EXHIBIT 10(nn)

 

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

 

FIRST AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of

 

December 10, 2004

 

among

 

LINCOLN NATIONAL CORPORATION,

 

The BANKS Party Hereto

 

and

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

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

 

$500,000,000

 

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

 

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

 

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

 

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

FIRST AMENDED AND RESTATED CREDIT AGREEMENT dated as of December 10, 2004 (this
“First Amendment and Restatement”) among LINCOLN NATIONAL CORPORATION, an
Indiana corporation (together with its successors and permitted assigns, the
“Company”), 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 Credit 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, the banks party thereto (the “Existing Banks”) and JPMCB,
as Administrative Agent, are parties to the Credit 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 Credit 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 Credit 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 Credit Agreement as amended and
restated by this First Amendment and Restatement; and

 

WHEREAS, the Company has requested certain amendments to provisions of the
Existing Credit 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 Credit Agreement shall be amended and restated
to read in its entirety as set forth in the Existing Credit Agreement, which is
incorporated herein by this reference, subject to the amendments set forth in
Section 2 hereof (the Existing Credit Agreement, as so amended and restated
hereby, is herein called the “First Amended and Restated Credit Agreement”):

 

Section 1. Definitions. Except as otherwise defined herein, terms defined in the
Existing Credit Agreement have the meanings ascribed thereto in the Existing
Credit 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 Credit Agreement is hereby amended as follows:

 

2.01. Certain References. References in the Existing Credit Agreement to (i)
“this Agreement” or words of similar import (including indirect references to
the Existing Credit Agreement) and in Exhibits A, B, C, D and G to the Existing
Credit Agreement to “the Credit Agreement dated as of December 11, 2003” shall
be deemed to be references to the First

 

First Amended and Restated Credit Agreement

 

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

Amended and Restated Credit 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
First Amendment and Restatement and (iii) “Effective Date” (other than in
Exhibit G thereto) shall be deemed to be references to the Restatement Effective
Date.

 

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

 

2.03. Certain Definitions.

 

(a) Section 1.01 of the Existing Credit 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 Credit Agreement, by amending and
restating in its entirety each such term to read as set forth below) in their
proper respective alphabetical locations:

 

“Applicable Additional Margin” means 0.10% per annum.

 

“Applicable Margin” and “Applicable Facility Fee Rate” means, for any day, with
respect to any Euro-Dollar Loan or with respect to the facility fees payable
hereunder, as the case may be, the applicable rate per annum set forth below
under the caption “Applicable Margin” or “Applicable Facility Fee Rate”,
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)

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

   Applicable
Margin

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

   

Applicable

Facility

Fee Rate

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

 

Category 1

   > A / A2    0.215 %   0.06 %

Category 2

   A- / A3    0.245 %   0.08 %

Category 3

   BBB+ / Baa1    0.30 %   0.10 %

Category 4

   £ BBB / Baa2    0.50 %   0.15 %

 

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 Margin and the
Applicable Facility Fee 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 Category apart, the Applicable
Margin and the Applicable Facility Fee 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

 

First Amended and Restated Credit Agreement

 

- 2 -

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

S&P shall have in effect a rating for the Index Debt, the Applicable Margin and
the Applicable Facility Fee 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
Margin and the Applicable Facility Fee 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
Margin and the Applicable Facility Fee 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.

 

“Commitment Utilization Day” means (i) any day on which the aggregate principal
amount of outstanding Loans (excluding Money Market Loans) exceeds 50% of the
aggregate amount of the Commitments and (ii) any day following the termination
of the Commitments on which any Loans are outstanding hereunder.

 

“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 First
Amended and Restated Credit Agreement dated as of December 10, 2004.

 

(b) The definition of ““Applicable Margin”, “Applicable Additional Margin” and
“Applicable Commitment Fee Rate”” contained in Section 1.01 of the Existing
Credit Agreement shall be deleted in its entirety.

 

(c) The definition of “Commitment” shall be amended by inserting a new sentence
at the end thereof to read as follows: “The aggregate amount of the Banks’
Commitments is $500,000,000 as of the Restatement Effective Date.”

 

First Amended and Restated Credit Agreement

 

- 3 -

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

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

 

(e) The definition of “LN(UK)” contained in Section 1.01 of the Existing Credit
Agreement shall be deleted in its entirety.

 

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

 

2.04. Facility Fees. Section 2.08 of the Existing Credit Agreement shall be
amended and restated in its entirety as follows:

 

“SECTION 2.08. Facility Fees. The Company agrees to pay to the Administrative
Agent for account of each Bank a facility fee, which shall accrue at the
Applicable Facility Fee 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 outstanding Loans after its Commitment terminates, on the
daily amount of such Bank’s outstanding Loans from and including the date its
Commitment terminates to but excluding the date such Bank ceases to have any
outstanding Loans. Accrued facility fees shall be payable on each Quarterly Date
and on the earlier of the date the Commitments terminate and the Commitment
Termination Date, commencing on the first such date after the Restatement
Effective Date; provided that any facility fee accruing after such earlier date
shall be payable on demand. 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).”

 

2.05. Effectiveness. Section 3.02 of the Existing Credit Agreement shall be
deleted in its entirety.

 

2.06. Financial Information.

 

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

 

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

 

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

 

First Amended and Restated Credit Agreement

 

- 4 -

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

2.07. Minimum Adjusted Consolidated Net Worth. Section 5.07 of the Existing
Credit 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.”

 

2.08. Defaults. Section 6.01(l) of the Existing Credit Agreement shall be
deleted in its entirety.

 

2.09. Lead Arrangers and Other Agents. Section 7.11 of the Existing Credit
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.”

 

2.10. Notices. Section 9.01 of the Existing Credit 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 Company 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.”

 

2.11. Confidentiality. The last two sentences of Section 9.11 of the Existing
Credit Agreement shall be deleted in their entirety.

 

2.12. USA PATRIOT Act. A new Section 9.14 shall be inserted at the end of
Section 9 of the Existing Credit Agreement to read as follows:

 

“SECTION 9.14. USA PATRIOT Act. Each Bank hereby notifies the Company that
pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)), such Bank may be required to obtain, verify
and record information that identifies the Company, which information includes
the name and address of the Company and other information that will allow such
Bank to identify the Company in accordance with said Act.”

 

First Amended and Restated Credit Agreement

 

- 5 -

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

Section 3. Representations and Warranties. The Company 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
Credit 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 Credit
Agreement referred to this First 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
Credit Agreement contemplated hereby and the obligations of the Banks to make
Loans under the First Amended and Restated Credit 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 9.05 of the Existing Credit Agreement):

 

4.01. First Amended and Restated Credit Agreement. This First Amendment and
Restatement, duly executed and delivered by the Company, 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
First Amendment and Restatement and the First Amended and Restated Credit
Agreement and the Notes.

 

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 the
Company, the corporate authority for and the validity and enforceability of this
First Amendment and Restatement and the Notes, and any other matters related
hereto.

 

4.06. Payments under Existing Credit 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 First
Amendment and Restatement as may be separately agreed between any such persons
and the Company;

 

First Amended and Restated Credit Agreement

 

- 6 -

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

(b) all unpaid fees payable under Section 2.08 of the Existing Credit Agreement,
accrued through but not including the Restatement Effective Date;

 

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

 

(d) all reasonable costs and expenses of the Administrative Agent in connection
with this First 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 First 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 Third Amended and Restated Letter of Credit and Reimbursement
Agreement dated as of December 11, 2003 among the Company, the subsidiary
account parties thereto, 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 First 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 Credit Agreement, and the Company hereby confirms and
agrees that, as of the Restatement Effective Date, the Retiring Banks shall have
no obligations or liabilities under the First Amended and Restated Credit
Agreement.

 

Section 6. Miscellaneous. Except as herein provided, the Existing Credit
Agreement shall remain unchanged and in full force and effect. This First
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 First 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 First
Amendment and Restatement shall be governed by, and construed in accordance
with, the law of the State of New York.

 

[Remainder of page intentionally left bank.]

 

First Amended and Restated Credit Agreement

 

- 7 -

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

IN WITNESS WHEREOF, the parties hereto have caused this First 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 - Corp Finance

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

 

First Amended and Restated Credit Agreement

 

- 8 -

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

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

 

First Amended and Restated Credit Agreement

 

- 9 -

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

WACHOVIA BANK, NATIONAL ASSOCIATION

By:   /s/    

Name:

 

Kimberly Shaffer

   

Title:

 

Director

 

First Amended and Restated Credit Agreement

 

- 10 -

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

THE BANK OF NEW YORK

By:   /s/    

Name:

 

Scott Shaffer

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 11 -

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

CITIBANK, N.A.

By:   /s/    

Name:

 

Peter C. Bickford

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 12 -

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

WILLIAM STREET COMMITMENT

CORPORATION

By:   /s/    

Name:

 

Jennifer M. Hill

   

Title:

 

Chief Financial Officer

 

First Amended and Restated Credit Agreement

 

- 13 -

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

BANK OF AMERICA, N.A.

By:   /s/    

Name:

 

Jim V. Miller

   

Title:

 

Senior Vice President

 

First Amended and Restated Credit Agreement

 

- 14 -

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

HSBC BANK USA, NATIONAL ASSOCIATION

By:   /s/    

Name:

 

Lawrence M. Karp

   

Title:

 

Senior Vice President

 

First Amended and Restated Credit Agreement

 

- 15 -

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

KEYBANK NATIONAL ASSOCIATION

By:   /s/    

Name:

 

Mary K. Young

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 16 -

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

MELLON BANK, N.A.

By:   /s/    

Name:

 

Maria E. Totin

   

Title:

 

Assistant Vice President

 

First Amended and Restated Credit Agreement

 

- 17 -

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

WELLS FARGO BANK, NATIONAL ASSOCIATION By:   /s/    

Name:

 

Robert C. Meyer

   

Title:

 

Senior Vice President

By:   /s/    

Name:

 

Beth McGinnis

   

Title:

 

Senior Vice President

 

First Amended and Restated Credit Agreement

 

- 18 -

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

ABN AMRO BANK N.V. By:   /s/    

Name:

 

Neil R. Stein

   

Title:

 

Director

By:   /s/    

Name:

 

Michael DeMarco

   

Title:

 

Assistant Vice President

 

First Amended and Restated Credit Agreement

 

- 19 -

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

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

Name:

 

Jesse A. Reid, Jr.

   

Title:

 

Authorized Signatory

 

First Amended and Restated Credit Agreement

 

- 20 -

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

THE NORTHERN TRUST COMPANY By:   /s/    

Name:

 

Alex Nikolov

   

Title:

 

Second-Vice President

 

First Amended and Restated Credit Agreement

 

- 21 -

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

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

Name:

 

Ziad W. Amra

   

Title:

 

Corporate Banking Officer

 

First Amended and Restated Credit Agreement

 

- 22 -

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

BNP PARIBAS By:   /s/    

Name:

 

Phil Treesdale

   

Title:

 

Director

By:   /s/    

Name:

 

Joshua Landau

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 23 -

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

COMERICA BANK By:   /s/    

Name:

 

Richard C. Hampson

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 24 -

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

LEHMAN BROTHERS BANK, FSB By:   /s/    

Name:

 

Gary T. Taylor

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 25 -

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

MERRILL LYNCH BANK USA By:   /s/    

Name:

 

David Millett

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 26 -

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

CITIZENS BANK OF MASSACHUSETTS By:   /s/    

Name:

 

David Howes

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 27 -

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

FIFTH THIRD BANK By:   /s/    

Name:

 

Christine L. Wagner

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 28 -

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

NATIONAL CITY BANK By:   /s/    

Name:

 

Gustarus A. Bahr

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 29 -

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

PNC BANK, NATIONAL ASSOCIATION By:   /s/    

Name:

 

Paul Devine

   

Title:

 

Vice President & Credit Officer

 

First Amended and Restated Credit Agreement

 

- 30 -

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

SOCIETE GENERALE By:   /s/    

Name:

 

William Aishton

   

Title:

 

Vice President

 

First Amended and Restated Credit Agreement

 

- 31 -

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

SCHEDULE I

 

Commitments

 

Banks

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

   Commitment ($)

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

JPMorgan Chase Bank, N.A.

     40,000,000

Wachovia Bank, National Association

     40,000,000

The Bank of New York

     38,035,714

Citibank, N.A.

     38,035,714

William Street Commitment Corporation

     35,000,000

Bank of America, N.A.

     28,571,429

HSBC Bank USA, National Association

     28,571,429

KeyBank National Association

     28,571,429

Mellon Bank, N.A.

     28,571,429

Wells Fargo Bank, National Association

     28,571,429

ABN AMRO Bank N.V.

     17,857,143

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

     17,857,143

The Northern Trust Company

     17,857,143

U.S. Bank National Association

     17,857,143

BNP Paribas

     12,500,000

Comerica Bank

     12,500,000

Lehman Brothers Bank, FSB

     12,500,000

Merrill Lynch Bank USA

     12,500,000

Citizens Bank of Massachusetts

     8,928,571

Fifth Third Bank

     8,928,571

National City Bank

     8,928,571

PNC Bank, National Association

     8,928,571

Societe Generale

     8,928,571

TOTAL COMMITMENTS

   $ 500,000,000

 

Schedule I (Commitments)

 

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

 

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)