EXHIBIT 10(ll)

 

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FOURTH AMENDED AND RESTATED

 

LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT

 

dated as of

 

December 10, 2004

 

among

 

LINCOLN NATIONAL CORPORATION,

as an Account Party and Guarantor

 

The SUBSIDIARY ACCOUNT PARTIES,

as additional Account Parties

 

The BANKS Party Hereto

 

and

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

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$900,000,000

 

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J.P. MORGAN SECURITIES INC.

and

WACHOVIA CAPITAL MARKETS, LLC,

as Joint Lead Arrangers and Joint Bookrunners

 

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Syndication Agent

 

THE BANK OF NEW YORK

and

CITIBANK, N.A.,

as Documentation Agents

 

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FOURTH AMENDED AND RESTATED LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT dated
as of December 10, 2004 (this “Fourth Amendment and Restatement”) among LINCOLN
NATIONAL CORPORATION, an Indiana corporation (together with its successors and
permitted assigns, the “Company”), the SUBSIDIARY ACCOUNT PARTIES party hereto
(the “Subsidiary Account Parties”), the BANKS party hereto (including each
Person listed under the caption “BANKS” on the signature pages hereto that is
not a “Bank” under the Existing LC Agreement referred to below (each a “New
Bank”), the “Banks”) and JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan
Chase Bank) (“JPMCB”), as administrative agent for the Banks (in such capacity,
together with its successors in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Company, each Subsidiary Account Party, the banks party thereto
(the “Existing Banks”) and JPMCB, as Administrative Agent, are parties to the
Third Amended and Restated Letter of Credit and Reimbursement Agreement dated as
of December 11, 2003 (as amended and in effect immediately prior to the
satisfaction (or waiver) of the conditions set forth in Section 4 hereof, the
“Existing LC Agreement”);

 

WHEREAS, each of the Existing Banks that is not listed under the caption “BANKS”
on the signature pages hereto (collectively, the “Retiring Banks”) will cease
being a “Bank” under the Existing LC Agreement as of the Restatement Effective
Date (as defined in Section 4 hereof), and each of the New Banks wishes to
become a “Bank” under the Existing LC Agreement as amended and restated by this
Fourth Amendment and Restatement; and

 

WHEREAS, the Company has requested certain amendments to provisions of the
Existing LC Agreement, including the extension of the availability of the
commitments thereunder, and the Banks (including the New Banks) are willing to
make such amendments on the terms and conditions set forth below;

 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree that, effective as of the Restatement Effective Date (as defined in
Section 4 hereof), the Existing LC Agreement shall be amended and restated to
read in its entirety as set forth in the Existing LC Agreement, which is
incorporated herein by this reference, subject to the amendments set forth in
Section 2 hereof (the Existing LC Agreement, as so amended and restated hereby,
is herein called the “Fourth Amended and Restated LC Agreement”):

 

Section 1. Definitions. Except as otherwise defined herein, terms defined in the
Existing LC Agreement have the meanings ascribed thereto in the Existing LC
Agreement, after giving effect to the amendments set forth in Section 2 hereof.

 

Section 2. Amendments. Effective as of the Restatement Effective Date, the
Existing LC Agreement is hereby amended as follows:

 

2.01. Certain References. References in the Existing LC Agreement to (i) “this
Agreement” or words of similar import (including indirect references to the
Existing LC Agreement) and in Exhibits A, B and C to the Existing LC Agreement
to “the Third Amended

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

 

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and Restated Letter of Credit and Reimbursement Agreement dated as of December
11, 2003” shall be deemed to be references to the Fourth Amended and Restated LC
Agreement, (ii) “Schedule I” and “Schedule II” or words of similar import
(including indirect references to such schedule) shall be deemed to be
references to Schedule I and Schedule II, respectively, to this Fourth Amendment
and Restatement and (iii) “Effective Date” (other than in Exhibits A and C
thereto) shall be deemed to be references to the Restatement Effective Date.

 

2.02. Recitals. The recitals in the Existing LC Agreement shall be amended and
restated in their entirety to read as follows: “The parties hereto agree as
follows:”.

 

2.03. Certain Definitions.

 

(a) The last sentence of the definition of “Commitment” contained in Section
1.01 of the Existing LC Agreement shall be amended in its entirety to read as
follows: “The aggregate amount of the Banks’ Commitments is $900,000,000 as of
the Restatement Effective Date.”

 

(b) Section 1.01 of the Existing LC Agreement shall be amended by inserting the
following definitions (or, in the case of any of the following defined terms
that are already defined in the Existing LC Agreement, by amending and restating
in its entirety each such term to read as set forth below) in their proper
respective alphabetical locations:

 

“Applicable Rate” means, for any day, with respect to the facility fees or
letter of credit fees payable hereunder, as the case may be, the applicable rate
per annum set forth below under the caption “Facility Fee” or “Letter of Credit
Fee”, respectively, based upon the ratings by Moody’s and S&P, respectively,
applicable on such date to the Index Debt:

 

    

Index Debt
Ratings

(S&P/Moody’s)

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   Facility Fee

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    Letter of
Credit Fee

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Category 1

   > A / A2    0.06 %   0.215 %

Category 2

   A- / A3    0.08 %   0.245 %

Category 3

   BBB+ / Baa1    0.10 %   0.30 %

Category 4

   < BBB / Baa2    0.15 %   0.50 %

 

For purposes of the foregoing, (a) if the ratings established or deemed to have
been established by Moody’s and S&P for the Index Debt shall fall within
different Categories that are one Category apart, the Applicable Rate shall be
determined by reference to the Category of the higher of the two ratings; (b) if
the ratings established or deemed to have been established by Moody’s and S&P
for the Index Debt shall fall within different Categories that are more than one

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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Category apart, the Applicable Rate shall be determined by reference to the
Category next below that of the higher of the two ratings; (c) if only one of
Moody’s and S&P shall have in effect a rating for the Index Debt, the Applicable
Rate shall be determined by reference to the Category of such rating; (d) if
neither Moody’s nor S&P shall have in effect a rating for the Index Debt (other
than by reason of the circumstances referred to in the last sentence of this
definition), then the applicable rating shall be determined by reference to
Category 4; and (e) if the ratings established or deemed to have been
established by Moody’s and S&P for the Index Debt shall be changed (other than
as a result of a change in the rating system of Moody’s or S&P), such change
shall be effective as of the date on which it is first announced by the
applicable rating agency, irrespective of when notice of such change shall have
been furnished by the Company to the Administrative Agent and the Banks pursuant
to Section 5.01 or otherwise. Each change in the Applicable Rate shall apply
during the period commencing on the effective date of such change and ending on
the date immediately preceding the effective date of the next such change. If
the rating system of Moody’s or S&P shall change, or if either such rating
agency shall cease to be in the business of rating corporate debt obligations,
the Company and the Banks shall negotiate in good faith to amend this definition
to reflect such changed rating system or the unavailability of ratings from such
rating agency and, pending the effectiveness of any such amendment, the
Applicable Rate shall be determined by reference to the rating of Moody’s and/or
S&P, as the case may be, most recently in effect prior to such change or
cessation.

 

“Commitment Termination Date” means December 10, 2009 or, if such day is not a
Business Day, the next preceding Business Day.

 

“Company’s 2003 Form 10-K” means the Company’s annual report on Form 10-K for
2003, as filed with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.

 

“JPMCB” means JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank).

 

“Restatement Effective Date” has the meaning set forth in Section 4 of the
Fourth Amended and Restated Letter of Credit and Reimbursement Agreement dated
as of December 10, 2004.

 

(c) The definition of “Effective Date” contained in Section 1.01 of the Existing
LC Agreement shall be deleted in its entirety.

 

(d) The definition of “Existing LC Agreement” contained in Section 1.01 of the
Existing LC Agreement shall be deleted in its entirety.

 

(e) Each reference to the term “Company’s 2002 Form 10-K” in the Existing LC
Agreement shall be amended and replaced with the term “Company’s 2003 Form
10-K”.

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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2.04. Expiry Date of Letters of Credit. Section 2.01(d) of the Existing LC
Agreement shall be amended and restated in its entirety as follows:

 

“(d) Expiry Date. Each Committed Letter of Credit shall expire at or prior to
the close of business on the earlier of (i) the date one year after the date of
the issuance of such Letter of Credit (provided that such Committed Letter of
Credit may contain “evergreen” provisions for the renewal or extension thereof
to a date one year after the then current expiry date thereof) or (ii) December
31, 2010.”

 

2.05. Existing Letters of Credit. Section 2.01(h) of the Existing LC Agreement
shall be deleted in its entirety.

 

2.06. Alternative Currency Letters of Credit. The seventh and eighth sentences
of Section 2.03(e) of the Existing LC Agreement shall be amended and restated in
their entirety as follows:

 

“At any time, and from time to time, while an Event of Default has occurred and
is continuing, the Administrative Agent shall, if instructed by the Required
Banks in their sole discretion, liquidate any such investments and reinvestments
and credit the proceeds thereof to the Collateral Account and apply or cause to
be applied such proceeds and any other balances in the Collateral Account to the
payment of any of the Secured Obligations due and payable. If at any time (i) no
Default has occurred and is continuing and (ii) all of the Secured Obligations
then due have been paid in full but Committed Letters of Credit remain
outstanding, the Administrative Agent shall, from time to time, at the request
of the Company, deliver to the Company, against receipt but without any
recourse, warranty or representation whatsoever, such of the balances in the
Collateral Account as exceed the aggregate undrawn face amount of all
outstanding Committed Letters of Credit.”

 

2.07. Increase of the Commitments. Section 2.04(e) of the Existing LC Agreement
shall be amended by deleting the amount “$800,000,000” in the third line thereof
and replacing it with the amount “$1,000,000,000”.

 

2.08. Facility Fees. Section 2.05(a) of the Existing LC Agreement shall be
amended and restated in its entirety as follows:

 

“(a) The Company agrees to pay to the Administrative Agent for account of each
Bank a facility fee, which shall accrue at the Applicable Rate, (i) prior to the
termination of such Bank’s Commitment, on the daily amount of the Commitment of
such Bank (whether used or unused) during the period from and including the
Restatement Effective Date to but excluding the date that the Commitments
terminate and (ii) if such Bank continues to have any LC Exposure after its
Commitment terminates, on the daily amount of such Bank’s LC Exposure from and
including the date its Commitment terminates to but excluding the date such Bank
ceases to have any LC Exposure. Accrued facility fees shall be payable on each
Quarterly Date and (if the Commitments shall have terminated) on the date the
Banks cease to have any LC Exposure, commencing on the first such date after the
Restatement Effective Date; provided that any facility fee accruing after the
earlier of the date the Commitments terminate or the Commitment Termination Date
shall be payable on demand at any time a Default has occurred and is continuing.
Facility fees shall be computed on the basis of a year of 360 days and shall be
payable for the actual number of days elapsed (including the first day but
excluding the last day).”

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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In addition, the reference to “commitment fees” in Sections 2.05(d) of the
Existing LC Agreement and to “commitment fee” in Section 2.06(c) of the Existing
LC Agreement shall be amended and replaced with the words “facility fees” and
“facility fee”, respectively.

 

2.09. Letter of Credit Fees. The second sentence of Section 2.05(b) of the
Existing LC Agreement shall be amended and restated in its entirety as follows:

 

“Letter of credit fees accrued through and including each Quarterly Date shall
be payable on the third Business Day following such Quarterly Date, commencing
on the first such Business Day to occur and (if the Commitments shall have
terminated) on the date the Banks cease to have any LC Exposure; provided that
any letter of credit fee accruing after the earlier of the date the Commitments
terminate or the Commitment Termination Date shall be payable on demand at any
time a Default has occurred and is continuing.”

 

2.10. Alternative Currency Letters of Credit. The last sentence of Section
2.07(a) of the Existing LC Agreement shall be amended and restated in its
entirety as follows:

 

“Each such Alternative Currency Letter of Credit shall be issued, and
subsequently, renewed, extended, amended and confirmed, on such terms as the
Company, the applicable Account Party and such Bank shall agree, including,
without limitation, expiry, drawing conditions, reimbursement, interest, fees
and provision of cover; provided that the expiry of any Alternative Currency
Letter of Credit shall not be later than the close of business on the earlier of
(i) the date one year after the date of the issuance of such Alternative
Currency Letter of Credit (provided, that such Alternative Currency Letter of
Credit may contain “evergreen” provisions for the renewal or extension thereof
to a date one year after the then current expiry date thereof) or (ii) December
31, 2010.”

 

2.11. Effectiveness. Section 3.02 of the Existing LC Agreement shall be deleted
in its entirety.

 

2.12. Financial Information.

 

(a) Section 4.04(a) of the Existing LC Agreement shall be amended by deleting
the year “2002” in the second line thereof and replacing it with the year
“2003”.

 

(b) Section 4.04(b) of the Existing LC Agreement shall be amended by deleting
the year “2003” in each place where such number appears and replacing it with
the year “2004” in each case.

 

(c) Section 4.04(c) of the Existing LC Agreement shall be amended by deleting
the year “2002” replacing it with the year “2003”.

 

(d) Section 4.04(d) of the Existing LC Agreement shall be amended by deleting
the year “2003” replacing it with the year “2004”.

 

(e) Section 4.04(e) of the Existing LC Agreement shall be amended by deleting
the year “2002” replacing it with the year “2003”.

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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2.13. Minimum Adjusted Consolidated Net Worth. Section 5.07 of the Existing LC
Agreement shall be amended and restated in its entirety as follows:

 

“SECTION 5.07. Minimum Adjusted Consolidated Net Worth. The Company will not
permit at any time Adjusted Consolidated Net Worth to be less than the sum of
(i) $3,800,000,000 plus (ii) 50% of the consolidated net income of the Company
and its Consolidated Subsidiaries for each fiscal quarter ending on or after
December 31, 2004; provided that in calculating such consolidated net income for
any fiscal quarter the impact thereon of FIN 46 and DIG B36 shall be excluded.
For purposes of this Section, if, for any such quarter, consolidated net income
of the Company and its Consolidated Subsidiaries shall be less than zero, the
amount calculated pursuant to clause (ii) above for such fiscal quarter shall be
zero.”

 

2.14. Defaults.

 

(a) The last sentence of Section 6.01 of the Existing LC Agreement shall be
deleted in its entirety.

 

(b) The last sentence of Section 6.03 of the Existing LC Agreement shall be
deleted in its entirety.

 

2.15. Lead Arrangers and Other Agents. Section 7.11 of the Existing LC Agreement
shall be amended and restated in its entirety to read as follows:

 

“SECTION 7.11. Lead Arrangers and Other Agents. Notwithstanding anything herein
to the contrary, no Lead Arranger, Syndication Agent or Documentation Agent
listed on the cover page of this Agreement shall have any right, power,
obligation, liability, responsibility or duty under this Agreement in its
capacity as such, except in its respective capacity, if any, as a Bank.”

 

2.16. Notices. Section 10.01 of the Existing LC Agreement shall be amended by
inserting a new second paragraph at the end of thereof to read as follows:

 

“Notices and other communications to the Banks hereunder may be delivered or
furnished by electronic communications pursuant to procedures approved by the
Administrative Agent; provided that the foregoing shall not apply to notices
pursuant to Article II unless otherwise agreed by the Administrative Agent and
the applicable Bank. The Administrative Agent or the Account Parties may, in its
discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or
communications.”

 

2.17. Confidentiality. The last two sentences of Section 10.11 of the Existing
LC Agreement shall be deleted in their entirety.

 

2.18. USA PATRIOT Act. A new Section 10.15 shall be inserted at the end of
Section 10 of the Existing LC Agreement to read as follows:

 

“SECTION 10.15. USA PATRIOT Act. Each Bank hereby notifies the Account Parties
that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L.

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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107-56 (signed into law October 26, 2001)), such Bank may be required to obtain,
verify and record information that identifies the Account Parties, which
information includes the name and address of the Account Parties and other
information that will allow such Bank to identify the Account Parties in
accordance with said Act.”

 

Section 3. Representations and Warranties. Each Account Party hereby represents
and warrants to the Banks and the Administrative Agent that:

 

(a) the representations and warranties set forth in Article IV of the Existing
LC Agreement, as amended and restated hereby, are true and correct as of the
Restatement Effective Date with the same force and effect as if made on and as
of the Restatement Effective Date (or, if any such representation or warranty is
expressly stated to have been made as of a specific date, as of such specific
date) and, in addition, as if each reference therein to the Existing LC
Agreement referred to this Fourth Amendment and Restatement; and

 

(b) no Default has occurred and is continuing on the Restatement Effective Date.

 

Section 4. Conditions Precedent. The amendment and restatement of the Existing
LC Agreement contemplated hereby and the obligations of the Banks to continue,
amend, extend or issue Letters of Credit under the Fourth Amended and Restated
LC Agreement shall become effective as of the date (the “Restatement Effective
Date”) that the Administrative Agent shall have received each of the following,
in form and substance satisfactory to it (or such condition shall have been
waived in accordance with Section 10.05 of the Existing LC Agreement):

 

4.01. Fourth Amended and Restated LC Agreement. This Fourth Amendment and
Restatement, duly executed and delivered by the Company, each other Account
Party, the Banks and the Administrative Agent.

 

4.02. Resolutions. A certified copy of the resolutions of the Board of Directors
of the Company, authorizing the execution, delivery and performance of this
Fourth Amendment and Restatement and the Fourth Amended and Restated LC
Agreement.

 

4.03. Officer Certificates. A certificate, dated the Restatement Effective Date
and signed by the senior financial officer of the Company, certifying the
representations and warranties set forth in Section 3 hereof.

 

4.04. Opinions. An opinion of (i) Dennis L. Schoff, Esq., General Counsel of the
Company and (ii) Milbank, Tweed, Hadley & McCloy LLP, special New York counsel
to JPMCB.

 

4.05. Other Corporate Documentation. All documents, opinions and instruments as
the Administrative Agent may reasonably request relating to the existence of
each Account Party, the corporate authority for and the validity and
enforceability of this Fourth Amendment and Restatement, and any other matters
related hereto.

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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4.06. Payments under Existing LC Agreement, Etc. Evidence satisfactory to the
Administrative Agent of payment (or of irrevocable instructions for payment) in
full of:

 

(a) all fees payable to J.P. Morgan Securities Inc., Wachovia Capital Markets,
LLC, the Administrative Agent and/or the Banks in connection with this Fourth
Amendment and Restatement as may be separately agreed between any such persons
and the Company;

 

(b) all unpaid fees payable under Section 2.05 of the Existing LC Agreement,
accrued through but not including the Restatement Effective Date;

 

(c) all other unpaid amounts owing to each Retiring Bank under the Existing LC
Agreement as of the Restatement Effective Date; and

 

(d) all reasonable costs and expenses of the Administrative Agent in connection
with this Fourth Amendment and Restatement, including, without limitation, the
reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy LLP, special New
York counsel to JPMCB, in connection with the negotiation, preparation,
execution and delivery of this Fourth Amendment and Restatement (to the extent
that invoices for such fees and expenses have been delivered to the Company at
least two Business Days prior to the Restatement Effective Date).

 

4.07. Termination of Other Credit Agreements. Evidence satisfactory to the
Administrative Agent of (a) the termination of the commitments of the respective
lenders under the Credit Agreement dated as of December 11, 2003 among the
Company, the banks party thereto and JPMCB as administrative agent and the
payment in full of all amounts owing thereunder and (b) the termination of the
commitments of the respective lenders under the 5-Year Credit Agreement dated as
of December 15, 2000 among the Company, the banks party thereto and JPMCB as
administrative agent and the payment in full of all amounts owing thereunder
(and each Bank that is party as a lender under any of the agreements referred to
in clauses (a) and (b) above, by its execution and delivery of this Fourth
Amendment and Restatement, hereby waives the requirement under each such
agreement to which it is a party that notice of such termination be provided in
advance of the date of termination).

 

Section 5. Retiring Banks. Each Retiring Bank shall, as of the Restatement
Effective Date, cease to be a “Bank” under (and, accordingly, shall cease to be
a party to) the Existing LC Agreement, and the Account Parties hereby confirm
and agree that, as of the Restatement Effective Date, the Retiring Banks shall
have no obligations or liabilities under the Fourth Amended and Restated Credit
Agreement.

 

Section 6. Transitional Provisions. Upon the occurrence of the Restatement
Effective Date, each of the Committed Letters of Credit and (if issued by a
Bank) Alternative Currency Letters of Credit outstanding on the Restatement
Effective Date under the Existing LC Agreement shall be automatically continued
as a Committed Letter of Credit or Alternative Currency Letter of Credit,
respectively, under the Fourth Amended and Restated LC Agreement; provided that
the Administrative Agent shall promptly notify the beneficiary of each Committed
Letter of Credit that is outstanding under the Existing LC Agreement and so
continued of (a) the Banks that as of the Restatement Effective Date are parties
thereto and (b) such Banks’ respective Applicable Percentages thereunder.

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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Section 7. Miscellaneous. Except as herein provided, the Existing LC Agreement
shall remain unchanged and in full force and effect. This Fourth Amendment and
Restatement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument and any of the parties
hereto may execute this Fourth Amendment and Restatement by signing any such
counterpart and sending the same by telecopier, mail, messenger or courier to
the Administrative Agent or special New York counsel to JPMCB. This Fourth
Amendment and Restatement shall be governed by, and construed in accordance
with, the law of the State of New York.

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment and
Restatement to be duly executed as of the date first above written.

 

COMPANY

LINCOLN NATIONAL CORPORATION By:   /s/    

Name:

 

Frederick J. Crawford

   

Title:

 

Vice President & Treasurer

By:   /s/    

Name:

 

James E. Cruickshank

   

Title:

 

Second Vice President—Corporate Finance

U.S. Federal Tax Identification No.: 35-1140070

SUBSIDIARY ACCOUNT PARTIES

LINCOLN NATIONAL REINSURANCE COMPANY (BARBADOS) LIMITED By:   /s/    

Name:

 

Frederick J. Crawford

   

Title:

 

Vice President & Treasurer

U.S. Federal Tax Identification No.: 35-1716060

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY By:   /s/    

Name:

 

Frederick J. Crawford

   

Title:

 

Vice President & Treasurer

U.S. Federal Tax Identification No.: 35-0472300

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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BANKS

JPMORGAN CHASE BANK, N.A.
(formerly known as JPMorgan Chase Bank),
individually and as Administrative Agent

By:   /s/    

Name:

 

Heather Lindstrom

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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WACHOVIA BANK, NATIONAL

ASSOCIATION

By:   /s/    

Name:

 

Kimberly Shaffer

   

Title:

 

Director

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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THE BANK OF NEW YORK

By:   /s/    

Name:

 

Scott Schaffer

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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CITIBANK, N.A.

By:   /s/    

Name:

 

Peter C. Bickford

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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BANK OF AMERICA, N.A.

By:   /s/    

Name:

 

Jim V. Miller

   

Title:

 

Senior Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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HSBC BANK USA, NATIONAL ASSOCIATION

By:   /s/    

Name:

 

Lawrence M. Karp

   

Title:

 

Senior Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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KEYBANK NATIONAL ASSOCIATION

By:   /s/    

Name:

 

Mary K. Young

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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MELLON BANK, N.A.

By:   /s/    

Name:

 

Maria E. Totin

   

Title:

 

Assistant Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION By:   /s/    

Name:

 

Robert C. Meyer

   

Title:

 

Senior Vice President

By:   /s/    

Name:

 

Beth McGinnis

   

Title:

 

Senior Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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ABN AMRO BANK N.V. By:   /s/    

Name:

 

Neil R. Stein

   

Title:

 

Director

By:   /s/    

Name:

 

Michael DeMarco

   

Title:

 

Assistant Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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THE BANK OF TOKYO-MITSUBISHI, LTD., NEW YORK BRANCH By:   /s/    

Name:

 

Jesse A. Reid, Jr.

   

Title:

 

Authorized Signatory

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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THE NORTHERN TRUST COMPANY By:   /s/    

Name:

 

Alex Nikolov

   

Title:

 

Second-Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

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U.S. BANK NATIONAL ASSOCIATION By:   /s/    

Name:

 

Ziad W. Amra

   

Title:

 

Corporate Banking Officer

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 23 -

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BNP PARIBAS By:   /s/    

Name:

 

Phil Treesdale

   

Title:

 

Director

By:   /s/    

Name:

 

Joshua Landau

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 24 -

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COMERICA BANK By:   /s/    

Name:

 

Richard C. Hampson

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 25 -

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LEHMAN BROTHERS BANK, FSB By:   /s/    

Name:

 

Gary T. Taylor

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 26 -

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MERRILL LYNCH BANK USA By:   /s/    

Name:

 

David Millett

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 27 -

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CITIZENS BANK OF MASSACHUSETTS By:   /s/    

Name:

 

David Howes

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 28 -

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FIFTH THIRD BANK By:   /s/    

Name:

 

Christine L. Wagner

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 29 -

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NATIONAL CITY BANK By:   /s/    

Name:

 

Gustavus A. Bahr

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 30 -

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PNC BANK, NATIONAL ASSOCIATION By:   /s/    

Name:

 

Paul Devine

   

Title:

 

Vice President & Credit Officer

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 31 -

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SOCIETE GENERALE By:   /s/    

Name:

 

William Aishton

   

Title:

 

Vice President

 

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 

- 32 -

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SCHEDULE I

 

Commitments

 

Banks

--------------------------------------------------------------------------------

   Commitment ($)

--------------------------------------------------------------------------------

JPMorgan Chase Bank, N.A.

     100,000,000

Wachovia Bank, National Association

     100,000,000

The Bank of New York

     71,964,286

Citibank, N.A.

     71,964,286

Bank of America, N.A.

     51,428,571

HSBC Bank USA, National Association

     51,428,571

KeyBank National Association

     51,428,571

Mellon Bank, N.A.

     51,428,571

Wells Fargo Bank, National Association

     51,428,571

ABN AMRO Bank N.V.

     32,142,857

The Bank of Tokyo-Mitsubishi, Ltd, New York Branch

     32,142,857

The Northern Trust Company

     32,142,857

U.S. Bank National Association

     32,142,857

BNP Paribas

     22,500,000

Comerica Bank

     22,500,000

Lehman Brothers Bank, FSB

     22,500,000

Merrill Lynch Bank USA

     22,500,000

Citizens Bank of Massachusetts

     16,071,429

Fifth Third Bank

     16,071,429

National City Bank

     16,071,429

PNC Bank, National Association

     16,071,429

Societe Generale

     16,071,429

TOTAL COMMITMENTS

   $ 900,000,000

 

Schedule I (Commitments)

 

 

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SCHEDULE II

 

List of Restricted Subsidiaries

 

Lincoln National Life Insurance Company

 

Lincoln National Investments, Inc.

 

Lincoln National Investment Companies, Inc.

 

Delaware Management Holdings, Inc.

 

DMH Corp.

 

Schedule II (Restricted Subsidiaries)