteholder Secured Parties, and will not assert, and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal,
valuation or other similar right that may be available under applicable law with respect to the ABL Collateral or any other rights a junior secured creditor may have under applicable law with respect to the matters described in this clause (v),
provided that at all times ABL Lender is acting in good faith in accordance with applicable law; and 
 (vi) will not attempt, directly or
indirectly, whether by judicial proceeding or otherwise, to challenge or question the validity or enforceability of any First Priority Debt, any Lien of ABL Lender on the ABL Collateral securing the First Priority Debt or this Intercreditor
Agreement, or the validity or enforceability of the priorities, rights or obligations established by this Intercreditor Agreement. 
 (b)
After the Discharge of Priority Debt and until the Discharge of the Noteholder Debt has occurred, the ABL Lender, for itself and on behalf of the other ABL Secured Parties, with respect to Excess ABL Debt agrees that it: 

(i) will not, enforce or exercise, or seek to enforce or exercise, any rights or remedies (including any right of setoff or notification of
account debtors) with respect to any ABL Collateral (including the enforcement of any right under any lockbox agreement, account control agreement, landlord waiver or bailee’s letter or any similar agreement or arrangement to which the ABL
Lender or any other ABL Secured Party is a party) or commence or join with any Person (other than Collateral Agent or Noteholder Secured Parties) in commencing, or filing a petition for, any action or proceeding with respect to such rights or
remedies with respect to the ABL Collateral (including any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding); provided, however, that the ABL Lender and the ABL Secured Parties may take Permitted Actions;

 (ii) will not contest, protest or object to any foreclosure action or proceeding brought by the Collateral Agent or any other Noteholder
Secured Party, or any other enforcement or exercise by any Noteholder Secured Party of any rights or remedies relating to the ABL Collateral under the Noteholder Documents, so long as the Liens of ABL Secured Parties attach to the proceeds thereof
subject to the relative priorities set forth in Section 2.1 and such actions or proceedings are being pursued in good faith in accordance with applicable law; 

(iii) subject to the ABL Secured Parties’ rights under Section 3.1(b)(i), will not object to the forbearance by the Collateral
Agent or the other Noteholder Secured Parties from commencing or pursuing any foreclosure action or proceeding or any other enforcement or exercise of any rights or remedies with respect to any of the ABL Collateral; 

  
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 (iv) will not except for actions permitted under Section 3.1(b)(i), take or receive any
ABL Collateral, or any proceeds thereof or payment with respect thereto, in connection with the exercise of any right or remedy (including any right of setoff) with respect to any ABL Collateral or in connection with any insurance policy award or
any condemnation award (or deed in lieu of condemnation) relating to the ABL Collateral; 
 (v) will not object to the manner in which the
Collateral Agent or any other Noteholder Secured Party may seek to enforce or collect the Noteholder Debt or the Liens of such Noteholder Secured Party securing Noteholder Debt, regardless of whether any action or failure to act by or on behalf of
the Collateral Agent or any other Noteholder Secured Party is, or could be, adverse to the interests of the ABL Secured Parties with respect to the Excess ABL Debt and Liens securing such Excess ABL Debt, and will not assert, and hereby waive, to
the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the ABL
Collateral or any other rights a junior secured creditor may have under applicable law with respect to the matters described in this clause (v) in each case to the extent that the ABL Collateral secures Excess ABL Debt, provided that at all
times the Collateral Agent is acting in good faith in accordance with applicable law; and 
 (vi) will not attempt, directly or indirectly,
whether by judicial proceeding or otherwise, to challenge or question the validity or enforceability of any Noteholder Debt or any Lien of the Collateral Agent or the Noteholder Secured Parties securing the Noteholder Debt or this Intercreditor
Agreement, or the validity or enforceability of the priorities, rights or obligations established by this Intercreditor Agreement. 
 3.2
Rights As Unsecured Creditors. Notwithstanding anything to the contrary in this Intercreditor Agreement, the Collateral Agent and the other Noteholder Secured Parties may exercise rights and remedies as an unsecured creditor against any
Borrower in accordance with the terms of the Noteholder Documents and applicable law. For purposes hereof, the rights of an unsecured creditor do not include the rights of a creditor that holds a judgment lien to enforce such lien. Nothing in this
Intercreditor Agreement shall prohibit the receipt by the Collateral Agent or any other Noteholder Secured Parties of the payments of any Noteholder Debt so long as such receipt is not the direct or indirect result of the exercise by the Collateral
Agent or any other Noteholder Secured Party of foreclosure rights with respect to any ABL Collateral or other remedies as a secured creditor of any ABL Party or enforcement in contravention of this Intercreditor Agreement of any Lien held by any of
them in any ABL Collateral or any other act in contravention of this Intercreditor Agreement. 
 3.3 Release of Liens on ABL
Collateral. 
 (a) Prior to Discharge of Priority Debt, if (i) in connection with any sale, lease, license, exchange, transfer or
other disposition of any ABL Collateral (A) permitted under the terms of the ABL Documents (whether or not an event of default or equivalent event thereunder, and as defined therein, has occurred and is continuing) or (B) consented to or
approved by ABL Lender, but in the case of (A) or (B) only if permitted under the terms of the Noteholder Documents or (ii) in connection with the exercise of the ABL Lender’s remedies in respect of the ABL Collateral provided for in
Section 3.1 (provided that after giving effect to the release and application of proceeds, ABL Debt (other than Excess ABL Debt) secured by the first priority Liens on the remaining ABL Collateral remains outstanding), the
ABL Lender, for itself or on behalf of any of the other ABL Secured Parties, releases any of its Liens on any part of the ABL Collateral, then effective upon the consummation of such sale, lease, license, exchange, transfer or other disposition:

 (1) the Liens, if any, of the Collateral Agent, for itself or for the benefit of the Noteholder Secured Parties, on such ABL Collateral
shall be automatically, unconditionally and simultaneously released to the same extent as the release of ABL Lender’s Liens, 
 (2)
the Collateral Agent, for itself or on behalf of the Noteholder Secured Parties, shall promptly upon the request of ABL Lender execute and deliver such release documents and confirmations of the authorization to file UCC amendments and terminations
provided for herein, in each case as ABL Lender may require in connection with such sale or other disposition by ABL Lender, ABL Lender’s agents or any Borrower with the consent of ABL Lender to evidence and effectuate such termination and
release; provided, that, any such release or UCC amendment or termination by Collateral Agent shall not extend to or otherwise affect any of the rights, if any, of Collateral Agent and Noteholder Secured Parties to the proceeds from
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 (3) the Collateral Agent, for itself or on behalf of the other Noteholder Secured Parties, shall
be deemed to have authorized ABL Lender to file UCC amendments and terminations covering the ABL Collateral so sold or otherwise disposed of as to UCC financing statements between any Borrower and Collateral Agent or any other Noteholder Secured
Party to evidence such release and termination. 
 (b) After Discharge of Priority Debt but prior to Discharge of Priority Noteholder Debt,
if (i) in connection with any sale, lease, license, exchange, transfer or other disposition of any ABL Collateral (A) permitted under the terms of the Noteholder Documents (whether or not an event of default or equivalent event thereunder,
and as defined therein, has occurred and is continuing) or (B) consented to or approved by Noteholder Secured Parties, but in the case of (A) and (B), only if permitted under the terms of the ABL Documents, or (ii) in connection with
the exercise of the Collateral Agent’s or any Noteholder Secured Party’s remedies in respect of the ABL Collateral provided for in Section 3.1 (provided that after giving effect to the release and application of
proceeds, Noteholder Debt secured by the Liens on the remaining ABL Collateral remain outstanding), the Collateral Agent, for itself or on behalf of any of the other Noteholder Secured Parties, releases any of its Liens on any part of the ABL
Collateral, then effective upon the consummation of such sale, lease, license, exchange, transfer or other disposition: 
 (1) the Liens,
if any, of the ABL Lender, for itself or for the benefit of the ABL Secured Parties, on such ABL Collateral shall be automatically, unconditionally and simultaneously released to the same extent as the release of the Collateral Agent’s Liens,

 (2) the ABL Lender, for itself or on behalf of the ABL Secured Parties, shall promptly upon the request of the Collateral Agent execute
and deliver such release documents and confirmations of the authorization to file UCC amendments and terminations provided for herein, in each case as the Collateral Agent may require in connection with such sale or other disposition by the
Collateral Agent or any Noteholder Secured Party, or any of their agents or any Borrower with the consent of Noteholder Secured Parties to evidence and effectuate such termination and release; provided, that, any such release or UCC
amendment or termination by ABL Lender shall not extend to or otherwise affect any of the rights, if any, of ABL Lender and ABL Secured Parties to the proceeds from any such sale or other disposition of ABL Collateral, and 

(3) the ABL Lender, for itself or on behalf of the other ABL Secured Parties, shall be deemed to have authorized the Collateral Agent to file
UCC amendments and terminations covering the ABL Collateral so sold or otherwise disposed of as to UCC financing statements between any Borrower and ABL Lender or any other ABL Secured Party to evidence such release and termination. 

(c) The Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, hereby irrevocably constitutes and appoints the
ABL Lender and any officer or agent of the ABL Lender, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority
in the place and stead of the Collateral Agent or such holder, from time to time in the ABL Lender’s discretion, for the purpose of carrying out the terms of Section 3.3(a), to take any and all appropriate action and to execute any and
all documents and instruments which may be necessary or desirable to accomplish the purposes of Section 3.3(a), including any termination statements, endorsements or other instruments of transfer or release. The ABL Lender,
for itself and on behalf of the other ABL Secured Parties, hereby irrevocably constitutes and appoints the Collateral Agent and any officer or agent of the Noteholder, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the ABL Lender or any ABL Secured Party for the purpose of carrying out the terms of
Section 3.3(b), to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of Section 3.3(b), including any termination statements,
endorsements or other instruments of transfer or release. 
 (d) Nothing contained in this Intercreditor Agreement shall be construed to
modify the obligation of ABL Lender or the Collateral Agent to act in a commercially reasonable manner in the exercise of its rights to sell, lease, license, exchange, transfer or otherwise dispose of any ABL Collateral. 

3.4 Insurance and Condemnation Awards. 

(a) So long as the Discharge of Priority Debt has not occurred, the ABL Lender and the other

  
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ABL Secured Parties shall have the sole and exclusive right, subject to the rights of the Borrowers under the ABL Documents, to settle and adjust claims in respect of ABL Collateral under
policies of insurance and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation in respect of the ABL Collateral. So long as the Discharge of Priority Debt has not occurred, all proceeds of any
such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall (i) first be paid to the ABL Lender for the benefit of the ABL Secured Parties to the extent required under the ABL Documents until the
Priority Debt has been paid in full, (ii) second, be paid to the Collateral Agent for the benefit of the Noteholder Secured Parties to the extent required under the applicable Noteholder Documents until the Discharge of Noteholder Debt has
occurred, (iii) third, be paid to the ABL Lender for the benefit of the ABL Secured Parties to the extent required under the ABL Documents until the ABL Debt has been paid in full, and (iv) fourth, be paid to the owner of the subject
property or as a court of competent jurisdiction may otherwise direct or may otherwise be required by applicable law. Until the Discharge of Priority Debt, if the Collateral Agent or any other Noteholder Secured Party shall, at any time, receive any
proceeds of any such insurance policy or any such award or payment, it shall pay such proceeds over to the ABL Lender in accordance with the terms of Section 4.2. 

(b) After the Discharge of Priority Debt has occurred but before the Discharge of Priority Noteholder Debt has occurred, the Collateral Agent
and the other Noteholder Secured Parties shall have the sole and exclusive right, subject to the rights of the Borrowers under the Noteholder Documents, to settle and adjust claims in respect of ABL Collateral under policies of insurance and to
approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation in respect of the ABL Collateral. After the Discharge of Priority Debt has occurred but before the Discharge of Priority Noteholder Debt has
occurred, all proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall (i) first be paid to the Collateral Agent for the benefit of the Noteholder Secured Parties to the extent
required under the Noteholder Documents until the Noteholder Debt has been paid in full, (ii) second, be paid to the ABL Lender for the benefit of the ABL Secured Parties to the extent required under the ABL Documents until the Excess ABL Debt
has been paid in full, and (iii) third, be paid to the owner of the subject property or as a court of competent jurisdiction may otherwise direct or may otherwise be required by applicable law. After the Discharge of Priority Debt has occurred
but before the Discharge of Priority Noteholder Debt has occurred, if the ABL Lender or any other ABL Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall pay such proceeds over
to the Collateral Agent in accordance with the terms of Section 4.2. 
  

	Section 4.	PAYMENTS. 

 4.1 Application of Proceeds. 

(a) So long as the Discharge of ABL Debt has not occurred, the ABL Collateral or proceeds thereof received in connection with the sale or
other disposition of, or collection on, such ABL Collateral upon the exercise of remedies, shall be applied in the following order of priority: 

(i) first, to the ABL Priority Debt (including for cash collateral as required under the ABL Documents), and in such order as
specified in the relevant ABL Documents until the Discharge of Priority Debt has occurred; 
 (ii) second, to the Noteholder Debt in
such order as specified in the relevant Noteholder Documents until the Discharge of Priority Noteholder Debt has occurred; and 
 (iii)
third, to the Excess ABL Debt until the Discharge of ABL Debt has occurred. 
 (b) Upon the Discharge of Priority Debt, to the extent
permitted under applicable law, the ABL Lender shall deliver to the Collateral Agent, without representation or recourse, any proceeds of ABL Collateral held by it at such time in the same form as received, with any necessary endorsements or as a
court of competent jurisdiction may otherwise direct, to be applied by the Collateral Agent to the Noteholder Debt in such order as specified in the relevant Noteholder Documents. 

(c) The foregoing provisions of this Section 4.1 are intended solely to govern the respective Lien priorities as
between the Collateral Agent and the Noteholder Secured Parties, on the one hand, and the ABL Lender and the other ABL Secured Parties, on the other hand, and shall not impose on ABL Lender or any other ABL Secured Party or on Collateral Agent or
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the disposition of proceeds of foreclosure on any ABL Collateral which would conflict with prior perfected claims therein in favor of any other person or any order or decree of any court or other
governmental authority or any applicable law. 
 4.2 Payments Over. So long as the Discharge of Priority Debt has not occurred,
whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Borrower, the Collateral Agent agrees, for itself and on behalf of the other Noteholder Secured Parties, that any ABL Collateral or proceeds from the
enforcement of remedies with respect to the ABL Collateral (including any right of set-off) with respect to the ABL Collateral, and including in connection with any insurance policy claim or any condemnation
award (or deed in lieu of condemnation) with respect to ABL Collateral, shall be segregated and held in trust and promptly transferred or paid over to the ABL Lender for the benefit of the ABL Secured Parties in the same form as received, with any
necessary endorsements or assignments or as a court of competent jurisdiction may otherwise direct. After the Discharge of Priority Debt has occurred but before the Discharge of Priority Noteholder Debt has occurred, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against any Borrower, the ABL Lender agrees, for itself and on behalf of the other ABL Secured Parties, that any ABL Collateral or proceeds from the enforcement of remedies with respect to the ABL
Collateral or payment with respect thereto received by the ABL Lender or any other ABL Secured Party (including any right of set-off) with respect to the ABL Collateral, and including in connection with any
insurance policy claim or any condemnation award (or deed in lieu of condemnation) with respect to ABL Collateral, shall be segregated and held in trust and promptly transferred or paid over to the Collateral Agent for the benefit of the Noteholder
Secured Parties in the same form as received, with any necessary endorsements or assignments or as a court of competent jurisdiction may otherwise direct. The ABL Lender or the Collateral Agent, as applicable, is hereby authorized to make any such
endorsements or assignments as agent for the other. This authorization is coupled with an interest and is irrevocable. 
  

	Section 5.	BAILEE FOR PERFECTION. 

 5.1 Each Lender as Bailee. 

(a) Each of ABL Lender and Collateral Agent (each, for purposes of this Section 5, an “Agent”)
agrees to hold any ABL Collateral that can be perfected or the priority of which can be enhanced by the possession or control of such ABL Collateral or of any account in which such ABL Collateral is held, and if such ABL Collateral or any such
account is in fact in the possession or under the control of an Agent, or of agents or bailees of such Agent (such ABL Collateral being referred to herein as the “Pledged ABL Collateral”), as bailee and agent for and on behalf of
the other Agent solely for the purpose of perfecting the Lien granted to the other Agent in such Pledged ABL Collateral or enhancing the priority of such Lien (including, but not limited to, any securities or any deposit accounts or securities
accounts, if any) pursuant to the ABL Documents or Noteholder Documents, as applicable, subject to the terms and conditions of this Section 5. 

(b) Until the Discharge of Priority Debt has occurred, the ABL Lender shall be entitled to deal with the Pledged ABL Collateral in accordance
with the terms of the ABL Documents subject to the terms of this Intercreditor Agreement and to the Borrowers’ rights under the ABL Documents. 

(c) Each of ABL Lender and Collateral Agent shall have no obligation whatsoever to the other Agent or any other Secured Party to assure that
the Pledged ABL Collateral is genuine or owned by any of the Borrowers or to preserve rights or benefits of any Person except as expressly set forth in this Section 5. The duties or responsibilities of each of ABL Lender
and Collateral Agent under this Section 5 shall be limited solely to holding the Pledged ABL Collateral as bailee and agent for and on behalf of the other Agent for purposes of perfecting or enhancing the priority of the
Lien held by the other Agent. 
 (d) Each of ABL Lender and Collateral Agent shall not have by reason of the ABL Documents, the Noteholder
Documents or this Intercreditor Agreement or any other document a fiduciary relationship in respect of the other Agent or any of the other Secured Parties and shall not have any liability to the other Agent or any other Secured Party in connection
with its holding the Pledged ABL Collateral, other than for its gross negligence or willful misconduct as determined by a final, non-appealable order of a court of competent jurisdiction. 

5.2 Transfer of Pledged ABL Collateral. Upon the Discharge of Priority Debt, to the extent permitted under applicable law, the ABL
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the Pledged ABL Collateral, if any, then in its possession or control to Collateral Agent, except in the event and to the extent (a) the ABL Lender or any other ABL Secured Party has
retained or otherwise acquired such ABL Collateral in full or partial satisfaction of any of the ABL Debt, (b) such ABL Collateral is sold or otherwise disposed of by the ABL Lender or any other ABL Secured Party or by a Borrower as provided
herein or (c) it is otherwise required by any order of any court or other governmental authority or applicable law. The foregoing provision shall not impose on the ABL Lender or any other ABL Secured Party any obligations which would conflict
with prior perfected claims therein in favor of any other person or any order or decree of any court or other governmental authority or any applicable law. In connection with any transfer described herein to Collateral Agent, the Agent agrees to
take reasonable actions in its power (with all costs and expenses in connection therewith to be for the account of the Collateral Agent and to be paid by Borrowers) as shall be reasonably requested by the Collateral Agent to permit the Collateral
Agent to obtain, for the benefit of the Noteholder Secured Parties, a first priority Lien in the Pledged ABL Collateral. 
  

	Section 6.	INSOLVENCY OR LIQUIDATION PROCEEDINGS. 

 6.1 General Applicability. This
Intercreditor Agreement shall be applicable both before and after the institution of any Insolvency or Liquidation Proceeding involving any Borrower, including the filing of any petition by or against any Borrower under the Bankruptcy Code or under
any other Bankruptcy Law and all converted or subsequent cases in respect thereof, and all references herein to any Borrower shall be deemed to apply to the trustee for such Borrower and such Borrower as debtor-in-possession. The relative rights of the ABL Secured Parties and the Noteholder Secured Parties in or to any distributions from or in respect of any ABL Collateral or proceeds of ABL Collateral shall
continue after the institution of any Insolvency or Liquidation Proceeding involving any Borrower, including the filing of any petition by or against any Borrower under the Bankruptcy Code or under any other Bankruptcy Law and all converted cases
and subsequent cases, on the same basis as prior to the date of such institution, subject to (i) any court order approving the financing of, or use of cash collateral by any Borrower as debtor-in-possession, or (ii) any other court order affecting the rights and interests of the parties hereto, in either case so long as such court order is not in conflict with this Intercreditor
Agreement. This Agreement shall constitute a Subordination Agreement for the purposes of Section 510(a) of the Bankruptcy Code and shall be enforceable in any Insolvency or Liquidation Proceeding in accordance with its terms. 

6.2 Bankruptcy Financing. If any Borrower becomes subject to any Insolvency or Liquidation Proceeding, until the Discharge of Priority
Debt has occurred, the Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, agrees that: 
 (a) each
Noteholder Secured Party will raise no objection to, nor support any other Person objecting to, and will be deemed to have consented to, the use of any ABL Collateral constituting cash collateral under Section 363 of the Bankruptcy Code, or any
comparable provision of any other Bankruptcy Law or any post-petition financing to any Borrower, provided by any ABL Secured Party or any Qualified Financier (which agrees to be bound by Section 8 hereof) under
Section 364 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law (a “DIP Financing”), will not request or accept adequate protection or any other relief in connection with the use of such cash
collateral or such DIP Financing except as set forth in Section 6.4 below and will subordinate (and will be deemed hereunder to have subordinated) the Liens granted to Noteholder Secured Parties to such DIP Financing on the
same terms as such Liens are subordinated to the Liens granted to ABL Lender hereunder (and such subordination will not alter in any manner the terms of this Intercreditor Agreement), to any adequate protection provided to the ABL Secured Parties
and to any “carve out” agreed to by the ABL Lender; provided that: 
 (i) the ABL Lender does not oppose or object to such use of
cash collateral or DIP Financing, 
 (ii) the aggregate principal amount of such DIP Financing, together with the ABL Debt as of such date,
does not exceed the principal component of Maximum Priority ABL Debt, and the DIP Financing is treated as ABL Debt hereunder, 
 (iii) the
Liens on ABL Collateral granted to the ABL Secured Parties or Qualified Financier in connection with such DIP Financing are subject to this Intercreditor Agreement and considered to be Liens of ABL Lender for purposes hereof, 

(iv) the Collateral Agent retains a Lien on the ABL Collateral (including proceeds thereof) with the same priority as existed prior to such
Insolvency or Liquidation Proceeding (except to the extent of any “carve out” agreed to by the ABL Lender), 

  
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 (v) the Collateral Agent receives replacement Liens on all assets, including post-petition
assets, of any Borrower in which any of the ABL Lender obtains a replacement Lien, or which secure the DIP Financing, with the same priority relative to the Liens of ABL Lender as existed prior to such Insolvency or Liquidation Proceeding, and 

(vi) the Noteholder Secured Parties may oppose or object to such use of cash collateral or DIP Financing on the same bases as an unsecured
creditor, so long as such opposition or objection is not based on the Noteholder Secured Parties’ status as secured creditors. 
 (b)
no Noteholder Secured Party shall, directly or indirectly, provide, or seek to provide, DIP Financing secured by Liens equal or senior in priority to the Liens on the ABL Collateral of ABL Lender, without the prior written consent of ABL Lender.

 6.3 Relief from the Automatic Stay. The Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, agrees
that, so long as the Discharge of Priority Debt has not occurred, no Noteholder Secured Party shall, without the prior written consent of the ABL Lender, seek or request relief from or modification of the automatic stay or any other stay in any
Insolvency or Liquidation Proceeding in respect of any part of the ABL Collateral, any proceeds thereof or any Lien securing any of the Noteholder Debt. Notwithstanding anything to the contrary set forth in this Intercreditor Agreement, no Borrower
waives or shall be deemed to have waived any rights under Section 362 of the Bankruptcy Code. 
 6.4 Adequate Protection. 

(a) The Collateral Agent, on behalf of itself and the other Noteholder Secured Parties, agrees that none of them shall object, contest, or
support any other Person objecting to or contesting, (i) any request by the ABL Lender or any of the other ABL Secured Parties for adequate protection of the First Priority Debt or any adequate protection provided to the ABL Lender or other ABL
Secured Parties with respect to the First Priority Debt or (ii) any objection by the ABL Lender or any of the other ABL Secured Parties to any motion, relief, action or proceeding based on a claim of a lack of adequate protection for the First
Priority Debt or (iii) the payment of interest, fees, expenses or other amounts to the ABL Lender or any other ABL Secured Party with respect to the First Priority Debt under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise. 

(b) The Collateral Agent, on behalf of itself and the other Noteholder Secured Parties, agrees that none of them shall seek or accept adequate
protection with respect to the Noteholder Debt secured by Liens on the ABL Collateral without the prior written consent of the ABL Lender; except, that, the Collateral Agent, for itself or on behalf of the other Noteholder Secured
Parties, or the Noteholder Secured Parties shall be permitted (i) to obtain adequate protection in the form of the benefit of additional or replacement Liens on the ABL Collateral (including proceeds thereof arising after the commencement of
any Insolvency or Liquidation Proceeding), or additional or replacement ABL Collateral to secure the Noteholder Debt, in connection with any DIP Financing or use of cash collateral as provided for in Section 6.2 above, or
in connection with any such adequate protection obtained by ABL Lender and the other ABL Secured Parties, as long as in each case, the ABL Lender is also granted such additional or replacement Liens or additional or replacement ABL Collateral and
such Liens of Collateral Agent or any other Noteholder Secured Party are subordinated to the Liens securing the ABL Debt to the same extent as the Liens of Collateral Agent and the other Noteholder Secured Parties on the ABL Collateral are
subordinated to the Liens of ABL Lender and the other ABL Secured Parties hereunder and (ii) to obtain adequate protection in the form of reports, notices, inspection rights and similar forms of adequate protection to the extent granted to the
ABL Lender. 
 6.5 Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of any reorganized
Borrower secured by Liens upon any property of such reorganized Borrower are distributed, pursuant to a plan of reorganization, on account of both the ABL Debt and the Noteholder Debt, then, to the extent the debt obligations distributed on account
of the ABL Debt and on account of the Noteholder Debt are secured by Liens upon the same assets or property, the provisions of this Intercreditor Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply
with like effect to the Liens securing such debt obligations. 

  
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 6.6 Separate Classes. Each of the parties hereto irrevocably acknowledges and agrees that
(a) the claims and interests of the ABL Secured Parties and the Noteholder Secured Parties are not “substantially similar” within the meaning of Section 1122 of the Bankruptcy Code, or any comparable provision of any other
Bankruptcy Law, (b) the grants of the Liens to secure the ABL Debt and the grants of the Liens to secure the Noteholder Debt constitute two separate and distinct grants of Liens, (c) the ABL Secured Parties’ rights in the ABL
Collateral are fundamentally different from the Noteholder Secured Parties’ rights in the ABL Collateral and (d) as a result of the foregoing, among other things, the ABL Debt and the Noteholder Debt must be separately classified in any
plan of reorganization proposed or adopted in any Insolvency or Liquidation Proceeding. 
 6.7 Asset Dispositions. Until the
Discharge of Priority Debt has occurred, the Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, agrees that, in the event of any Insolvency or Liquidation Proceeding, the Noteholder Secured Parties will not object or
oppose (or support any Person in objecting or opposing) a motion to any sale, lease, license, exchange, transfer or other disposition of any ABL Collateral free and clear of the Liens of Collateral Agent and the other Noteholder Secured Parties or
other claims under Section 363 of the Bankruptcy Code, or any comparable provision of any Bankruptcy Law and shall be deemed to have consented to any such any sale, lease, license, exchange, transfer or other disposition of any ABL Collateral
under Section 363(f) of the Bankruptcy Code that has been consented to by the ABL Lender; provided, that, (a) the proceeds of such sale, lease, license, exchange, transfer or other disposition of any ABL Collateral to be applied
to the ABL Debt or the Noteholder Debt are applied in accordance with Section 4.1. Nothing herein shall prevent the Collateral Agent or the Noteholder Secured Parties from taking Permitted Actions or action permitted under
Section 3.2 permitted to unsecured creditors. 
 6.8 Preference Issues. 

(a) If, in any Insolvency or Liquidation Proceeding or otherwise, all or part of any payment with respect to the First Priority Debt
previously made shall be rescinded for any reason whatsoever, then the First Priority Debt shall be reinstated to the extent of the amount so rescinded and, if theretofore terminated, this Intercreditor Agreement shall be reinstated in full force
and effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the ABL Secured Parties and the Noteholder Secured Parties provided for herein.

 (b) If, in any Insolvency or Liquidation Proceeding or otherwise, all or part of any payment with respect to the Noteholder Debt
previously made shall be rescinded for any reason whatsoever and the Discharge of Priority Debt shall, subject to (for the avoidance of doubt) the immediately preceding clause (a), have occurred, then the Noteholder Debt shall be reinstated to the
extent of the amount so rescinded and, if theretofore terminated, this Intercreditor Agreement shall be reinstated in full force and effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien
priorities and the relative rights and obligations of the Noteholder Secured Parties and any Person that holds ABL Excess Debt provided for herein solely with respect to any ABL Excess Claims and for the avoidance of doubt, not with respect to any
First Priority Debt. 
 6.9 Certain Waivers as to Section 1111(b)(2) of Bankruptcy Code. The Collateral Agent, for itself and on
behalf of the other Noteholder Secured Parties, waives any claim any Noteholder Secured Party may hereafter have against any ABL Secured Party arising out of the election by any ABL Secured Party of the application of Section 1111(b)(2) of the
Bankruptcy Code with respect to any Liens secured by the ABL Collateral, or any comparable provision of any other Bankruptcy Law. The ABL Lender, for itself and on behalf of the other ABL Secured Parties, waives any claim any ABL Secured Party may
hereafter have against any Noteholder Secured Party arising out of the election by any Noteholder Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code with respect to any Liens secured by the ABL Collateral or any comparable
provision of any other Bankruptcy Law. 
 6.10 Other Bankruptcy Laws. In the event that an Insolvency of Liquidation Proceeding is
filed in a jurisdiction other than the United States or is governed by any Bankruptcy Law other than the Bankruptcy Code, each reference in this Intercreditor Agreement to a section of the Bankruptcy Code shall be deemed to refer to the
substantially similar or corresponding provision of the Bankruptcy Law applicable to such Insolvency or Liquidation Proceeding, or in the absence of any specific similar or corresponding provision of the Bankruptcy Law, such other general Bankruptcy
Law as may be applied in order to achieve substantially the same result as would be achieved under each applicable section of the Bankruptcy Code. 

  
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	Section 7.	NOTEHOLDER SECURED PARTIES’ PURCHASE OPTION. 

 7.1 Exercise of Option.
On or after the occurrence and during the continuance of an ABL Event of Default and either the acceleration of all of the ABL Debt or the receipt by Collateral Agent of written notice from ABL Lender of its intention to commence a Lien Enforcement
Action as provided in Section 7.5 below, the Noteholder Secured Parties shall have the option at any time within ninety (90) days of such acceleration or written notice, upon five (5) Business Days’ prior written
notice by Collateral Agent to ABL Lender, to purchase all (but not less than all) of the ABL Debt from the ABL Secured Parties. Such notice from Collateral Agent to ABL Lender shall be irrevocable. 

7.2 Purchase and Sale. On the date specified by Collateral Agent in the notice referred to in Section 7.1 (which
shall not be less than five (5) Business Days, nor more than twenty (20) days, after the receipt by ABL Lender of the notice from Collateral Agent of its election to exercise such option), ABL Secured Parties shall, subject to any required
approval of any court or other regulatory or governmental authority then in effect (the time to obtain any such approval shall extend the proposed date of sale and purchase), if any, sell to Noteholder Secured Parties, and Noteholder Secured Parties
shall purchase from ABL Secured Parties, all of the ABL Debt. Notwithstanding anything to the contrary contained herein, in connection with any such purchase and sale, ABL Secured Parties shall retain all rights under the ABL Documents to be
indemnified or held harmless by the Borrowers in accordance with the terms thereof. 
 7.3 Payment of Purchase Price. 

(a) Upon the date of such purchase and sale, Noteholder Secured Parties shall (i) pay to ABL Lender for the account of the ABL Secured
Parties as the purchase price therefor the full amount of all of the ABL Debt then outstanding and unpaid (including principal, interest, fees and expenses, including reasonable attorneys’ fees and legal expenses), (ii) furnish cash collateral
to ABL Lender in such amounts as ABL Lender determines is reasonably necessary to secure ABL Secured Parties in connection with any issued and outstanding letters of credit issued under the ABL Documents (but not in any event in an amount greater
than one hundred five (105%) percent of the aggregate undrawn face amount of such letters of credit) (ABL Lender agrees to refund this cash collateral to the Noteholder Secured Parties to the extent any letter of credit expires or is terminated or
any amount is reimbursed from other sources), and (iii) agree to reimburse ABL Secured Parties for any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs
or expenses related to any issued and outstanding letters of credit as described above and any checks or other payments provisionally credited to the ABL Debt, and/or as to which ABL Secured Parties have not yet received final payment. 

(b) Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of ABL Lender as ABL
Lender may designate in writing to Collateral Agent for such purpose. Interest shall be calculated to but excluding the Business Day on which such purchase and sale shall occur if the amounts so paid by Noteholder Secured Parties to the bank account
designated by ABL Lender are received in such bank account prior to 12:00 noon, New York City time and interest shall be calculated to and including such Business Day if the amounts so paid by Noteholder Secured Parties to the bank account
designated by ABL Lender are received in such bank account later than 12:00 noon, New York City time. 
 7.4 Representations Upon
Purchase and Sale. Such purchase shall be expressly made without representation or warranty of any kind by ABL Secured Parties as to the ABL Debt, the ABL Collateral or otherwise and without recourse to ABL Secured Parties, except that each ABL
Secured Party shall represent and warrant, severally, as to it: (a) the amount of the ABL Debt being purchased from it are as reflected in the books and records of such ABL Secured Party (but without representation or warranty as to the
collectibility, validity or enforceability thereof), (b) that such ABL Secured Party owns the ABL Debt being sold by it free and clear of any liens or encumbrances and (c) such ABL Secured Party has the right to assign the ABL Debt being sold
by it and the assignment is duly authorized. Upon the purchase by Noteholder Secured Parties of the ABL Debt, Noteholder Secured Parties agree to indemnify and hold ABL Secured Parties harmless from and against all loss, cost, damage or expense
(including reasonable attorneys’ fees and legal expenses) suffered or incurred by ABL Secured Parties arising from or in any way relating to acts or omissions of Collateral Agent or any of the other Noteholder Secured Parties after the
purchase. Subject to the foregoing, ABL Secured Parties shall execute and deliver such instruments of transfer and other documents as shall be necessary or desirable to fully vest title to the ABL Debt in the Noteholder Secured Parties (or their
designee) and to effectively transfer all Liens securing the ABL Debt to the Noteholder Secured Parties (or their designee). 

  
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 7.5 Notice from ABL Lender Prior to Lien Enforcement Action. ABL Lender agrees that it
will give Collateral Agent ten (10) Business Days prior written notice of its intention to commence a Lien Enforcement Action. In the event that during such ten (10) Business Day period, Collateral Agent shall send to ABL Lender the
irrevocable notice of the intention of the Noteholder Secured Parties to exercise the purchase option given by ABL Secured Parties to Noteholder Secured Parties under this Section 7, ABL Secured Parties shall not commence
any foreclosure or other action to sell or otherwise realize upon the ABL Collateral, provided, that, the purchase and sale with respect to the ABL Debt provided for herein shall have closed within thirty (30) Business Days thereafter and ABL
Secured Parties shall have received final payment in full of the ABL Debt as provided for herein within such thirty (30) Business Day period. 
  

	Section 8.	RELIANCE; WAIVERS; ETC. 

 8.1 Reliance. The consent by the ABL Secured
Parties to the execution and delivery of the Noteholder Documents and the grant to the Collateral Agent on behalf of the Noteholder Secured Parties of a Lien on the ABL Collateral and all loans and other extensions of credit made or deemed made on
and after the date hereof by the Noteholder Secured Parties to any Borrower shall be deemed to have been given and made in reliance upon this Intercreditor Agreement. 

8.2 No Warranties or Liability. The Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, acknowledges
and agrees that each of the ABL Lender and the other ABL Secured Parties have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any
of the ABL Documents, the ownership of any ABL Collateral or the perfection or priority of any Liens thereon. The Collateral Agent agrees, for itself and on behalf of the other Noteholder Secured Parties, that the ABL Secured Parties will be
entitled to manage and supervise their respective loans and extensions of credit under the ABL Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the ABL Secured Parties may manage their loans
and extensions of credit without regard to any rights or interests that the Collateral Agent or any of the other Noteholder Secured Parties have in the ABL Collateral or otherwise, in each case except as otherwise provided in this Intercreditor
Agreement. The ABL Lender, for itself and on behalf of the ABL Secured Parties, acknowledges and agrees that neither the Collateral Agent nor any other Noteholder Secured Party has made any express or implied representation or warranty, including
with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Noteholder Documents, the ownership of any ABL Collateral or the perfection of priority of any Liens thereon. The ABL Lender agrees, for
itself and on behalf of the other ABL Secured Parties, that the Collateral Agent and the Noteholder Secured Parties will be entitled to manage the Noteholder Debt under the Noteholder Documents in accordance with law and as they may otherwise, in
their sole discretion, deem appropriate, and the Collateral Agent and the Noteholder Secured Parties may manage their Noteholder Debt without regard to any rights or interests that the ABL Lender or any of the other ABL Secured Parties have in the
ABL Collateral or otherwise, in each case except as otherwise provided in this Intercreditor Agreement. Neither the ABL Lender nor any of the other ABL Secured Parties shall have any duty to the Collateral Agent or any of the other Noteholder
Secured Parties, and neither the Collateral Agent or any of the other Noteholder Secured Parties shall have any duty to the ABL Lender or any of the ABL Secured Parties, to act or refrain from acting in a manner which allows, or results in, the
occurrence or continuance of an event of default or default under any agreements with any Borrower (including the Noteholder Documents or any ABL Documents), regardless of any knowledge thereof which they may have or be charged with. 

8.3 No Waiver of Lien Priorities. 

(a) No right of the ABL Lender or any of the other ABL Secured Parties or of the Collateral Agent or the Noteholder Secured Parties to enforce
any provision of this Intercreditor Agreement or any of the ABL Documents or Noteholder Documents, as the case may be, shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Borrower, or by any
noncompliance by any Person with the terms, provisions and covenants of this Intercreditor Agreement, any of the ABL Documents or any of the Noteholder Documents, regardless of any knowledge thereof which the ABL Lender or any of the other ABL
Secured Parties or the Collateral Agent or the Noteholder Secured Parties may have or be otherwise charged with. 
 (b) Without in any way
limiting the generality of the foregoing paragraph (but subject to the rights of the Borrowers under the ABL Documents and the rights of the Noteholder Secured Parties under the 

  
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Noteholder Documents), the ABL Lender and any of the other ABL Secured Parties may, at any time and from time to time, without the consent of, or notice to, the Collateral Agent or any other
Noteholder Secured Party, without incurring any liabilities to the Collateral Agent or any other Noteholder Secured Party and without impairing or releasing the Lien priorities and other benefits provided in this Intercreditor Agreement (even if any
right of subrogation or other right or remedy of the Collateral Agent or any other Noteholder Secured Party is affected, impaired or extinguished thereby) do any one or more of the following: 

(i) change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter,
the terms of any of the ABL Debt or any Lien on any ABL Collateral or guaranty thereof or any liability of any Borrower, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the ABL Debt,
without any restriction as to the amount, tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the ABL Lender or any of the other ABL Secured Parties, the
ABL Debt or any of the ABL Documents; except that the ABL Lender and the ABL Secured Parties may not consent to any amendment, modification or waiver to the ABL Documents that: 

(A) results in the sum of (1) the aggregate principal amount of loans outstanding under the ABL Documents, plus (2) the unused
portion of the revolving commitments under the ABL Documents, plus (3) the aggregate face amount of all letters of credit issued or deemed issued and outstanding under the ABL Documents plus (4) the Cash Management Obligations plus the
Hedging Obligations (in the case of each of the foregoing, as determined after giving effect to such amendment, modification or waiver) exceeding $75,000,000, 

(B) increase the “Applicable Margins” or similar component of the interest rate under the ABL Loan Agreement in a manner that would
result in the total yield on the ABL Date to exceed by more than two (2%) percent per annum the total yield on the ABL Debt as in effect on the date hereof (excluding increases resulting from the accrual or payment of interest at the default rate),

 (C) modify or add any covenant or event of default under the ABL Documents that directly restricts the Revolving Loan Borrower or its
subsidiaries from making payments of the Noteholder Debt that would otherwise be permitted under the ABL Documents as in effect on the date hereof, 

(D) contractually subordinate the Liens of the ABL Secured Parties to any other debt of the Borrowers, 

(E) extend the stated maturity date of the Indebtedness under the ABL Loan Agreement to a date beyond the stated maturity date of the Notes
(as in effect on the date hereof or as hereafter extended), or 
 (F) contravene the provisions of this Intercreditor Agreement; 

(ii) until the Discharge of Priority Debt, sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and
in any order any part of the ABL Collateral or any liability of any Borrower to the ABL Lender or any of the other ABL Secured Parties, or any liability incurred directly or indirectly in respect thereof in accordance with the terms hereof; 

(iii) settle or compromise any of the ABL Debt or any other liability of any Borrower or any security therefor or any liability incurred
directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the ABL Debt) in any manner or order, but subject however to the terms of this Intercreditor Agreement; and 

(iv) exercise or delay in or refrain from exercising any right or remedy against any Borrower or any other Person, elect any remedy and
otherwise deal freely with any Borrower or any ABL Collateral and any security and any guarantor or any liability of any Borrower to any of the ABL Secured Parties or any liability incurred directly or indirectly in respect thereof, but subject
however to the terms of this Intercreditor Agreement. 
 (c) Each of the Collateral Agent and the ABL Lender agrees not to assert and hereby
waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable
law with respect to the ABL Collateral or any other similar rights a junior secured creditor may have under applicable law with respect to the ABL Collateral. 

  
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	Section 9.	MISCELLANEOUS. 

 9.1 Conflicts; Additional Security. In the event of
any conflict between the provisions of this Intercreditor Agreement and the provisions of the ABL Documents or the Noteholder Documents, the provisions of this Intercreditor Agreement shall govern. 

9.2 Continuing Nature of this Intercreditor Agreement; Severability. This Agreement shall continue to be effective until the earlier of
(a) the Discharge of ABL Debt or (b) the final payment in full in cash of the Noteholder Debt and the termination and release by each Noteholder Secured Party of any Liens to secure the Noteholder Debt. This is a continuing agreement of
Lien subordination and the ABL Secured Parties may continue, at any time and without notice to the Collateral Agent or any other Noteholder Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of
any Borrower constituting ABL Debt in reliance hereon and the Noteholder Secured Parties may purchase Notes constituting Noteholder Debt in reliance hereon. Each of the Collateral Agent, for itself and on behalf of the Noteholder Secured Parties,
and the ABL Lender, for itself and on behalf of the ABL Secured Parties, hereby waives any right it may have under applicable law to revoke this Intercreditor Agreement or any of the provisions of this Intercreditor Agreement. The terms of this
Intercreditor Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Intercreditor Agreement which is prohibited or unenforceable in any jurisdiction shall not
invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

9.3 When Discharge of ABL Debt and Discharge of Priority Noteholder Debt Deemed to Not Have Occurred. 

(a) If substantially contemporaneously with the Discharge of ABL Debt, any Borrower refinances indebtedness outstanding under the ABL
Documents, then after written notice to Collateral Agent, (i) the indebtedness and other obligations arising pursuant to such refinancing of the then outstanding indebtedness under the ABL Documents shall automatically be treated as ABL Debt
for all purposes of this Intercreditor Agreement, including for purposes of the Lien priorities and rights in respect of ABL Collateral set forth herein, provided that such indebtedness would have been a permitted modification or amendment under
Section 8.3(b) hereof, (ii) the credit agreement and the other loan documents evidencing such new indebtedness shall automatically be treated as the ABL Loan Agreement and the ABL Documents for all purposes of this Intercreditor Agreement and
(iii) the administrative agent under the new ABL Loan Agreement shall be deemed to be the ABL Lender for all purposes of this Intercreditor Agreement. 

(b) If substantially contemporaneously with the Discharge of Priority Noteholder Debt, any Borrower refinances indebtedness outstanding under
the Noteholder Documents, then after written notice to ABL Lender, (i) the indebtedness and other obligations arising pursuant to such refinancing of the then outstanding indebtedness under the Noteholder Documents shall automatically be
treated as Noteholder Debt for all purposes of this Intercreditor Agreement, including for purposes of the Lien priorities and rights in respect of ABL Collateral set forth herein, provided that such indebtedness would have been a permitted
modification or amendment under this Intercreditor Agreement, (ii) the credit agreement or indenture and the other loan or note documents evidencing such new indebtedness shall automatically be treated as the Noteholder Agreement and the
Noteholder Documents for all purposes of this Intercreditor Agreement and (iii) the administrative agent or trustee under the new Noteholder Agreement shall be deemed to be the Collateral Agent for all purposes of this Intercreditor Agreement.

 9.4 Amendments to Noteholder Documents. Without the prior written consent of the ABL Lender, no Noteholder Document may be
amended, supplemented or otherwise modified, and no new Noteholder Document may be entered into, to the extent such amendment, supplement or other modification or new document would contravene the provisions of this Intercreditor Agreement. 

9.5 Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Intercreditor Agreement by the
Collateral Agent or the ABL Lender shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its authorized agent and each waiver, if any, 

  
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shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party
in any other respect or at any other time. The Borrowers shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Intercreditor Agreement except to the extent their rights or obligations are
directly affected. 
 9.6 Subrogation; Marshalling. 

(a) The Collateral Agent agrees that no payment or distribution to any ABL Secured Party pursuant to the provisions of this Intercreditor
Agreement shall entitle any Noteholder Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of Priority Debt shall have occurred. Following the Discharge of Priority Debt, each the ABL Lender agrees to execute
such documents, agreements, and instruments as the Collateral Agent or any Noteholder Secured Party may reasonably request to evidence the transfer by subrogation to any the Collateral Agent, for the benefit of the Noteholder Secured Parties, of an
interest in the First Priority Debt resulting from payments or distributions to such ABL Secured Party by such Person, so long as all reasonable costs and expenses (including all reasonable legal fees and disbursements) incurred in connection
therewith by such ABL Secured Party are paid by such Person upon request for payment thereof. 
 (b) The Noteholder Secured Parties hereby
waive any and all rights to have any ABL Collateral or any part thereof granted to or held by ABL Lender marshaled upon any foreclosure or other disposition of such ABL Collateral by ABL Lender or any Borrower without the consent of ABL Lender, and
ABL Secured Parties hereby waive any and all rights to have any ABL Collateral or any part thereof granted to or held by Collateral Agent or any other Noteholder Secured Party marshaled upon any foreclosure or other disposition of such ABL
Collateral by Collateral Agent or any Noteholder Secured Party or any Borrower without the consent of Noteholder Secured Parties, in each case subject to the other terms of this Intercreditor Agreement. 

9.7 Consent to Jurisdiction; Waivers. The parties hereto consent to the jurisdiction of any state or federal court located in New York,
New York, and consent that all service of process may be made by registered mail directed to such party as provided in Section 9.9 below for such party. The parties hereto waive any objection to any action instituted
hereunder based on forum non conveniens, and any objection to the venue of any action instituted hereunder. Each of the parties hereto waives any right it may have to trial by jury in respect of any litigation based on, or arising out of, under or
in connection with this Intercreditor Agreement, or any course of conduct, course of dealing, verbal or written statement or action of any party hereto. 

9.8 Notices. All notices to the Noteholder Secured Parties and the ABL Secured Parties permitted or required under this Intercreditor
Agreement may be sent to the Collateral Agent and the ABL Lender, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally
served, electronically mailed or sent by courier service, facsimile transmission or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a facsimile transmission or electronic mail or four
(4) Business Days after deposit in the U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below, or, as to each party, at such
other address as may be designated by such party in a written notice to all of the other parties. 
 Collateral Agent: 

U.S. Bank National Association 

Global Corporate Trust Services 

60 Livingstone Avenue 

EP-MN-WS3C 

St. Paul, Minnesota 55107-2292 

Attention: Joshua A. Hahn 

Facsimile No.: 651-466-7430 

ABL Lender: 

Wells Fargo Bank, National Association 

100 Park Avenue, 14th Floor 

New York, New York 10017 

  
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Table of Contents

 MAC J0149-030 

Attention: Portfolio Manager – Liggett 

Facsimile No.: 212-545-4283 

Each Borrower: 

Liggett Group LLC 

100 Maple LLC 

c/o Liggett Vector Brands LLC 

3800 Paramount Parkway, Suite 250 

Morrisville, North Carolina 27560 

Attention: John Long 

Facsimile No.: 919-990-3505 

with a copy to: 

Vector Group Ltd. 

4400 Biscayne Boulevard, 10th Floor 

Miami, Florida 33137-3212 

Attention: Marc Bell 

Facsimile No.: 305-579-8016 

9.9 Further Assurances. 

(a) The Collateral Agent agrees that it shall, for itself and on behalf of the Noteholder Secured Parties, take such further action and shall
execute and deliver to the ABL Lender such additional documents and instruments (in recordable form, if requested) as the ABL Lender may reasonably request to effectuate the terms of and the lien priorities contemplated by this Intercreditor
Agreement. 
 (b) The ABL Lender agrees that it shall, for itself and on behalf of the ABL Secured Parties, take such further action and
shall execute and deliver to the Collateral Agent such additional documents and instruments (in recordable form, if requested) as the Collateral Agent may reasonably request to effectuate the terms of and the lien priorities contemplated by this
Intercreditor Agreement. 
 9.10 Consent to Jurisdiction; Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK IN NEW YORK COUNTY AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND WAIVES TRIAL BY JURY
IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT. 
 9.11 Governing Law. The validity, construction and effect of this
Intercreditor Agreement shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of law or any other rule of law that would result in the application of the law of any jurisdiction other than the laws
of the State of New York. 
 9.12 Binding on Successors and Assigns. This Agreement shall be binding upon the ABL Lender, the other
ABL Secured Parties, the Collateral Agent, the other Noteholder Secured Parties, the Borrowers and their respective permitted successors and assigns. 

9.13 Specific Performance. The ABL Lender or the Collateral Agent may demand specific performance of this Intercreditor Agreement. The
Collateral Agent, for itself and on behalf of the Noteholder Secured Parties, and the ABL Lender, for itself and on behalf of the ABL Secured Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other
defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the ABL Lender or the Collateral Agent, as applicable. 

9.14 Section Titles; Time Periods. The section titles contained in this Intercreditor Agreement are and shall be without substantive
meaning or content of any kind whatsoever and are not a part of this Intercreditor Agreement. 

  
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Table of Contents

 9.15 Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be an original and all of which shall together constitute one and the same document. 
 9.16 Authorization. By its
signature, each Person executing this Intercreditor Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Intercreditor Agreement. 

9.17 No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties
hereto and their respective successors and assigns and shall inure to the benefit of each of the holders of ABL Debt and Noteholder Debt. No other Person shall have or be entitled to assert rights or benefits hereunder. 

[SIGNATURE PAGES FOLLOW] 

  
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Table of Contents

 IN WITNESS WHEREOF, the parties hereto have executed this Intercreditor Agreement as of the date
first written above. 
  

			
	ABL LENDER:
	
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as ABL Lender

		
	By:	 	 /s/ Andrew Rogow

	Name:	 	Andrew Rogow
	Title:	 	Vice President

  

  
 [Signature Page to
Intercreditor and Lien Subordination Agreement] 

Table of Contents

			
	BORROWERS AND OTHER LOAN PARTIES:
	
	LIGGETT GROUP LLC
		
	By:	 	 /s/ John R. Long

	Name:	 	John R. Long
	Title:	 	 Vice President, General Counsel and

Secretary

	
	100 MAPLE LLC
		
	By:	 	 /s/ John R. Long

	Name:	 	John R. Long
	Title:	 	Secretary
	
	COLLATERAL AGENT:
	
	 U.S. BANK NATIONAL ASSOCIATION, as the
Collateral Agent

		
	By:	 	 /s/ Joshua A. Hahn

	Name:	 	Joshua A. Hahn
	Title:	 	Assistant Vice President

  
 [Signature Page to
Intercreditor and Lien Subordination Agreement]Amendment No 1 to Third Amended and Restated Credit Agreement

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT
NO. 1 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 
 AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
(“Amendment No. 1”), dated as of January 27, 2017, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION, successor by merger to Wachovia Bank, National Association, a national banking association
(“Lender”), LIGGETT GROUP LLC, a Delaware limited liability company, as successor to Liggett Group Inc., as revolving loan borrower (the “Revolving Borrower”), and 100 MAPLE LLC, a Delaware limited liability company
(the “Term Loan Borrower” and, together with the Revolving Borrower, the “Borrowers”). 
 WHEREAS, the
Borrowers and the Lender have entered into financing arrangements pursuant to which Lender has made and may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Third Amended and Restated Credit
Agreement, dated as of January 14, 2015, by and among Lender, as administrative agent and lender, and the Borrowers (as amended, modified or otherwise supplemented to the date hereof and as the same may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced, the “Creidt Agreement”), and the other agreements, documents and instruments referred to therein or at any time executed and/or delivered in connection therewith or related
thereto, including, but not limited to, this Amendment No. 1 (all of the foregoing, together with the Credit Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, being
collectively referred to herein as the “Financing Agreements”); 
 WHEREAS, the Borrowers have requested that Lender make
certain amendments to the Loan Agreement as set forth herein, which Lender is willing to do subject to the terms and provisions hereof; and 

WHEREAS, by this Amendment No. 1, Lender and the Borrowers wish and intend to evidence such amendments. 

NOW, THEREFORE, in consideration of the foregoing, the mutual agreements and covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.01
Definitions. Capitalized terms used herein shall have the meanings assigned thereto in the Credit Agreement, unless otherwise defined herein. 

Section 1.02 Amendments to the Credit Agreement. The Credit Agreement is hereby amended as follows: 

(a) The definition of “2021 Note Equivalent Indebtedness” is hereby amended and restated in its entirety as follows: 

“2025 Note Equivalent Indebtedness” means any guarantee made by any Borrower or any of their respective
Subsidiaries of Indebtedness of the Parent (other than the 2025 Notes or the Additional Permitted 2025 Notes and the 2025 Notes Indenture) after the date hereof, (i) issued in lieu of Parent issuing any Additional Permitted 2025 Notes or
(ii) issued to refinance or in partial repayment of the 2025 Notes or any of the Additional Permitted 2025 Notes, as otherwise permitted hereunder; provided, that: 

 (a) the sum of (i) the aggregate outstanding principal amount (or any other
Indebtedness in connection with the relevant transactions, if applicable) of all 2025 Note Equivalent Indebtedness, and (ii) the aggregate outstanding principal amount (or any other Indebtedness in connection with the relevant transactions, if
applicable) of all Indebtedness outstanding under the Additional Permitted 2025 Notes does not cause Parent to breach the “Secured Leverage Ratio” covenant set forth in the 2025 Notes Indenture as in effect on January 27, 2017
(whether or not such 2025 Notes Indenture is in full force and effect at the time of the incurrence of the 2025 Equivalent Indebtedness) or any other covenant set forth in the 2025 Notes Indenture, if such 2025 Notes Indenture is still in effect,

 (b) any such 2025 Note Equivalent Indebtedness shall not have a scheduled final maturity date earlier than the later of
(i) the maturity date of the 2025 Notes or (ii) one hundred eighty (180) days after the Maturity Date, 
 (c)
the Weighted Average Life to Maturity of any such 2025 Note Equivalent Indebtedness shall not be shorter than the Weighted Average Life to Maturity of the Term Loan under the Agreement, 

(d) such 2025 Equivalent Debt shall not be secured by any property or assets of the Borrower or their Subsidiaries other than
the Collateral securing the 2025 Notes, 
 (e) as of the date of incurring or issuing any of such 2025 Note Equivalent
Indebtedness and after giving effect thereto, no Event of Default shall exist or have occurred and be continuing, 
 (f) any
mandatory payments shall be on terms substantially similar to, or (taken as a whole) no more favorable to the holder of such Indebtedness than (as reasonably determined by the Borrowers) those in respect of the 2025 Notes except as Agent may
otherwise agree, and 
 (g) to the extent secured, such 2025 Note Equivalent Indebtedness shall be subject to the 2025 Notes
Intercreditor Agreement or such other intercreditor agreement as is reasonably satisfactory to Agent. 
 (b) The definition of “2021
Notes” is hereby amended and restated in its entirety as follows: 
 “2025 Notes” shall mean,
collectively, (a) the 6.125% Senior Secured Notes due 2025, in the original principal amount of $850,000,000, and (b) any Additional Permitted 2025 Notes, issued by Parent pursuant to the 2025 Notes Indenture, as the same now exist or may
hereafter be amended, modified, supplemented, extended, renewed, restated, refinanced or replaced (to the extent not prohibited by this Agreement and the 2025 Notes Intercreditor Agreement). 

  
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 (c) The definition of “2021 Notes Indenture” is hereby amended and restated in its
entirety as follows: 
 “2025 Notes Indenture” shall mean the Indenture dated as of January 27, 2017,
by and among Parent, the subsidiary guarantors party thereto and 2025 Notes Trustee, as trustee, with respect to the 2025 Notes, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated, refinanced or
replaced (to the extent not prohibited by this Agreement and the 2025 Notes Intercreditor Agreement). 
 (d) The definition of “2021
Notes Intercreditor Agreement” is hereby amended and restated as follows: 
 “2025 Notes Intercreditor
Agreement” shall mean the Amended and Restated Intercreditor and Lien Subordination Agreement, dated as of January 27, 2017 executed by and among Agent, the 2025 Notes Trustee, Revolving Loan Borrower and Term Loan Borrower, as the
same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced. 
 (e) The definition of
“2021 Notes Trustee” is hereby amended and restated as follows: 
 “2025 Notes Trustee” shall mean
U.S. Bank National Association, in its capacity as trustee under the 2025 Notes Indenture, and any successor, replacement or additional trustee under the 2025 Notes Indenture, and their respective successors and assigns. 

(f) The definition of “Additional Permitted 2021 Notes” is hereby amended and restated as follows: 

“Additional Permitted 2025 Notes” shall mean any and all notes issued under the 2025 Notes Indenture to the
extent that the issuance of such notes does not cause Parent to breach the “Secured Leverage Ratio” covenant relating to the incurrence of indebtedness and described in the 2025 Notes Indenture as in effect on January 27, 2017. 

(g) All references to “2021 Note Equivalent Indebtedness” in the Credit Agreement are hereby replaced with “2025 Note
Equivalent Indebtedness.” 
 (h) All references to “2021 Notes” in the Credit Agreement are hereby replaced with “2025
Notes.” 
 (i) All references to “2021 Notes Indenture” in the Credit Agreement are hereby replaced with “2025 Notes
Indenture.” 
 (j) All references to “2021 Notes Intercreditor Agreement” in the Credit Agreement are hereby replaced with
“2025 Notes Intercreditor Agreement.” 
 (k) All references to “2021 Notes Trustee” in the Credit Agreement are hereby
replaced with “2025 Notes Trustee.” 
 (l) All references to “Additional 2021 Notes” in the Credit Agreement are hereby
replaced with “Additional 2025 Notes.” 

  
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 Section 1.03 Representations, Warranties and Covenants. Each Borrower hereby
represents, warrants and covenants to Lender the following (which shall survive the execution and delivery of this Amendment No. 1), the truth and accuracy of which are a continuing condition of the making of Loans and providing Letter of
Credit Accommodations by Lender to the Borrowers: 
 (a) This Amendment No. 1 has been duly authorized, executed and delivered by all
necessary action on the part of such Borrower, and the agreements and obligations of such Borrower contained herein constitute the legal, valid and binding obligations of such Borrower, enforceable against it in accordance with their terms, except
as enforceability is limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditor’s rights generally and by general principles of equity; 

(b) The execution, delivery and performance of this Amendment No. 1 (i) are all within such Borrower’s corporate or limited
liability company powers, as applicable, (ii) are not in contravention of (A) any material law or the terms of such Borrower’s certificate or articles of organization or formation, operating agreement or other organizational
documentation, or (B) any indenture, agreement or undertaking to which such Borrower is a party or by which such Borrower or its property is bound, except, in the case of this clause (B), where any such contravention would not individually or
in the aggregate reasonably be expected to have a Material Adverse Effect, and (iii) shall not result in the creation or imposition of any Lien upon any of the Collateral, except in favor of Lender pursuant to the Credit Agreement and the
Financing Agreements as amended hereby, other than Permitted Liens; 
 (c) All of the representations and warranties set forth in the Credit
Agreement and the other Financing Agreements, each as amended hereby, are true and correct in all material respects on and as of the date hereof, as if made on the date hereof, except to the extent any such representation or warranty is made as of a
specified date, in which case such representation or warranty shall have been true and correct as of such date; 
 (d) After giving effect
to this Amendment No. 1, no Default or Event of Default exists as of the date of this Amendment No. 1; and 
 (e) No action
of, or filing with, or consent of any governmental or public body or authority other than the filing of UCC financing statements or other filings relating to the perfection of security interests with the appropriate governmental authorities, and no
approval or consent of any other party (other than, in each case, actions, filings or consents that have already been taken, made or obtained) is required to authorize, or is otherwise required in connection with, the execution, delivery and
performance of this Amendment No. 1. 
 Section 1.04 Conditions Precedent. The amendments set forth in Section 2
of this Amendment No. 1 shall not be effective until (a) the Lender has received a copy of this Amendment No. 1, duly authorized and executed by the Borrowers and (b) immediately prior, and immediately after giving effect to the
amendments and agreements set forth herein, there shall exist no Event of Default or event or condition which, with the giving of notice, passage of time, or both, would constitute an Event of Default. 

Section 1.05 Effect of this Amendment. This Amendment No. 1 constitutes the entire agreement of the parties with respect to
the subject matter hereof, and supersedes all prior oral or written communications, memoranda, proposals, negotiations, discussions, term sheets and commitments with respect to the subject matter hereof. Except as expressly

  
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amended and waived pursuant hereto, no other changes or modifications or waivers to the Financing Agreements are intended or implied, and in all other respects the Financing Agreements are hereby
specifically ratified, restated and confirmed by all parties hereto as of the effective date hereof. To the extent that any provision of the Credit Agreement or any of the other Financing Agreements are inconsistent with the provisions of this
Amendment No. 1, the provisions of this Amendment No. 1 shall control. 
 Section 1.06 Further Assurances. Each
Borrower shall execute and deliver such additional documents and take such additional action as may be reasonably requested by Lender to effectuate the provisions and purposes of this Amendment No. 1. 

Section 1.07 Governing Law. The rights and obligations hereunder of each of the parties hereto shall be governed by and
interpreted and determined in accordance with the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the
State of New York. 
 Section 1.08 Binding Effect. This Amendment No. 1 shall be binding upon and inure to the benefit of
each of the parties hereto and their respective successors and assigns. 
 Section 1.09 Counterparts. This Amendment No.
1 may be executed in any number of counterparts, but all of such counterparts shall together constitute but one and the same agreement. In making proof of this Amendment No. 1, it shall not be necessary to produce or account for more than
one counterpart thereof signed by each of the parties hereto. Delivery of an executed counterpart of this Amendment No. 1 by telecopier shall have the same force and effect as delivery of an original executed counterpart of this
Amendment No. 1. 
 [Signature Pages Follow.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed
and delivered by their authorized representatives as of the day and year first above written. 
 LIGGETT GROUP LLC, a Delaware limited liability
company, 
 as Administrative Borrower and Revolving Loan Borrower 
  

			
	By:	 	 /s/ John R. Long

	Name: John R. Long
	Title: Vice President, General Counsel and Secretary

			
	
	100 MAPLE LLC, a Delaware limited liability company, as Term Loan Borrower

			
		
	By:	 	 /s/ John R. Long

	Name: John R. Long
	Title: Secretary

 [Signature Page to Amendment to Liggett Credit Agreement] 

 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, 

as Agent, a Lender and Issuing Bank 

			
		
	By:	 	/s/ Andrew Rogow
	 Name: Andrew Rogow
 Title: Vice
President

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