Document:

Third Amended and Restated Letter of Credit and Reimbursement Agreement

 EXHIBIT 10(r) – Third Amended and Restated 
 Letter of Credit and Reimbursement Agreement dated as of 
 December 11, 2003 among Lincoln National Corporation, as an Account 
 Party and Guarantor, The
Subsidiary Account Parties, as additional Account 
 Parties, The Banks Party Hereto and JP Morgan Chase Bank, as Administrative Agent

  
 EXECUTION COPY 
  

  
 CREDIT AGREEMENT 
  
 dated as of 
 December 11, 2003 
  
 among 
  
 LINCOLN NATIONAL CORPORATION, 
 as Borrower 
  
 The BANKS Party Hereto 
  
 and 
  
 JPMORGAN CHASE BANK, 
 as Administrative Agent 
  

  

$200,000,000 
  

 
 J.P. MORGAN SECURITIES INC., 
 as Sole Advisor, Sole Lead Arranger and Sole Bookrunner 
  
 THE BANK OF NEW YORK, CITICORP USA, INC., 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION and MELLON BANK, N.A., 
 as Syndication Agents 
  

 TABLE OF CONTENTS1 
  

					
	 	  	 	  	Page

		
	 ARTICLE I DEFINITIONS
	  	 
	 SECTION 1.01.
	  	 Definitions
	  	 
	 SECTION 1.02.
	  	 Accounting Terms and Determinations
	  	 
	 SECTION 1.03.
	  	 Types of Borrowings
	  	 
		
	 ARTICLE II THE CREDITS
	  	 
	 SECTION 2.01.
	  	 Committed Loans
	  	 
	 SECTION 2.02.
	  	 Notice of Committed Borrowings
	  	 
	 SECTION 2.03.
	  	 Money Market Borrowings
	  	 
	 SECTION 2.04.
	  	 Notice to Banks; Funding of Loans
	  	 
	 SECTION 2.05.
	  	 Evidence of Indebtedness
	  	 
	 SECTION 2.06.
	  	 Maturity of Committed Loans and Money Market Loans
	  	 
	 SECTION 2.07.
	  	 Interest Rates
	  	 
	 SECTION 2.08.
	  	 Commitment Fees
	  	 
	 SECTION 2.09.
	  	 Optional Termination or Reduction of Commitments
	  	 
	 SECTION 2.10.
	  	 Mandatory Termination of Commitments
	  	 
	 SECTION 2.11.
	  	 Optional Prepayments
	  	 
	 SECTION 2.12.
	  	 General Provisions as to Payments
	  	 
	 SECTION 2.13.
	  	 Funding Losses
	  	 
	 SECTION 2.14.
	  	 Computation of Interest and Fees
	  	 
	 SECTION 2.15.
	  	 Alternative Currency Advances
	  	 
		
	 ARTICLE III CONDITIONS
	  	 
	 SECTION 3.01.
	  	 Borrowings
	  	 
	 SECTION 3.02.
	  	 Effectiveness
	  	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 
	 SECTION 4.01.
	  	 Corporate Existence and Power
	  	 
	 SECTION 4.02.
	  	 Corporate and Governmental Authorization; Contravention
	  	 
	 SECTION 4.03.
	  	 Binding Effect
	  	 
	 SECTION 4.04.
	  	 Financial Information
	  	 
	 SECTION 4.05.
	  	 Litigation .
	  	 
	 SECTION 4.06.
	  	 Compliance with ERISA
	  	 
	 SECTION 4.07.
	  	 Taxes
	  	 
	 SECTION 4.08.
	  	 Subsidiaries
	  	 
	 SECTION 4.09.
	  	 Not an Investment Company
	  	 
	 SECTION 4.10.
	  	 Obligations to be Pari Passu
	  	 
	 SECTION 4.11.
	  	 No Default
	  	 
	 SECTION 4.12.
	  	 Restricted Subsidiaries
	  	 

	1	The Table of Contents is not a part of this Agreement. 

  

					
	 SECTION 4.13.
	  	 Environmental Matters
	  	 
	 SECTION 4.14.
	  	 Full Disclosure
	  	 
		
	 ARTICLE V COVENANTS
	  	 
	 SECTION 5.01.
	  	 Information
	  	 
	 SECTION 5.02.
	  	 Payment of Obligations
	  	 
	 SECTION 5.03.
	  	 Conduct of Business and Maintenance of Existence
	  	 
	 SECTION 5.04.
	  	 Maintenance of Property; Insurance
	  	 
	 SECTION 5.05.
	  	 Compliance with Laws
	  	 
	 SECTION 5.06.
	  	 Inspection of Property, Books and Records
	  	 
	 SECTION 5.07.
	  	 Minimum Adjusted Consolidated Net Worth
	  	 
	 SECTION 5.08.
	  	 Adjusted Debt to Total Capitalization Ratio
	  	 
	 SECTION 5.09.
	  	 Negative Pledge
	  	 
	 SECTION 5.10.
	  	 Consolidations, Mergers and Sales of Assets
	  	 
	 SECTION 5.11.
	  	 Use of Proceeds
	  	 
	 SECTION 5.12.
	  	 Obligations to be Pari Passu
	  	 
		
	 ARTICLE VI DEFAULTS
	  	 
	 SECTION 6.01.
	  	 Events of Default
	  	 
	 SECTION 6.02.
	  	 Notice of Default
	  	 
	 SECTION 6.03.
	  	 Alternative Currency Advances
	  	 
		
	 ARTICLE VII THE ADMINISTRATIVE AGENT
	  	 
	 SECTION 7.01.
	  	 Appointment and Authorization
	  	 
	 SECTION 7.02.
	  	 Agent’s Fee
	  	 
	 SECTION 7.03.
	  	 Agent and Affiliates
	  	 
	 SECTION 7.04.
	  	 Action by Agent
	  	 
	 SECTION 7.05.
	  	 Consultation with Experts
	  	 
	 SECTION 7.06.
	  	 Liability of Agent
	  	 
	 SECTION 7.07.
	  	 Indemnification
	  	 
	 SECTION 7.08.
	  	 Credit Decision
	  	 
	 SECTION 7.09.
	  	 Successor Agent
	  	 
	 SECTION 7.10.
	  	 Delegation to Affiliates
	  	 
	 SECTION 7.11.
	  	 Lead Arranger and Other Agents
	  	 
		
	 ARTICLE VIII CHANGE IN CIRCUMSTANCES
	  	 
	 SECTION 8.01.
	  	 Basis for Determining Interest Rate Inadequate or Unfair
	  	 
	 SECTION 8.02.
	  	 Illegality
	  	 
	 SECTION 8.03.
	  	 Increased Cost and Reduced Return
	  	 
	 SECTION 8.04.
	  	 Base Rate Loans Substituted for Affected Fixed Rate Loans
	  	 
	 SECTION 8.05.
	  	 Taxes
	  	 
	 SECTION 8.06.
	  	 Regulation D Compensation
	  	 
		
	 ARTICLE IX MISCELLANEOUS
	  	 
	 SECTION 9.01.
	  	 Notices
	  	 
	 SECTION 9.02.
	  	 No Waivers
	  	 

  

					
	 SECTION 9.03.
	  	Expenses; Indemnification; Non-Liability of Banks	  	 
	 SECTION 9.04.
	  	Sharing of Set-Offs	  	 
	 SECTION 9.05.
	  	Amendments and Waivers	  	 
	 SECTION 9.06.
	  	Successors and Assigns	  	 
	 SECTION 9.07.
	  	Collateral	  	 
	 SECTION 9.08.
	  	New York Law	  	 
	 SECTION 9.09.
	  	Judicial Proceedings	  	 
	 SECTION 9.10.
	  	Counterparts; Integration	  	 
	 SECTION 9.11.
	  	Confidentiality	  	 
	 SECTION 9.12.
	  	WAIVER OF JURY TRIAL	  	 
	 SECTION 9.13.
	  	Judgment Currency	  	 

  

			
	 Schedule I
	  	 Commitments

	 Schedule II
	  	 List of Restricted Subsidiaries

		
	 EXHIBIT A
	  	 Form of Note

	 EXHIBIT B
	  	 Form of Money Market Quote Request

	 EXHIBIT C
	  	 Form of Invitation for Money Market Quotes

	 EXHIBIT D
	  	 Form of Money Market Quote

	 EXHIBIT E
	  	 Opinion of Dennis L. Schoff, Esq., General Counsel of the Company

	 EXHIBIT F
	  	 Opinion of Milbank, Tweed, Hadley & McCloy LLP, Special New York Counsel to JPMCB

	 EXHIBIT G
	  	 Form of Assignment and Assumption

  

 CREDIT AGREEMENT dated as of December 11, 2003 among LINCOLN NATIONAL CORPORATION, the BANKS party
hereto, and JPMORGAN CHASE BANK, as Administrative Agent. 
  
 The
Company (as hereinafter defined) has requested the Banks (as so defined) extend credit to it in an aggregate principal amount not exceeding $200,000,000. The Banks are prepared to extend such credit upon the terms and conditions hereof, and,
accordingly, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Definitions. The following terms, as used herein,
have the following meanings: 
  
 “Absolute Rate
Auction” means a solicitation of Money Market Quotes setting forth Money Market Rates pursuant to Section 2.03. 
  
 “Adjusted Consolidated Net Worth” means, at any date, the sum of (a) the consolidated shareholders’ equity of the Company and its
Consolidated Subsidiaries, plus (b) any unrealized losses (or less any unrealized gains) (in each case to the extent reflected in the determination of such consolidated shareholders’ equity) related, directly or indirectly, to
securities available-for-sale, as determined in accordance with Statement of Financial Accounting Standards No. 115 (or any successor statements or amendments thereto) (in each case as affected by any subsequent relevant pronouncements of FASB or,
if, and to the extent applicable, the Securities and Exchange Commission), plus (c) the Hybrid Security Amount; provided that in calculating Adjusted Consolidated Net Worth on any date the impact thereon of FIN 46 and DIG B36 shall be
excluded. 
  
 “Adjusted Total Indebtedness”
means, at any date, the sum of (i) short-term debt and long-term debt in the amount that would be reflected on a balance sheet of the Company prepared as of such date on a consolidated basis in accordance with GAAP plus (ii) the Hybrid
Security Amount on such date; provided that in calculating Adjusted Total Indebtedness on any date the impact thereon of FIN 46 and DIG B36 shall be excluded. 
  
 “Administrative Agent” means JPMCB, in its capacity as agent for the Banks hereunder, and its successors in
such capacity. 
  
 “Administrative Questionnaire”
means, with respect to each Bank, an administrative questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative Agent (with a copy to the Company) duly completed by such Bank. 
  
 “Affiliate” of any Person means any other Person directly or
indirectly controlling, controlled by or under common control with such Person. A Person shall be deemed 

  

	
	Credit Agreement

 
to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled
Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 
  
 “Agreement” means this Credit Agreement, as it may be
amended or modified and in effect from time to time. 
  
 “Alternative Currency” means any currency (other than Dollars) (a) which is freely transferable and convertible into Dollars in the London foreign exchange market and (b) for which no central bank or other governmental
authorization in the country of issue of such currency is required to permit use of such currency by any Bank for making any Alternative Currency Advance hereunder and/or to permit the Company to pay, borrow and repay the principal thereof and to
pay interest thereon, unless such authorization has been obtained and is in full force and effect. 
  
 “Alternative Currency Advance” means an advance made by a Bank to the Company in an Alternative Currency pursuant to Section 2.15.

  
 “Alternative Currency Advance Report” has the
meaning set forth in Section 2.15(c). 
  
 “Applicable
Lending Office” means, with respect to any Bank, (i) in the case of its Base Rate Loans, its Domestic Lending Office, (ii) in the case of its Euro-Dollar Loans and Alternative Currency Advances, its Euro-Dollar Lending Office and (iii) in
the case of its Money Market Loans, its Money Market Lending Office. 
  

	
	Credit Agreement

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

	 	 	 Applicable
 Commitment
 Fee Rate

	 
	 Category 1
	  	3 A /A2	  	0.40	%	 	0.10	%	 	0.08	%
	 Category 2
	  	A- / A3	  	0.50	%	 	0.10	%	 	0.10	%
	 Category 3
	  	BBB+ /Baa1	  	0.625	%	 	0.125	%	 	0.125	%
	 Category 4
	  	£ BBB /Baa2	  	0.875	%	 	0.125	 	 	0.175	%

  
 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, the Applicable Additional Margin
and the Applicable Commitment 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, the Applicable Additional Margin and the Applicable Commitment 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 S&P shall have in effect a rating for the Index Debt, the Applicable Margin, the Applicable Additional Margin and the Applicable Commitment 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, the Applicable Additional Margin and the Applicable Commitment 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, the
Applicable Additional Margin and the Applicable Commitment 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. 
  
 “Assignee” has the meaning set forth in Section 9.06(c).

  

	
	Credit Agreement

 “Assignment and Assumption” means an assignment and assumption entered into by a Bank
and an assignee (with the consent of any party whose consent is required by Section 9.06), and accepted by the Administrative Agent, in the form of Exhibit G or any other form approved by the Administrative Agent. 
  
 “Bank” means each Person listed on Schedule I and each other
Person that shall become a party hereto as an assignee Bank pursuant to Section 9.06 (other than any such Person that ceases to be a Bank by means of assignment pursuant to Section 9.06), together with its successors. 
  
 “Base Rate” means, for any day, a rate per annum equal to
the higher of (i) the Prime Rate for such day and (ii) the sum of 1/2 of 1% plus the Federal Funds Rate for such day. 
  
 “Base Rate Loan” means a Loan to be made by a Bank pursuant to Section 2.01 as a Base Rate Loan in accordance with the applicable Notice
of Committed Borrowing or Article VIII. 
  
 “Benefit
Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.

  
 “Borrowing” has the meaning set forth in
Section 1.03. 
  
 “Code” means the Internal
Revenue Code of 1986, as amended, or any successor statute. 
  
 “Commitment” means, with respect to each Bank, the amount set forth opposite the name of such Bank on Schedule I hereto (or in the Assignment and Assumption pursuant to which such Bank shall have assumed its Commitment), as
such amount may be reduced from time to time pursuant to Sections 2.09 and 2.10. 
  
 “Commitment Termination Date” means February 15, 2007 or, if such day is not a Euro-Dollar Business Day, the next preceding Euro-Dollar Business Day. 
  
 “Commitment Utilization Day” means (i) any day on which the
aggregate principal amount of outstanding Loans (excluding Money Market Loans) exceeds 33% of the aggregate amount of the Commitments and (ii) any day following the termination of the Commitments on which any Loans are outstanding hereunder.

  
 “Committed Loan” means a Base Rate Loan or a
Euro-Dollar Loan made by a Bank pursuant to Section 2.01. 
  
 “Company” means Lincoln National Corporation, an Indiana corporation, and its successors. 
  

	
	Credit Agreement

 “Company’s 2002 Form 10-K” means the Company’s annual report on Form 10-K for
2002, as filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. 
  
 “Consolidated Subsidiary” means at any date any Subsidiary or other entity the accounts of which would be consolidated with those of the
Company in its consolidated financial statements if such statements were prepared as of such date. 
  
 “Debt” of any Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations
of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of
business, (iv) all obligations of such Person as lessee under capital leases, (v) all non-contingent obligations of such Person to reimburse any bank or other Person in respect of amounts paid under a letter of credit or similar instrument, (vi) all
Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person, and (vii) all Debt of others Guaranteed by such Person (it being understood that the definition of “Debt” does not include
any obligations of such Person (i) to purchase securities (or other property) which arise out of or in connection with the sale of the same or substantially similar securities (or other property) or (ii) to return collateral consisting of securities
arising out of or in connection with the loan of the same or substantially similar securities). 
  
 “Default” means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both
would, unless cured or waived, become an Event of Default. 
  
 “Derivative Financial Products” of any Person means all obligations (including whether pursuant to any master agreement or any particular agreement or transaction) of such Person in respect of any rate swap transaction,
basis swap, forward rate transaction, interest rate future, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency future, currency option or any other similar transaction (including any option with respect to any of the foregoing) or any combination
thereof. 
  
 “DIG B36” means Statement 133
Implementation Issue No. B36 issued by the Derivative Implementation Group of FASB in April 2003. 
  
 “Dollar Equivalent” means, as used in each Alternative Currency Advance Report and in respect of any Alternative Currency Advance, the
amount of Dollars obtained by converting the outstanding amount of currency of such Alternative Currency Advance, as specified in such Alternative Currency Advance Report, into Dollars at the spot rate for the purchase of Dollars with such currency
as quoted by the Administrative Agent at approximately 11:00 a.m. (London time) on the second Euro-Dollar Business Day before the date of such Alternative Currency Advance Report (unless another rate or time is agreed to by the Company and the
Administrative Agent). 
  

	
	Credit Agreement

 “Dollars” and the sign “$” means lawful money in the United States of
America. 
  
 “Domestic Business Day” means any
day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized by law to close. 
  
 “Domestic Lending Office” means, as to each Bank, its office located at its address set forth in its Administrative Questionnaire (or
identified in its Administrative Questionnaire as its Domestic Lending Office) or such other office as such Bank may hereafter designate as its Domestic Lending Office by notice to the Company and the Administrative Agent. 
  
 “Effective Date” means the date this Agreement becomes
effective in accordance with Section 3.02. 
  
 “Environmental Laws” means any and all federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other
governmental restrictions relating to the environment or to emissions, discharges or releases of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes into the environment
including, without limitation, ambient air, surface water, ground water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, petroleum or
petroleum products, chemicals or industrial, toxic or hazardous substances or wastes or the clean-up or other remediation thereof. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 
  
 “ERISA Group” means the Company and all members of a
controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Company, are treated as a single employer under Section 414(b) or 414(c) of the Code. 
  
 “Euro-Dollar Business Day” means any Domestic Business Day
on which commercial banks are open for international business (including dealings in Dollar deposits) in London. 
  
 “Euro-Dollar Lending Office” means, as to each Bank, its office, branch or Affiliate located at its address set forth in its
Administrative Questionnaire (or identified in its Administrative Questionnaire as its Euro-Dollar Lending Office) or such other office, branch or Affiliate of such Bank as it may hereafter designate as its Euro-Dollar Lending Office by notice to
the Company and the Administrative Agent. The lending office for any Alternative Currency Advance shall be the Euro-Dollar Lending Office of the Bank making such advance as so set forth and identified unless another office, branch or Affiliate of
such Bank is hereafter designated as its Euro-Dollar Lending Office for such purpose by notice to the Company and the Administrative Agent. 
  

	
	Credit Agreement

 “Euro-Dollar Loan” means a Committed Loan to be made by a Bank pursuant to Section 2.01
as a Euro-Dollar Loan in accordance with the applicable Notice of Borrowing. 
  
 “Euro-Dollar Reserve Percentage” means, for any day, that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or
any successor) for determining the maximum reserve requirement for a member bank of the Federal Reserve System in New York City with deposits exceeding five billion dollars in respect of “Eurocurrency liabilities” (or in respect of any
other category of liabilities which includes deposits by reference to which the interest rate on Euro-Dollar Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Bank
to United States residents). 
  
 “Event of
Default” has the meaning set forth in Section 6.01. 
  
 “FASB” means the Financial Accounting Standards Board or any entity or body succeeding to any or all of its functions. 
  
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Domestic Business Day next
succeeding such day, provided that (i) if such day is not a Domestic Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Domestic Business Day as so published on the next succeeding
Domestic Business Day, and (ii) if no such rate is so published on such next succeeding Domestic Business Day (as provided in clause (i)), the Federal Funds Rate for such day shall be the average rate quoted to the Person serving as Administrative
Agent on such day on such transactions as determined by the Administrative Agent. 
  
 “FIN 46” means Interpretation No. 46, “Consolidation of Variable Interest Entities”, issued by FASB in January 2003. 
  
 “Fixed Rate Loans” means Euro-Dollar Loans or Money Market Loans (excluding Money Market LIBOR Loans
bearing interest at the Base Rate pursuant to Section 8.01(a)) or any combination of the foregoing. 
  
 “Guarantee” by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of
any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt (whether
arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring
in any other manner the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term “Guarantee” shall not include endorsements for collection
or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 
  

	
	Credit Agreement

 “Hybrid Security Amount” means, at any date, an amount equal to 50% of the aggregate
stated redemption price of the Redeemable Preferred Securities outstanding on such date. 
  
 “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Company that is not guaranteed by any other Person or subject to any other credit enhancement. 
  
 “Insurance Subsidiary” means any Restricted Subsidiary which
is subject to the regulation of, and is required to file statements with, any governmental body, agency or official in any State or territory of the United States or the District of Columbia which regulates insurance companies or the doing of an
insurance business therein. 
  
 “Interest Period”
means: (1) with respect to each Euro-Dollar Borrowing, the period commencing on the date of such Borrowing and ending one, two, three or six months thereafter, as the Company may elect in the applicable Notice of Borrowing; provided that:

  
 (a) any Interest Period which would otherwise
end on a day which is not a Euro-Dollar Business Day shall be extended to the next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case such Interest Period shall end on the next
preceding Euro-Dollar Business Day; 
  
 (b) any
Interest Period which begins on the last Euro-Dollar Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (c) below, end
on the last Euro-Dollar Business Day of a calendar month; and 
  
 (c) any Interest Period which begins before the Commitment Termination Date and would otherwise end after the Commitment Termination Date shall end on the Commitment Termination Date. 
  
 (2) with respect to each Base Rate Borrowing, the period commencing on the
date of such Borrowing and ending on the next succeeding Quarterly Date; provided that: 
  
 (a) any Interest Period (other than an Interest Period determined pursuant to clause (b) below) which would otherwise end on a day which
is not a Domestic Business Day shall be extended to the next succeeding Domestic Business Day; and 
  
 (b) any Interest Period which begins before the Commitment Termination Date and would otherwise end after the Commitment Termination Date
shall end on the Commitment Termination Date. 
  

	
	Credit Agreement

 (3) with respect to each Money Market LIBOR Borrowing, the period commencing on the date of such
Borrowing and ending one, two, three, four, five or six months thereafter, as the Company may elect in accordance with Section 2.03; provided that: 
  
 (a) any Interest Period which would otherwise end on a day which is not a Euro-Dollar Business Day shall be extended to the next
succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Euro-Dollar Business Day; 
  
 (b) any Interest Period which begins on the last Euro-Dollar
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (c) below, end on the last Euro-Dollar Business Day of a calendar
month; and 
  
 (c) any Interest Period which
begins before the Commitment Termination Date and would otherwise end after the Commitment Termination Date shall end on the Commitment Termination Date; and 
  
 (4) with respect to each Money Market Rate Borrowing, the period commencing on the date of such Borrowing and ending on a date at least 7 days and not
more than 360 days thereafter, as the Company may elect in accordance with Section 2.03; provided that: 
  
 (a) any Interest Period which would otherwise end on a day which is not a Euro-Dollar Business Day shall be extended to the next
succeeding Euro-Dollar Business Day; and 
  
 (b)
any Interest Period which begins before the Commitment Termination Date and would otherwise end after the Commitment Termination Date shall end on the Commitment Termination Date. 
  
 “Investment” means any investment in any Person, whether by means of share purchase, capital contribution,
loan, time deposit or otherwise. 
  
 “JPMCB”
means JPMorgan Chase Bank. 
  
 “LIBO Rate” has
the meaning set forth in Section 2.07(b). 
  
 “LIBOR
Auction” means a solicitation of Money Market Quotes setting forth Money Market Margins based on the LIBO Rate pursuant to Section 2.03. 
  
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset. For the purposes of this Agreement, the Company or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or beneficially holds subject to the interest of a vendor or lessor under any conditional sale
agreement, capital lease or other title retention agreement relating to such asset. 
  
 “LN(UK)” means Lincoln National (UK) PLC, a company incorporated in England and Wales, and its successors. 
  

	
	Credit Agreement

 “Loan” means a Base Rate Loan, a Euro-Dollar Loan or a Money Market Loan and
“Loans” means Base Rate Loans, Euro-Dollar Loans or Money Market Loans or any combination of the foregoing. 
  
 “Material Plan” means at any time a Plan or Plans having aggregate Unfunded Liabilities in excess of $25,000,000. 
  
 “Money Market Lending Office” means, as to each Bank, its
Domestic Lending Office or such other office, branch or Affiliate of such Bank as it may hereafter designate as its Money Market Lending Office by notice to the Company and the Administrative Agent; provided that any Bank may from time to
time by notice to the Company and the Administrative Agent designate separate Money Market Lending Offices for its Money Market LIBOR Loans, on the one hand, and its Money Market Rate Loans, on the other hand, in which case all references herein to
the Money Market Lending Office of such Bank shall be deemed to refer to either or both of such offices, as the context may require. 
  
 “Money Market LIBOR Loan” means a Loan to be made by a Bank pursuant to a LIBOR Auction (including such a Loan bearing interest at the
Base Rate pursuant to Section 8.01(a)). 
  
 “Money Market
Loan” means a Money Market LIBOR Loan or a Money Market Rate Loan. 
  
 “Money Market Margin” has the meaning set forth in Section 2.03(d). 
  
 “Money Market Quote” means an offer by a Bank to make a Money Market Loan in accordance with Section 2.03. 
  
 “Money Market Rate” has the meaning set forth in Section
2.03(d). 
  
 “Money Market Rate Loan” means a
Loan to be made by a Bank pursuant to an Absolute Rate Auction. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an
obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five-year period. 
  
 “Newly Acquired Subsidiary” means any Subsidiary that is not
a Subsidiary on the date hereof but that becomes a Subsidiary after the date hereof, but only during the 180 days after the first date on which such Subsidiary became a Subsidiary. 
  

	
	Credit Agreement

 “Notes” means a promissory note or notes of the Company, substantially in the form of
Exhibit A hereto, evidencing the obligation of the Company to repay the Loans made to it hereunder, and “Note” means any one of such promissory notes issued hereunder. 
  
 “Notice of Borrowing” means a Notice of Committed Borrowing (as defined in Section 2.02) or a Notice of
Money Market Borrowing (as defined in Section 2.03(f)). 
  
 “Parent” means, with respect to any Bank, any Person controlling such Bank. 
  
 “Participant” has the meaning set forth in Section 9.06(b). 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its
functions under ERISA. 
  
 “Person” means an
individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
  
 “Plan” means at any time an employee pension benefit plan
(other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any
member of the ERISA Group or (ii) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the
ERISA Group. 
  
 “Prime Rate” means the rate of
interest publicly announced from time to time by JPMCB as its prime rate as in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being
effective. 
  
 “Quarterly Dates” means the last
day of March, June, September and December in each year, the first of which shall be the first such day after the date hereof. 
  
 “Ratings Event” has the meaning set forth in Section 5.08. 
  
 “Redeemable Preferred Securities” means the securities described on the balance sheet contained in the
Company’s 2002 Form 10-K as “Company-obligated mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures” and all equivalent securities, however described. 
  
 “Regulations T, U and X” means Regulations T, U and X,
respectively, of the Board of Governors of the Federal Reserve System, in each case as in effect from time to time. 
  
 “Required Banks” means at any time Banks having more than 50% of the aggregate amount of the Commitments or, if the Commitments shall
have been terminated, holding more than 50% of the aggregate unpaid principal amount of the Loans. 
  

	
	Credit Agreement

 “Restricted Subsidiary” means, as of any date, a Subsidiary which meets the definitional
requirements of a “significant subsidiary”, as such term is defined in the rules set forth in Regulation S-X under the Securities Exchange Act of 1934, as amended (applying the tests set forth in such rules with reference to the
consolidated balance sheets and related consolidated statements of income of the Company and its Consolidated Subsidiaries as of the last day of its most recently completed fiscal quarter and for the twelve-month period then ended). 
  
 “Revolving Credit Period” means the period from and
including the Effective Date to but excluding the Commitment Termination Date. 
  
 “S&P” means Standard and Poor’s Ratings Services. 
  
 “Subsidiary” means any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect
a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by the Company. 
  
 “Type” when used in reference to any Loan refers to whether the Loan is a Base Rate Loan, a Euro-Dollar Loan, a Money Market LIBOR Loan
or a Money Market Rate Loan. 
  
 “Unfunded
Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (i) the present value of all benefits under such Plan exceeds (ii) the fair market value of all Plan assets allocable to such benefits (excluding any
accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under
Title IV of ERISA. 
  
 SECTION 1.02. Accounting Terms and
Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made and all financial statements required to be delivered hereunder shall be prepared in
accordance with generally accepted accounting principles as in effect from time to time, applied on a basis consistent (except for changes concurred in by the Company’s independent public accountants) with the most recent audited consolidated
financial statements of the Company and its Consolidated Subsidiaries delivered to the Banks; provided that if the Company notifies the Administrative Agent that the Company wishes to amend any covenant in Article V to eliminate the effect of
any change in generally accepted accounting principles on the operation of such covenant (or if the Administrative Agent notifies the Company that the Required Banks wish to amend Article V for such purpose), then the Company’s compliance with
such covenant shall be determined on the basis of generally accepted accounting principles in effect immediately before the relevant change in generally accepted accounting principles became effective, until either such notice is withdrawn or such
covenant is amended in a manner satisfactory to the Company and the Required Banks. 
  
 SECTION 1.03. Types of Borrowings. The term “Borrowing” denotes the aggregation of Loans of one or more Banks to be made to the Company pursuant to Article II on a single date and for a single
Interest Period. Borrowings are classified for purposes of this 

  

	
	Credit Agreement

 
Agreement either by reference to the pricing of Loans comprising such Borrowing (e.g., a “Euro-Dollar Borrowing” is a Borrowing comprised of
Euro-Dollar Loans) or by reference to the provisions of Article II under which participation therein is determined (e.g., a “Committed Borrowing” is a Borrowing under Section 2.01 in which all Banks participate in proportion to
their Commitments, while a “Money Market Borrowing” is a Borrowing under Section 2.03 in which the Bank participants are determined by the Administrative Agent in accordance therewith). 
  
 ARTICLE II 
  
 THE CREDITS 
  
 SECTION 2.01. Committed Loans. During the Revolving Credit Period each Bank severally agrees, on the terms and conditions set forth in this
Agreement, to lend funds in Dollars to the Company pursuant to this Section from time to time amounts such that the aggregate principal amount of Committed Loans by such Bank at any one time outstanding shall not exceed the amount of its Commitment.
Each Borrowing under this Section shall be in an aggregate principal amount of $25,000,000 or any larger multiple of $1,000,000 (except that any such Borrowing may be in the aggregate amount of the unused Commitments) and shall be made from the
several Banks ratably in proportion to their respective Commitments. Within the foregoing limits, the Company may borrow under this Section, repay, or to the extent permitted by Section 2.11, prepay Loans and reborrow at any time during the
Revolving Credit Period under this Section. 
  
 SECTION 2.02.
Notice of Committed Borrowings. The Company shall give the Administrative Agent notice (a “Notice of Committed Borrowing”) not later than 11:00 a.m. (New York City time) on (x) the date of each Base Rate Borrowing and (y) the
third Euro-Dollar Business Day before each Euro-Dollar Borrowing, specifying: 
  
 (a) the date of such Borrowing, which shall be a Domestic Business Day in the case of a Base Rate Borrowing or a Euro-Dollar Business Day in the case of a Euro-Dollar Borrowing, 
  
 (b) the aggregate amount (in Dollars) of such Borrowing,

  
 (c) whether the Loans comprising such
Borrowing are to be Base Rate Loans or Euro-Dollar Loans, 
  
 (d) in the case of a Fixed Rate Borrowing, the duration of the Interest Period applicable thereto, subject to the provisions of the definition of Interest Period, and 
  
 (e) all then outstanding Alternative Currency Advances,
identifying for each such advance (i) the Alternative Currency for such advance, (ii) the date on which the principal of such advance is payable, (iii) the principal amount of such advance (in such Alternative Currency) and (iv) the Dollar
Equivalent of such advance. 
  

	
	Credit Agreement

 SECTION 2.03. Money Market Borrowings. 
  
 (a) The Money Market Option. In addition to Committed Borrowings
pursuant to Section 2.01, the Company may, as set forth in this Section, request the Banks during the Revolving Credit Period to make offers to make Money Market Loans to the Company. The Banks may, but shall have no obligation to, make such offers
and the Company may, but shall have no obligation to, accept any such offers in the manner set forth in this Section. 
  
 (b) Money Market Quote Request. When the Company wishes to request offers to make Money Market Loans under this Section, it shall transmit to the
Administrative Agent by telex or facsimile transmission a Money Market Quote Request substantially in the form of Exhibit B hereto so as to be received no later than (x) 11:00 a.m. (New York City time) on the fourth Euro-Dollar Business Day prior to
the date of Borrowing proposed therein, in the case of a LIBOR Auction or (y) 10:00 a.m. (New York City time) on the Domestic Business Day next preceding the date of Borrowing proposed therein, in the case of an Absolute Rate Auction (or, in either
case, such other time or date as the Company and the Administrative Agent shall have mutually agreed and shall have notified to the Banks not later than the date of the Money Market Quote Request for the first LIBOR Auction or Absolute Rate Auction
for which such change is to be effective) specifying: 
  
 (i) the proposed date of Borrowing, which shall be a Euro-Dollar Business Day in the case of a LIBOR Auction or a Domestic Business Day in the case of an Absolute Rate Auction, 
  
 (ii) the aggregate amount of such Borrowing, which shall be $5,000,000 or a larger multiple of $1,000,000,

  
 (iii) the duration of the Interest Period
applicable thereto, subject to the provisions of the definition of Interest Period, 
  
 (iv) whether the Money Market Quotes requested are to set forth a Money Market Margin or a Money Market Rate, and 
  
 (v) all then outstanding Alternative Currency Advances,
identifying for each such advance (i) the Alternative Currency for such advance, (ii) the date on which the principal of such advance is payable, (iii) the principal amount of such advance (in such Alternative Currency) and (iv) the Dollar
Equivalent of such advance. 
  
 The Company may request offers to make Money
Market Loans for more than one Interest Period in a single Money Market Quote Request. No Money Market Quote Request shall be given within five Euro-Dollar Business Days (or such other number of days as the Company and the Administrative Agent may
agree) of any other Money Market Quote Request. 
  
 (c)
Invitation for Money Market Quotes. Promptly upon receipt of a Money Market Quote Request, the Administrative Agent shall send to the Banks by telex or facsimile transmission an Invitation for Money Market Quotes substantially in the form of
Exhibit C hereto, which shall constitute an invitation by the Company to each Bank to submit Money 

  

	
	Credit Agreement

 
Market Quotes offering to make the Money Market Loans to which such Money Market Quote Request relates in accordance with this Section. 
  
 (d) Submission and Contents of Money Market Quotes. (i) Each Bank may
submit a Money Market Quote containing an offer or offers to make Money Market Loans in response to any Invitation for Money Market Quotes. Each Money Market Quote must comply with the requirements of this subsection (d) and must be submitted to the
Administrative Agent by telex or facsimile transmission at its offices specified in or pursuant to Section 9.01 not later than (x) 9:30 a.m. (New York City time) on the third Euro-Dollar Business Day prior to the proposed date of Borrowing, in the
case of a LIBOR Auction or (y) 9:30 a.m. (New York City time) on the proposed date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time and date as the Company and the Administrative Agent may agree and shall
have notified to the Banks not later than the date of the Money Market Quote Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective); provided that Money Market Quotes submitted by the
Administrative Agent (or any Affiliate of the Administrative Agent) in the capacity of a Bank may be submitted, and may only be submitted, if the Administrative Agent or such Affiliate notifies the Company of the terms of the offer or offers
contained therein not later than (x) one hour prior to the deadline for the other Banks, in the case of a LIBOR Auction or (y) 15 minutes prior to the deadline for the other Banks, in the case of an Absolute Rate Auction. Subject to Articles III and
VI, any Money Market Quote so made shall be irrevocable except with the written consent of the Administrative Agent given on the written instructions of the Company. 
  
 (ii) Each Money Market Quote shall be in substantially the form of Exhibit D hereto and shall in any case specify:

  
 (A) the proposed date of Borrowing,

  
 (B) the principal amount of the Money Market
Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Bank, (x) must be $5,000,000 or a larger multiple of $1,000,000 and (y) may not exceed the principal
amount of Money Market Loans for which offers were requested and (z) may be subject to an aggregate limitation as to the principal amount of Money Market Loans for which offers being made by such quoting Bank may be accepted, 
  
 (C) in the case of a LIBOR Auction, the margin above or
below the applicable LIBO Rate (the “Money Market Margin”) offered for each such Money Market Loan, expressed as a percentage (rounded to the nearest 1/10,000th of 1%) to be added to or subtracted from such base rate, 
  
 (D) in the case of an Absolute Rate Auction, the rate of
interest per annum (rounded to the nearest 1/10,000th of 1%) (the “Money Market Rate”) offered for each such Money Market Loan, and 
  
 (E) the identity of the quoting Bank. 
  

	
	Credit Agreement

 In addition, the quoting Bank shall inform the Company of any then applicable withholding taxes and
exemptions therefrom. 
  
 (iii) Any Money Market Quote shall be
disregarded that: 
  
 (A) is not substantially in
the form of Exhibit D hereto or does not specify all of the information required by subsection (d)(ii); 
  
 (B) contains qualifying, conditional or similar language; 
  
 (C) proposes terms other than or in addition to those set forth in the applicable Invitation for Money
Market Quotes; or 
  
 (D) arrives after the time
set forth in subsection (d)(i). 
  
 (e) Notice to Company.
The Administrative Agent shall promptly (but not later than 9:45 a.m. (New York City time) on (x) the third Euro-Dollar Business Day prior to the proposed date of Borrowing, in the case of a LIBOR Auction or (y) the proposed date of Borrowing, in
the case of an Absolute Rate Auction) notify the Company of the terms (x) of any Money Market Quote submitted by a Bank that is in accordance with subsection (d) and (y) of any Money Market Quote that amends, modifies or is otherwise inconsistent
with a previous Money Market Quote submitted by such Bank with respect to the same Money Market Quote Request. Any such subsequent Money Market Quote shall be disregarded by the Administrative Agent unless such subsequent Money Market Quote is
submitted solely to correct a manifest error in such former Money Market Quote. The Administrative Agent’s notice to the Company shall specify (A) the aggregate principal amount of Money Market Loans for which offers have been received for each
Interest Period specified in the related Money Market Quote Request, (B) the respective principal amounts and Money Market Margins or Money Market Rates, as the case may be, so offered and (C) if applicable, limitations on the aggregate principal
amount of Money Market Loans for which offers in any single Money Market Quote may be accepted. 
  
 (f) Acceptance and Notice by Company. Not later than (x) 10:30 a.m. (New York City time) on the third Euro-Dollar Business Day prior to the
proposed date of Borrowing, in the case of a LIBOR Auction or (y) 10:30 a.m. (New York City time) on the proposed date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time and date as the Company and the
Administrative Agent shall have mutually agreed and shall have notified to the Banks not later than the date of the Money Market Quote Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the
Company shall notify the Administrative Agent of its acceptance or non-acceptance of the offers so notified to it pursuant to subsection (e). In the case of acceptance, such notice (a “Notice of Money Market Borrowing”) shall
specify the aggregate principal amount of offers for each Interest Period that are accepted. The Company may accept any Money Market Quote in whole or in part, provided that: 
  
 (i) the aggregate principal amount of each Money Market Borrowing may not exceed the applicable amount set
forth in the related Money Market Quote Request, 
  

	
	Credit Agreement

 (ii) the principal amount of each Money Market Borrowing must be $5,000,000 or a larger
multiple of $1,000,000, 
  
 (iii) acceptance of
offers may only be made on the basis of ascending Money Market Margins or Money Market Rates, as the case may be, and 
  
 (iv) the Company may not accept any offer that is described in subsection (d)(iii) or that otherwise fails to comply with the requirements
of this Agreement. 
  
 (g) Allocation by Agent. If offers
are made by two or more Banks with the same Money Market Margins or Money Market Rates, as the case may be, for a greater aggregate principal amount than the amount in respect of which offers are accepted for the related Interest Period, the
principal amount of Money Market Loans in respect of which such offers are accepted shall be allocated by the Administrative Agent among such Banks as nearly as possible (in such multiples, not greater than $1,000,000, as the Administrative Agent
may deem appropriate) in proportion to the aggregate principal amount of such offers. Determinations by the Administrative Agent of the amounts of Money Market Loans shall be conclusive in the absence of manifest error. 
  
 SECTION 2.04. Notice to Banks; Funding of Loans. (a) Upon receipt of a
Notice of Borrowing, the Administrative Agent shall promptly notify each Bank of the contents thereof and of such Bank’s share (if any) of such Borrowing and such Notice of Borrowing shall not thereafter be revocable by the Company. 

 
 (b) Not later than 12:00 noon (New York City time) (or 1:00 p.m. (New York
City time) in the case of any Base Rate Borrowing) on the date of each Borrowing, each Bank participating therein shall (except as provided in subsection (c) of this Section) make available its share of such Borrowing, in Federal or other funds
immediately available in New York City, to the Administrative Agent at its address specified in or pursuant to Section 9.01. Unless the Administrative Agent determines that any applicable condition specified in Article III has not been satisfied,
the Administrative Agent will make the funds so received from the Banks available to the Company at the Administrative Agent’s aforesaid address. 
  
 (c) If any Bank makes a new Loan hereunder on a day on which the Company is to repay all or any part of an outstanding Loan from such Bank, such Bank
shall apply the proceeds of its new Loan to make such repayment and only an amount equal to the difference (if any) between the amount being borrowed and the amount being repaid shall be made available by such Bank to the Administrative Agent as
provided in subsection (b), or remitted by the Company to the Administrative Agent as provided in Section 2.12, as the case may be. 
  
 (d) Unless the Administrative Agent shall have received notice from a Bank prior to the date of any Borrowing that such Bank will not make available to
the Administrative Agent such Bank’s share of such Borrowing, the Administrative Agent may assume that such Bank has made such share available to the Administrative Agent on the date of such Borrowing in accordance with subsections (b) and (c)
of this Section and the Administrative Agent may, in reliance upon such assumption, make available to the Company on such date a corresponding amount. If and to the extent that such Bank shall not have so made such share available to the 

  

	
	Credit Agreement

 
Administrative Agent, such Bank and the Company severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together
with interest thereon, for each day from the date such amount is made available to the Company until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Company, a rate per annum equal to the higher of the Federal
Funds Rate and the interest rate applicable thereto pursuant to Section 2.07 and (ii) in the case of such Bank, the Federal Funds Rate. If such Bank shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall
constitute such Bank’s Loan included in such Borrowing for purposes of this Agreement. 
  
 SECTION 2.05. Evidence of Indebtedness. (a) Each Bank shall maintain in accordance with its usual practice records evidencing the indebtedness of the Company to such Bank resulting from each Loan made by such
Bank, including the amounts of principal and interest payable and paid to such Bank from time to time hereunder, and setting forth the Commitments of the Banks. 
  

(b) The Administrative Agent shall maintain records in which it shall record (i) the amount of each Loan made hereunder and each Interest Period
therefor, (ii) the amount of any principal or interest due and payable or to become due and payable from the Company to each Bank hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for account of the Banks and
each Bank’s share thereof. 
  
 (c) The entries made in the
records maintained pursuant to subsection (a) or (b) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Bank or the Administrative
Agent to maintain such records or any error therein shall not in any manner affect the obligation of the Company to repay the Loans in accordance with the terms of this Agreement. 
  
 (d) Any Bank may request that the Loans of such Bank to the Company be evidenced by a single Note, in substantially the form
of Exhibit A hereto with appropriate modifications to reflect the fact that it evidences solely Loans of the relevant Type, payable by the Company to the order of such Bank for the account of its Applicable Lending Office. In such event, the Company
shall prepare, execute and deliver to such Bank a Note payable to such Bank (or, if requested by such Bank, to such Bank and its registered assigns). Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including
after assignment pursuant to Section 9.06) be represented by one or more Notes in such form payable to the payee named therein (or, if such Note is a registered note, to such payee and its registered assigns). 
  
 SECTION 2.06. Maturity of Committed Loans and Money Market Loans. Each
Loan included in any Borrowing shall mature, and the principal amount thereof shall be due and payable, on the last day of the Interest Period applicable to such Borrowing. The Company hereby unconditionally promises to pay all unpaid principal of
each Loan included in such Borrowing on such day. 
  
 SECTION
2.07. Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the sum of the Base Rate for
such day plus, for any 

  

	
	Credit Agreement

 
Commitment Utilization Day, the Applicable Additional Margin. Such interest shall accrue and be payable quarterly in arrears on each Quarterly Date and on
the date of termination of the Commitments in their entirety (and, if later, the date the Loans shall be paid in full). Any overdue principal of or interest on any Base Rate Loan shall bear interest, payable on demand, for each day until paid at a
rate per annum equal to the sum of 2% plus the Base Rate for such day. 
  
 (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Applicable Margin plus the
applicable LIBO Rate plus, for any Commitment Utilization Day, the Applicable Additional Margin. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at
intervals of three months after the first day thereof. 
  
 The
“LIBO Rate” applicable to any Interest Period means the rate appearing on Page 3750 of the Telerate Service (or any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate
quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent for purposes of providing quotations of interest rates applicable to U.S. Dollar deposits in the London interbank market) at
approximately 11:00 A.M. (London time) two Euro-Dollar Business Days before the first day of such Interest Period, as the rate for the offering of Dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the LIBO Rate for such Interest Period shall be the rate at which U.S. Dollar deposits of $10,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the
Person serving as Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 A.M. (London time), two Euro-Dollar Business Days before the first day of such Interest Period. 
  
 (c) Any overdue principal of any Euro-Dollar Loan shall bear interest,
payable on demand, for each day from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the Applicable Margin plus, for any Commitment Utilization
Day, the Applicable Additional Margin plus the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum (as of the date of determination) at which one-day (or, if such amount due remains unpaid
more than three Euro-Dollar Business Days, then for such other period of time not longer than six months as the Administrative Agent may select) deposits in Dollars in an amount approximately equal to such overdue payment due to the Person serving
as the Administrative Agent are offered to such Person in the London interbank market for the applicable period determined as provided above (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum
equal to the sum of 2% plus the Base Rate for such day). Any overdue interest on any Euro-Dollar Loan shall bear interest, payable on demand, for each day from and including the date payment thereof is due to but excluding the date of actual
payment, at a rate per annum equal to the sum of 2% plus the Base Rate for such day. 
  

	
	Credit Agreement

 (d) Subject to Section 8.01(a), each Money Market LIBOR Loan shall bear interest on the outstanding
principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the LIBO Rate for such Interest Period (determined in accordance with Section 2.07(b) as if the relevant Person specified therein were to
participate in the related Money Market Borrowing ratably in proportion to its Commitment) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.03. Each Money Market Rate Loan shall
bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Rate quoted by the Bank making such Loan in accordance with Section 2.03. Such interest shall be
payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of any Money Market Loan shall bear interest, payable
on demand, at 2% above the rate otherwise applicable thereto as specified in this paragraph. Any overdue interest on any Money Market Loan shall bear interest, payable on demand, for each day from and including the date payment thereof is due to but
excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the Base Rate for such day. 
  
 (e) The Administrative Agent shall determine each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to
the Company and the participating Banks by telex, cable or fax of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. 
  
 SECTION 2.08. Commitment Fees. The Company shall pay to the Administrative Agent for the account of each Bank a
commitment fee, which shall accrue at the Applicable Commitment Fee Rate on the average daily unused amount of the Commitment of such Bank during the period from and including the Effective Date to but excluding the earlier of the date such
Commitment terminates and the Commitment Termination Date. Accrued commitment fees under this Section shall be payable quarterly in arrears 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 to occur after the date hereof. 
  
 SECTION 2.09. Optional Termination or Reduction of Commitments. During the Revolving Credit Period, the Company may, upon at least three Domestic Business Days’ notice to the Administrative Agent,
terminate at any time, or proportionately and permanently reduce from time to time by an aggregate amount of $10,000,000 or any larger multiple of $5,000,000, the aggregate amount of the Commitments in excess of the sum of (x) the aggregate
outstanding principal amount of the Loans plus (y) the Dollar Equivalent of Alternative Currency Advances then outstanding, provided that, after giving effect to such termination or any such reduction, (i) the sum of the aggregate
principal amount of the Loans then outstanding plus the Dollar Equivalent of Alternative Currency Advances outstanding shall not exceed the aggregate amount of the Commitments and (ii) the aggregate principal amount of Committed Loans of each
Bank then outstanding shall not exceed the Commitment of such Bank. Upon receipt of such a notice, the Administrative Agent shall promptly notify each Bank of the contents thereof and of such Bank’s ratable share of such reduction (if such
notice is a notice of reduction) and such notice shall not thereafter be revocable by the Company. 
  

	
	Credit Agreement

 SECTION 2.10. Mandatory Termination of Commitments. The Commitments shall terminate on the
Commitment Termination Date and any Loans then outstanding (together with accrued interest thereon) shall be due and payable on such date. 
  
 SECTION 2.11. Optional Prepayments. (a) The Company may, upon at least one Domestic Business Day’s notice to the Administrative Agent, prepay
any Base Rate Borrowing (or any Money Market Borrowing bearing interest at the Base Rate pursuant to Section 8.0l(a)) in whole at any time, or from time to time in part in amounts aggregating $5,000,000 or any larger multiple of $1,000,000, by
paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. Each such optional prepayment shall be applied to prepay ratably the Loans of the several Banks included in such Borrowing. 
  
 (b) Except as otherwise provided in subsection (a), the Company may, upon at
least five Domestic Business Days’ notice to the Administrative Agent, repay any Committed Borrowing in whole at any time, by paying the principal amount to be prepaid together with (x) accrued interest thereon to the date of prepayment and (y)
all losses and expenses (if any) relating thereto which are (i) determined pursuant to Section 2.13 and (ii) notified to the Company by the relevant Bank at least one Domestic Business Day prior to the date of such prepayment, provided that
the failure of any Bank to so notify the Company of the amount of any such loss or expense shall not relieve the Company of its obligation to pay the same. Each such optional prepayment shall be applied to prepay ratably the Loans of the several
Banks included in such Borrowing. 
  
 (c) Except as provided in
Section 8.02, the Company may prepay all or any portion of the principal amount of any Money Market Borrowing (other than a Money Market Loan bearing interest at the Base Rate) prior to the maturity thereof if the Company obtains the consent of each
Bank which made a Money Market Loan included in such Borrowing and pays the principal amount to be prepaid together with (x) accrued interest thereon to the date of prepayment and (y) all losses and expenses (if any) relating thereto which are (i)
determined pursuant to Section 2.13 and (ii) notified to the Company by the relevant Bank at least one Domestic Business Day prior to the date of such prepayment, provided that the failure of any Bank to so notify the Company of the amount of
any such loss or expense shall not relieve the Company of its obligation to pay the same (which payment shall be made not later than one Domestic Business Day following notice to the Company from such Bank). Each such optional prepayment shall be
applied to prepay ratably the Money Market Loans of the several Banks included in such Money Market Borrowing. 
  
 (d) Upon receipt of a notice of prepayment pursuant to this Section, the Administrative Agent shall promptly notify each Bank of the contents thereof and
of such Bank’s ratable share (if any) of such prepayment and such notice shall not thereafter be revocable by the Company. 
  
 SECTION 2.12. General Provisions as to Payments. (a) The Company shall make each payment of principal of, and interest on, the Loans and of fees
hereunder, not later than 1:00 p.m. (New York City time) on the date when due, in Federal or other funds immediately available in New York City, to the Administrative Agent at its address referred to in 

  

	
	Credit Agreement

 
Section 9.01, without set-off or counterclaim. The Administrative Agent will promptly distribute to each Bank its ratable share (if any) of each such payment
received by the Administrative Agent for the account of the Banks. Whenever any payment of principal of, or interest on, the Base Rate Loans or of fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be
extended to the next succeeding Domestic Business Day. Whenever any payment of principal of, or interest on, the Euro-Dollar Loans shall be due on a day which is not a Euro-Dollar Business Day, the date for payment thereof shall be extended to the
next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding Euro-Dollar Business Day. Whenever any payment of principal of, or
interest on, the Money Market Loans shall be due on a day which is not a Euro-Dollar Business Day, the date for payment thereof shall be extended to the next succeeding Euro-Dollar Business Day. If the date for any payment of principal is extended
by operation of law or otherwise, interest thereon shall be payable for such extended time. 
  
 (b) Unless the Administrative Agent shall have received notice from the Company prior to the date on which any payment is due to any Bank hereunder that the Company will not make such payment in full, the
Administrative Agent may assume that the Company has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Bank on such due date an
amount equal to the amount then due such Bank. If and to the extent that the Company shall not have so made such payment, each Bank shall repay to the Administrative Agent forthwith on demand such amount distributed to such Bank together with
interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to the Administrative Agent, at the Federal Funds Rate. 
  
 SECTION 2.13. Funding Losses. If the Company makes any payment of principal with respect to any Fixed Rate
Loan (pursuant to Article VI or VIII or otherwise) on any day other than the last day of the Interest Period applicable thereto, or the end of an applicable period fixed pursuant to Section 2.07(b), or if the Company fails to borrow any Fixed Rate
Loans after notice has been given to any Bank in accordance with Section 2.04(a), or if the Company prepays all or any portion of the principal amount of any Money Market Loan pursuant to Section 2.11(c), the Company shall reimburse each Bank within
15 days after demand for any resulting loss or expense incurred by it (or by an existing or prospective participant in the related Loan), including (without limitation) any loss incurred in obtaining, liquidating or employing deposits from third
parties, but excluding loss of margin for the period after any such payment or failure to borrow, provided that such Bank shall have delivered to the Company a certificate as to the amount of such loss or expense, which certificate shall be
conclusive in the absence of manifest error. 
  
 SECTION 2.14.
Computation of Interest and Fees. Interest based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the
last day). All other interest and fees shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day). 
  

	
	Credit Agreement

 SECTION 2.15. Alternative Currency Advances. (a) Requests for Offers. From time to time
after the Effective Date and prior to the Commitment Termination Date the Company may request any or all of the Banks to make offers to make Alternative Currency Advances to the Company. Each Bank may, but shall have no obligation to, make such
offers on terms and conditions as are satisfactory to such Bank, and the Company may, but shall have no obligation to, accept any such offers. Each Alternative Currency Advance shall be subject to the conditions of clauses (b) through (d),
inclusive, of Section 3.01 and to such other conditions as are agreed upon by the Company and the Bank making such Advance, and the making of any Alternative Currency Advance shall be deemed to be a representation and warranty by the Company on the
date thereof as to the facts specified in such clauses (b) through (d), inclusive. 
  
 (b) Promissory Notes; Status as Loans. Each Alternative Currency Advance shall be evidenced by a single promissory note of the Company in an amount equal to the aggregate principal amount of such Alternative
Currency Advance, such promissory note shall otherwise be in substantially the form of Exhibit A. An Alternative Currency Advance shall not be a Loan (as defined in Section 1.01 hereof) and a promissory note issued pursuant to this subsection (b)
shall not be a Note (as defined in such Section 1.01); provided that, for the purposes of Sections 2.08(a) and (c), 2.10, 3.01(b), (c) and (d), 5.01(c)(ii), 5.11, 6.01(a), 8.03(a), 8.05, 9.03, 9.05 and 9.06 of this Agreement and of the first
clause of Article V, an Alternative Currency Advance shall be a Loan and a promissory note issued in connection therewith shall be a Note; provided, further, that for the purposes of Sections 2.13, 8.03(a) and 8.05, an Alternative
Currency Advance shall be deemed to be a Fixed Rate Loan. 
  
 (c)
Reports to Agent. The Company shall deliver to the Administrative Agent and each of the Banks a report in respect of each Alternative Currency Advance (an “Alternative Currency Advance Report”) on the date on which (1) such
Alternative Currency Advance is made, (2) any Borrowing is to be made, if any Alternative Currency Advance is then outstanding, (3) the Commitments are to be reduced pursuant to Section 2.09 and (4) any principal amount of any Alternative Currency
Advance is to be repaid, specifying for such Alternative Currency Advance: 
  
 (i) the date on which such advance was or is being made or on which such amount of principal is to be repaid; 
  
 (ii) the Alternative Currency of such advance; 
  

(iii) the principal amount of such advance or principal repayment (in such Alternative Currency); 
  
 (iv) the Dollar Equivalent of the advance then made or
remaining after such principal repayment; and 
  
 (v) the Dollar Equivalent of all Alternative Currency Advances then outstanding after giving effect to such advance or principal repayment. 
  

	
	Credit Agreement

 Each Alternative Currency Advance Report shall be delivered to the Administrative Agent and each of the Banks by 10:00
a.m. (New York City time) on the date on which it is required to be delivered. 
  
 (d) Maturity; No Prepayment. Each Alternative Currency Advance shall mature, and the principal amount thereof shall be due and payable, on the earlier to occur of (i) the Commitment Termination Date and (ii)
the maturity date of such Alternative Currency Advance agreed to by the Company requesting such advance and the Bank making such advance. No Alternative Currency Advance may be prepaid without the prior written consent of the Bank which made such
Alternative Currency Advance. 
  
 ARTICLE III 
  
 CONDITIONS 
  
 SECTION 3.01. Borrowings. The obligation of any Bank to make a Loan on the occasion of any Borrowing is
subject to the satisfaction of the following conditions: 
  
 (a) receipt by the Administrative Agent of a Notice of Borrowing as required by Section 2.02 or 2.03, as the case may be; 
  
 (b) the fact that, immediately after such Borrowing, the sum of (i) the aggregate outstanding principal amount of the Loans (including,
without limitation, Money Market Loans) plus (ii) the aggregate Dollar Equivalent of all Alternative Currency Advances then outstanding (including any Alternative Currency Advance made or being made on such date) will not exceed the aggregate
amount of the Commitments; 
  
 (c) the fact that,
immediately before and after such Borrowing, no Default shall have occurred and be continuing; and 
  
 (d) the fact that the representations and warranties of the Company contained in this Agreement (other than the representations and
warranties set forth in Sections 4.04(e) and 4.05 as to any matter which has theretofore been disclosed in writing by the Company to the Banks) shall be true on and as of the date of such Borrowing (or, if any such representation or warranty is
expressly stated to have been made as of a specific date, as of such specific date), provided that the exception in the first parenthetical phrase in this clause shall not apply in the case of a Borrowing on the Effective Date or with respect
to the certificate under clause (e) of Section 3.02. 
  
 Each Borrowing hereunder
shall be deemed to be a representation and warranty by the Company on the date of such Borrowing as to the facts specified in clauses (b), (c) and (d) of this Section. 
  

	
	Credit Agreement

 SECTION 3.02. Effectiveness. This Agreement shall become effective on the first date that
all of the following conditions shall have been satisfied (or waived in accordance with Section 9.05): 
  
 (a) receipt by the Administrative Agent of counterparts hereof signed by each of the Persons listed on the signature pages hereto (or, in
the case of any Bank as to which an executed counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory to it of telegraphic, telex or other written confirmation from such Bank of execution and delivery of a
counterpart hereof by such Bank); 
  
 (b) receipt
by the Administrative Agent, for each Bank that has requested a Note to evidence the Loans of such Bank, of a duly executed Note, dated the Effective Date complying with the provisions of Section 2.05; 
  
 (c) receipt by the Administrative Agent of an opinion of
Dennis L. Schoff, Esq., General Counsel of the Company, substantially in the form of Exhibit E hereto; 
  
 (d) receipt by the Administrative Agent of an opinion of Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to JPMCB,
substantially in the form of Exhibit F hereto; 
  
 (e) receipt by the Administrative Agent of a certificate, dated the Effective Date and signed by a senior financial officer of the Company, certifying as to the matters set forth in clauses (c) and (d) of Section 3.01; 
  
 (f) receipt by the Administrative Agent of a copy of the
resolutions of the Board of Directors of the Company, in form and substance satisfactory to the Administrative Agent, authorizing the execution, delivery and performance of this Agreement and the Notes; 
  
 (g) receipt by the Administrative Agent of a certificate of
a senior financial officer of the Company stating that (i) the Company shall have paid all amounts owing under the Second Amended and Restated 364-Day Credit Agreement dated as of December 12, 2002 among the Company, the banks party thereto and
JPMCB as administrative agent thereunder and (ii) all commitments thereunder have terminated; 
  
 (h) receipt by the Administrative Agent of all documents, opinions and instruments as it may reasonably request relating to the existence
of the Company, the corporate authority for and the validity and enforceability of this Agreement and the Notes, and any other matters related hereto, all in form and substance satisfactory to the Administrative Agent; and 
  
 (i) receipt by the Administrative Agent for account of
itself, the Banks and the Lead Arranger listed on the cover page of this Agreement, as the case may be, of all fees required to be paid, and all expenses required to be paid or reimbursed for which invoices have been presented (including, without
limitation, fees and disbursements of counsel to JPMCB), on or before the Effective Date; 
  
 provided that this Agreement shall not become effective or be binding on any party hereto unless all of the foregoing conditions are satisfied not later than 3:00 p.m. (New York City time) 

  

	
	Credit Agreement

 
December 11, 2003 or such later date as may be agreed in writing by the Company and all of the Banks. The Administrative Agent shall promptly notify the
Company and the Banks of the Effective Date, and such notice shall be conclusive and binding on all parties hereto. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES 
  
 The Company represents
and warrants that: 
  
 SECTION 4.01. Corporate Existence and
Power. The Company is a corporation duly incorporated and validly existing under the laws of the State of Indiana, and has all corporate power and all material governmental licenses, authorizations, consents and approvals required to carry on
its business as now conducted. 
  
 SECTION 4.02. Corporate and
Governmental Authorization; Contravention. The execution, delivery and performance by the Company of this Agreement and the Notes to which it is a party are within the Company’s corporate powers, have been duly authorized by all necessary
corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the articles of
incorporation or by-laws of the Company or of any material agreement, judgment, injunction, order, decree or other instrument binding upon the Company or any of its Restricted Subsidiaries or result in the creation or imposition of any Lien on any
asset of the Company or any of its Restricted Subsidiaries. 
  
 SECTION 4.03. Binding Effect. This Agreement constitutes a valid and binding agreement of the Company and the Notes of the Company, when executed and delivered in accordance with this Agreement, will constitute valid and
binding obligations of the Company, in each case enforceable in accordance with their respective terms, except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and by general principles
of equity. 
  
 SECTION 4.04. Financial Information. (a) The
consolidated balance sheets of the Company and its Consolidated Subsidiaries as of December 31, 2002 and the related consolidated statements of income, cash flows and shareholders’ equity for the fiscal year then ended, reported on by Ernst
& Young LLP and set forth in the Company’s 2002 Form 10-K, a copy of which has been delivered to the Administrative Agent on behalf of each of the Banks, fairly present, in conformity with generally accepted accounting principles, the
consolidated financial position of the Company and its Consolidated Subsidiaries as of such date and their consolidated results of operations and changes in financial position for such fiscal year. 
  
 (b) The unaudited consolidated balance sheets of the Company and its
Consolidated Subsidiaries as of September 30, 2003 and the related unaudited consolidated statements of income, cash flows and shareholders’ equity for the nine months then ended, set forth in the Company’s quarterly report for the fiscal
quarter ended September 30, 2003 as filed with the Securities and Exchange Commission on Form l0-Q, a copy of which has been delivered 

  

	
	Credit Agreement

 
to the Administrative Agent on behalf of each of the Banks, fairly present, in conformity with generally accepted accounting principles applied on a basis
consistent with the financial statements referred to in subsection (a) of this Section, the consolidated financial position of the Company and its Consolidated Subsidiaries as of such date and their consolidated results of operations and changes in
financial position for such nine month period (subject to normal year-end adjustments). 
  
 (c) A copy of a duly completed and signed Annual Statement or other similar report of or for each Insurance Subsidiary in the form filed with the governmental body, agency or official which regulates insurance
companies in the jurisdiction in which such Insurance Subsidiary is domiciled for the year ended December 31, 2002 has been delivered to the Administrative Agent on behalf of each of the Banks and fairly presents, in accordance with statutory
accounting principles, the information contained therein. 
  
 (d)
A copy of a duly completed and signed Quarterly Statement or other similar report of or for each Insurance Subsidiary in the form filed with the governmental body, agency or official which regulates insurance companies in the jurisdiction in which
such Insurance Subsidiary is domiciled for the quarter ended September 30, 2003 has been delivered to the Administrative Agent on behalf of each of the Banks and fairly presents, in accordance with statutory accounting principles, the information
contained therein. 
  
 (e) Since December 31, 2002 and as of the
Effective Date, there has been no material adverse change in the business, financial condition, results of operations or prospects of the Company and its Consolidated Subsidiaries, considered as a whole. 
  
 SECTION 4.05. Litigation. As of the Effective Date, there is no
action, suit or proceeding pending against, or to the knowledge of the Company threatened against, the Company or any of its Subsidiaries before any court or arbitrator or any governmental body, agency or official (a) in which there is a reasonable
possibility of an adverse decision in an amount in excess of $100,000,000 (exclusive of reserves and insurance recoveries relating thereto) which could materially adversely affect the business, consolidated financial position or consolidated results
of operations of the Company and its Consolidated Subsidiaries, considered as a whole, or (b) which in any manner draws into question the validity or enforceability of this Agreement or the Notes. 
  
 SECTION 4.06. Compliance with ERISA. Each member of the ERISA Group
has fulfilled its obligations under the minimum funding standards of ERISA and the Code with respect to each Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Plan.
No member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Code in respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit
Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code or (iii) incurred any liability under Title IV
of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 
  

	
	Credit Agreement

 SECTION 4.07. Taxes. United States Federal income tax returns of the Company and its
Subsidiaries have been examined and closed through the fiscal year ended December 31, 1995. The Company and its Subsidiaries have filed all income tax returns and all other material tax returns which are required to be filed by them and have paid
all taxes due pursuant to such returns or, except for any such taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves have been made, pursuant to any assessment received by the Company or any
Subsidiary. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of taxes are, in the opinion of the Company, adequate. 
  
 SECTION 4.08. Subsidiaries. Each of the Company’s Restricted Subsidiaries is a corporation duly
incorporated, validly existing and (except where such concept is not applicable) in good standing under the laws of its jurisdiction of incorporation, and has all corporate powers and all material governmental licenses, authorizations, consents and
approvals required to carry on its business as now conducted. 
  
 SECTION 4.09. Not an Investment Company. The Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
  
 SECTION 4.10. Obligations to be Pari Passu. The Company’s obligations under this Agreement and the Notes to
which it is a party rank pari passu as to priority of payment and in all other respects with all other unsecured and unsubordinated Debt of the Company. 
  
 SECTION 4.11. No Default. No event has occurred and is continuing which constitutes, or which, with the
passage of time or the giving of notice or both, would constitute, a default under or in respect of any material agreement, instrument or undertaking to which the Company or any Restricted Subsidiary is a party or by which either the Company or any
Restricted Subsidiary or any of their respective assets is bound. 
  
 SECTION 4.12. Restricted Subsidiaries. Set forth as Schedule II hereto is a true, correct and complete list of each Restricted Subsidiary as of the date hereof. 
  
 SECTION 4.13. Environmental Matters. The Company has reasonably concluded that Environmental Laws are unlikely to
have a material adverse effect on the business, consolidated financial condition, consolidated results of operations or prospects of the Company and its Consolidated Subsidiaries, considered as a whole. 
  
 SECTION 4.14. Full Disclosure. All written information heretofore
furnished by the Company to the Administrative Agent or any Bank for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by the Company to the Administrative Agent
or any Bank will be, true and accurate in all material respects on the date as of which such information is stated or certified. To the best of its knowledge, the Company has disclosed to the Banks in writing any and all facts which materially and
adversely affect or may materially and adversely affect (to the extent the Company can now reasonably foresee) the business, consolidated financial condition or consolidated results of operations of the Company and its Consolidated Subsidiaries,
taken as a 

  

	
	Credit Agreement

 
whole, or the ability of the Company to perform its obligations under this Agreement or the Notes to which it is a party. 
  
 ARTICLE V 
  
 COVENANTS 
  
 The Company agrees that, so long as any Bank has any Commitment hereunder or any amount payable under any Loan remains unpaid: 
  
 SECTION 5.01. Information. The Company will deliver to each of
the Banks: 
  
 (a) within 90 days after the end
of each fiscal year of the Company, if and only to the extent not duplicative of information otherwise provided pursuant to clause (i) below, the consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such
fiscal year and the related consolidated statements of income, cash flows and shareholders’ equity for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on in a manner
acceptable to the Securities and Exchange Commission by Ernst & Young LLP or other independent public accountants of nationally recognized standing; 
  
 (b) within 60 days after the end of each of the first three quarters of each fiscal year of the Company, if and only to the extent not
duplicative of information otherwise provided pursuant to clause (i) below, the consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated statements of income, cash flows
and shareholders’ equity for such quarter and for the portion of the Company’s fiscal year ended at the end of such quarter, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding
portion of the Company’s previous fiscal year, all certified (subject to normal year-end adjustments) as to fairness of presentation, generally accepted accounting principles and consistency with the most recent audited consolidated financial
statements of the Company and its Consolidated Subsidiaries delivered to the Banks (except for changes concurred in by the Company’s independent public accountants) by the chief financial officer or the chief accounting officer of the Company;

  
 (c) simultaneously with the delivery of each
set of financial statements referred to in clauses (a) and (b) above (whether delivered as provided therein or pursuant to clause (i) below), a certificate of the chief financial officer or the chief accounting officer of the Company (i) setting
forth in reasonable detail the calculations required to establish whether the Company was in compliance with the requirements of Sections 5.07, 5.08 and 5.09 on the date of such financial statements and (ii) stating that such chief financial officer
or chief accounting officer, as the case may be, has no knowledge of any Default existing on the date of such certificate or, if such chief financial officer or chief accounting officer has knowledge of the existence on such date 

  

	
	Credit Agreement

 
of any Default, setting forth the details thereof and the action which the Company is taking or proposes to take with respect thereto; 
  
 (d) simultaneously with the delivery of each set of
financial statements referred to in clause (a) above (whether delivered as provided therein or pursuant to clause (i) below), a statement of the firm of independent public accountants which reported on such statements (i) as to whether anything has
come to their attention to cause them to believe that any Default existed on the date of such statements and (ii) confirming the calculations set forth in the officer’s certificate delivered simultaneously therewith pursuant to clause (c)
above; 
  
 (e) within 120 days after the end of
each fiscal year of each Insurance Subsidiary, a copy of a duly completed and signed Annual Statement (or any successor form thereto) required to be filed by such Insurance Subsidiary with the governmental body, agency or official which regulates
insurance companies in the jurisdiction in which such Insurance Subsidiary is domiciled, in the form submitted to such governmental body, agency or official; 
  

(f) within 60 days after the end of each of the first three fiscal quarters of each Insurance Subsidiary, a copy of a duly completed
and signed Quarterly Statement (or any successor form thereto) required to be filed by such Insurance Subsidiary with the governmental body, agency or official which regulates insurance companies in the jurisdiction in which such Insurance
Subsidiary is domiciled, in the form submitted to such governmental body, agency or official; 
  
 (g) forthwith upon learning of the occurrence of any Default, a certificate of the chief financial officer or the chief accounting officer
of the Company setting forth the details thereof and the action which the Company is taking or proposes to take with respect thereto; 
  
 (h) promptly upon the mailing thereof to the shareholders of the Company generally, if and only to the extent not duplicative of
information otherwise provided pursuant to clause (i) below, copies of all financial statements, reports and proxy statements so mailed; 
  
 (i) promptly upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration
statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which the Company shall have filed with the Securities and Exchange Commission; 
  
 (j) if and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any
“reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is
required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that
any 

  

	
	Credit Agreement

 
Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of
ERISA of an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer, any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard
under Section 412 of the Code, a copy of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any
Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement
which has resulted or could result in the imposition of a Lien or the posting of a bond or other security, a certificate of the chief financial officer or the chief accounting officer of the Company setting forth details as to such occurrence and
action, if any, which the Company or applicable member of the ERISA Group is required or proposes to take; 
  
 (k) promptly after Moody’s or S&P shall have announced a change in the rating established or deemed to have been established for
the Index Debt, written notice of such rating change; and 
  
 (l) from time to time such additional information regarding the financial position or business of the Company as the Administrative Agent, at the request of any Bank, may reasonably request. 
  
 SECTION 5.02. Payment of Obligations. The Company will pay and
discharge, and will cause each Restricted Subsidiary to pay and discharge, at or before maturity, all their respective material obligations and liabilities, including, without limitation, tax liabilities, except where the same may be contested in
good faith by appropriate proceedings, and will maintain, and will cause each Restricted Subsidiary to maintain, in accordance with generally accepted accounting principles, appropriate reserves for the accrual of any of the same. 
  
 SECTION 5.03. Conduct of Business and Maintenance of Existence. The
Company will continue, and will cause each Restricted Subsidiary to continue, to engage in business of the same general type as conducted by the Company and its Restricted Subsidiaries, taken as a whole, on the date hereof and will preserve, renew
and keep in full force and effect, and will cause each Restricted Subsidiary to preserve, renew and keep in full force and effect, their respective corporate existence and their respective rights, privileges, licenses and franchises which, in the
judgment of the Board of Directors of the Company, are necessary or desirable in the normal conduct of business. 
  
 SECTION 5.04. Maintenance of Property; Insurance. (a) The Company will keep, and will cause each Restricted Subsidiary to keep, all property useful
and necessary in its business in good working order and condition, ordinary wear and tear excepted. 
  
 (b) The Company will maintain, and will cause each of its Restricted Subsidiaries to maintain (either in the name of the Company or in such
Subsidiary’s own name) 

  

	
	Credit Agreement

 
with financially sound and responsible insurance companies, insurance on all their respective properties and against at least such risks, in each case in at
least such amounts (and with such risk retentions) as are usually insured against in the same general area by companies of established repute engaged in the same or a similar business; and the Company will furnish to the Banks, upon request from the
Administrative Agent, information presented in reasonable detail as to the insurance so carried. 
  
 SECTION 5.05. Compliance with Laws. The Company will comply, and will cause each Subsidiary to comply, in all material respects with all applicable
laws, ordinances, rules, regulations and requirements of governmental authorities (including, without limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except where the necessity of compliance therewith is contested
in good faith by appropriate proceedings. 
  
 SECTION 5.06.
Inspection of Property, Books and Records. The Company will keep, and will cause each Restricted Subsidiary to keep, proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in
relation to its business and activities; and, subject in all cases to Section 9.11, will permit, and will cause each Restricted Subsidiary to permit, representatives of any Bank to visit and inspect any of their respective properties, to examine and
make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees, actuaries and independent public accountants, all upon reasonable notice, at such
reasonable times during ordinary business hours and as often as may reasonably be desired; provided that neither the Company nor any of its Subsidiaries shall be required to disclose any information subject to its attorney-client privilege.

  
 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) $3,500,000,000 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, 2002; 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. 
  
 SECTION 5.08. Adjusted Debt to Total Capitalization Ratio. The Company will not permit, at any time that a Ratings
Event shall have occurred and be continuing, Adjusted Total Indebtedness to exceed 35% of the sum of (i) Adjusted Total Indebtedness plus (ii) Adjusted Consolidated Net Worth. For purposes of this Section, a “Ratings Event”
shall have occurred if the Company’s senior unsecured and non-credit enhanced long-term debt is not rated at least A- from S&P or A3 from Moody’s. 
  

	
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 SECTION 5.09. Negative Pledge. Neither the Company nor any Restricted Subsidiary will create,
assume or suffer to exist any Lien on any asset now owned or hereafter acquired by it, except: 
  
 (a) Liens existing on the date of this Agreement securing Debt outstanding on the date of this Agreement in an aggregate principal amount
not exceeding $15,000,000; 
  
 (b) any Lien
existing on any asset of any Person at the time such Person becomes a Restricted Subsidiary and not created in contemplation or as a result of such event; 
  
 (c) any Lien on any asset securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring such
asset, provided that such Lien attaches to such asset concurrently with or within 90 days after the acquisition thereof; 
  
 (d) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Company or another
Restricted Subsidiary and not created in contemplation or as a result of such event; 
  
 (e) any Lien existing on any asset prior to the acquisition thereof by the Company or another Restricted Subsidiary and not created in
contemplation or as a result of such acquisition; 
  
 (f) any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted by any of the foregoing clauses of this Section, provided that such Debt is not increased beyond the then
outstanding principal amount thereof and is not secured by any additional assets; 
  
 (g) Liens incidental to the conduct of its business or the ownership of its assets which (i) do not secure Debt, (ii) do not secure any
obligation in an amount exceeding $10,000,000 and (iii) do not in the aggregate materially detract from the value of its assets or materially impair the use thereof in the operation of its business; 
  
 (h) Liens created by any Restricted Subsidiary as security
for Debt owing to the Company; 
  
 (i) Liens
created by the Company as security for Debt owing to Subsidiaries, but only if the only security for such Debt consists of Investments acquired by the Company solely from the proceeds of such Debt; 
  
 (j) Liens on cash and cash equivalents securing Derivative
Financial Products, provided that the aggregate amount of cash and cash equivalents subject to such Liens may at no time exceed $100,000,000; 
  
 (k) in addition to the Liens permitted by clauses (a) through (j), inclusive, and (1) and (m) of this Section, a Lien on any asset
securing Debt of the Company or any 

  

	
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Restricted Subsidiary, in an aggregate outstanding principal amount at no time exceeding $10,000,000; 
  
 (1) in addition to the Liens permitted by clauses (a)
through (k), (m) and (n) of this Section, any Lien on real property leased by the Company or any Restricted Subsidiary pursuant to a capital lease (which capital lease was entered into in connection with a sale leaseback transaction whereby the
Company or such Restricted Subsidiary, as the case may be, was the seller) securing Debt of the Company or such Restricted Subsidiary, as the case may be, in an aggregate outstanding principal amount at no time exceeding $50,000,000; 
  
 (m) Liens in favor of UNUM Life Insurance Company or First
UNUM Life Insurance Company on up to $4,500,000,000 of assets transferred to Subsidiaries in connection with the purchase by such Subsidiaries of the tax sheltered annuity business of UNUM Life Insurance Company and First UNUM Life Insurance
Company; and 
  
 (n) Liens on cash and other
property as security for the reimbursement and other obligations in respect of letters of credit issued for account of the Company or any of its Subsidiaries under the Third Amended and Restated Letter of Credit and Reimbursement Agreement dated as
of the date hereof (as amended and in effect from time to time) or any successor agreement thereto. 
  
 SECTION 5.10. Consolidations, Mergers and Sales of Assets. The Company will not (i) consolidate or merge with or into any other Person or (ii)
sell, lease or otherwise transfer, directly or indirectly, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any other Person; provided that the Company may merge with another Person if (A) the
Company is the corporation surviving such merger and (B) immediately after giving effect to such merger, no Default shall have occurred and be continuing. 
  
 SECTION 5.11. Use of Proceeds. The proceeds of the Loans made under this Agreement will be used by the Company for general corporate purposes. None
of such proceeds will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any “margin stock” within the meaning of Regulations T, U and X. 
  
 SECTION 5.12. Obligations to be Pari Passu. The Company’s
obligations under this Agreement and the Notes to which it is a party will rank at all times pari passu as to priority of payment and in all other respects with all other unsecured and unsubordinated Debt of the Company with the
exception of those obligations that are mandatorily preferred by law and not by contract. 
  

	
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 ARTICLE VI 
  
 DEFAULTS 
  
 SECTION 6.01. Events of Default. If one or more of the following events (“Events of Default”) shall have occurred and be
continuing: 
  
 (a) (x) the Company shall fail to
pay when due any principal of any Loan and or (y) the Company shall fail to pay when due any interest on any Loan or any fees or any other amounts payable hereunder and such failure under this clause (y) shall continue for four Domestic Business
Days; 
  
 (b) the Company shall fail to observe
or perform any covenant contained in Sections 5.07 through 5.12, inclusive; 
  
 (c) the Company shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by clause (a) or (b) above) for 30 days after written notice thereof has been given to
the Company by the Administrative Agent at the request of any Bank; 
  
 (d) any representation, warranty, certification or statement made by the Company in this Agreement or in any certificate, financial statement or other document delivered pursuant to this Agreement shall prove to have
been incorrect in any material respect when made (or deemed made); 
  
 (e) the Company or any Subsidiary (other than a Newly Acquired Subsidiary) shall fail to make any payment in respect of any Debt (other than the Notes and any Debt solely of a Newly Acquired Subsidiary existing at the
time such Person becomes a Subsidiary and not created in contemplation of such event (“Newly Acquired Subsidiary Debt”)) having a principal amount then outstanding of not less than $25,000,000 when due and such failure shall
continue beyond any applicable grace period or the Company or any Subsidiary (other than a Newly Acquired Subsidiary) shall fail to make any payment in an amount at least equal to $25,000,000 in respect of any Derivative Financial Product when due
and such failure shall continue beyond any applicable grace period; 
  
 (f) any event or condition shall occur which results in the acceleration of the maturity of any Debt (other than the Notes and Newly Acquired Subsidiary Debt) having a principal amount then outstanding of not less
than $25,000,000 of the Company or any Subsidiary or enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such Debt or any Person acting on such holder’s behalf to accelerate the maturity thereof;

  
 (g) the Company or any Restricted Subsidiary
(other than a Newly Acquired Subsidiary) shall commence a voluntary case or other proceeding seeking rehabilitation, dissolution, conservation, liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, rehabilitator, dissolver, 

  

	
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conservator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of
or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take
any corporate action to authorize any of the foregoing; 
  
 (h) an involuntary case or other proceeding shall be commenced against the Company or any Restricted Subsidiary (other than a Newly Acquired Subsidiary) seeking rehabilitation, dissolution, conservation, liquidation,
reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, rehabilitator, dissolver, conservator,
custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered against the
Company or any such Restricted Subsidiary under the federal bankruptcy laws as now or hereafter in effect; or any governmental body, agency or official shall apply for, or commence a case or other proceeding to seek, an order for the rehabilitation,
conservation, dissolution or other liquidation of the Company or any such Restricted Subsidiary or of the assets or any substantial part thereof of the Company or any such Restricted Subsidiary or any other similar remedy; 
  
 (i) any member of the ERISA Group shall fail to pay when due
an amount or amounts aggregating in excess of $25,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any
plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to
be appointed to administer, any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal
from, or a default, within the meaning of Section 4219(c) (5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of $50,000,000;

  
 (j) a judgment or order for the payment of
money in excess of the greater of (i) $100,000,000 or (ii) 3% of the consolidated shareholders’ equity of the Company and its Consolidated Subsidiaries (after (without duplication) the actual amounts of insurance recoveries, offsets and
contributions received and amounts thereof not yet received but which the insurer thereon has acknowledged in writing its obligation to pay) shall be rendered against the Company or any Restricted Subsidiary and such judgment or order shall continue
unsatisfied and unstayed for a period of 90 days after entry of such judgment (and, for purposes of this clause, a judgment shall be stayed if, among other things, an appeal is timely filed and such judgment cannot be enforced); 
  

	
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 (k) any person or group of persons (within the meaning of Section 13 or 14 of the
Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of 20% or more of the outstanding shares of common stock of
the Company; or, during any period of 12 consecutive calendar months, individuals who were directors of the Company on the first day of such period shall cease to constitute a majority of the board of directors of the Company; 
  
 (l) the occurrence of any “Event of Default” under
(and as defined in) the 5-Year Credit Agreement dated as of December 15, 2000 among the Company, LN(UK), the banks party thereto and JPMCB, as administrative agent (as amended and in effect from time to time), or any successor agreement thereto;

  
 then, and in every such event, and at any time thereafter during the
continuance of such event, the Administrative Agent shall, if requested by the Required Banks, by notice to the Company take either or both of the following actions, at the same or different times: (i) terminate the Commitments and they shall
thereupon terminate, and (ii) declare the Loans then outstanding (together with accrued interest thereon) to be, and the Loans (together with accrued interest thereon) shall thereupon become, immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Company; provided that in the case of any of the Events of Default specified in clause (g) or (h) above with respect to the Company, without any notice to the Company
or any other act by the Administrative Agent or the Banks, the Commitments shall thereupon terminate and the Loans (together with accrued interest thereon) shall become immediately due and payable without presentment, demand, protest or notice of
any kind, all of which are hereby waived by the Company. 
  
 SECTION 6.02. Notice of Default. The Administrative Agent shall give notice to the Company under Section 6.01(c) promptly upon being requested to do so by any Bank and shall thereupon notify all the Banks thereof. 
  
 SECTION 6.03. Alternative Currency Advances. The Company agrees, in
addition to the provisions of Section 6.01, that upon the occurrence and during the continuance of any Event of Default any Bank which has made an Alternative Currency Advance may, by notice to the Company and the Administrative Agent, declare such
Alternative Currency Advance (together with accrued interest thereon) to be, and the same shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Company; provided that, in the case of any of the Events of Default specified in clause (g) or (h) of Section 6.01, with respect to the Company, without any notice to the Company or any other act by such Bank, all of the Alternative Currency
Advances (together with accrued interest thereon) made to the Company by any Bank shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. If the
Administrative Agent receives any notice from a Bank pursuant to the previous sentence, then it will promptly give notice thereof to the other Banks. 
  

	
	Credit Agreement

 ARTICLE VII 
  
 THE ADMINISTRATIVE AGENT 
  
 SECTION 7.01. Appointment and Authorization. Each Bank irrevocably appoints and authorizes the Administrative Agent to take such action as agent on
its behalf and to exercise such powers under this Agreement and the Notes as are delegated to the Administrative Agent by the terms hereof or thereof, together with all such powers as are reasonably incidental thereto. 
  
 SECTION 7.02. Agent’s Fee. The Company shall pay to the
Administrative Agent for its own account fees in the amounts and at the times previously agreed upon between the Company and the Administrative Agent. 
  
 SECTION 7.03. Agent and Affiliates. JPMCB shall have the same rights and powers under this Agreement as any other Bank and may exercise or refrain
from exercising the same as though it were not the Administrative Agent, and JPMCB and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Company or any Subsidiary or Affiliate of any
thereof as if it were not the Administrative Agent hereunder. 
  
 SECTION 7.04. Action by Agent. The obligations of the Administrative Agent hereunder are only those expressly set forth herein. The Administrative Agent shall not have any duty to take any discretionary action permitted to be taken
by it pursuant to the provisions of this Agreement unless it shall be requested in writing to do so by the Required Banks. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action with
respect to any Default, except as expressly provided in Article VI. The Administrative Agent shall have no duty to disclose to the Banks information that is not required to be furnished by the Company to the Administrative Agent at such time, but is
voluntarily furnished by the Company to the Administrative Agent (either in its capacity as Administrative Agent or in its individual capacity). 
  
 SECTION 7.05. Consultation with Experts. The Administrative Agent may consult with legal counsel (who may be counsel for the Company), independent
public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. 
  
 SECTION 7.06. Liability of Agent. Neither the Administrative Agent nor
any of its directors, officers, agents or employees shall be liable to any Bank for any action taken or not taken by it in connection herewith (i) with the consent or at the request of the Required Banks or (ii) in the absence of its own gross
negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Company or a Bank. Neither the Administrative Agent
nor any of its directors, officers, agents or employees shall be responsible to any Bank for or have any duty to any Bank to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this Agreement or
any borrowing hereunder; (ii) the 

  

	
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performance or observance of any of the covenants or agreements of the Company; (iii) the satisfaction of any condition specified in Article III, except
receipt of items required to be delivered to the Administrative Agent; (iv) the validity, effectiveness or genuineness of this Agreement, the Notes or any other instrument or writing furnished in connection herewith; (v) any Alternative Currency
Advance or any action or failure to act relating thereto; (vi) the existence or possible existence of any Default; (vii) the financial condition of the Company or any of the Company’s Subsidiaries; or (viii) the contents of any certificate,
report or other document delivered hereunder or in connection herewith. The Administrative Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, statement, or other writing (which may be a bank wire, telex
or similar writing) believed by it in good faith to be genuine or to be signed by the proper party or parties. 
  
 SECTION 7.07. Indemnification. Each Bank shall, ratably in accordance with its initial Commitment, indemnify the Administrative Agent (to the
extent not reimbursed by the Company) against any cost, expense (including counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from the Administrative Agent’s gross negligence or willful misconduct)
that the Administrative Agent may suffer or incur in connection with this Agreement or any action taken or omitted by the Administrative Agent hereunder. The Administrative Agent shall be fully justified in failing or refusing to take any action
hereunder unless it shall first be indemnified to its satisfaction by the Banks pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 
  
 SECTION 7.08. Credit Decision. Each Bank acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Bank, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking
or not taking any action under this Agreement. 
  
 SECTION 7.09.
Successor Agent. The Administrative Agent may resign at any time by giving written notice thereof to the Banks and the Company. Upon any such resignation, the Required Banks shall have the right to appoint a successor Administrative Agent,
which successor Administrative Agent shall be satisfactory to the Company, provided that no Default is continuing. If no successor Administrative Agent shall have been so appointed by the Required Banks, and shall have accepted such
appointment, within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Banks, appoint a successor Agent, which shall be a commercial bank organized or licensed
under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $100,000,000 and (unless a Default has occurred and is continuing) shall otherwise be subject to the consent of the Company,
which consent shall not be unreasonably withheld. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all
the rights and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties 

  

	
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and obligations hereunder. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent. 
  
 SECTION 7.10. Delegation to Affiliates. The Company and the Banks agree that the Administrative Agent may delegate any of its duties under this
Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification,
waiver and other protective provisions to which the Administrative Agent is entitled under Articles VII and IX. 
  
 SECTION 7.11. Lead Arranger and Other Agents. Notwithstanding anything herein to the contrary, the Lead Arranger and any Syndication Agent listed
on the cover page of this Agreement shall not 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. 
  
 ARTICLE VIII 
  
 CHANGE IN CIRCUMSTANCES 
  
 SECTION 8.01. Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Fixed Rate
Borrowing: 
  
 (a) the Administrative Agent
determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period, or 
  
 (b) the Required Banks advise the Administrative Agent that the LIBO Rate as determined by the
Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Fixed Rate Loans for such Interest Period, 
  
 the Administrative Agent shall forthwith give notice thereof to the Company and the Banks, whereupon until the Administrative Agent notifies the Company that the
circumstances giving rise to such suspension no longer exist, the obligations of the Banks to make Fixed Rate Loans shall be suspended. Unless the Company notifies the Administrative Agent at least two Domestic Business Days before the date of any
Fixed Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, (i) if such Fixed Rate Borrowing is a Committed Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing and
(ii) if such Fixed Rate Borrowing is a Money Market LIBOR Borrowing, the Money Market LIBOR Loans comprising such Borrowing shall bear interest for each day from and including the first day to but excluding the last day of the Interest Period
applicable thereto at the Base Rate for such day. 
  
 SECTION
8.02. Illegality. If, after the date of this Agreement, the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by
any governmental authority, central 

  

	
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bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Bank (or its Euro-Dollar Lending Office) with any
request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for any Bank (or its Euro-Dollar Lending Office) to make, continue, maintain or fund its
Euro-Dollar Loans and such Bank shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof to the other Banks and the Company, whereupon until such Bank notifies the Company and the Administrative Agent
that the circumstances giving rise to such suspension no longer exist, the obligation of such Bank to make Euro-Dollar Loans shall be suspended. Before giving any notice to the Administrative Agent pursuant to this Section, such Bank shall designate
a different Euro-Dollar Lending Office if such designation will avoid the need for giving such notice and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. If such Bank shall determine that it may not lawfully
continue to maintain and fund any of its outstanding Euro-Dollar Loans to maturity and shall so specify in such notice, the Company shall immediately prepay in full the then outstanding principal amount of each such Euro-Dollar Loan, together with
accrued interest thereon. Concurrently with prepaying each such Euro-Dollar Loan, the Company shall borrow a Base Rate Loan in an equal principal amount from such Bank (on which interest and principal shall be payable contemporaneously with the
related Euro-Dollar Loans of the other Banks), and such Bank shall make such a Base Rate Loan. 
  
 SECTION 8.03. Increased Cost and Reduced Return. (a) If on or after (x) the date hereof, in the case of any Committed Loan or any obligation to make Committed Loans or (y) the date of the related Money Market
Quote, in the case of any Money Market Loan, the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Bank (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency shall impose, modify or deem applicable any reserve (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding with respect to any
Euro-Dollar Loan any such requirement included in an applicable Euro-Dollar Reserve Percentage), special deposit, insurance assessment or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Bank (or
its Applicable Lending Office) or shall impose on any Bank (or its Applicable Lending Office) or the London interbank market any other condition affecting its Fixed Rate Loans, its Notes or its obligation to make Fixed Rate Loans and the result of
any of the foregoing is to increase the cost to such Bank (or its Applicable Lending Office) of making or maintaining any Fixed Rate Loan, or to reduce the amount of any sum received or receivable by such Bank (or its Applicable Lending Office)
under this Agreement or under its Notes with respect thereto, by an amount deemed by such Bank to be material, then, within 15 days after demand by such Bank (with a copy to the Administrative Agent), the Company shall pay to such Bank such
additional amount or amounts as will compensate such Bank for such increased cost or reduction. 
  
 (b) If any Bank shall have determined that, after the date hereof, the adoption of any applicable law, rule or regulation regarding capital adequacy, or
any change in any applicable law, rule or regulation regarding capital adequacy, or any change in the interpretation 

  

	
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or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or any
request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on capital of such Bank (or its Parent) as
a consequence of such Bank’s obligations hereunder to a level below that which such Bank (or its Parent) could have achieved but for such adoption, change, request or directive (taking into consideration its policies with respect to capital
adequacy) by an amount deemed by such Bank to be material, then from time to time, within 15 days after demand by such Bank (with a copy to the Administrative Agent), the Company shall pay to such Bank such additional amount or amounts as will
compensate such Bank (or its Parent) for such reduction. 
  
 (c)
Each Bank will promptly notify the Company and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Bank to compensation pursuant to this Section and will designate a different
Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. A certificate of any Bank claiming compensation
under this Section and setting forth the additional amount or amounts to be paid to it hereunder and, in reasonable detail, such Bank’s computation of such amount or amounts, shall be conclusive in the absence of manifest error. In determining
such amount, such Bank may use any reasonable averaging and attribution methods. 
  
 SECTION 8.04. Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or continue Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has
demanded compensation under Section 8.03(a) or 8.05 and the Company shall, by at least five Euro-Dollar Business Days’ prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to
such Bank, then, unless and until such Bank notifies the Company that the circumstances giving rise to such suspension or demand for compensation no longer apply: 
  
 (a) all Loans which would otherwise be made, or continued, by such Bank as Euro-Dollar Loans shall be made
instead as, or converted into, Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and 
  
 (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be
applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. 
  
 SECTION 8.05. Taxes. (a) For purposes of this Section, the following terms have the following meanings: 
  
 “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings of any nature with
respect to any payment by the Company pursuant to this Agreement or under any Note, and all liabilities with respect thereto, excluding, in the case of each Bank and the Administrative Agent, taxes imposed on its net income, and franchise or similar
taxes imposed on it, by a jurisdiction under the laws of which such Bank or 

  

	
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the Administrative Agent (as the case may be) is organized or in which its principal executive office is located or, in the case of each Bank, in which its
Applicable Lending Office is located (all such excluded taxes being hereinafter referred to as “Domestic Taxes”). If the form provided by a Bank pursuant to Section 8.05(d) at the time such Bank first becomes a party to this
Agreement indicates a United States interest withholding tax rate in excess of zero, any United States interest withholding tax at such rate imposed on payments by the Company under this Agreement or under any Note shall be excluded from the
definition of “Taxes”. 
  
 “Other
Taxes” means any present or future stamp or documentary taxes and any other excise or property taxes, or similar charges or levies, which arise from any payment made pursuant to this Agreement or under any Note or from the execution,
delivery, registration or enforcement of, or otherwise with respect to, this Agreement or any Note. 
  
 (b) Any and all payments by the Company to or for the account of any Bank or the Administrative Agent hereunder or under any Note shall be made without
deduction or withholding for any Taxes or Other Taxes; provided that, if the Company shall be required by law to deduct any Taxes or Other Taxes from any such payments, (i) the sum payable shall be increased as necessary so that after making
all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section) such Bank or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have
received had no such deductions or withholdings been made, (ii) the Company shall make such deductions or withholdings, (iii) the Company shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in
accordance with applicable law and (iv) the Company shall promptly furnish to the Administrative Agent, at its address referred to in Section 9.01, the original or a certified copy of a receipt evidencing payment thereof, and, if such receipt
relates to Taxes or Other Taxes in respect of a sum payable to any Bank, the Administrative Agent shall promptly deliver such original or certified copy to such Bank. 
  
 (c) The Company agrees to indemnify each Bank and the Administrative Agent for the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section), whether or not correctly or legally imposed, paid by such Bank or the Administrative Agent (as the case may be)
and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. In addition, the Company agrees to indemnify each Bank and the Administrative Agent for all Domestic Taxes of such Bank or the Administrative
Agent (calculated based on a hypothetical basis at the maximum marginal rate for a corporation) and any liability (including penalties, interest and expenses to the extent not attributable to the gross negligence or willful misconduct of each Bank
or the Administrative Agent, as the case may be) arising therefrom or with respect thereto, in each case to the extent that such Domestic Taxes result from any payment or indemnification pursuant to this Section for any taxes imposed by any
jurisdiction for which the Company is responsible under Sections 8.05(a), (b) or (c). This indemnification shall be paid within 30 days after such Bank or Agent, as the case may be, makes demand therefor. 
  
 (d) At least five Domestic Business Days prior to the first date on which
interest or fees are payable hereunder for the account of any Bank, each Bank that is not 

  

	
	Credit Agreement

 
incorporated under the laws of the United States of America or a state thereof agrees that it will deliver to each of the Company and the Administrative
Agent two duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Bank is entitled to receive payments under this Agreement and the Notes without deduction or withholding of any
United States federal income taxes. Each Bank which so delivers a Form W-8BEN or W-8ECI further undertakes to deliver to each of the Company and the Administrative Agent two additional copies of such form (or successor form) on or before the date
that such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent form so delivered by it, and such amendments thereto or extensions or renewals thereof as may be reasonably requested by the
Company or the Administrative Agent, in each case certifying that such Bank is entitled to receive payments under this Agreement and the Notes without deduction or withholding of any United States federal income taxes, unless an event (including
without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Bank from duly completing and
delivering any such form with respect to it and such Bank advises the Company and the Administrative Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax. 
  
 (e) For any period with respect to which a Bank has failed to provide the
Company or the Administrative Agent with the appropriate form as required by Section 8.05(d) (whether or not such Bank is lawfully able to do so, unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date on
which such form originally was required to be provided), such Bank shall not be entitled to indemnification under Section 8.05(b) or (c) with respect to any withholding of the United States federal income tax; provided that if a Bank, which
is otherwise exempt from or subject to a reduced rate of withholding tax, becomes subject to Taxes because of its failure to deliver a form required hereunder, the Company shall take such steps as such Bank shall reasonably request to assist such
Bank to recover such Taxes. 
  
 (f) If the Company is required to
pay additional amounts to or for the account of any Bank pursuant to this Section as a result of a change of law occurring after the date hereof, then such Bank, at the request of the Company, will change the jurisdiction of its Applicable Lending
Office if, in the sole judgment of such Bank, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) is not otherwise disadvantageous to such Bank. 
  
 (g) Each Bank and the Administrative Agent shall, at the request of the
Company, use reasonable efforts (consistent with applicable legal and regulatory restrictions) to file any certificate or document requested by the Company if the making of such a filing would avoid the need for or reduce the amount of any such
additional amounts payable to or for the account of such Bank or the Administrative Agent (as the case may be) pursuant to this Section which may thereafter accrue and would not, in the sole judgment of such Bank or the Administrative Agent, require
such Bank or the Administrative Agent to disclose any confidential or proprietary information or be otherwise disadvantageous to such Bank or the Administrative Agent. 
  

	
	Credit Agreement

 (h) Notwithstanding the foregoing, nothing in this Section shall interfere with the rights of any Bank to
conduct its fiscal or tax affairs in such manner as it deems fit. 
  
 SECTION 8.06. Regulation D Compensation. For so long as any Bank maintains reserves against “Eurocurrency liabilities” (or any other category of liabilities which includes deposits by reference to which the interest rate on
Euro-Dollar Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of such Bank to United States residents), and as a result the cost to such Bank (or its Euro-Dollar Lending
Office) of making or maintaining its Euro-Dollar Loans is increased, then such Bank may require the Company to pay, contemporaneously with each payment of interest on the Euro-Dollar Loans, additional interest on the related Euro-Dollar Loan of such
Bank at a rate per annum up to but not exceeding the excess of (i) (A) the applicable LIBO Rate divided by (B) one minus the Euro-Dollar Reserve Percentage over (ii) the applicable LIBO Rate. Any Bank wishing to require payment of such
additional interest (x) shall so notify the Company and the Administrative Agent, in which case such additional interest on the Euro-Dollar Loans of such Bank shall be payable to such Bank at the place indicated in such notice with respect to each
Interest Period commencing at least three Euro-Dollar Business Days after the giving of such notice and (y) shall furnish to the Company at least five Euro-Dollar Business Days prior to each date on which interest is payable on the Euro-Dollar Loans
an officer’s certificate setting forth the amount to which such Bank is then entitled under this Section (which shall be consistent with such Bank’s good faith estimate of the level at which the related reserves are maintained by it). Each
such certificate shall be accompanied by such information as the Company may reasonably request as to the computation set forth therein. 
  
 ARTICLE IX 
  
 MISCELLANEOUS 
  
 SECTION 9.01. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including bank wire, telex, facsimile transmission or similar writing, or by electronic communication, if
arrangements for doing so have been approved by such party) and shall be given to such party: (x) in the case of the Company or the Administrative Agent, at its address or telex or telecopier number set forth on its respective signature page hereof,
(y) in the case of any Bank, at its address or telex or telecopier number set forth in its Administrative Questionnaire or (z) in the case of any party, such other address or telex or telecopier number as such party may hereafter specify for the
purpose by notice to the Administrative Agent and the Company. Each such notice, request or other communication shall be effective (i) if given by telex, when such telex is transmitted to the telex number specified in this Section and the
appropriate answerback is received, (ii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid and return receipt requested, (iii) if given by telecopier, when
transmitted to the telecopier number specified in this Section or (iv) if given by any other means, when delivered at the relevant address specified by such party pursuant to this Section; provided that notices to the Administrative Agent
under Article II or Article VIII shall not be effective until received. 
  

	
	Credit Agreement

 SECTION 9.02. No Waivers. No failure or delay by the Administrative Agent or any Bank in
exercising any right, power or privilege hereunder or under any Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
  
 SECTION 9.03. Expenses; Indemnification; Non-Liability of Banks. (a) The Company shall pay (i) all out-of-pocket expenses of the Administrative
Agent, including reasonable fees and disbursements of special counsel for the Administrative Agent, in connection with the preparation of this Agreement, any waiver or consent hereunder or any amendment hereof or any Default or alleged Default
hereunder and (ii) if an Event of Default occurs, all out-of-pocket expenses incurred by the Administrative Agent and each Bank, including fees and disbursements of counsel including costs allocated to in-house counsel, in connection with such Event
of Default and collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom. 
  
 (b) The Company agrees to indemnify the Administrative Agent and each Bank, their Affiliates and the respective directors, officers, agents, advisors and
employees of the foregoing (each an “Indemnitee”) and hold each Indemnitee harmless from and against any and all liabilities, losses, damages, costs and expenses of any kind, including, without limitation, the reasonable fees and
disbursements of counsel and costs of settlement, which may be incurred by such Indemnitee in connection with any investigative, administrative or judicial proceeding (whether or not such Indemnitee shall be designated a party thereto) relating to
or arising out of this Agreement or any actual or proposed use of proceeds of Loans hereunder; provided that no Indemnitee shall have the right to be indemnified hereunder for its own gross negligence or willful misconduct as determined by a
court of competent jurisdiction or for the breach by such Indemnitee of its obligations hereunder. 
  
 SECTION 9.04. Sharing of Set-Offs. Each Bank agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive
payment of a proportion of the aggregate amount of principal and interest due with respect to any Note held by it which is greater than the proportion received by any other Bank in respect of the aggregate amount of principal and interest due with
respect to any Note held by such other Bank, the Bank receiving such proportionately greater payment shall purchase such participations in the Notes held by the other Banks, and such other adjustments shall be made, as may be required so that all
such payments of principal and interest with respect to the Notes held by the Banks shall be shared by the Banks pro rata; provided that nothing in this Section shall impair the right of any Bank to exercise any right of set-off or
counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of the Company other than its indebtedness under the Notes. The Company agrees, to the fullest extent it may effectively do so under applicable
law, that any holder of a participation in a Note, whether or not acquired pursuant to the foregoing arrangements, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a
participation were a direct creditor of the Company in the amount of such participation. 
  

	
	Credit Agreement

 SECTION 9.05. Amendments and Waivers. Any provision of this Agreement or the Notes may be amended
or waived if, but only if, such amendment or waiver is in writing and is signed by the Company and the Required Banks or by the Administrative Agent (with the consent of the Required Banks) (and, if the rights or duties of the Administrative Agent
are affected thereby, by the Administrative Agent); provided that the Administrative Agent may, with the consent of the Company (which shall not be unreasonably withheld), specify by notice to the Banks modifications in the procedures set
forth in Section 2.03; and provided, further, that the consent of each Bank affected thereby shall be required with respect to any amendment, waiver or modification that (i) increases the amount or extends the expiry date of the
Commitment of any Bank or subjects any Bank to any additional obligation, (ii) reduces the principal of or rate of interest on any Loan or any fees hereunder, (iii) postpones the date fixed for any payment of principal of or interest on any Loan or
any fees hereunder, or (iv) alters the manner in which payments or prepayments of principal, interest or other amounts hereunder shall be applied as among the Banks; and provided, further, that the consent of 100% of the Banks shall be
required with respect to any change in the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans, or the number of Banks, which shall be required for the Banks or any of them to take any action under this Section or
any other provision of this Agreement. 
  
 SECTION 9.06.
Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that the Company may not assign or
otherwise transfer any of its rights or obligations under this Agreement, without the prior written consent of the Banks. 
  
 (b) Any Bank may at any time grant to one or more banks or other institutions (each a “Participant”) participating interests in its
Commitment or any or all of its Loans. In the event of any such grant by a Bank of a participating interest to a Participant, whether or not upon notice to the Company and the Administrative Agent, such Bank shall remain solely responsible for the
performance of its obligations hereunder, and the Company and the Administrative Agent shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement pursuant
to which any Bank may grant such a participating interest shall provide that such Bank shall retain the sole right and responsibility to enforce the obligations of the Company hereunder including, without limitation, the right to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such participation agreement may provide that such Bank will not agree to any modification, amendment or waiver of this Agreement described in clause (i),
(ii), (iii), (iv), (x) or (y) of Section 9.05 without the consent of the Participant. The Company agrees that each Participant shall, to the extent provided in its participation agreement, be entitled to the benefits of Article VIII with respect to
its participating interest. An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this
subsection (b). 
  
 (c) Any Bank may at any time assign to one or
more banks or other financial institutions (each an “Assignee”) all, or a proportionate part of all, of its rights and obligations under this Agreement and the Notes, and such Assignee shall assume such rights and obligations,
pursuant to an Assignment and Assumption executed by such Assignee and such transferor 

  

	
	Credit Agreement

 
Bank, with (and subject to) the consent of the Company, which shall not be unreasonably withheld, and the Administrative Agent, which shall not be
unreasonably withheld; provided that (i) if an Assignee is an Affiliate of any Bank or was a Bank immediately prior to such assignment, no such consent of the Company shall be required and (ii) if an Assignee was a Bank immediately prior to
such assignment, no such consent of the Administrative Agent shall be required; provided, further, that if an Event of Default occurs and is continuing under Section 6.01(a), 6.01(g) or 6.01(h) with respect to the Company, no such
consent of the Company shall be required; provided, further, that such assignment may, but need not, include rights of the transferor Bank in respect of outstanding Money Market Loans or Alternative Currency Advances; and
provided, further, that any such assignment (other than an assignment to another Bank or to an Affiliate of any Bank or an assignment of the entire remaining amount of the transferor Bank’s Commitment and outstanding Loans (other
than Money Market Loans and/or Alternative Currency Advances)) shall be in an amount that is at least $5,000,000 unless otherwise agreed by the Company and the Administrative Agent. Upon execution and delivery of such Assignment and Assumption and
payment by such Assignee to such transferor Bank of an amount equal to the purchase price agreed between such transferor Bank and such Assignee, such Assignee shall be a Bank party to this Agreement and shall have all the rights and obligations of a
Bank with a Commitment as set forth in such instrument of assumption, and the transferor Bank shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. In connection
with any such assignment, the transferor Bank or Assignee shall pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $3,500. If the Assignee is not incorporated under the laws of the United States of
America or a state thereof, it shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to the Company and the Administrative Agent certification as to exemption from deduction or withholding of any
United States federal income taxes in accordance with Section 8.05(d). 
  
 (d) Any Bank may at any time assign all or any portion of its rights under this Agreement and its Notes to any Person to secure obligations of such Bank, including, without limitation, to one or more of the Federal Reserve Banks which
comprise the Federal Reserve System. No such assignment shall release the transferor Bank from its obligations hereunder. 
  
 (e) No Assignee, Participant or other transferee of any Bank’s rights shall be entitled to receive any greater payment under Sections 8.03, 8.05 or
8.06 than such Bank would have been entitled to receive with respect to the rights transferred, unless such transfer is made (i) with the Company’s prior written consent or by reason of the provisions of Sections 8.02, 8.03 or 8.05 requiring
such Bank to designate a different Applicable Lending Office under certain circumstances or (ii) at a time when the circumstances giving rise to such greater payment did not exist. 
  
 (f) The Administrative Agent and the Company may, for all purposes of this Agreement, treat any Bank as the holder of any
Note drawn to its order (and owner of the Loans evidenced thereby) until written notice of assignment, participation or other transfer shall have been received by them. 
  

	
	Credit Agreement

 SECTION 9.07. Collateral. Each of the Banks represents to the Administrative Agent and each
of the other Banks that it in good faith is not relying upon any “margin stock” (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement. 
  
 SECTION 9.08. New York Law. This Agreement and each Note shall
be governed by and construed in accordance with the laws of the State of New York. 
  
 SECTION 9.09. Judicial Proceedings. (a) Submission to Jurisdiction. The Company hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York
and of any New York State court sitting in New York City for purposes of all legal proceedings arising out of or relating to this Agreement, the Notes or the transactions contemplated hereby. The Company irrevocably waives, to the fullest extent
permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

  
 (b) No Limitation on Service or Suit. Nothing in this
Section shall affect the right of the Administrative Agent or any Bank to serve process in any other manner permitted by law or limit the right of the Administrative Agent or any Bank to bring proceedings against the Company in the courts of any
jurisdiction or jurisdictions. 
  
 SECTION 9.10. Counterparts;
Integration. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire
agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 
  
 SECTION 9.11. Confidentiality. The Administrative Agent and each Bank agree that they will maintain the
confidentiality of, and will not use for any purpose (other than exercising its rights and enforcing its remedies hereunder and under its Notes), any written or oral information provided under this Agreement by or on behalf of the Company
(hereinafter collectively called “Confidential Information”), subject to the Administrative Agent’s and each Bank’s (a) obligation to disclose any such Confidential Information pursuant to a request or order under
applicable laws and regulations or pursuant to a subpoena or other legal process, (b) right to disclose any such Confidential Information to its bank examiners, auditors, counsel and other professional advisors and to other Banks and to its
subsidiaries and Affiliates and the subsidiaries and Affiliates of its holding company, provided that the Administrative Agent or such Bank, as the case may be, shall cause each such subsidiary or Affiliate to maintain the Confidential
Information on the same terms as the terms provided herein, (c) right to disclose any such Confidential Information in connection with any litigation or dispute involving the Banks and the Company or any of its Subsidiaries and Affiliates and (d)
right to provide such information to participants, prospective participants or prospective assignees pursuant to Section 9.06 if prior thereto such participant, prospective participant or prospective assignee agrees in writing to maintain the
confidentiality of such information on terms substantially similar to those of this Section as if it were a “Bank” party hereto. Notwithstanding the foregoing, any such information 

  

	
	Credit Agreement

 
supplied to a Bank, participant, prospective participant or prospective assignee under this Agreement shall cease to be Confidential Information if it is or
becomes known to such Person by other than unauthorized disclosure, or if it is, at the time of disclosure, or becomes a matter of public knowledge. Notwithstanding anything herein to the contrary, any party subject to confidentiality obligations
hereunder or under any other related document (and any employee, representative or other agent of such party) may disclose to any and all Persons, without limitation of any kind, such party’s U.S. federal income tax treatment and the U.S.
federal income tax structure of the transactions contemplated herein relating to such party and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. However,
no such party shall disclose any information relating to such tax treatment or tax structure to the extent nondisclosure is reasonably necessary in order to comply with applicable securities laws. 
  
 SECTION 9.12. WAIVER OF JURY TRIAL. EACH OF THE COMPANY, THE
ADMINISTRATIVE AGENT AND THE BANKS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 SECTION 9.13. Judgment Currency. If for the purposes of enforcing the
obligations of the Company hereunder it is necessary to convert a sum due from such Person in the currency in which the relevant payment is due (the “Required Currency”) into another currency (the “Other Currency”),
the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent and the Banks could purchase the Required
Currency with the Other Currency at or about 11:00 a.m. (New York City time) on the Domestic Business Day preceding that on which final judgment is given. The obligations in respect of any sum due to the Administrative Agent and the Banks hereunder
shall, notwithstanding any adjudication expressed in the Other Currency, be discharged only to the extent that on the Domestic Business Day following receipt by the Administrative Agent and the Banks of any sum adjudged to be so due in the Other
Currency the Administrative Agent and the Banks may in accordance with normal banking procedures purchase the Required Currency with the Other Currency; if the amount of the Required Currency so purchased is less than the sum originally due to the
Administrative Agent and the Banks in the Required Currency, the Company agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such adjudication, to indemnify the Administrative Agent and the
Banks against such loss, and if the amount of the Required Currency so purchased exceeds the sum originally due to the Administrative Agent and the Banks, they shall remit such excess to the Company. 
  

	
	Credit Agreement

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	 LINCOLN NATIONAL CORPORATION

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 Centre Square, West Tower
 1500 Market
Street, Suite 3900
 Philadelphia, PA 19102-2112
 Attention:
Treasurer’s Office

	Tel:	 	(215) 448-1435
	Fax:	 	(215) 448-3954

  

	
	Credit Agreement

			
	BANKS
	
	 JPMORGAN CHASE BANK,

	 Individually and as Administrative Agent

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 Address for Notices (for the Administrative Agent):

	
	 JPMorgan Chase Bank
 1111 Fannin
Street
 10th
Floor
 Houston, Texas 77002-8069
 Attention: Loan and Agency
Department
                  Carla Kinney

	 Tel: (713) 750-3560

	 Fax: (713) 750-2223

	
	 with a copy to:

	
	 JPMorgan Chase Bank
 270 Park
Avenue
 4th
Floor
 New York, NY 10017
 Attention: Heather
Lindstrom

	 Tel: (212) 270-9839

	 Fax: (212) 270-1511

  

	
	Credit Agreement

			
	 THE BANK OF NEW YORK

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 CITICORP USA, INC.

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 MELLON BANK, N.A.

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 KEY BANK NATIONAL ASSOCIATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 ABN AMRO BANK N.V.

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 BANK ONE, NA

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 FLEET NATIONAL BANK

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 HSBC BANK USA

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 THE BANK OF TOKYO-MITSUBISHI, LTD.

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 THE NORTHERN TRUST COMPANY

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 US BANK NATIONAL ASSOCIATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 BANK OF AMERICA, N.A.

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 FIFTH THIRD BANK

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 NORDDEUTSCHE LANDESBANK GIROZENTRALE

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 PNC BANK, NATIONAL ASSOCIATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 SOCIETE GENERALE

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 THE BANK OF NOVA SCOTIA

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

			
	 NATIONAL CITY BANK

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	
	Credit Agreement

 SCHEDULE I 
  
 Commitments 
  
 (As of December 11, 2003) 
  

				
	 Bank

	  	Commitment ($)

	 JPMorgan Chase Bank
	  	 	16,000,000
	 The Bank of New York
	  	 	13,333,333
	 Citicorp USA, Inc.
	  	 	13,333,333
	 Mellon Bank, N.A.
	  	 	13,333,333
	 Wachovia Bank, National Association
	  	 	13,333,333
	 Key Bank National Association
	  	 	13,333,333
	 ABN AMRO Bank N.V.
	  	 	10,000,000
	 Bank One, NA
	  	 	10,000,000
	 Fleet National Bank
	  	 	10,000,000
	 HSBC Bank USA
	  	 	10,000,000
	 The Bank of Tokyo-Mitsubishi, Ltd.
	  	 	10,000,000
	 The Northern Trust Company
	  	 	10,000,000
	 Wells Fargo Bank, National Association
	  	 	10,000,000
	 US Bank National Association
	  	 	10,000,000
	 Bank of America, N.A.
	  	 	5,333,333
	 Fifth Third Bank
	  	 	5,333,333
	 Norddeutsche Landesbank Girozentrale
	  	 	5,333,333
	 PNC Bank, National Association
	  	 	5,333,333
	 Societe Generale
	  	 	5,333,333
	 The Bank of Nova Scotia
	  	 	5,333,333
	 National City Bank
	  	 	5,333,333
	 Total Commitments
	  	$	200,000,000

  

 Schedule I (Commitments) 

 Schedule II 
  
 List of Restricted Subsidiaries 
  
 Lincoln National Life Insurance Company 
  

 Schedule II (Restricted Subsidiaries) 

 EXHIBIT A 
  
 NOTE 
  
 New York, New York 
  
                         , 20     
  
 For value received, Lincoln National Corporation, an Indiana corporation (the
“Company”), promises to pay to the order of                              (the
“Bank”), for the account of its Applicable Lending Office, the unpaid principal amount of each Loan made by the Bank to the Company pursuant to the Credit Agreement referred to below on the date provided for in the Credit Agreement.
The Company promises to pay interest on the unpaid principal amount of each such Loan on the dates and at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be made in lawful money of the United
States in Federal or other immediately available funds at the office of JPMorgan Chase Bank, 270 Park Avenue, New York, New York. 
  
 All Loans made by the Bank, the respective dates, amounts, types and maturities thereof and all repayments of the principal thereof shall be recorded on
its books by the Bank and, prior to any transfer hereof, appropriate notations to evidence the foregoing information with respect to each such Loan then outstanding shall be endorsed by the Bank on the schedule attached hereto, or on a continuation
of such schedule attached to and made a part hereof; provided that the failure of the Bank to make any such recordation or endorsement shall not affect the obligations of the Company hereunder or under the Credit Agreement. 
  
 This note is one of the Notes referred to in the Credit Agreement dated as of
December 11, 2003 among the Company, the Banks party thereto and JPMorgan Chase Bank, as Administrative Agent (as the same may be amended from time to time, the “Credit Agreement”). Terms defined in the Credit Agreement are used
herein with the same meanings. Reference is made to the Credit Agreement for provisions for the prepayment hereof and the acceleration of the maturity hereof. 
  

This Note shall be governed by, and construed in accordance with, the law of the State of New York, United States of America. 
  

			
	 LINCOLN NATIONAL CORPORATION

		
	By	 	 
	 Title:
	 	 

  

 Exhibit A (Note) 

 Note (cont’d) 
  
 LOANS AND PAYMENTS OF PRINCIPAL 
  

											
	 Date

	  	 Amount
 of Loan

	  	 Type
 of Loan

	  	 Amount of
 Principal
 Repaid

	  	 Maturity
 Date

	  	 Notation
 Made By

						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	 	  	 	  	 	  	 	  	 

  

 Exhibit A (Note) 

 EXHIBIT B 
  
 Form of Money Market Quote Request 
  
 [Date] 
  

			
	 To:
	  	JPMorgan Chase Bank (the “Administrative Agent”)
		
	 From:
	  	Lincoln National Corporation
		
	 Re:
	  	Credit Agreement (the “Credit
	 	  	Agreement”) dated as of December 11, 2003
	 	  	among Lincoln National Corporation, the Banks party
	 	  	thereto and the Administrative Agent

  
 We hereby give notice
pursuant to Section 2.03 of the Credit Agreement that we request Money Market Quotes for the following proposed Money Market Borrowing(s): 
  
 Date of Borrowing:
                                        

  

					
	 Principal Amount2

	 	 Interest Period3

	 	 
	 $
	 	 	 	 

	2	Amount must be $5,000,000 or a larger multiple of $1,000,000. 

  

	3	One, two, three, four, five or six months (Money Market LIBOR Loan) or at least 7 and up to 360 days (Money Market Rate Loan), subject to the definitions of Interest
Period. 

  
 Such Money Market Quotes should offer a
Money Market [Margin] [Rate]. [The applicable base rate is the LIBO Rate.] 
  
 Terms used herein have the meanings assigned to them in the Credit Agreement. 
  

			
	 LINCOLN NATIONAL CORPORATION

		
	By	 	 
		
	 Title:
	 	 

  

 Exhibit B (Money Market Quote Request) 

 EXHIBIT C 
  
 Form of Invitation for Money Market Quotes 
  
 [Date] 
  

			
	 To:
	  	[Name of Bank]
		
	 Re:
	  	Invitation for Money Market Quotes to Lincoln National Corporation (the “Company”)

  
 Pursuant to Section
2.03 of the Credit Agreement (the “Credit Agreement”) dated as of December 11, 2003 among the Company, the Banks party thereto and the undersigned, as Administrative Agent, we are pleased on behalf of the Company to invite
you to submit Money Market Quotes to the Company for the following proposed Money Market Borrowing(s): 
  
 Date of Borrowing:
                                        
     
  

					
	 Principal Amount

	 	 Interest Period

	 	 
	 $
	 	 	 	 

  
 Such Money Market
Quotes should offer a Money Market [Margin] [Rate]. [The applicable base rate is the LIBO Rate.] Your Money Market Quote must comply with Section 2.03(d) of the Credit Agreement and the foregoing terms in which the Money Market Quote Request was
made. Capitalized terms used herein have the meanings assigned to them in the Credit Agreement. 
  
 Please inform the Company of any then applicable withholding taxes and exemptions therefrom. 
  
 Please respond to this invitation by no later than 9:30 a.m. (New York City time) on [date]. 
  

			
	 JPMORGAN CHASE BANK, as
 Administrative Agent

		
	By	 	 
	 	 	Authorized Officer

  

 Exhibit B (Invitation for Money Market Quotes) 

 EXHIBIT D 
  
 Form of Money Market Quote 
  

			
	 To:
	  	JPMorgan Chase Bank, as Administrative Agent
		
	 Re:
	  	Money Market Quote to Lincoln National Corporation (the “Company”)

  
 In response to your
invitation on behalf of the Company dated                             ,
        , we hereby make the following Money Market Quote on the following terms: 
  

	1.	Quoting Bank:
                                        
                                        
                 

  

	2.	Person to contact at Quoting Bank: 

  
 ____________________________ 
  

	3.	Date of Borrowing:
                                        
                1

  

	4.	We hereby offer to make Money Market Loan(s) in the following principal amount(s), for the following Interest Period(s) and at the following rate(s): 

  

							
	 Principal
 Amount2

	 	 Interest 
 Period3

	 	 [Money Market Margin] 
 [Absolute
Rate]4

	 	 
	 $
	 	 	 	 	 	 

  
 [Provided, that the
aggregate principal amount of Money Market Loans for which the above offers may be accepted shall not exceed
$                    .5] 

	1	As specified in the related Invitation. 

  

	2	Principal amount bid for each Interest Period may not exceed principal amount requested. Specify aggregate limitation if the sum of the individual offers exceeds the
amount the Bank is willing to lend. Bids must be made for $5,000,000 or a larger multiple of $1,000,000. 

  

	3	One, two, three, four, five or six months or at least 7 and up to 360 days, as specified in the related Invitation. No more than five bids are permitted for each
Interest Period. 

  

	4	[Margin over or under the LIBO Rate determined for the applicable Interest Period. Specify percentage (to the nearest 1/10,000 of 1%) and specify whether
“PLUS” or “MINUS”.] 

  
 Specify
rate of interest per annum (to the nearest 1/10,000th of 1%).] 
  

	[5	See footnote 2 supra.] 

  

 Exhibit D (Money Market Quote) 

 We understand and agree that the offer(s) set forth above, subject to the satisfaction of the applicable
conditions set forth in the Credit Agreement dated as of December 11, 2003 among the Company, the Banks party thereto and yourselves, as Administrative Agent, irrevocably obligate(s) us to make the Money Market Loan(s) for which any offer(s) are
accepted, in whole or in part. 
  

									
	 	 	 	 	 Very truly yours,

			
	 	 	 	 	 [NAME OF BANK]

					
	Dated:	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Authorized Officer

  

 Exhibit D (Money Market Quote) 

 EXHIBIT E 
  
 OPINION OF GENERAL 
 COUNSEL OF THE
COMPANY 
  
 December 11, 2003 
  
 To the Banks and the Administrative Agent 
 referred to below 
 c/o JPMorgan Chase Bank, as Administrative
Agent 
 270 Park Avenue 
 New York, NY 10017 
  
 Dear Sirs: 
  
 I refer to the Credit Agreement (the “Credit Agreement”) dated as of December 11, 2003 among Lincoln
National Corporation (the “Company”), the Banks party thereto and JPMorgan Chase Bank, as Administrative Agent. Terms defined in the Credit Agreement are used herein as therein defined. I am General Counsel of the Company and am
admitted to practice law in the State of Indiana. This opinion is being rendered to you at the request of the Company. 
  
 I have examined originals or copies, certified or otherwise identified to my satisfaction, of such documents, corporate records, certificates of public
officials and other instruments, and have conducted such other investigations of fact and law, as I have deemed necessary or advisable for purposes of this opinion. I have also assumed that the Credit Agreement has been duly authorized, executed and
delivered by each of the Banks referred to therein and the Administrative Agent and is enforceable in accordance with its terms against such parties. As to certain matters of fact, I have relied upon information obtained from officers and employees
of the Company and from public officials believed by me to be responsible. 
  
 Upon the basis of the foregoing, I am of the opinion that: 
  

	 	1.	The Company is a corporation duly incorporated and validly existing under the laws of the State of Indiana, and has all corporate powers and all material governmental licenses,
authorizations, consents and approvals required to carry on its business as now conducted. The Company is duly qualified to do business, and is in good standing, in every other jurisdiction where such qualification is required.

  

	 	2.	 The execution, delivery and performance by the Company of the Credit Agreement and the Notes are within the Company’s corporate power, have been duly
authorized by all necessary corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not 

  

 Exhibit E (Opinion of General Counsel of the Company) 

	 	 
contravene, or constitute a default under, any provision of applicable law or regulation or of the articles of incorporation or by-laws of the Company or of
any material agreement, injunction, order, decree or other instrument binding upon the Company or any of its Restricted Subsidiaries or result in the creation or imposition of any Lien on any asset of the Company or any of its Restricted
Subsidiaries. 

  

	 	3.	The Credit Agreement has been duly executed and delivered by the Company. 

  

	 	4.	If the Credit Agreement and the Notes were stated to be governed by and construed in accordance with the law of the State of Indiana or if a court of the State of Indiana were to
apply the law of the State of Indiana to the Credit Agreement and the Notes, the Credit Agreement and the Notes would constitute a valid and binding agreement of the Company, in each case enforceable in accordance with their respective terms.

  

	 	5.	There is no action, suit or proceeding pending against or, to the best of my knowledge after reasonable inquiry, threatened, against the Company or any of its Subsidiaries before
any court or arbitrator or any governmental body, agency or official (a) in which there is a reasonable possibility of an adverse decision in an amount in excess of $100,000,000 which could materially adversely affect the business, financial
position or results of operations of the Company and its Consolidated Subsidiaries, considered as a whole, or (b) which in any manner draws into question the validity or enforceability of the Credit Agreement or the Notes. 

 

	 	6.	Each of the Company’s Restricted Subsidiaries is a corporation validly existing under the laws of its jurisdiction of incorporation, and has all corporate powers and all
material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. 

  
 The foregoing opinions are subject to the following comments and qualifications: 
  
 (A) The opinions set forth in paragraph 4 above are subject to the qualification that the binding effect and enforceability
of the Credit Agreement and the Notes may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws of general applicability affecting the enforcement of creditors’ rights, and (ii) the application of general
principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
  
 (B) The enforceability of Sections 7.06, 7.07 and 9.03 of the Credit Agreement may be limited by laws limiting the enforceability of provisions
exculpating or exempting a party from, or requiring indemnification of a party for, liability for its own action or inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct or unlawful conduct.

  

 Exhibit E (Opinion of General Counsel of the Company) 

 (C) The enforceability of provisions in the Credit Agreement to the effect that terms may not be waived
or modified except in writing may be limited under certain circumstances. 
  
 (D) I express no opinion as to (i) the effect of the laws of any jurisdiction in which any Bank is located (other than the State of Indiana) that limit the interest, fees or other charges such Lender may impose for
the loan or use of money or other credit, (ii) the last sentence of Section 9.04 of the Credit Agreement, (iii) the first sentence of Section 9.09(a) of the Credit Agreement, insofar as such sentence relates to the subject matter jurisdiction of the
United States District Court for the Southern District of New York to adjudicate any controversy related to the Credit Agreement, (iv) the waiver of inconvenient forum set forth in the last sentence of Section 9.09(a) of the Credit Agreement with
respect to proceedings in the United States District Court for the Southern District of New York and (v) Section 9.13 of the Credit Agreement. 
  
 (E) I wish to point out with reference to obligations stated to be payable in an Alternative Currency that a judgment rendered by a United States Federal
court sitting in the State of Indiana in respect of an obligation denominated in an Alternative Currency may be expressed in Dollars, but I express no opinion as to the rate of exchange such Federal court would apply. 
  
 (F) I also wish to point out that provisions of the Credit Agreement and the
Notes which permit the Administrative Agent or the Banks to take actions or make determinations may be subject to a requirement that such actions be taken or such determinations be made on a reasonable basis and in good faith. 
  
 I do not herein express any opinion as to any matters governed by any law
other than the law of the State of Indiana and the United States of America. 
  
 This opinion is rendered only with respect to law in effect as of the date hereof. I assume no responsibility for updating this opinion to take into account any event, action, interpretation or change of law occurring
subsequent to the date hereof which may affect the validity of any of the opinions expressed herein. 
  
 This opinion is furnished by me solely for your benefit for use in connection with the transactions contemplated by the Credit Agreement and it may not be
relied upon by any other Person. 
  

	
	Very truly yours,
	
	 
	Dennis L. Schoff, Esq.
	General Counsel

  

 Exhibit E (Opinion of General Counsel of the Company) 

 EXHIBIT F 
  
 OPINION OF 
 MILBANK, TWEED, HADLEY &
MCCLOY LLP, 
 SPECIAL NEW YORK COUNSEL TO JPMCB 
  
 December 11, 2003 
  
 To the Banks and the Administrative Agent 
 referred to below 
 c/o JPMorgan Chase Bank, as Administrative Agent 
 270 Park Avenue 

New York, NY 10017 
  
 Dear Sirs: 
  
 We have acted as
special New York counsel to JPMorgan Chase Bank in connection with the Credit Agreement (the “Credit Agreement”) dated as of December 11, 2003, among Lincoln National Corporation (the “Company”), the Banks
party thereto and JPMorgan Chase Bank, as Administrative Agent, providing for loans to be made by said Banks to the Company in an aggregate principal amount not exceeding $200,000,000. Terms defined in the Credit Agreement are used herein as defined
therein. This opinion letter is being delivered pursuant to Section 3.02(d) of the Credit Agreement. 
  
 In rendering the opinions expressed below, we have examined an executed counterpart of the Credit Agreement. In our examination, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with authentic original documents of all documents submitted to us as copies. When relevant facts were not independently established, we
have relied upon representations made in or pursuant to the Credit Agreement. 
  
 In rendering the opinions expressed below, we have assumed, with respect to all of the documents referred to in this opinion letter, that: 
  

	 	(i)	such documents have been duly authorized by, have been duly executed and delivered by, and (except to the extent set forth in the opinions expressed below as to the Company)
constitute legal, valid, binding and enforceable obligations of, all of the parties to such documents; 

  

	 	(ii)	all signatories to such documents have been duly authorized; and 

  

 
Exhibit F (Opinion of Milbank, Tweed, Hadley & McCloy LLP) 

	 	(iii)	all of the parties to such documents are duly organized and validly existing and have the power and authority (corporate or other) to execute, deliver and perform such documents.

  
 Based upon and subject to the foregoing and
subject also to the comments and qualifications set forth below, and having considered such questions of law as we have deemed necessary as a basis for the opinions expressed below, we are of the opinion that the Credit Agreement constitutes the
legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or other similar laws
relating to or affecting the rights of creditors generally and except as the enforceability of the Credit Agreement is subject to the application of general principles of equity (regardless of whether considered in a proceeding in equity or at law),
including (a) the possible unavailability of specific performance, injunctive relief or any other equitable remedy and (b) concepts of materiality, reasonableness, good faith and fair dealing. 
  
 The foregoing opinions are subject to the following comments and
qualifications: 
  
 (A) The enforceability of
Sections 7.06, 7.07 and 9.03 of the Credit Agreement may be limited by laws limiting the enforceability of provisions exculpating or exempting a party from, or requiring indemnification of a party for, liability for its own action or inaction, to
the extent the action or inaction involves gross negligence, recklessness, willful misconduct or unlawful conduct. 
  
 (B) The enforceability of provisions in the Credit Agreement to the effect that terms may not be waived or modified except in writing may
be limited under certain circumstances. 
  
 (C)
We express no opinion as to (i) the effect of the laws of any jurisdiction in which any Bank is located (other than the State of New York) that limit the interest, fees or other charges such Bank may impose for the loan or use of money or other
credit, (ii) the last sentence of Section 9.04 of the Credit Agreement, (iii) the first sentence of Section 9.09(a) of the Credit Agreement, insofar as such sentence relates to the subject matter jurisdiction of the United States District Court for
the Southern District of New York to adjudicate any controversy related to the Credit Agreement, (iv) the waiver of inconvenient forum set forth in the last sentence of Section 9.09(a) of the Credit Agreement with respect to proceedings in the
United States District Court for the Southern District of New York and (v) Section 9.13 of the Credit Agreement. 
  
 (D) We wish to point out with reference to obligations stated to be payable in an Alternative Currency that (i) a New York statute
provides that a judgment rendered by a court of the State of New York in respect of an obligation denominated in any Alternative Currency would be rendered in such Alternative Currency and would be converted into Dollars at the rate of exchange
prevailing on the date of entry of such judgment and (ii) a judgment rendered by a United States Federal court sitting in the State of New York in respect of an obligation denominated in an Alternative Currency may be expressed in 

  

 Exhibit F (Opinion of Milbank, Tweed, Hadley & McCloy LLP) 

 
Dollars, but we express no opinion as to the rate of exchange such Federal court would apply. 
  
 The foregoing opinions are limited to matters involving the Federal laws of the United States and the law of the State of
New York, and we do not express any opinion as to the laws of any other jurisdiction. 
  
 At the request of our client, this opinion letter is, pursuant to Section 3.02(d) of the Credit Agreement, provided to you by us in our capacity as special New York counsel to JPMorgan Chase Bank and may not be relied
upon by any Person other than you or for any purpose other than in connection with the transactions contemplated by the Credit Agreement without, in each instance, our prior written consent. 
  
 Very truly yours, 
  

 
Exhibit F (Opinion of Milbank, Tweed, Hadley & McCloy LLP) 

 EXHIBIT G 
  
 Form of Assignment and Assumption 
  
 ASSIGNMENT AND ASSUMPTION 
  
 This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by
and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
  
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes
from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and
obligations in its capacity as a Bank under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Bank) against any
Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold
and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor. 
  

			
	 1.      Assignor:
	  	______________________________
		
	 2.      Assignee:
	  	______________________________
		
	 	  	and is an Affiliate of [identify Bank]
		
	 3.      Borrower:
	  	Lincoln National Corporation
		
	 4.      Administrative Agent:
	  	JPMorgan Chase Bank, as the administrative agent under the Credit Agreement

  

 Exhibit G (Assignment and Assumption) 

			
	 5.      Credit Agreement:
	  	The $200,000,000 Credit Agreement dated as of December 11, 2003 between Lincoln National Corporation, the Banks party thereto and JPMorgan Chase Bank, as Administrative Agent
		
	 6.      Assigned Interest:
	  	 

  

							
	 Facility Assigned1

	  	 Aggregate Amount of
 Commitment/Loans
 for all Banks

	  	 Amount of
 Commitment/Loans
 Assigned

	  	 Percentage Assigned
 of
 Commitment/Loans2

	 	  	$	  	$	  	%
	 	  	$	  	$	  	%
	 	  	$	  	$	  	%

  
 Effective Date:
                    ,      200   [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

	1	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “Revolving
Commitment,” “Term Loan Commitment,” etc.). 

  

	2	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Banks thereunder. 

  

 Exhibit G (Assignment and Assumption) 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	 ASSIGNOR

	
	 [NAME OF ASSIGNOR]

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 ASSIGNEE

	
	 [NAME OF ASSIGNEE]

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Exhibit G (Assignment and Assumption) 

			
	 [Consented to and]3 Accepted:

	
	 JPMORGAN CHASE BANK, as
 Administrative Agent

		
	 By
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 [Consented to:]4

	
	 LINCOLN NATIONAL CORPORATION

		
	 By
	 	 
	 Name:
	 	 
	 Title:
	 	 

	3	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

  

	4	To be added only if the consent of the Company is required by the terms of the Credit Agreement. 

  

 Exhibit G (Assignment and Assumption) 

 ANNEX 1 
  
 STANDARD TERMS AND CONDITIONS FOR 
  
 ASSIGNMENT AND ASSUMPTION 
  
 1. Representations and Warranties. 
  
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions
contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Credit Agreement or any collateral thereunder, (iii) the financial condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement or (iv) the performance
or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit Agreement. 
  
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Bank under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be
satisfied by it in order to acquire the Assigned Interest and become a Bank, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Bank thereunder and, to the extent of the Assigned Interest, shall
have the obligations of a Bank thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and
without reliance on the Administrative Agent or any other Bank, and (v) if it is a Bank that is not incorporated under the laws of the United States of America or any state thereof, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other
Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms
all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Bank. 
  
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the 

  

 Annex I 

 
Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 
  
 3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York. 
  

 Annex ICredit Agreement

 EXHIBIT 10(s) – Credit Agreement dated as of December 11, 2003 among 
 Lincoln National Corporation, as Borrower, the Banks Party Hereto and JPMorgan Chase Bank, 
 as Administrative Agent 
  
 EXECUTION COPY 

  
 THIRD AMENDED AND RESTATED 
  
 LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT 
  
 dated as of 
  
 December 11, 2003

  
 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, 
 as Administrative Agent 
  

  

$550,000,000 
  

 
 J.P. MORGAN SECURITIES INC., 
 as Sole Advisor, Sole Lead Arranger and Sole Bookrunner 
  
 THE BANK OF NEW YORK, CITICORP USA, INC., 
 WACHOVIA BANK, NATIONAL ASSOCIATION and MELLON BANK, N.A., 
 as Syndication Agents 
  

  

 TABLE OF CONTENTS1 
  

					
	 	  	 	  	Page

	 ARTICLE I DEFINITIONS
	  	 
	 SECTION 1.01.
	  	 Definitions
	  	 
	 SECTION 1.02.
	  	 Accounting Terms and Determinations
	  	 
		
	 ARTICLE II THE CREDITS
	  	 
	 SECTION 2.01.
	  	 The Commitments
	  	 
	 SECTION 2.02.
	  	 Issuance and Administration of Committed Letters of Credit
	  	 
	 SECTION 2.03.
	  	 Reimbursement for LC Disbursements, Cover, Etc.
	  	 
	 SECTION 2.04.
	  	 Termination, Reduction and Increase of the Commitments
	  	 
	 SECTION 2.05.
	  	 Fees
	  	 
	 SECTION 2.06.
	  	 Payments Generally; Pro Rata Treatment
	  	 
	 SECTION 2.07.
	  	 Alternative Currency Letters of Credit
	  	 
		
	 ARTICLE III CONDITIONS
	  	 
	 SECTION 3.01.
	  	 Each Credit Event
	  	 
	 SECTION 3.02.
	  	 Effectiveness
	  	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 
	 SECTION 4.01.
	  	 Corporate Existence and Power
	  	 
	 SECTION 4.02.
	  	 Corporate and Governmental Authorization; Contravention
	  	 
	 SECTION 4.03.
	  	 Binding Effect
	  	 
	 SECTION 4.04.
	  	 Financial Information
	  	 
	 SECTION 4.05.
	  	 Litigation
	  	 
	 SECTION 4.06.
	  	 Compliance with ERISA
	  	 
	 SECTION 4.07.
	  	 Taxes
	  	 
	 SECTION 4.08.
	  	 Subsidiaries
	  	 
	 SECTION 4.09.
	  	 Not an Investment Company
	  	 
	 SECTION 4.10.
	  	 Obligations to be Pari Passu
	  	 
	 SECTION 4.11.
	  	 No Default
	  	 
	 SECTION 4.12.
	  	 Restricted Subsidiaries
	  	 
	 SECTION 4.13.
	  	 Environmental Matters
	  	 
	 SECTION 4.14.
	  	 Full Disclosure
	  	 
	 SECTION 4.15.
	  	 Separate Representations of Subsidiary Account Parties
	  	 
		
	 ARTICLE V COVENANTS
	  	 
	 SECTION 5.01.
	  	 Information
	  	 
	 SECTION 5.02.
	  	 Payment of Obligations
	  	 
	 SECTION 5.03.
	  	 Conduct of Business and Maintenance of Existence
	  	 

	1	The Table of Contents is not a part of this Agreement. 

  

 - i - 

					
	 SECTION 5.04.
	  	 Maintenance of Property; Insurance
	  	 
	 SECTION 5.05.
	  	 Compliance with Laws
	  	 
	 SECTION 5.06.
	  	 Inspection of Property, Books and Records
	  	 
	 SECTION 5.07.
	  	 Minimum Adjusted Consolidated Net Worth
	  	 
	 SECTION 5.08.
	  	 Adjusted Debt to Total Capitalization Ratio
	  	 
	 SECTION 5.09.
	  	 Negative Pledge
	  	 
	 SECTION 5.10.
	  	 Consolidations, Mergers and Sales of Assets
	  	 
	 SECTION 5.11.
	  	 Use of Credit
	  	 
	 SECTION 5.12.
	  	 Obligations to be Pari Passu
	  	 
		
	 ARTICLE VI DEFAULTS
	  	 
	 SECTION 6.01.
	  	 Events of Default
	  	 
	 SECTION 6.02.
	  	 Notice of Default
	  	 
	 SECTION 6.03.
	  	 Alternative Currency Letters of Credit
	  	 
		
	 ARTICLE VII THE ADMINISTRATIVE AGENT
	  	 
	 SECTION 7.01.
	  	 Appointment and Authorization
	  	 
	 SECTION 7.02.
	  	 Agent’s Fee
	  	 
	 SECTION 7.03.
	  	 Agent and Affiliates
	  	 
	 SECTION 7.04.
	  	 Action by Agent
	  	 
	 SECTION 7.05.
	  	 Consultation with Experts
	  	 
	 SECTION 7.06.
	  	 Liability of Agent
	  	 
	 SECTION 7.07.
	  	 Indemnification
	  	 
	 SECTION 7.08.
	  	 Credit Decision
	  	 
	 SECTION 7.09.
	  	 Successor Agent
	  	 
	 SECTION 7.10.
	  	 Delegation to Affiliates
	  	 
	 SECTION 7.11.
	  	 Lead Arranger and Other Agents
	  	 
		
	 ARTICLE VIII CHANGE IN CIRCUMSTANCES
	  	 
	 SECTION 8.01.
	  	 Increased Cost and Reduced Return
	  	 
	 SECTION 8.02.
	  	 Taxes
	  	 
		
	 ARTICLE IX GUARANTY
	  	 
	 SECTION 9.01.
	  	 The Guaranty
	  	 
	 SECTION 9.02.
	  	 Guaranty Unconditional
	  	 
	 SECTION 9.03.
	  	 Discharge Only Upon Payment In Full; Reinstatement In Certain Circumstances
	  	 
	 SECTION 9.04.
	  	 Waiver by the Company
	  	 
	 SECTION 9.05.
	  	 Subrogation
	  	 
		
	 ARTICLE X MISCELLANEOUS
	  	 
	 SECTION 10.01.
	  	 Notices
	  	 
	 SECTION 10.02.
	  	 No Waivers
	  	 
	 SECTION 10.03.
	  	 Expenses; Indemnification; Non-Liability of Banks
	  	 
	 SECTION 10.04.
	  	 Sharing of Set-Offs
	  	 
	 SECTION 10.05.
	  	 Amendments and Waivers
	  	 

  

 - ii - 

					
	 SECTION 10.06.
	  	 Successors and Assigns
	  	 
	 SECTION 10.07.
	  	 Collateral
	  	 
	 SECTION 10.08.
	  	 New York Law
	  	 
	 SECTION 10.09.
	  	 Judicial Proceedings
	  	 
	 SECTION 10.10.
	  	 Counterparts; Integration
	  	 
	 SECTION 10.11.
	  	 Confidentiality
	  	 
	 SECTION 10.12.
	  	 WAIVER OF JURY TRIAL
	  	 
	 SECTION 10.13.
	  	 Joinder and Termination of Subsidiary Account Party
	  	 
	 SECTION 10.14.
	  	 Judgment Currency
	  	 

  

			
	 Schedule I
	  	 Commitments

	 Schedule II
	  	 List of Restricted Subsidiaries

		
	 EXHIBIT A
	  	 Form of Assignment and Assumption

	 EXHIBIT B
	  	 Form of Confirming Bank Agreement

	 EXHIBIT C
	  	 Form of Subsidiary Joinder Agreement

	 EXHIBIT D
	  	 Opinion of Dennis L. Schoff, Esq., General Counsel of the Company

	 EXHIBIT E
	  	 Opinion of Milbank, Tweed, Hadley & McCloy LLP, Special New York Counsel to JPMCB

	 EXHIBIT F
	  	 Form of Acceptance by CT Corporation System

	 EXHIBIT G
	  	 Subsidiary Termination Notice

  

 - iii - 

 THIRD AMENDED AND RESTATED LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT dated as of December 11, 2003
among: LINCOLN NATIONAL CORPORATION, the SUBSIDIARY ACCOUNT PARTIES party hereto, the BANKS party hereto and JPMORGAN CHASE BANK, as Administrative Agent. 
  
 The Account Parties (as hereinafter defined), certain banks party thereto and JPMorgan Chase Bank, as the administrative agent thereunder are parties to
the Second Amended and Restated Letter of Credit and Reimbursement Agreement dated as of December 12, 2002 (as amended and in effect immediately prior to the effectiveness of this Agreement, the “Existing LC Agreement”); 

 
 The Account Parties and certain of the banks party to the Existing LC
Agreement desire to amend the Existing LC Agreement in certain respects, including the extension of the availability of the commitments thereunder, and to restate in its entirety the Existing LC Agreement, as so amended, and, accordingly, the
Account Parties and such banks hereby agree to amend the Existing LC Agreement and the parties hereto hereby agree to restate the Existing LC Agreement, as so amended, in its entirety, effective as of the Effective Date (as defined below), and
otherwise agree, as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Definitions. The following terms, as used herein, have the following meanings: 
  
 “Account Party” means any of the Company and the Subsidiary
Account Parties, as the context may require, and “Account Parties” means all of the foregoing. 
  
 “Adjusted Consolidated Net Worth” means, at any date, the sum of (a) the consolidated shareholders’ equity of the Company and its
Consolidated Subsidiaries, plus (b) any unrealized losses (or less any unrealized gains) (in each case to the extent reflected in the determination of such consolidated shareholders’ equity) related, directly or indirectly, to securities
available-for-sale, as determined in accordance with Statement of Financial Accounting Standards No. 115 (or any successor statements or amendments thereto) (in each case as affected by any subsequent relevant pronouncements of the FASB or, if, and
to the extent applicable, the Securities and Exchange Commission), plus (c) the Hybrid Security Amount; provided that in calculating Adjusted Consolidated Net Worth on any date the impact thereon of FIN 46 and DIG B36 shall be
excluded. 
  
 “Adjusted Total Indebtedness”
means, at any date, the sum of (i) short-term debt and long-term debt in the amount that would be reflected on a balance sheet of the Company prepared as of such date on a consolidated basis in accordance with GAAP plus (ii) the Hybrid

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
Security Amount on such date; provided that in calculating Adjusted Total Indebtedness on any date the impact thereon of FIN 46 and DIG B36 shall be
excluded. 
  
 “Administrative Agent” means JPMCB,
in its capacity as agent for the Banks hereunder, and its successors in such capacity. 
  
 “Administrative Questionnaire” means, with respect to each Bank, an administrative questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative Agent (with a copy
to the Company) duly completed by such Bank. 
  
 “Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person owns
10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock, by contract or otherwise. 
  
 “Agreement” means this Third Amended and Restated Letter of Credit and Reimbursement Agreement, as it may be amended or modified and in effect from time to time. 
  
 “Alternative Currency” means any currency other than Dollars (a) that is freely transferable and
convertible into Dollars in the London foreign exchange market and (b) for which no central bank or other governmental authorization in the country of issue of such currency is required to permit use of such currency by any Bank for issuing,
renewing, extending or amending letter of credits or funding or making drawings thereunder and/or to permit any Account Party to pay the reimbursement obligations and interest thereon, unless such authorization has been obtained and is in full force
and effect. 
  
 “Alternative Currency LC
Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Alternative Currency Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements under Alternative Currency Letters
of Credit that have not been reimbursed by or on behalf of the Account Parties at such time. The Alternative Currency LC Exposure of any Bank shall at any time be such Bank’s share of the total Alternative Currency LC Exposure at such time.

  
 “Alternative Currency Letter of Credit” means
a letter of credit issued by a Bank in an Alternative Currency pursuant to Section 2.07. 
  
 “Alternative Currency Letter of Credit Report” has the meaning set forth in Section 2.07(b). 
  
 “Applicable Credit Office” means, as to each Bank, the office at which such Bank shall issue Committed Letters of Credit hereunder as
designated in its Administrative Questionnaire or such other office as such Bank may hereafter designate as its Applicable Credit Office by notice to the Company and the Administrative Agent. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 “Applicable Percentage” means, with respect to any Bank, the percentage of the total
Commitments represented by such Bank’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 

 
 “Applicable Rate” means, for any day, with respect to the
commitment fees or letter of credit fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Commitment 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)

	  	 Commitment
 Fee

	 	 	 Letter of
 Credit Fee

	 
	Category 1	  	3 A / A2	  	0.08	%	 	0.45	%
	Category 2	  	   A - / A3	  	0.10	%	 	0.55	%
	Category 3	  	   BBB+ / Baa1	  	0.125	%	 	0.70	%
	Category 4	  	£ BBB / Baa2	  	0.175	%	 	0.95	%

  
 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 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 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
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. 
  
 “Assignee” has the
meaning set forth in Section 10.06(c). 
  
 “Assignment and
Assumption” means an assignment and assumption entered into by a Bank and an assignee (with the consent of any party whose consent is required by Section 10.06), and accepted by the Administrative Agent, in the form of Exhibit A or any
other form approved by the Administrative Agent. 
  
 “Bank” means each Person listed under the caption “BANKS” on the signature pages hereof, and each other Person that shall become a party hereto as a Supplemental Bank pursuant to Section 2.04(e) or as an assignee
Bank pursuant to Section 2.01(g) or 10.06 (other than any such Person that ceases to be a Bank by means of assignment pursuant to Section 10.06), together with its successors. 
  
 “Base Rate” means, for any day, a rate per annum equal to the higher of (i) the Prime Rate for such day and
(ii) the sum of 1/2 of 1% plus the Federal Funds Rate for such day. 
  
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise
contributed to by any member of the ERISA Group. 
  
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized by law to close. 
  
 “Code” means the Internal Revenue Code of 1986, as amended, or any successor statute. 
  
 “Collateral Account” has the meaning set forth in Section
2.03(e). 
  
 “Commitment” means, with respect to
each Bank, the amount set forth opposite the name of such Bank on Schedule I hereto (or in the Assignment and Assumption, or in any agreement entered into by such Bank pursuant to Section 2.04(e), in each case pursuant to which such Bank shall have
assumed its Commitment, as applicable), as such amount may from time to time be reduced pursuant to Section 2.04 or Section 10.06 or increased pursuant to Section 2.04(e) or 10.06. The initial aggregate amount of the Banks’ Commitment is
$550,000,000. 
  
 “Commitment Availability
Period” means the period from and including the Effective Date to but excluding earlier of the Commitment Termination Date and the date of termination of the Commitments. 
  
 “Commitment Termination Date” means February 15, 2007 or, if such day is not a Business Day, the next
preceding Business Day. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 “Committed LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount
of all outstanding Committed Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements under Committed Letters of Credit that have not yet been reimbursed by or on behalf of the Account Parties at such time. The
Committed LC Exposure of any Bank shall at any time be its Applicable Percentage of the total Committed LC Exposure at such time. 
  
 “Committed Letters of Credit” means Letters of Credit issued under Section 2.01. 
  
 “Company” means Lincoln National Corporation, an Indiana
corporation, and its successors. 
  
 “Company’s 2002
Form 10-K” means the Company’s annual report on Form 10-K for 2002, as filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. 
  
 “Confirming Bank” means, with respect to any Bank, any other
bank that has agreed, by delivery of a Confirming Bank Agreement in substantially the form of Exhibit B, that such other bank will itself honor the obligations of such Bank in respect of a draft complying with the terms of a Letter of Credit as if,
and to the extent, such other bank were the “Issuing Bank” named in such Letter of Credit. 
  
 “Consolidated Subsidiary” means at any date any Subsidiary or other entity the accounts of which would be consolidated with those of the
Company in its consolidated financial statements if such statements were prepared as of such date. 
  
 “Credit Documents” means (a) this Agreement, (b) with respect to any Subsidiary Account Party, the Subsidiary Joinder Agreement to which
it is a party and (c) with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit)
governing or providing for (i) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (ii) any collateral security for any of such obligations, each as the same may be modified and supplemented and in
effect from time to time. 
  
 “Debt” of any
Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay
the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (iv) all obligations of such Person as lessee under capital leases, (v) all non-contingent obligations of such Person to
reimburse any bank or other Person in respect of amounts paid under a letter of credit or similar instrument, (vi) all Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person, and (vii) all
Debt of others Guaranteed by such Person (it being understood that the definition of “Debt” does not include any obligations of such Person (i) to purchase securities (or other property) which arise out of or in connection with the sale of
the same or substantially 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
similar securities (or other property) or (ii) to return collateral consisting of securities arising out of or in connection with the loan of the same or
substantially similar securities). 
  
 “Default”
means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of Default. 
  
 “Derivative Financial Products” of any Person means all obligations (including whether pursuant to any
master agreement or any particular agreement or transaction) of such Person in respect of any rate swap transaction, basis swap, forward rate transaction, interest rate future, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency future, currency option or any
other similar transaction (including any option with respect to any of the foregoing) or any combination thereof. 
  
 “DIG B36” means Statement 133 Implementation Issue No. B36 issued by the Derivative Implementation Group of FASB in April 2003.

  
 “Dollar Equivalent” means, as used in each
Alternative Currency Letter of Credit Report and in respect of any Alternative Currency Letter of Credit, the amount of Dollars obtained by converting the LC Exposure with respect to such Alternative Currency Letter of Credit, as specified in such
Alternative Currency Letter of Credit Report, into Dollars at the spot rate for the purchase of Dollars with such currency as quoted by the Administrative Agent at approximately 11:00 a.m. (London time) on the second Business Day before the date of
such Alternative Currency Letter of Credit Report (unless another rate or time is agreed to by the Company and the Administrative Agent). 
  
 “Dollars” and the sign “$” means lawful money in the United States of America. 
  
 “Effective Date” means the date this Agreement becomes
effective in accordance with Section 3.02. 
  
 “Environmental Laws” means any and all federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other
governmental restrictions relating to the environment or to emissions, discharges or releases of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes into the environment
including, without limitation, ambient air, surface water, ground water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, petroleum or
petroleum products, chemicals or industrial, toxic or hazardous substances or wastes or the clean-up or other remediation thereof. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 “ERISA Group” means the Company and all members of a controlled group of corporations
and all trades or businesses (whether or not incorporated) under common control which, together with the Company, are treated as a single employer under Section 414(b) or 414(c) of the Code. 
  
 “Event of Default” has the meaning set forth in Section
6.01. 
  
 “Existing LC Agreement” has the meaning
assigned thereto in the above recital of the parties hereto. 
  
 “FASB” means the Financial Accounting Standards Board or any entity or body succeeding to any or all of its functions. 
  
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day, provided that (i) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (ii) if no
such rate is so published on such next succeeding Business Day (as provided in clause (i)), the Federal Funds Rate for such day shall be the average rate quoted to the Person serving as Administrative Agent on such day on such transactions as
determined by the Administrative Agent. 
  
 “FIN
46” means Interpretation No. 46, “Consolidation of Variable Interest Entities”, issued by FASB in January 2003. 
  
 “Guarantee” by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of
any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt (whether
arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring
in any other manner the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term “Guarantee” shall not include endorsements for collection
or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 
  
 “Guarantor” means the Company in its capacity as guarantor of the obligations of each other Account Party pursuant to the provisions of
Article IX. 
  
 “Hybrid Security Amount” means,
at any date, an amount equal to 50% of the aggregate stated redemption price of the Redeemable Preferred Securities of the Company outstanding on such date. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the
Company that is not guaranteed by any other Person or subject to any other credit enhancement. 
  
 “Insurance Subsidiary” means any Restricted Subsidiary which is subject to the regulation of, and is required to file statements with, any governmental body, agency or official in any State or
territory of the United States or the District of Columbia which regulates insurance companies or the doing of an insurance business therein. 
  
 “Investment” means any investment in any Person, whether by means of share purchase, capital contribution, loan, time deposit or
otherwise. 
  
 “JPMCB” means JPMorgan Chase Bank.

  
 “LC Disbursement” means a payment made by a
Bank pursuant to a Letter of Credit. 
  
 “LC
Exposure” means, with respect to any Bank, the Committed LC Exposure and the Alternative Currency LC Exposure (if any) of such Bank. 
  
 “Letter of Credit” means any of the Committed Letters of Credit and Alternative Currency Letters of Credit, and “Letters of
Credit” means all of the foregoing. 
  
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset. For the purposes of this Agreement, the Company or any Subsidiary shall be
deemed to own subject to a Lien any asset which it has acquired or beneficially holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset.

  
 “Material Plan” means at any time a Plan or
Plans having aggregate Unfunded Liabilities in excess of $25,000,000. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an
obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five-year period. 
  
 “NAIC” means the National Association of Insurance
Commissioners and any successor thereto. 
  
 “NAIC
Approved Bank” means (a) any Bank that is a bank listed on the most current Bank List (the “NAIC Bank List”) of banks determined by the Securities Valuation Office of the NAIC and approved by the NAIC or (b) any Bank as to
which its Confirming Bank is a bank listed on the NAIC Bank List. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 “Newly Acquired Subsidiary” means any Subsidiary that is not a Subsidiary on the date
hereof but that becomes a Subsidiary after the date hereof, but only during the 180 days after the first date on which such Subsidiary became a Subsidiary. 
  
 “Parent” means, with respect to any Bank, any Person controlling such Bank. 
  
 “Participant” has the meaning set forth in Section 10.06(b). 
  
 “Payment Account” means an account designated by the
Administrative Agent in a notice to the Account Parties and the Banks to which payments hereunder are to be made. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 
  
 “Person” means an individual, a corporation, a partnership,
an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
  
 “Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or (ii) has at any time within the preceding five
years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 
  
 “Prime Rate” means the rate of interest publicly announced from time to time by JPMCB as its prime rate as
in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 
  
 “Quarterly Dates” means the last day of March, June, September and December in each year, the first of
which shall be the first such day after the date hereof. 
  
 “Ratings Event” has the meaning set forth in Section 5.08. 
  
 “Redeemable Preferred Securities” means the securities described on the balance sheet contained in the Company’s 2002 Form 10-K as “Company-obligated mandatorily redeemable preferred
securities of subsidiary trusts holding solely junior subordinated debentures” and all equivalent securities, however described. 
  
 “Regulations T, U and X” means Regulations T, U and X, respectively, of the Board of Governors of the Federal Reserve System, in each
case as in effect from time to time. 
  
 “Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 “Required Banks” means at any time Banks (a) having more than 50% of the aggregate
amount of the Commitments or (b) if the Commitments shall have been terminated, holding more than 50% of the aggregate LC Exposure of the Banks at such time. 
  
 “Restricted Subsidiary” means, as of any date, a Subsidiary which meets the definitional requirements of a “significant
subsidiary”, as such term is defined in the rules set forth in Regulation S-X under the Securities Exchange Act of 1934, as amended (applying the tests set forth in such rules with reference to the consolidated balance sheets and related
consolidated statements of income of the Company and its Consolidated Subsidiaries as of the last day of its most recently completed fiscal quarter and for the twelve-month period then ended). 
  
 “S&P” means Standard and Poor’s Ratings Services.

  
 “Secured Obligations” has the meaning set
forth in Section 2.03(e). 
  
 “Subsidiary” means
any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by
the Company. 
  
 “Subsidiary Account Parties”
means each Subsidiary of the Company that is listed on the signature pages hereof under the caption “SUBSIDIARY ACCOUNT PARTIES” and each other Subsidiary of the Company that shall become a Subsidiary Account Party pursuant to Section
10.13, so long as such Subsidiary shall remain a Subsidiary Account Party hereunder. 
  
 “Supplemental Bank” has the meaning set forth in Section 2.04(e). 
  
 “Supplemental Commitment Date” has the meaning set forth in Section 2.04(e). 
  
 “Unfunded Liabilities” means, with respect to any Plan at
any time, the amount (if any) by which (i) the present value of all benefits under such Plan exceeds (ii) the fair market value of all Plan assets allocable to such benefits (excluding any accrued but unpaid contributions), all determined as of the
then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA. 
  
 SECTION 1.02. Accounting Terms and Determinations. Unless otherwise
specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted
accounting principles as in effect from time to time, applied on a basis consistent (except for changes concurred in by the Company’s independent public accountants) with the most recent audited consolidated financial statements of the Company
and its Consolidated Subsidiaries delivered to the Banks; provided that if the Company notifies the Administrative Agent that the Company wishes to amend any covenant in Article V to eliminate the effect of any change in generally accepted
accounting principles on the operation of such covenant (or if the Administrative Agent notifies the 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
Company that the Required Banks wish to amend Article V for such purpose), then the Company’s compliance with such covenant shall be determined on the
basis of generally accepted accounting principles in effect immediately before the relevant change in generally accepted accounting principles became effective, until either such notice is withdrawn or such covenant is amended in a manner
satisfactory to the Company and the Required Banks. 
  
 ARTICLE II

  
 THE CREDITS 
  
 SECTION 2.01. The Commitments. 
  
 (a) General. Subject to the terms and conditions set forth herein, at
the request of any Account Party the Banks agree at any time and from time to time during the Commitment Availability Period to issue Committed Letters of Credit for account of such Account Party in an aggregate amount that will not result in the
aggregate LC Exposures exceeding the Commitments. Each Committed Letter of Credit shall be a standby letter of credit in such form as the relevant Account Party shall request and which (i) the Administrative Agent shall determine in good faith does
not contain any obligations, or diminish any rights, of any Bank with respect thereto that are inconsistent with the terms hereof or (ii) the Required Banks shall approve; provided that, without the prior consent of each Bank, no Committed
Letter of Credit may be issued that would vary the several and not joint nature of the obligations of the Banks thereunder as provided in the next succeeding sentence. Each Committed Letter of Credit shall be issued by all of the Banks having
Commitments at the time of issuance as a single multi-bank letter of credit, but the obligation of each Bank thereunder shall be several and not joint, based upon its Applicable Percentage and the aggregate undrawn amount of such Committed Letter of
Credit. 
  
 (b) Notice of Issuance, Amendment, Renewal or
Extension. To request the issuance of a Committed Letter of Credit (or the amendment, renewal or extension of an outstanding Committed Letter of Credit), an Account Party shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by the Administrative Agent) to the Administrative Agent (if by hand delivery or telecopy, not later than noon (New York City time) on the Business Day prior to, and if by approved electronic
communication, not later than 10:00 a.m. (New York City time) on the date of, the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Committed Letter of Credit, or identifying the Committed Letter of
Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension, as the case may be (which shall be a Business Day), the date on which such Committed Letter of Credit is to expire (which shall comply
with Section 2.01(d)), the amount of such Committed Letter of Credit, the name and address of the beneficiary thereof and the terms and conditions of (and such other information as shall be necessary to prepare, amend, renew or extend, as the case
may be) such Committed Letter of Credit. If any Committed Letter of Credit shall provide for the automatic extension of the expiry date thereof unless the Administrative Agent gives notice that such expiry date shall not be extended, then the
Administrative Agent will give such notice if requested to do so in a notice given to the Administrative Agent, not more than 60 days, and 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
not less than 45 days, prior to the current expiry date of such Committed Letter of Credit, by (i) Required Banks or (ii) the applicable Account Party or the
Company, provided that upon or at any time following the Commitment Termination Date any Bank may request the Administrative Agent to seek instructions from the Required Banks as to whether the then existing Committed Letters of Credit should
be non-renewed pursuant to the terms thereof, in which case the Administrative Agent promptly shall do so and, upon receiving instructions of the Required Banks with respect thereto, shall act in accordance therewith. If requested by the
Administrative Agent, such Account Party also shall submit a letter of credit application on standard form of the Person that is serving as Administrative Agent in connection with any request for a Committed Letter of Credit. In the event of any
inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by any Account Party to, or entered into by any Account Party with, the Person
that is serving as Administrative Agent relating to any Committed Letter of Credit, the terms and conditions of this Agreement shall control. 
  
 (c) Limitations on Amounts and Daily Transactions. Each Committed Letter of Credit shall be issued, amended, renewed or extended if and only if
(and upon such issuance, amendment, renewal or extension of each Committed Letter of Credit the Account Parties shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (A) the aggregate
LC Exposure of the Banks shall not exceed the aggregate amount of the Commitments and (B) the Committed LC Exposure of each Bank shall not exceed the Commitment of such Bank. In no event may more than 25 issuances, amendments, renewals and/or
extensions of Committed Letters of Credit occur on any day, unless the Administrative Agent shall otherwise agree. 
  
 (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 or (ii) the date five Business Days prior to the Commitment Termination Date; 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. 
  
 (e) Obligation of Banks. The obligation of any Bank under any Committed Letter of Credit shall be several and not joint and shall at any time be in an amount equal to such Bank’s Applicable Percentage of
the aggregate undrawn amount of such Committed Letter of Credit, and each Committed Letter of Credit shall expressly so provide. 
  
 (f) Adjustment of Applicable Percentages. Upon the occurrence of any of the following events: (i) the addition of a Supplemental Bank or increase
in the amount of the Commitment of a Bank pursuant to Section 2.04(e) or (ii) the assignment of Commitment and interest in outstanding Committed Letters of Credit pursuant to Section 10.06, then the Administrative Agent shall promptly notify each
beneficiary under an outstanding Committed Letter of Credit of the Banks that are parties to such Committed Letter of Credit, after giving effect to such event, and their respective Applicable Percentages as of the effective date of such event.

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 (g) Replacement of Banks. If any Bank defaults in its obligation to fund any LC Disbursement
hereunder, or if any Bank ceases at any time to be an NAIC Approved Bank, then the Company may, at its sole expense and effort, upon notice to such Bank and the Administrative Agent, require such Bank to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 10.06), all its interests, rights and obligations under this Agreement and the Committed Letters of Credit and the Alternative Currency Letters of Credit issued by such Bank to an
assignee that shall assume such obligations (which assignee may be another Bank, if it accepts such assignment); provided that (i) the Company shall have received the prior written consent of the Administrative Agent, which consent shall not
unreasonably be withheld and (ii) such Bank shall have received payment of an amount equal to the outstanding amount of its LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to
the extent of such outstanding LC Disbursements and accrued interest and fees) or the applicable Account Parties (in the case of all other amounts). A Bank shall not be required to make any such assignment and delegation if, prior thereto the
circumstances entitling the Account Parties to require such assignment and delegation cease to apply. 
  
 (h) Existing Letters of Credit. Upon the occurrence of the Effective Date, each of the Committed Letters of Credit and Alternative Currency Letters
of Credit outstanding on the 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 this Agreement; provided that the
Administrative Agent shall promptly notify each beneficiary of a Committed Letter of Credit that is outstanding under the Existing LC Agreement and continued hereunder of (i) the Banks that as of the Effective Date are parties thereto and (ii) such
Banks’ respective Applicable Percentages with respect thereto. 
  
 SECTION 2.02. Issuance and Administration of Committed Letters of Credit. Each Committed Letter of Credit shall be executed and delivered by the Administrative Agent in the name and on behalf of, and as
attorney-in-fact for, the Banks party to such Committed Letter of Credit, and the Administrative Agent shall act under each Committed Letter of Credit, and each Committed Letter of Credit shall expressly provide that the Administrative Agent shall
act as the agent of each such Bank to (a) receive drafts, other demands for payment and other documents presented by the beneficiary under such Committed Letter of Credit, (b) determine whether such drafts, demands and documents are in compliance
with the terms and conditions of such Committed Letter of Credit and (c) to notify such Bank, the Company and the applicable Account Party that a valid drawing has been made and the date that the related LC Disbursement is to be made;
provided that the Administrative Agent shall have no obligation or liability for any LC Disbursement under such Committed Letter of Credit, and each Committed Letter of Credit shall expressly so provide. Each Bank hereby irrevocably appoints
and designates the Administrative Agent as its attorney-in-fact, acting through any duly authorized officer of the Person that is serving as the Administrative Agent, to execute and deliver in the name and on behalf of such Bank each Committed
Letter of Credit to be issued by the Banks hereunder. Promptly upon the request of the Administrative Agent, each Bank will furnish to the Administrative Agent such powers of attorney or other evidence as any beneficiary of any Committed Letter of
Credit may reasonably request in order to demonstrate that the Administrative Agent has the power to act as attorney-in-fact for such Bank to execute and 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
deliver such Committed Letter of Credit. The Administrative Agent has no responsibility hereunder with respect to the issuance, renewal, extension, amendment
or other administration of any Alternative Currency Letters of Credit, except as expressly set forth in Section 2.07. 
  
 SECTION 2.03. Reimbursement for LC Disbursements, Cover, Etc. 
  
 (a) Reimbursement. If any Bank shall make any LC Disbursement in respect of any Letter of Credit, the Account Party
with respect to such Letter of Credit shall reimburse such Bank in respect of any such LC Disbursement (i) under a Committed Letter of Credit, by paying to the Administrative Agent an amount equal to such LC Disbursement not later than noon, New
York City time, on (A) the Business Day that the Company and such Account Party receive notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (B) the Business Day immediately following the day that
the Company and such Account Party receive such notice, if such notice is received on a day which is not a Business Day or is not received prior to 10:00 a.m., New York City time, on a Business Day and (ii) under an Alternative Currency Letter of
Credit, by paying such Bank on the date, in the currency and amount thereof, together with interest thereon (if any), and in the manner as such Bank and such Account Party shall have separately agreed pursuant to Section 2.07. 
  
 (b) Reimbursement Obligations Absolute. The Account Parties’
obligations to reimburse LC Disbursements as provided in Section 2.03(a) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of Credit, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or
any statement therein being untrue or inaccurate in any respect, (iii) payment under a Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit, (iv) at any time or from
time to time, without notice to any Account Party, the time for any performance of or compliance with any of such reimbursement obligations of any other Account Party shall be waived, extended or renewed, (v) any of such reimbursement obligations of
any other Account Party shall be amended or otherwise modified in any respect, or the Guarantee of any of such reimbursement obligations or any security therefor shall be released, substituted or exchanged in whole or in part or otherwise dealt
with, (vi) any lien or security interest granted to, or in favor of, the Administrative Agent or any of the Banks as security for any of such reimbursement obligations shall fail to be perfected, (vii) the occurrence of any Default, (viii) the
existence of any proceedings of the type described in Section 6.01(g) or (h) with respect to any other Account Party or the Guarantor of any of such reimbursement obligations, (ix) any lack of validity or enforceability of any of such reimbursement
obligations against any other Account Party or the Guarantor of any of such reimbursement obligations, or (x) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
Section 2.03, constitute a legal or equitable discharge of the obligations of any Account Party hereunder. 
  
 Neither the Administrative Agent, nor any Bank nor any of their Related Parties shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
(irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes
beyond their control; provided that the foregoing shall not be construed to excuse the Administrative Agent or a Bank from liability to any Account Party to the extent of any direct damages (as opposed to consequential damages, claims in
respect of which are hereby waived by the Account Parties to the extent permitted by applicable law) suffered by any Account Party that are caused by (x) the gross negligence or willful misconduct of the Administrative Agent or such Bank, as the
case may be, or (y) in the case of any Bank, its failure to make an LC Disbursement in respect of any drawing properly made under a Letter of Credit as provided in Section 2.03(c). The parties hereto expressly agree that: 
  
 (i) the Administrative Agent may accept documents that
appear on their face to be in substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents
that appear on their face to be in substantial compliance with the terms of such Letter of Credit; 
  
 (ii) the Administrative Agent shall have the right, in its sole discretion, to decline to accept such documents and to make such payment
if such documents are not in strict compliance with the terms of such Letter of Credit; and 
  
 (iii) this sentence shall establish the standard of care to be exercised by the Administrative Agent when determining whether drafts and
other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 
  
 (c) Disbursement Procedures. The Administrative Agent shall, within a
reasonable time following its receipt thereof, examine all documents purporting to represent a demand for payment under any Letter of Credit. The Administrative Agent shall promptly after such examination (i) notify each of the Banks, the Company
and the Account Party by telephone (confirmed by telecopy) of such demand for payment and (ii) deliver to each Bank a copy of each document purporting to represent a demand for payment under such Letter of Credit. With respect to any drawing
properly made under a Letter of Credit, each Bank will make an LC Disbursement in respect of such Letter of Credit in accordance with its liability under such Letter of Credit and this Agreement, such LC Disbursement to be made to the account of the
Administrative Agent most recently designated by it for such purpose by notice to the Banks. The Administrative Agent will make any such LC Disbursement available to the beneficiary of such Letter of Credit by promptly crediting the amounts so
received, in like funds, to the account identified by such beneficiary in connection with such demand for payment. Promptly following any LC Disbursement by any Bank in respect of any Letter of Credit, the Administrative Agent will notify the
Company and the applicable Account Party of such LC Disbursement; provided that any failure to give or delay in giving such notice shall not relieve such Account Party of its 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
obligation to reimburse the Banks with respect to any such LC Disbursement or the Guarantor of its guarantee of such obligation. 
  
 (d) Interim Interest. If any LC Disbursement is made, then, unless the
Account Parties shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (without regard for when notice thereof is given), the unpaid amount thereof shall bear interest, for each day from and including the date such LC
Disbursement is made to but excluding the date that the applicable Account Party reimburses such LC Disbursement, at the rate per annum equal to (i) 1% plus the Base Rate to but excluding the date three Business Days after such LC
Disbursement and (ii) from and including the date three Business Days after such LC Disbursement, 3% plus the Base Rate. 
  
 (e) Provision of Cover. In the event the Company and the Account Parties shall have provided cover for outstanding Committed Letters of Credit
pursuant to Section 6.01, the Administrative Agent will establish a separate cash collateral account (the “Collateral Account”), which may be a “securities account” (as defined in Section 8-501 of the Uniform Commercial
Code as in effect in New York (the “NY UCC”)), in the name and under the sole dominion and control of the Administrative Agent (and, in the case of a securities account, in respect of which the Administrative Agent is the
“entitlement holder” (as defined in Section 8-102(a)(7) of the NY UCC)) into which there shall be deposited from time to time such amounts paid to the Administrative Agent as cover for such LC Exposure. As collateral security for the
prompt payment in full when due of all reimbursement obligations in respect of LC Disbursements, all interest thereon, and all other obligations of the Account Parties under the Credit Documents (other than reimbursement obligations, interest
thereon and fees in respect of Alternative Currency Letters of Credit) whether or not then outstanding or due and payable (such obligations being herein collectively called the “Secured Obligations”), each of the Company and the
other Account Parties hereby pledges and grants to the Administrative Agent, for the benefit of the Banks and the Administrative Agent as provided herein, a security interest in all of its right, title and interest in and to the Collateral Account
and the balances from time to time in the Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Collateral Account shall not constitute payment of any Secured Obligations
until applied by the Administrative Agent as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Collateral Account shall be subject to withdrawal only as provided in this Section 2.03(e). Amounts on
deposit in the Collateral Account shall be invested and reinvested by the Administrative Agent in such short-term Investments as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in
the name and be under the sole dominion control of the Administrative Agent and shall be credited to the Collateral Account. At any time, and from time to time, while an Event of Default has occurred and is continuing or at any time following the
Commitment Termination Date, 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. At any time prior to the Commitment Termination Date, if (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, 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
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. When all of the Secured Obligations shall have been paid in full and all Committed Letters of Credit have
expired or been terminated, the Administrative Agent shall promptly deliver to the Company, for account of the Company and the other Account Parties, as applicable, against receipt but without any recourse, warranty or representation whatsoever, the
balances remaining in the Collateral Account. 
  
 SECTION 2.04.
Termination, Reduction and Increase of the Commitments. 
  
 (a) Unless previously terminated, the Commitments shall automatically terminate on the Commitment Termination Date. 
  
 (b) The Company may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall
be in an amount that is $10,000,000 or a larger multiple of $5,000,000 and (ii) the Company shall not terminate or reduce the Commitments if the aggregate LC Exposures would exceed the Commitments. 
  
 (c) The Company shall notify the Administrative Agent of any election to
terminate or reduce the Commitments under Section 2.04(b) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice,
the Administrative Agent shall advise the Banks of the contents thereof. Each notice delivered by the Company pursuant to this Section 2.04 shall be irrevocable. 
  
 (d) Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made
ratably among the Banks in accordance with their respective Commitments. 
  
 (e) The Company shall have the right at any time prior to the date that is 30 days prior to the Commitment Termination Date to increase the aggregate Commitments hereunder up to an aggregate amount not exceeding
$800,000,000 by adding to this Agreement one or more other NAIC Approved Banks (which may include any existing Bank, with the consent of such Bank in it sole discretion) (each such bank, a “Supplemental Bank”)) with the approval of
the Administrative Agent (which approval shall not be unreasonably withheld), provided that (i) each Supplemental Bank shall have entered into an agreement in form and substance satisfactory to the Company and the Administrative Agent
pursuant to which such Supplemental Bank shall undertake a Commitment (or, if such Supplemental Bank is an existing Bank, pursuant to which its Commitment shall be in increased), (ii) such Commitment of any Supplemental Bank that is not an existing
Bank shall be in an amount of at least $25,000,000 and (iii) such Commitment (together with the increased Commitment(s) of all other Supplemental Banks being provided at such time shall be in an amount of at least $25,000,000. Each such Supplemental
Bank shall enter into an agreement in form and substance satisfactory to the Company and the Administrative Agent pursuant to which such Supplemental Bank shall, effective as of the date of effectiveness thereof (which shall be a Business Day and,
unless the 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
Administrative Agent otherwise agrees, on which no issuance, amendment, renewal or extension of any Committed Letter of Credit is scheduled to occur, each a
“Supplemental Commitment Date”), undertake a Commitment (or, if any such Supplemental Bank is an existing Bank, its Commitment shall be in addition to such Bank’s Commitment hereunder on such date) and such Supplemental Bank
shall thereupon become (or continue to be) a “Bank” for all purposes hereof. Notwithstanding the foregoing, no increase in the aggregate Commitments hereunder pursuant to this Section shall be effective unless: 
  
 (i) the Company shall have given the Administrative Agent
notice of any such increase at least three Business Days prior to the relevant Supplemental Commitment Date; 
  
 (ii) no Default shall have occurred and be continuing on the applicable Supplemental Commitment Date; and 
  
 (iii) each of the representations and warranties each
Account Party contained in this Agreement (other than the representations and warranties set forth in Sections 4.04(e) and 4.05 as to any matter which has theretofore been disclosed in writing by the Account Parties to the Banks) shall be true on
and as of the applicable Supplemental Commitment Date with the same force and effect as if made on and as of such 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). 
  
 Each notice under clause (i) above shall be deemed to
constitute a representation and warranty by the Company and the Subsidiary Account Parties as to the matters specified in clauses (ii) and (iii) above. 
  
 SECTION 2.05. Fees. 
  
 (a) The Company agrees to pay to the Administrative Agent for account of each Bank a commitment fee, which shall accrue at the Applicable Rate on the
average daily unutilized amount of the Commitment of such Bank (provided that the issuance, renewal or extension of Alternative Currency Letters of Credit shall not be a utilization of any Bank’s Commitment for purposes of this Section),
during the period from and including the Effective Date to but excluding the date that the Commitments terminate. Commitment fees accrued through and including each Quarterly Date shall be payable on the third Business Day following such Quarterly
Date and on the date the Commitments terminate, commencing on the first such Business Day to occur. Commitment 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). 
  
 (b) The Company agrees to pay
to the Administrative Agent for account of each Bank a letter of credit fee with respect to Committed Letters of Credit, which shall accrue at the Applicable Rate on the average daily aggregate undrawn amount of all outstanding Committed Letters of
Credit during the period from and including the Effective Date to but excluding the later of the date on which such Bank’s Commitment terminates and the date on which such Bank ceases to have any Committed LC Exposure. Letter of credit fees
accrued 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
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; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Letter of credit 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). 
  
 (c) The Account Parties agree to pay, on demand, to the Administrative Agent for its own account all commissions, charges, costs and expenses with respect
to the issuance, amendment, renewal and extension of each Committed Letter of Credit and drawings and other transactions relating thereto in amounts customarily charged from time to time in like circumstances by the Person that is serving as the
Administrative Agent or, as may be separately agreed from time to time by the Company on behalf of the Account Parties and the Administrative Agent for its own account. 
  
 (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent
for distribution, in the case of commitment fees and letter of credit fees, to the Banks entitled thereto. Fees paid hereunder shall not be refundable under any circumstances. 
  
 SECTION 2.06. Payments Generally; Pro Rata Treatment. 
  
 (a) Each Account Party shall make each payment required to be made by it hereunder (whether reimbursement of LC
Disbursements, interest or fees or under Article VIII, or otherwise) or under any other Credit Document (except to the extent otherwise provided therein) prior to not later than 1:00 p.m., New York City time, on the date when due, in immediately
available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to the Administrative Agent at its Payment Account, except as otherwise expressly provided in the relevant Credit Document, and except that payments pursuant to Sections 2.07 and 10.03 and Article
VIII shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such
extension. All payments hereunder or under any other Credit Document (except to the extent otherwise provided herein or therein with respect to Alternative Currency Letters of Credit) shall be made in Dollars. 
  
 (b) If at any time insufficient funds are received by and available to the
Administrative Agent to pay fully all amounts of unreimbursed LC Disbursements in respect of Committed Letters of Credit, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay such unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
thereto in accordance with the amounts of unreimbursed LC Disbursements then due to such parties. 
  
 (c) Except to the extent otherwise provided herein: (i) each reimbursement of
LC Disbursements in respect of Committed Letters of Credit and each payment of commitment fee under Section 2.05(a) shall be for account of the Banks, and each termination or reduction of the amount of the Commitments under Section 2.04 shall be
applied to the respective Commitments of the Banks, pro rata according to the amounts of their respective Commitments; (ii) each payment of letter of credit fee under Section 2.05(b) shall be for account of the Banks, pro rata according to the
amounts of their respective Applicable Percentages under the Committed Letters of Credit; (iii) each reimbursement of LC Disbursements under any Alternative Currency Letter of Credit by the Account Parties shall be made for account of the Banks
party to such Alternative Currency Letter of Credit pro rata in accordance with the respective unreimbursed LC Disbursements owing to them; and (iv) each payment of interest shall be made for account of the Banks pro rata in accordance with the
amounts of interest then due and payable to the respective Banks. 
  
 (d) Unless the Administrative Agent shall have received notice from the Company or the applicable Account Party prior to the date on which any payment is due to the Administrative Agent for account of the Banks hereunder that neither the
Company nor such Account Party will make such payment, the Administrative Agent may assume that the Company or such Account Party made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the
Banks the amount due. In such event, if the Company or such Account Party has not in fact made such payment, then each of the Banks severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Bank with
interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Rate. 
  
 SECTION 2.07. Alternative Currency Letters of Credit. 
  
 (a) Requests for Offers. From time to time during the Commitment Availability Period an Account Party may request any
or all of the Banks to make offers to issue an Alternative Currency Letter of Credit for account of such Account Party. Each Bank may, but shall have no obligation to, make such offers on terms and conditions that are satisfactory to such Bank, and
such Account Party may, but shall have no obligation to, accept any such offers. The issuance of each Alternative Currency Letter of Credit shall be subject to the conditions of Section 3.01 and to such other conditions as are agreed upon by such
Account Party and the Bank issuing such Alternative Currency Letter of Credit, and the issuance of any Alternative Currency Letter of Credit shall be deemed to be a representation and warranty by such Account Party on the date thereof as to the
facts specified in Section 3.01(b), Section 3.01(c) and Section 3.01(d). 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 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
on the earlier of (i) the date one year after the date of the issuance of such Alternative Currency Letter of Credit or (ii) the date five Business Days
prior to the Commitment Termination Date; provided, further, 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. 
  
 (b) Reports to Administrative
Agent. The Company shall deliver to the Administrative Agent and each of the Banks a report in respect of each Alternative Currency Letter of Credit (an “Alternative Currency Letter of Credit Report”) on and as of the date on
which (i) such Alternative Currency Letter of Credit is issued, (ii) the issuance, renewal, extension or amendment of a Committed Letter of Credit, if any Alternative Currency Letter of Credit is then outstanding and (iii) the Commitments are to be
reduced pursuant to Section 2.04, specifying for each such Alternative Currency Letter of Credit (after giving effect to issuance thereof, as applicable): 
  
 (A) the date on which such Alternative Currency Letter of Credit was or is being issued; 
  
 (B) the Alternative Currency of such Alternative Currency
Letter of Credit; 
  
 (C) the aggregate undrawn
amount of such Alternative Currency Letter of Credit (in such Alternative Currency); 
  
 (D) the aggregate unpaid amount of LC Disbursements under such Alternative Currency Letter of Credit (in such Alternative Currency);

  
 (E) the Dollar Equivalent of the Alternative
Currency LC Exposure in respect of such Alternative Currency Letter of Credit; and 
  
 (F) the Dollar Equivalent of the aggregate amount of Alternative Currency LC Exposures. 
  
 Each Alternative Currency Letter of Credit Report shall be delivered to the
Administrative Agent and each of the Banks by 10:00 a.m. (New York City time) on the date on which it is required to be delivered. 
  
 ARTICLE III 
  
 CONDITIONS 
  
 SECTION 3.01. Each Credit Event. The obligation of each Bank to issue, amend, renew or extend any Letter of Credit is subject to the satisfaction of the following conditions: 
  
 (a) in the case of a Committed Letter of Credit, receipt by
the Administrative Agent of a notice of issuance, amendment, renewal or extension, as the case may be, with respect to such Committed Letter Credit, as required by Section 2.01(b) and, in the case 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
of an Alternative Currency Letter of Credit, receipt by the Administrative Agent of a request for offers as required by Section 2.07(a); 
  
 (b) the fact that, immediately after such issuance,
amendment, renewal or extension of such Letter Credit, the sum of (i) the aggregate outstanding amount of Committed LC Exposure plus (ii) the Dollar Equivalent of the aggregate outstanding amount of Alternative Currency LC Exposure will not
exceed the aggregate amount of the Commitments; 
  
 (c) the fact that, immediately before and after issuance, amendment, renewal or extension of such Letter Credit, no Default shall have occurred and be continuing; and 
  
 (d) the fact that the representations and warranties of each Account Party contained in this Agreement
(other than the representations and warranties set forth in Sections 4.04(e) and 4.05 as to any matter which has theretofore been disclosed in writing by the Account Parties to the Banks) shall be true on and as of the date of such issuance,
amendment, renewal or extension of such Letter Credit (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), provided that the exception in the first parenthetical
phrase in this clause shall not apply in the case of any issuance, amendment, renewal or extension of a Letter of Credit on the Effective Date or with respect to the certificate under clause (d) of Section 3.02. 
  
 Each issuance, amendment, renewal or extension of a Letter Credit hereunder shall be deemed
to be a representation and warranty by the applicable Account Party on the date of such issuance, amendment, renewal or extension, as the case may be, as to the facts specified in clauses (b), (c) and (d) of this Section. 
  
 SECTION 3.02. Effectiveness. This Agreement (and the amendment and
restatement of the Existing LC Agreement provided for hereby) shall become effective on the first date that all of the following conditions shall have been satisfied (or waived in accordance with Section 10.05): 
  
 (a) receipt by the Administrative Agent of counterparts
hereof signed by each of the Persons listed on the signature pages hereto (or, in the case of any Bank as to which an executed counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory to it of telegraphic,
telex or other written confirmation from such Bank of execution and delivery of a counterpart hereof by such Bank); 
  
 (b) receipt by the Administrative Agent of an opinion of Dennis L. Schoff, Esq., General Counsel of the Company, substantially in the form
of Exhibit D hereto; 
  
 (c) receipt by the
Administrative Agent of an opinion of Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to JPMCB, substantially in the form of Exhibit E hereto; 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 (d) receipt by the Administrative Agent of a certificate, dated the Effective Date and
signed by a senior financial officer of the Company, certifying as to clauses (c) and (d) of Section 3.01; 
  
 (e) receipt by the Administrative Agent of a copy of the resolutions of the Board of Directors of the Company, in form and substance
satisfactory to the Administrative Agent, authorizing the execution, delivery and performance of this Agreement; 
  
 (f) receipt by the Administrative Agent of a certificate of a senior financial officer of the Company stating that the Company has paid in
full all accrued fees and other amounts payable under the Existing LC Agreement; 
  
 (g) receipt by the Administrative Agent of all documents, opinions and instruments as it may reasonably request relating to the existence
of each Account Party, the corporate authority for and the validity and enforceability of this Agreement, and any other matters related hereto, all in form and substance satisfactory to the Administrative Agent; and 
  
 (h) receipt by the Administrative Agent for account of
itself, the Banks and the Lead Arranger listed on the cover page of this Agreement, as the case may be, of all fees required to be paid, and all expenses required to be paid or reimbursed for which invoices have been presented (including, without
limitation, fees and disbursements of counsel to JPMCB), on or before the Effective Date; 
  
 provided that this Agreement shall not become effective or be binding on any party hereto unless all of the foregoing conditions are satisfied not later than 3:00 p.m. (New York City time) December 11, 2003 or
such later date as may be agreed in writing by the Company and all of the Banks. The Administrative Agent shall promptly notify the Company and the Banks of the Effective Date, and such notice shall be conclusive and binding on all parties hereto.

  
 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Each of the Company (other than with respect to Section 4.15) and the
Subsidiary Account Parties (with respect to Section 4.15 only) represents and warrants that: 
  
 SECTION 4.01. Corporate Existence and Power. The Company is a corporation duly incorporated and validly existing under the laws of the State of Indiana, and has all corporate power and all material governmental
licenses, authorizations, consents and approvals required to carry on its business as now conducted. 
  
 SECTION 4.02. Corporate and Governmental Authorization; Contravention. The execution, delivery and performance by the Company of this Agreement and
the other Credit Documents to which it is a party are within the Company’s corporate powers, have been duly 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
authorized by all necessary corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not
contravene, or constitute a default under, any provision of applicable law or regulation or of the articles of incorporation or by-laws of the Company or of any material agreement, judgment, injunction, order, decree or other instrument binding upon
the Company or any of its Restricted Subsidiaries or result in the creation or imposition of any Lien on any asset of the Company or any of its Restricted Subsidiaries. 
  
 SECTION 4.03. Binding Effect. This Agreement and the other Credit Documents to which it is a party constitute the
legal, valid and binding obligations of the Company, in each case enforceable in accordance with their respective terms, except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and by
general principles of equity. 
  
 SECTION 4.04. Financial
Information. 
  
 (a) The consolidated balance sheets of the
Company and its Consolidated Subsidiaries as of December 31, 2002 and the related consolidated statements of income, cash flows and shareholders’ equity for the fiscal year then ended, reported on by Ernst & Young LLP and set forth in the
Company’s 2002 Form 10-K, a copy of which has been delivered to the Administrative Agent on behalf of each of the Banks, fairly present, in conformity with generally accepted accounting principles, the consolidated financial position of the
Company and its Consolidated Subsidiaries as of such date and their consolidated results of operations and changes in financial position for such fiscal year. 
  

(b) The unaudited consolidated balance sheets of the Company and its Consolidated Subsidiaries as of September 30, 2003 and the related unaudited
consolidated statements of income, cash flows and shareholders’ equity for the nine months then ended, set forth in the Company’s quarterly report for the fiscal quarter ended September 30, 2003 as filed with the Securities and Exchange
Commission on Form l0-Q, a copy of which has been delivered to the Administrative Agent on behalf of each of the Banks, fairly present, in conformity with generally accepted accounting principles applied on a basis consistent with the financial
statements referred to in subsection (a) of this Section, the consolidated financial position of the Company and its Consolidated Subsidiaries as of such date and their consolidated results of operations and changes in financial position for such
nine month period (subject to normal year-end adjustments). 
  
 (c) A copy of a duly completed and signed Annual Statement or other similar report of or for each Insurance Subsidiary in the form filed with the governmental body, agency or official which regulates insurance companies in the jurisdiction
in which such Insurance Subsidiary is domiciled for the year ended December 31, 2002 has been delivered to the Administrative Agent on behalf of each of the Banks and fairly presents, in accordance with statutory accounting principles, the
information contained therein. 
  
 (d) A copy of a duly completed
and signed Quarterly Statement or other similar report of or for each Insurance Subsidiary in the form filed with the governmental body, agency or official which regulates insurance companies in the jurisdiction in which such 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
Insurance Subsidiary is domiciled for the quarter ended September 30, 2003 has been delivered to the Administrative Agent on behalf of each of the Banks and
fairly presents, in accordance with statutory accounting principles, the information contained therein. 
  
 (e) Since December 31, 2002 and as of the Effective Date, there has been no material adverse change in the business, financial condition, results of
operations or prospects of the Company and its Consolidated Subsidiaries, considered as a whole. 
  
 SECTION 4.05. Litigation. As of the Effective Date, there is no action, suit or proceeding pending against, or to the knowledge of the Company
threatened against, the Company or any of its Subsidiaries before any court or arbitrator or any governmental body, agency or official (a) in which there is a reasonable possibility of an adverse decision in an amount in excess of $100,000,000
(exclusive of reserves and insurance recoveries relating thereto) which could materially adversely affect the business, consolidated financial position or consolidated results of operations of the Company and its Consolidated Subsidiaries,
considered as a whole, or (b) which in any manner draws into question the validity or enforceability of this Agreement or any other Credit Document. 
  
 SECTION 4.06. Compliance with ERISA. Each member of the ERISA Group has fulfilled its obligations under the minimum funding standards of ERISA and
the Code with respect to each Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Plan. No member of the ERISA Group has (i) sought a waiver of the minimum funding
standard under Section 412 of the Code in respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement,
which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA. 
  
 SECTION 4.07. Taxes. United States
Federal income tax returns of the Company and its Subsidiaries have been examined and closed through the fiscal year ended December 31, 1995. The Company and its Subsidiaries have filed all income tax returns and all other material tax returns which
are required to be filed by them and have paid all taxes due pursuant to such returns or, except for any such taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves have been made, pursuant to any
assessment received by the Company or any Subsidiary. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of taxes are, in the opinion of the Company, adequate. 
  
 SECTION 4.08. Subsidiaries. Each of the Company’s Restricted
Subsidiaries is a corporation duly incorporated, validly existing and (except where such concept is not applicable) in good standing under the laws of its jurisdiction of incorporation, and has all corporate powers and all material governmental
licenses, authorizations, consents and approvals required to carry on its business as now conducted. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 SECTION 4.09. Not an Investment Company. The Company is not an “investment company”
within the meaning of the Investment Company Act of 1940, as amended. 
  
 SECTION 4.10. Obligations to be Pari Passu. The Company’s obligations under this Agreement and each other Credit Document to which it is a party rank pari passu as to priority of payment and in all other respects with all other
unsecured and unsubordinated Debt of the Company. 
  
 SECTION
4.11. No Default. No event has occurred and is continuing which constitutes, or which, with the passage of time or the giving of notice or both, would constitute, a default under or in respect of any material agreement, instrument or
undertaking to which the Company or any Restricted Subsidiary is a party or by which either the Company or any Restricted Subsidiary or any of their respective assets is bound. 
  
 SECTION 4.12. Restricted Subsidiaries. Set forth as Schedule II hereto is a true, correct and complete list of each
Restricted Subsidiary as of the date hereof. 
  
 SECTION 4.13.
Environmental Matters. The Company has reasonably concluded that Environmental Laws are unlikely to have a material adverse effect on the business, consolidated financial condition, consolidated results of operations or prospects of the
Company and its Consolidated Subsidiaries, considered as a whole. 
  
 SECTION 4.14. Full Disclosure. All written information heretofore furnished by the Company to the Administrative Agent or any Bank for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and
all such information hereafter furnished by the Company to the Administrative Agent or any Bank will be, true and accurate in all material respects on the date as of which such information is stated or certified. To the best of its knowledge, the
Company has disclosed to the Banks in writing any and all facts which materially and adversely affect or may materially and adversely affect (to the extent the Company can now reasonably foresee) the business, consolidated financial condition or
consolidated results of operations of the Company and its Consolidated Subsidiaries, taken as a whole, or the ability of each Account Party to perform its obligations under the Credit Documents to which it is a party. 
  
 SECTION 4.15. Separate Representations of Subsidiary Account Parties.
Each of the Subsidiary Account Parties represents and warrants that: 
  
 (a) Such Subsidiary Account Party is a company duly organized and validly existing under the laws of the jurisdiction of its organization, and has all corporate power and all material governmental licenses,
authorizations, consents and approvals required to carry on its business as now conducted. 
  
 (b) The execution, delivery and performance by such Subsidiary Account Party of this Agreement and each other Credit Document to which it
is a party are within such Subsidiary Account Party’s corporate powers, have been duly authorized by all necessary corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not
contravene, or constitute a default 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
under, any provision of applicable law or regulation or of any organizational document of such Subsidiary Account Party or of any material agreement,
judgment, injunction, order, decree or other instrument binding upon such Subsidiary Account Party or result in the creation or imposition of any Lien on any asset of such Subsidiary Account Party. 
  
 (c) The Credit Documents (including this Agreement) to which
such Subsidiary Account Party is a party constitute the legal, valid and binding obligations of such Subsidiary Account Party, in each case enforceable in accordance with their respective terms, except as the same may be limited by bankruptcy,
insolvency or similar laws affecting creditors’ rights generally and by general principles of equity. 
  
 (d) Such Subsidiary Account Party is not an “investment company” within the meaning of the Investment Company Act of 1940, as
amended. 
  
 (e) Such Subsidiary Account
Party’s obligations under this Agreement to which it is a party rank pari passu as to priority of payment and in all other respects with all other unsecured and unsubordinated Debt of such Subsidiary Account Party with the exception of those
obligations that are mandatorily preferred by law and not by contract. 
  
 (f) No event has occurred and is continuing which constitutes or which, with the passage of time or the giving of notice or both, would constitute, a default under or in respect of any material agreement, instrument
or undertaking to which such Subsidiary Account Party is a party or by which either such Subsidiary Account Party or any of its assets is bound. 
  
 (g) Such Subsidiary Account Party is not the subject of (i) any winding up (whether compulsory or otherwise) or any other corporate,
judicial or administrative proceeding or action which could result in the winding up of such Subsidiary Account Party or (ii) any other proceeding or action relating to the insolvency, bankruptcy, liquidation, moratorium on the payment of
obligations or any other similar condition of or relating to such Subsidiary Account Party, and such Subsidiary Account Party has taken no action in furtherance of any of the foregoing. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 ARTICLE V 
  
 COVENANTS 
  
 Until all Commitments have expired or been terminated and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have
expired or terminated and all LC Disbursements shall have been reimbursed, the Company and (in the case of Sections 5.01(l), 5.02, 5.03, 5.04, 5.05, 5.06, 5.09, 5.11 and 5.12) the Subsidiary Account Parties agree that: 
  
 SECTION 5.01. Information. The Company (and, in the case of Section
5.01(l), each Subsidiary Account Party, but only as to information concerning such Subsidiary Account Party and its Subsidiaries) will deliver to each of the Banks: 
  
 (a) within 90 days after the end of each fiscal year of the Company, if and only to the extent not
duplicative of information otherwise provided pursuant to clause (i) below, the consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of income, cash
flows and shareholders’ equity for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on in a manner acceptable to the Securities and Exchange Commission by Ernst & Young
LLP or other independent public accountants of nationally recognized standing; 
  
 (b) within 60 days after the end of each of the first three quarters of each fiscal year of the Company, if and only to the extent not
duplicative of information otherwise provided pursuant to clause (i) below, the consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated statements of income, cash flows
and shareholders’ equity for such quarter and for the portion of the Company’s fiscal year ended at the end of such quarter, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding
portion of the Company’s previous fiscal year, all certified (subject to normal year-end adjustments) as to fairness of presentation, generally accepted accounting principles and consistency with the most recent audited consolidated financial
statements of the Company and its Consolidated Subsidiaries delivered to the Banks (except for changes concurred in by the Company’s independent public accountants) by the chief financial officer or the chief accounting officer of the Company;

  
 (c) simultaneously with the delivery of each
set of financial statements referred to in clauses (a) and (b) above (whether delivered as provided therein or pursuant to clause (i) below), a certificate of the chief financial officer or the chief accounting officer of the Company (i) setting
forth in reasonable detail the calculations required to establish whether the Company (and, in the case of Section 5.09, the Subsidiary Account Parties and the Restricted Subsidiaries) was in compliance with the requirements of Sections 5.07, 5.08
and 5.09 on the date of such financial statements and (ii) stating that such chief financial officer or chief accounting officer, as the case may be, has no knowledge of any Default existing on the date of such certificate or, if such chief 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
financial officer or chief accounting officer has knowledge of the existence on such date of any Default, setting forth the details thereof and the action
which the Company or the applicable Subsidiary Account Party, as the case may be is taking or proposes to take with respect thereto; 
  
 (d) simultaneously with the delivery of each set of financial statements referred to in clause (a) above (whether delivered as provided
therein or pursuant to clause (i) below), a statement of the firm of independent public accountants which reported on such statements (i) as to whether anything has come to their attention to cause them to believe that any Default existed on the
date of such statements and (ii) confirming the calculations set forth in the officer’s certificate delivered simultaneously therewith pursuant to clause (c) above; 
  
 (e) within 120 days after the end of each fiscal year of each Insurance Subsidiary, a copy of a duly
completed and signed Annual Statement (or any successor form thereto) required to be filed by such Insurance Subsidiary with the governmental body, agency or official which regulates insurance companies in the jurisdiction in which such Insurance
Subsidiary is domiciled, in the form submitted to such governmental body, agency or official; 
  
 (f) within 60 days after the end of each of the first three fiscal quarters of each Insurance Subsidiary, a copy of a duly completed and
signed Quarterly Statement (or any successor form thereto) required to be filed by such Insurance Subsidiary with the governmental body, agency or official which regulates insurance companies in the jurisdiction in which such Insurance Subsidiary is
domiciled, in the form submitted to such governmental body, agency or official; 
  
 (g) forthwith upon learning of the occurrence of any Default, a certificate of the chief financial officer or the chief accounting officer
of the Company setting forth the details thereof and the action which the Company is taking or proposes to take with respect thereto; 
  
 (h) promptly upon the mailing thereof to the shareholders of the Company generally, if and only to the extent not duplicative of
information otherwise provided pursuant to clause (i) below, copies of all financial statements, reports and proxy statements so mailed; 
  
 (i) promptly upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration
statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which any Account Party shall have filed with the Securities and Exchange Commission; 
  
 (j) if and when any member of the ERISA Group (i) gives or
is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan
administrator of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or
notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums
under Section 4007 of ERISA) in respect of, or appoint a trustee to administer, any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Code, a copy of such application; (v) gives notice of
intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to
make any payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a
bond or other security, a certificate of the chief financial officer or the chief accounting officer of the Company setting forth details as to such occurrence and action, if any, which the Company or applicable member of the ERISA Group is required
or proposes to take; 
  
 (k) promptly after
Moody’s or S&P shall have announced a change in the rating established or deemed to have been established for the Index Debt, written notice of such rating change; and 
  
 (l) from time to time such additional information regarding the financial position or business of any
Account Party as the Administrative Agent, at the request of any Bank, may reasonably request. 
  
 SECTION 5.02. Payment of Obligations. The Company will pay and discharge, and will cause each Restricted Subsidiary and Subsidiary Account Party to pay and discharge, at or before maturity, all their respective
material obligations and liabilities, including, without limitation, tax liabilities, except where the same may be contested in good faith by appropriate proceedings, and will maintain, and will cause each Restricted Subsidiary to maintain, in
accordance with generally accepted accounting principles, appropriate reserves for the accrual of any of the same. 
  
 SECTION 5.03. Conduct of Business and Maintenance of Existence. The Company will continue, and will cause each Restricted Subsidiary and Subsidiary
Account Party to continue, to engage in business of the same general type as conducted by the Company and its Restricted Subsidiaries, taken as a whole, on the date hereof and will preserve, renew and keep in full force and effect, and will cause
each Restricted Subsidiary to preserve, renew and keep in full force and effect, their respective corporate existence and their respective rights, privileges, licenses and franchises which, in the judgment of the Board of Directors of the Company,
are necessary or desirable in the normal conduct of business. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 SECTION 5.04. Maintenance of Property; Insurance. 
  
 (a) The Company will keep, and will cause each Restricted Subsidiary and
Subsidiary Account Party to keep, all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted. 
  
 (b) The Company will maintain, and will cause each of its Restricted Subsidiaries to maintain (either in the name of the Company or in such
Subsidiary’s own name) with financially sound and responsible insurance companies, insurance on all their respective properties and against at least such risks, in each case in at least such amounts (and with such risk retentions) as are
usually insured against in the same general area by companies of established repute engaged in the same or a similar business; and the Company will furnish to the Banks, upon request from the Administrative Agent, information presented in reasonable
detail as to the insurance so carried. 
  
 SECTION 5.05.
Compliance with Laws. The Company will comply, and will cause each Subsidiary to comply, in all material respects with all applicable laws, ordinances, rules, regulations and requirements of governmental authorities (including, without
limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except where the necessity of compliance therewith is contested in good faith by appropriate proceedings. 
  
 SECTION 5.06. Inspection of Property, Books and Records. The Company
will keep, and will cause each Restricted Subsidiary and Subsidiary Account Party to keep, proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and
activities; and, subject in all cases to Section 10.11, will permit, and will cause each Restricted Subsidiary and Subsidiary Account Party to permit, representatives of any Bank to visit and inspect any of their respective properties, to examine
and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees, actuaries and independent public accountants, all upon reasonable notice, at
such reasonable times during ordinary business hours and as often as may reasonably be desired; provided that neither the Company nor any of its Subsidiaries shall be required to disclose any information subject to its attorney-client
privilege. 
  
 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) $3,500,000,000 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, 2002: 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. 
  
 SECTION 5.08. Adjusted Debt to Total Capitalization Ratio. The Company
will not permit, at any time that a Ratings Event shall have occurred and be continuing, Adjusted Total Indebtedness to exceed 35% of the sum of (i) Adjusted Total Indebtedness plus 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
(ii) Adjusted Consolidated Net Worth. For purposes of this Section, a “Ratings Event” shall have occurred if the Company’s senior
unsecured and non-credit enhanced long-term debt is not rated at least A- from S&P or A3 from Moody’s. 
  
 SECTION 5.09. Negative Pledge. Neither the Company nor any Restricted Subsidiary will create, assume or suffer to exist any Lien on any asset now
owned or hereafter acquired by it, except: 
  
 (a) Liens existing on the date of this Agreement securing Debt outstanding on the date of this Agreement in an aggregate principal amount not exceeding $15,000,000; 
  
 (b) any Lien existing on any asset of any Person at the time such Person becomes a Restricted Subsidiary and
not created in contemplation or as a result of such event; 
  
 (c) any Lien on any asset securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring such asset, provided that such Lien attaches to such asset concurrently with or
within 90 days after the acquisition thereof; 
  
 (d) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Company or another Restricted Subsidiary and not created in contemplation or as a result of such event; 
  
 (e) any Lien existing on any asset prior to the acquisition
thereof by the Company or Restricted Subsidiary and not created in contemplation or as a result of such acquisition; 
  
 (f) any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted by any of the
foregoing clauses of this Section, provided that such Debt is not increased beyond the then outstanding principal amount thereof and is not secured by any additional assets; 
  
 (g) Liens incidental to the conduct of its business or the ownership of its assets which (i) do not secure
Debt, (ii) do not secure any obligation in an amount exceeding $10,000,000 and (iii) do not in the aggregate materially detract from the value of its assets or materially impair the use thereof in the operation of its business; 
  
 (h) Liens created by any Restricted Subsidiary as security
for Debt owing to the Company; 
  
 (i) Liens
created by the Company as security for Debt owing to Subsidiaries, but only if the only security for such Debt consists of Investments acquired by the Company solely from the proceeds of such Debt; 
  
 (j) Liens on cash and cash equivalents securing Derivative
Financial Products, provided that the aggregate amount of cash and cash equivalents subject to such Liens may at no time exceed $100,000,000; 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 (k) in addition to the Liens permitted by clauses (a) through (j), inclusive, and (1) and
(m) of this Section, a Lien on any asset securing Debt of the Company or Restricted Subsidiary, in an aggregate outstanding principal amount at no time exceeding $10,000,000; 
  
 (1) in addition to the Liens permitted by clauses (a) through (k) and (m) and (n) of this Section, any Lien
on real property leased by the Company or any Restricted Subsidiary pursuant to a capital lease (which capital lease was entered into in connection with a sale leaseback transaction whereby the Company or such Restricted Subsidiary, as the case may
be, was the seller) securing Debt of the Company or such Restricted Subsidiary, as the case may be, in an aggregate outstanding principal amount at no time exceeding $50,000,000; 
  
 (m) Liens in favor of UNUM Life Insurance Company or First UNUM Life Insurance Company on up to
$4,500,000,000 of assets transferred to Subsidiaries in connection with the purchase by such Subsidiaries of the tax sheltered annuity business of UNUM Life Insurance Company and First UNUM Life Insurance Company; and 
  
 (n) Liens created under this Agreement. 
  
 SECTION 5.10. Consolidations, Mergers and Sales of Assets. The Company
will not (i) consolidate or merge with or into any other Person or (ii) sell, lease or otherwise transfer, directly or indirectly, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any other Person;
provided that the Company may merge with another Person if (A) the Company is the corporation surviving such merger and (B) immediately after giving effect to such merger, no Default shall have occurred and be continuing. 
  
 SECTION 5.11. Use of Credit. Each Account Party shall use each Letter
of Credit issued under this Agreement to support its insurance or reinsurance business. No Letter of Credit will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any “margin
stock” within the meaning of Regulations T, U and X. 
  
 SECTION 5.12. Obligations to be Pari Passu. Each Account Party’s obligations under this Agreement to which it is a party will rank at all times pari passu as to priority of payment and in all other respects with all other
unsecured and unsubordinated Debt of such Account Party with the exception of those obligations that are mandatorily preferred by law and not by contract. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 ARTICLE VI 
  
 DEFAULTS 
  
 SECTION 6.01. Events of Default. If one or more of the following events (“Events of Default”) shall have occurred and be
continuing: 
  
 (a) (x) any Account Party shall
fail to pay when due any reimbursement obligation in respect of an LC Disbursement or (y) any Account Party shall fail to pay when due any interest on any LC Disbursement or any fees or any other amounts payable hereunder and such failure under this
clause (y) shall continue for four Business Days; 
  
 (b) any Account Party shall fail to observe or perform any covenant contained in Sections 5.07 through 5.12, inclusive; 
  
 (c) any Account Party shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by
clause (a) or (b) above) for 30 days after written notice thereof has been given to the Company by the Administrative Agent at the request of any Bank; 
  
 (d) any representation, warranty, certification or statement made by any Account Party in this Agreement or in any certificate, financial
statement or other document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect when made (or deemed made); 
  
 (e) the Company or any Subsidiary (other than a Newly Acquired Subsidiary) shall fail to make any payment in respect of any Debt (other
than any Debt solely of a Newly Acquired Subsidiary existing at the time such Person becomes a Subsidiary and not created in contemplation of such event (“Newly Acquired Subsidiary Debt”)) having a principal amount then outstanding
of not less than $25,000,000 when due and such failure shall continue beyond any applicable grace period or the Company or any Subsidiary (other than a Newly Acquired Subsidiary) shall fail to make any payment in an amount at least equal to
$25,000,000 in respect of any Derivative Financial Product when due and such failure shall continue beyond any applicable grace period; 
  
 (f) any event or condition shall occur which results in the acceleration of the maturity of any Debt (other than Newly Acquired Subsidiary
Debt) having a principal amount then outstanding of not less than $25,000,000 of the Company or any Subsidiary or enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such Debt or any Person acting on such
holder’s behalf to accelerate the maturity thereof; 
  
 (g) any Account Party or Restricted Subsidiary (other than a Newly Acquired Subsidiary) shall commence a voluntary case or other proceeding seeking rehabilitation, dissolution, conservation, liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, rehabilitator, dissolver, 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
conservator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of
or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take
any corporate action to authorize any of the foregoing; 
  
 (h) an involuntary case or other proceeding shall be commenced against any Account Party or Restricted Subsidiary (other than a Newly Acquired Subsidiary) seeking rehabilitation, dissolution, conservation,
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, rehabilitator, dissolver,
conservator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered
against any Account Party or such Restricted Subsidiary under the federal bankruptcy laws as now or hereafter in effect; or any governmental body, agency or official shall apply for, or commence a case or other proceeding to seek, an order for the
rehabilitation, conservation, dissolution or other liquidation of Account Party or Restricted Subsidiary or of the assets or any substantial part thereof of any Account Party or Restricted Subsidiary or any other similar remedy; 
  
 (i) any member of the ERISA Group shall fail to pay when due
an amount or amounts aggregating in excess of $25,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any
plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to
be appointed to administer, any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal
from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of $50,000,000;

  
 (j) a judgment or order for the payment of
money in excess of the greater of (i) $100,000,000 or (ii) 3% of the consolidated shareholders’ equity of the Company and its Consolidated Subsidiaries (after (without duplication) the actual amounts of insurance recoveries, offsets and
contributions received and amounts thereof not yet received but which the insurer thereon has acknowledged in writing its obligation to pay) shall be rendered against any Account Party or Restricted Subsidiary and such judgment or order shall
continue unsatisfied and unstayed for a period of 90 days after entry of such judgment (and, for purposes of this clause, a judgment shall be stayed if, among other things, an appeal is timely filed and such judgment cannot be enforced); 

 

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 (k) any person or group of persons (within the meaning of Section 13 or 14 of the
Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of 20% or more of the outstanding shares of common stock of
the Company; or, during any period of 12 consecutive calendar months, individuals who were directors of the Company on the first day of such period shall cease to constitute a majority of the board of directors of the Company; or 
  
 (l) any Subsidiary Account Party shall cease for any reason
to be a Consolidated Subsidiary, unless (i) such Subsidiary Account Party shall have been consolidated or merged with or into a wholly owned Subsidiary or the Company or (ii) Subsidiary Account Party shall have been terminated as an Account Party
hereunder pursuant to Section 10.13; 
  
 then, and in every such event, and at any
time thereafter during the continuance of such event, the Administrative Agent shall, if requested by the Required Banks, by notice to the Company take any or all of the following actions, at the same or different times: (i) terminate the
Commitments and they shall thereupon terminate, (ii) declare that all fees and other obligations of the Account Parties accrued hereunder shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by each Account Party and the Guarantor, (iii) notify each beneficiary of an outstanding Committed Letters of Credit of the Event of Default and cause a drawing of the aggregate undrawn amount thereunder (if such Letters
of Credit so permit) and (iv) demand provision of cover from the Account Parties and the Guarantor in immediately available funds in an amount equal to the then aggregate undrawn amount of all Committed Letters of Credit pursuant to Section 2.03(e);
provided that, in the case of any of the Events of Default specified in clause (g) or (h) above (A) with respect to the Company, without any notice to any Account Party or the Guarantor or any other act by the Administrative Agent or the
Banks, the Commitments shall thereupon terminate and all fees and other obligations of the Account Parties accrued hereunder shall automatically become due and payable without presentment, demand, protest or notice of any kind, all of which are
hereby waived by each Account Party and the Guarantor and (B) with respect to any Subsidiary Account Party, without any notice to any Account Party or the Guarantor or any other act by the Administrative Agent or the Banks, the Commitments to issue
Letters of Credit for account of such Account Party shall thereupon terminate and all fees and other obligations of such Account Party shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which
are hereby waived by the Account Parties and the Guarantor; provided, further, that, in the case of an Event of Default under Section 6.01(b) resulting from a default by any Subsidiary Account Party under Section 5.09, 5.11 or 5.12 or
under Section 6.01(c) or (d) (in the latter case, resulting from a default by any Subsidiary Account Party under Section 4.15), the termination of the Commitments, the acceleration of all fees and other obligations of the Account Parties accrued
hereunder and the causing of drawings under Committed Letters of Credit shall apply only to the Commitments, fees, obligations in respect of such Subsidiary Account Party and to the Letters of Credit with respect to which it is the Account Party. In
addition, in the event that Committed Letters of Credit are outstanding on the Commitment Termination Date, the Administrative Agent shall, if requested by the Required Banks, by notice to the Company demand cover from 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
the Account Parties and the Guarantor in immediately available funds in an amount equal to the then aggregate undrawn amount of all Committed Letters of
Credit pursuant to Section 2.03(e). 
  
 SECTION 6.02. Notice of
Default. The Administrative Agent shall give notice to the Company under Section 6.01(c) promptly upon being requested to do so by any Bank and shall thereupon notify all the Banks thereof. 
  
 SECTION 6.03. Alternative Currency Letters of Credit. Each Account
Party agrees, in addition to the provisions of Section 6.01, that upon the occurrence and during the continuance of any Event of Default any Bank which has issued any Alternative Currency Letter of Credit may, by notice to the Company and the
Administrative Agent: (a) declare that all fees and other obligations of the Account Parties accrued in respect of Alternative Currency Letters of Credit with respect to which it is the Account Party and issued by such Bank shall become due and
payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Account Party and the Guarantor, (b) notify each beneficiary of each such outstanding Alternative Currency Letter of Credit
of the Event of Default, (c) cause a drawing of the aggregate undrawn amount thereunder, provided that such Alternative Currency Letters of Credit so permit, and (d) demand cover from the Account Parties in immediately available funds an
amount equal to the then aggregate undrawn face amount of all such Alternative Currency Letters of Credit; provided that, in the case of any of the Events of Default specified in clause (g) or (h) of Section 6.01, (a) with respect to the
Company, without any notice to any Account Party or the Guarantor or any other act by the Administrative Agent or the Banks, all fees and other obligations of the Account Parties accrued in respect of all Alternative Currency Letters of Credit shall
become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Account Party and the Guarantor and (b) with respect to any Subsidiary Account Party, without any notice to
any Account Party or the Guarantor or any other act by the Administrative Agent or the Banks, all fees and other obligations of such Subsidiary Account Party accrued in respect of Alternative Currency Letters of Credit with respect to which it is
the Account Party and issued by such Bank shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Account Party and the Guarantor; provided,
further, that, in the case of an Event of Default under Section 6.01(b) resulting from a default by any Subsidiary Account Party under Section 5.09, 5.11 or 5.12 or under Section 6.01(c) or (d) (in the latter case, resulting from a default by
any Subsidiary Account Party under Section 4.15), the acceleration of all fees and other obligations of the Account Parties accrued hereunder and the causing of drawings under Alternative Currency Letters of Credit shall apply only to fees and
obligations in respect of such Subsidiary Account Party and to the Alternative Currency Letters of Credit with respect to which it is the Account Party. If the Administrative Agent receives any notice from a Bank pursuant to the previous sentence,
then it will promptly give notice thereof to the other Banks. In addition, in the event that any Alternative Currency Letter of Credit is outstanding on the Commitment Termination Date, the Bank which has issued such Alternative Currency Letter of
Credit may, by notice to the Company and the Administrative Agent demand cover from the Account Parties in immediately available funds an amount equal to the then aggregate undrawn face amount of all such Alternative Currency Letters of Credit.

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 ARTICLE VII 
  
 THE ADMINISTRATIVE AGENT 
  
 SECTION 7.01. Appointment and Authorization. Each Bank irrevocably appoints and authorizes the Administrative Agent to take such action as agent on
its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with all such powers as are reasonably incidental thereto. 
  
 SECTION 7.02. Agent’s Fee. The Company shall pay to the
Administrative Agent for its own account fees in the amounts and at the times previously agreed upon between the Company and the Administrative Agent. 
  
 SECTION 7.03. Agent and Affiliates. JPMCB shall have the same rights and powers under this Agreement as any other Bank and may exercise or refrain
from exercising the same as though it were not the Administrative Agent, and JPMCB and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Company or any Subsidiary or Affiliate of any
thereof as if it were not the Administrative Agent hereunder. 
  
 SECTION 7.04. Action by Agent. The obligations of the Administrative Agent hereunder are only those expressly set forth herein. The Administrative Agent shall not have any duty to take any discretionary action permitted to be taken
by it pursuant to the provisions of this Agreement unless it shall be requested in writing to do so by the Required Banks. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action with
respect to any Default, except as expressly provided in Article VI. The Administrative Agent shall have no duty to disclose to the Banks information that is not required to be furnished by an Account Party to the Administrative Agent at such time,
but is voluntarily furnished by an Account Party to the Administrative Agent (either in its capacity as Administrative Agent or in its individual capacity). 
  
 SECTION 7.05. Consultation with Experts. The Administrative Agent may consult with legal counsel (who may be counsel for any Account Party),
independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. 
  
 SECTION 7.06. Liability of Agent. Neither the Administrative Agent nor
any of its directors, officers, agents or employees shall be liable to any Bank for any action taken or not taken by it in connection herewith (i) with the consent or at the request of the Required Banks or (ii) in the absence of its own gross
negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by an Account Party or a Bank. Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be responsible to any Bank for or have any duty to any Bank to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this Agreement
or any issuance, amendment, renewal or extension of a Letter of Credit; (ii) the performance or observance of any of the covenants or 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
agreements of any Account Party; (iii) the satisfaction of any condition specified in Article III, except receipt of items required to be delivered to the
Administrative Agent; (iv) the validity, effectiveness or genuineness of this Agreement or any other instrument or writing furnished in connection herewith; (v) any Alternative Currency Letter of Credit or any action or failure to act relating
thereto; (vi) the existence or possible existence of any Default; (vii) the financial condition of any Account Party or any Account Party’s Subsidiaries; or (viii) the contents of any certificate, report or other document delivered hereunder or
in connection herewith. The Administrative Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, statement, or other writing (which may be a bank wire, telex or similar writing) believed by it in good faith
to be genuine or to be signed by the proper party or parties. 
  
 SECTION 7.07. Indemnification. Each Bank shall, ratably in accordance with its initial Commitment, indemnify the Administrative Agent (to the extent not reimbursed by the Company) against any cost, expense (including counsel fees and
disbursements), claim, demand, action, loss or liability (except such as result from the Administrative Agent’s gross negligence or willful misconduct) that the Administrative Agent may suffer or incur in connection with this Agreement or any
action taken or omitted by the Administrative Agent hereunder. The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder unless it shall first be indemnified to its satisfaction by the Banks pro rata
against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 
  
 SECTION 7.08. Credit Decision. Each Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
Bank, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under this Agreement. 
  
 SECTION 7.09. Successor Agent. The Administrative Agent may resign at
any time by giving written notice thereof to the Banks and the Company. Upon any such resignation, the Required Banks shall have the right to appoint a successor Administrative Agent, which successor Administrative Agent shall be satisfactory to the
Company, provided that no Default is continuing. If no successor Administrative Agent shall have been so appointed by the Required Banks, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent gives
notice of resignation, then the retiring Administrative Agent may, on behalf of the Banks, appoint a successor Agent, which shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and
having a combined capital and surplus of at least $100,000,000 and (unless a Default has occurred and is continuing) shall otherwise be subject to the consent of the Company, which consent shall not be unreasonably withheld. Upon the acceptance of
its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Administrative Agent, and the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent’s resignation hereunder as 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
Administrative Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent. 
  
 SECTION 7.10. Delegation to
Affiliates. The Account Party and the Banks agree that the Administrative Agent may delegate any of its duties under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and
employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other protective provisions to which the Administrative Agent is entitled under Articles VII and X.

  
 SECTION 7.11. Lead Arranger and Other Agents.
Notwithstanding anything herein to the contrary, neither the Lead Arranger nor any Syndication 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. 
  
 ARTICLE VIII 
  
 CHANGE IN CIRCUMSTANCES 
  
 SECTION 8.01. Increased Cost and Reduced Return. 
  
 (a) If on or after the date hereof the adoption of any applicable law, rule
or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Bank (or its Applicable Credit Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall impose, modify or deem applicable any reserve
(including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System), special deposit, insurance assessment or similar requirement against assets of, deposits with or for the account of, or credit
extended by, any Bank (or its Applicable Credit Office) or shall impose on any Bank (or its Applicable Credit Office) any other condition affecting its obligation to issue Committed Letters of Credit, any outstanding Letters of Credit or
reimbursement claims in respect of LC Disbursements and the result of any of the foregoing is to increase the cost to such Bank (or its Applicable Credit Office) of issuing or maintaining any Letter of Credit, or to reduce the amount of any sum
received or receivable by such Bank (or its Applicable Credit Office) under this Agreement with respect thereto, by an amount deemed by such Bank to be material, then, within 15 days after demand by such Bank (with a copy to the Administrative
Agent), the applicable Account Party or Account Parties shall pay to such Bank such additional amount or amounts as will compensate such Bank for such increased cost or reduction. 
  
 (b) If any Bank shall have determined that, after the date hereof, the adoption of any applicable law, rule or regulation
regarding capital adequacy, or any change in any applicable law, rule or regulation regarding capital adequacy, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged
with the interpretation or administration thereof, or any request or directive regarding 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing
the rate of return on capital of such Bank (or its Parent) as a consequence of such Bank’s obligations hereunder to a level below that which such Bank (or its Parent) could have achieved but for such adoption, change, request or directive
(taking into consideration its policies with respect to capital adequacy) by an amount deemed by such Bank to be material, then from time to time, within 15 days after demand by such Bank (with a copy to the Administrative Agent), the Company shall
pay to such Bank such additional amount or amounts as will compensate such Bank (or its Parent) for such reduction. 
  
 (c) Each Bank will promptly notify the Company and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, which
will entitle such Bank to compensation pursuant to this Section and will designate a different Applicable Credit Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such
Bank, be otherwise disadvantageous to such Bank. A certificate of any Bank claiming compensation under this Section and setting forth the additional amount or amounts to be paid to it hereunder and, in reasonable detail, such Bank’s computation
of such amount or amounts, shall be conclusive in the absence of manifest error. In determining such amount, such Bank may use any reasonable averaging and attribution methods. 
  
 SECTION 8.02. Taxes. 
  
 (a) For purposes of this Section, the following terms have the following meanings: 
  
 “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings of any nature with respect to any payment by any Account Party or the Guarantor pursuant to this Agreement or any other Credit Document, and all liabilities with respect thereto, excluding, in the case of each Bank and the
Administrative Agent, taxes imposed on its net income, and franchise or similar taxes imposed on it, by a jurisdiction under the laws of which such Bank or the Administrative Agent (as the case may be) is organized or in which its principal
executive office is located or, in the case of each Bank, in which its Applicable Credit Office is located (all such excluded taxes being hereinafter referred to as “Domestic Taxes”). If the form provided by a Bank pursuant to
Section 8.02(d) at the time such Bank first becomes a party to this Agreement indicates a United States interest withholding tax rate in excess of zero, any United States interest withholding tax at such rate imposed on payments by the Company under
this Agreement shall be excluded from the definition of “Taxes”. 
  
 “Other Taxes” means any present or future stamp or documentary taxes and any other excise or property taxes, or similar charges or levies, which arise from any payment made pursuant to this Agreement
or any other Credit Document or from the execution, delivery, registration or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document. 
  
 (b) Any and all payments by any Account Party or the Guarantor to or for account of any Bank or the Administrative Agent
hereunder shall be made without deduction or 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
withholding for any Taxes or Other Taxes; provided that, if any Account Party or the Guarantor shall be required by law to deduct any Taxes or Other
Taxes from any such payments, (i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section) such
Bank or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) such Account Party or the Guarantor shall make such deductions or withholdings,
(iii) such Account Party or the Guarantor shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable law and (iv) such Account Party or the Guarantor shall promptly furnish to
the Administrative Agent, at its address referred to in Section 10.01, the original or a certified copy of a receipt evidencing payment thereof, and, if such receipt relates to Taxes or Other Taxes in respect of a sum payable to any Bank, the
Administrative Agent shall promptly deliver such original or certified copy to such Bank. 
  
 (c) The Company agrees to indemnify each Bank and the Administrative Agent for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction
on amounts payable under this Section), whether or not correctly or legally imposed, paid by such Bank or the Administrative Agent (as the case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect
thereto. In addition, the Company agrees to indemnify each Bank and the Administrative Agent for all Domestic Taxes of such Bank or the Administrative Agent (calculated based on a hypothetical basis at the maximum marginal rate for a corporation)
and any liability (including penalties, interest and expenses to the extent not attributable to the gross negligence or willful misconduct of each Bank or the Administrative Agent, as the case may be) arising therefrom or with respect thereto, in
each case to the extent that such Domestic Taxes result from any payment or indemnification pursuant to this Section for any taxes imposed by any jurisdiction for which the Account Party is responsible under Section 8.02(a), (b) or (c). This
indemnification shall be paid within 30 days after such Bank or Agent, as the case may be, makes demand therefor. 
  
 (d) At least five Business Days prior to the first date on which interest or fees are payable hereunder for the account of any Bank, each Bank that is not
incorporated under the laws of the United States of America or a state thereof agrees that it will deliver to each of the Company and the Administrative Agent two duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI,
certifying in either case that such Bank is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes. Each Bank which so delivers a Form W-8BEN or W-8ECI further undertakes to
deliver to each of the Company and the Administrative Agent two additional copies of such form (or successor form) on or before the date that such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most
recent form so delivered by it, and such amendments thereto or extensions or renewals thereof as may be reasonably requested by the Company or the Administrative Agent, in each case certifying that such Bank is entitled to receive payments under
this Agreement without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Bank from duly completing and delivering any
such form with respect to it and such Bank advises the Company and the Administrative Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax. 
  
 (e) For any period with respect to which a Bank has failed to provide the
Company or the Administrative Agent with the appropriate form as required by Section 8.02(d) (whether or not such Bank is lawfully able to do so, unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date on
which such form originally was required to be provided), such Bank shall not be entitled to indemnification under Section 8.02(b) or (c) with respect to any withholding of the United States federal income tax; provided that if a Bank, which
is otherwise exempt from or subject to a reduced rate of withholding tax, becomes subject to Taxes because of its failure to deliver a form required hereunder, the Company shall take such steps as such Bank shall reasonably request to assist such
Bank to recover such Taxes. 
  
 (f) If any Account Party or the
Guarantor is required to pay additional amounts to or for the account of any Bank pursuant to this Section as a result of a change of law occurring after the date hereof, then such Bank, at the request of the Company, will change the jurisdiction of
its Applicable Credit Office if, in the sole judgment of such Bank, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) is not otherwise disadvantageous to such Bank. 
  
 (g) Each Bank and the Administrative Agent shall, at the request of the
Company, use reasonable efforts (consistent with applicable legal and regulatory restrictions) to file any certificate or document requested by the Company if the making of such a filing would avoid the need for or reduce the amount of any such
additional amounts payable to or for account of such Bank or the Administrative Agent (as the case may be) pursuant to this Section which may thereafter accrue and would not, in the sole judgment of such Bank or the Administrative Agent, require
such Bank or the Administrative Agent to disclose any confidential or proprietary information or be otherwise disadvantageous to such Bank or the Administrative Agent. 
  
 (h) Notwithstanding the foregoing, nothing in this Section shall interfere with the rights of any Bank to conduct its fiscal
or tax affairs in such manner as it deems fit. 
  
 ARTICLE IX

  
 GUARANTY 
  
 SECTION 9.01. The Guaranty. The Company hereby unconditionally
guarantees the full and punctual payment of all reimbursement obligations in respect of LC Disbursements and all interest thereon payable by each Subsidiary Account Party pursuant to this Agreement (including, without limitation, any Subsidiary
Account Party that shall become party hereto after the date hereof pursuant to Section 10.13), and the full and punctual payment of all other amounts payable by each Subsidiary Account Party under this Agreement, including amounts payable as cover
in respect of outstanding letter of credit exposure pursuant to Sections 2.03(e), 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
6.01 and 6.03. Upon failure by any Subsidiary Account Party to pay punctually any such amount, the Company shall forthwith on demand pay the amount not so
paid at the place and in the manner specified in this Agreement. 
  
 SECTION 9.02. Guaranty Unconditional. The obligations of the Company hereunder shall be unconditional, absolute and continuing and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise
affected by: 
  
 (i) any extension, renewal,
settlement, compromise, waiver or release in respect of any obligation of any Subsidiary Account Party under this Agreement, by operation of law or otherwise; 
  

(ii) any modification or amendment of or supplement to this Agreement; 
  
 (iii) any release, impairment, non-perfection or invalidity of any direct or indirect security for any
obligation of any Subsidiary Account Party under this Agreement; 
  
 (iv) any change in the corporate existence, structure or ownership of any Subsidiary Account Party, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Subsidiary Account Party or
its assets or any resulting release or discharge of any obligation of any Subsidiary Account Party contained in this Agreement; 
  
 (v) the existence of any claim, set-off or other rights which the Company may have at any time against any Subsidiary Account Party, the
Administrative Agent, any Bank or any other Person, whether in connection herewith or any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

  
 (vi) any invalidity or unenforceability
relating to or against any Subsidiary Account Party for any reason of this Agreement, or any provision of applicable law or regulation purporting to prohibit the payment by any Subsidiary Account Party of any reimbursement obligation, interest or
any other amount payable by it under this Agreement; 
  
 (vii) any other act or omission to act or delay of any kind by Subsidiary Account Party, the Administrative Agent, any Bank or any other Person or any other circumstance whatsoever which might, but for the provisions of this paragraph,
constitute a legal or equitable discharge of or defense to the Company’s obligations hereunder; or 
  
 (viii) any Bank and its Affiliates accepting deposits from, lending money to, or otherwise engaging in any kind of business with the
Company, its Subsidiaries, the Subsidiary Account Parties or the Affiliates of any thereof. 
  
 SECTION 9.03. Discharge Only Upon Payment In Full; Reinstatement In Certain Circumstances. The Company’s obligations hereunder shall remain in full force and effect until the Commitments shall have
terminated and all reimbursement obligations, interest and all other 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
amounts payable by the Company and each Subsidiary Account Party under this Agreement shall have been paid in full. If at any time any payment of
reimbursement obligation, interest or any other amount payable by any Subsidiary Account Party under this Agreement is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of such Subsidiary Account
Party or otherwise, the Company’s obligations hereunder with respect to such payment shall be reinstated at such time as though such payment had been due but not made at such time. 
  
 SECTION 9.04. Waiver by the Company. The Company irrevocably waives acceptance hereof, presentment, demand, protest
and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against any Subsidiary Account Parties or any other Person. 
  
 SECTION 9.05. Subrogation. Upon making any payment with respect to the obligations of any Subsidiary Account Party
hereunder, the Company shall be subrogated to the rights of the payee against such Subsidiary Account Party with respect to such payment; provided that the Company shall not enforce any payment by way of subrogation against such Subsidiary
Account Party so long as (i) any Bank has any Commitment hereunder or (ii) any amount payable hereunder remains unpaid. 
  
 ARTICLE X 
  
 MISCELLANEOUS 
  
 SECTION 10.01. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including bank wire, telex, facsimile transmission or similar writing, or by electronic communication, if arrangements
for doing so have been approved by such party) and shall be given to such party: (w) in the case of any Account Party, at the Company’s address or telex or telecopier number set forth on the Company’s signature page hereof, (x) in the case
of the Administrative Agent, at its address or telex or telecopier number set forth on its respective signature page hereof, (y) in the case of any Bank, at its address or telex or telecopier number set forth in its Administrative Questionnaire or
(z) in the case of any party, such other address or telex or telecopier number as such party may hereafter specify for the purpose by notice to the Administrative Agent and the Company. Each such notice, request or other communication shall be
effective (i) if given by telex, when such telex is transmitted to the telex number specified in this Section and the appropriate answerback is received, (ii) if given by mail, 72 hours after such communication is deposited in the mails with first
class postage prepaid, addressed as aforesaid and return receipt requested, (iii) if given by telecopier, when transmitted to the telecopier number specified in this Section or (iv) if given by any other means, when delivered at the relevant address
specified by such party pursuant to this Section; provided that notices to the Administrative Agent under Article II or Article VIII shall not be effective until received. 
  
 SECTION 10.02. No Waivers. No failure or delay by the Administrative Agent or any Bank in exercising any right, power
or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights
or remedies provided by law. 
  
 SECTION 10.03. Expenses;
Indemnification; Non-Liability of Banks. 
  
 (a) The Company
shall pay (i) all out-of-pocket expenses of the Administrative Agent, including reasonable fees and disbursements of special counsel for the Administrative Agent, in connection with the preparation of this Agreement, any waiver or consent hereunder
or any amendment hereof or any Default or alleged Default hereunder and (ii) if an Event of Default occurs, all out-of-pocket expenses incurred by the Administrative Agent and each Bank, including fees and disbursements of counsel including costs
allocated to in-house counsel, in connection with such Event of Default and collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom. 
  
 (b) The Company agrees to indemnify the Administrative Agent, each Bank and each Confirming Bank, their Affiliates and the
respective directors, officers, agents, advisors and employees of the foregoing (each an “Indemnitee”) and hold each Indemnitee harmless from and against any and all liabilities, losses, damages, costs and expenses of any kind,
including, without limitation, the reasonable fees and disbursements of counsel and costs of settlement, which may be incurred by such Indemnitee in connection with any investigative, administrative or judicial proceeding (whether or not such
Indemnitee shall be designated a party thereto) relating to or arising out of this Agreement or any actual or proposed use of proceeds of Letters of Credits or the proceeds thereof; provided that no Indemnitee shall have the right to be
indemnified hereunder for its own gross negligence or willful misconduct as determined by a court of competent jurisdiction or for the breach by such Indemnitee of its obligations hereunder or, in the case of a Confirming Bank, under its Confirming
Bank Agreement. 
  
 SECTION 10.04. Sharing of Set-Offs.
Each Bank agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate reimbursement obligation or interest due with respect to any LC Disbursement made by it under a
Committed Letter of Credit which is greater than the proportion received by any other Bank in respect of the aggregate reimbursement obligation or interest due, as the case may be, with respect to any LC Disbursement made by such other Bank under
such Letter of Credit, the Bank receiving such proportionately greater payment shall purchase such participations in the LC Exposure by the other Banks under such Letter of Credit, and such other adjustments shall be made, as may be required so that
all such payments of reimbursement obligations and interest with respect to LC Disbursements made by the Banks under such Letter of Credit shall be shared by the Banks pro rata; provided that nothing in this Section shall impair the right of
any Bank to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of the applicable Account Party other than its indebtedness under this Agreement. Each Account
Party agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in any LC Exposure, whether or not acquired pursuant to the foregoing arrangements, may exercise rights of set-off or counterclaim
and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of such Account Party in the amount of such participation. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 SECTION 10.05. Amendments and Waivers. Any provision of this Agreement may be amended or waived
if, but only if, such amendment or waiver is in writing and is signed by each Account Party and the Required Banks or by the Administrative Agent (with the consent of the Required Banks) (and, if the rights or duties of the Administrative Agent are
affected thereby, by the Administrative Agent); provided that the Administrative Agent may, with the consent of the Company (which shall not be unreasonably withheld), specify by notice to the Banks modifications in the procedures set forth
in Section 2.01(b); provided, further, that the consent of each Bank affected thereby shall be required with respect to any amendment, waiver or modification that (i) increases the amount or extends the expiry date of the Commitment of
any Bank, increases the LC Exposure of such Bank or otherwise subjects any Bank to any additional obligation, (ii) reduces the reimbursement obligation of any Account Party in respect of any LC Disbursement, the rate or amount of interest thereon or
any fees payable to such Bank hereunder, (iii) postpones the scheduled date for reimbursement of any LC Disbursement, or any interest thereon, or any fees payable hereunder, or waives or excuses any such payment, or postpones the scheduled date of
expiration of any Commitment, or (iv) alters the manner in which reimbursement payments, interest or other amounts hereunder shall be applied as among the Banks; provided, further, that the consent of 100% of the Banks shall be
required with respect to (x) any change in the percentage of the Commitments or of the LC Exposure or the number of Banks, which shall be required for the Banks or any of them to take any action under this Section or any other provision of this
Agreement, (y) the release of any of the collateral provided for cover of the Committed LC Exposure pursuant to Sections 2.03(e) and 6.01 other than as expressly provided in Section 2.03(e) or (z) any change in the obligations of the Company under
Article IX. 
  
 SECTION 10.06. Successors and Assigns.

  
 (a) The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that no Account Party may assign or otherwise transfer any of its rights or obligations under this Agreement, without the prior
written consent of the Banks. 
  
 (b) Any Bank may at any time
grant to one or more banks or other institutions (each a “Participant”) participating interests in its Commitment or any or all of its Letters of Credit. In the event of any such grant by a Bank of a participating interest to a
Participant, whether or not upon notice to the Company and the Administrative Agent, such Bank shall remain solely responsible for the performance of its obligations hereunder, and the Account Parties and the Administrative Agent shall continue to
deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement pursuant to which any Bank may grant such a participating interest shall provide that such Bank shall retain the
sole right and responsibility to enforce the obligations of the Account Parties hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; provided that such
participation agreement may provide that such Bank will not agree to any modification, amendment or waiver of this Agreement described in clause (i), (ii), (iii), (iv), (x) or (y) of Section 10.05 without the consent of the Participant. Each Account
Party agrees that each Participant shall, to the extent provided in its participation agreement, be entitled to the benefits of Article VIII with respect to its 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
participating interest. An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect for purposes of this
Agreement only to the extent of a participating interest granted in accordance with this subsection (b). 
  
 (c) Any Bank may at any time assign to one or more NAIC Approved Banks (each an “Assignee”) all, or a proportionate part of all, of its
rights and obligations under this Agreement, and such Assignee shall assume such rights and obligations, pursuant to an Assignment and Assumption executed by such Assignee and such transferor Bank, with (and subject to) the consent of the Company,
which shall not be unreasonably withheld, and the Administrative Agent, which shall not be unreasonably withheld; provided that (i) if an Assignee is an Affiliate of any Bank or was a Bank immediately prior to such assignment, no such consent
of the Company shall be required and (ii) if an Assignee was a Bank immediately prior to such assignment, no such consent of the Administrative Agent shall be required; provided, further, that if an Event of Default occurs and is
continuing under Section 6.01(a), 6.01(g) or 6.01(h) with respect to the Company, no such consent of the Company shall be required; provided, further, that such assignment may, but need not, include rights and/or obligations of the
transferor Bank in respect of outstanding Alternative Currency Letters of Credit; and provided, further, that any such assignment (other than an assignment to another Bank or an Affiliate of any Bank or an assignment of the entire
remaining amount of the transferor Bank’s Commitment and interests in outstanding Letters of Credit (other than Alternative Currency Letters of Credit)) shall be in an amount that is at least $5,000,000 unless otherwise agreed by the Account
Parties and the Administrative Agent. Upon execution and delivery of such Assignment and Assumption and payment by such Assignee to such transferor Bank of an amount equal to the purchase price agreed between such transferor Bank and such Assignee,
such Assignee shall be a Bank party to this Agreement and shall have all the rights and obligations of a Bank with a Commitment as set forth in such instrument of assumption, and the transferor Bank shall be released from its obligations hereunder
to a corresponding extent, and no further consent or action by any party shall be required. In connection with any such assignment, the transferor Bank or Assignee shall pay to the Administrative Agent an administrative fee for processing such
assignment in the amount of $3,500. If the Assignee is not incorporated under the laws of the United States of America or a state thereof, it shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to
the Company and the Administrative Agent certification as to exemption from deduction or withholding of any United States federal income taxes in accordance with Section 8.02(d). 
  
 (d) Any Bank may at any time assign all or any portion of its rights under this Agreement to any Person to secure
obligations of such Bank, including, without limitation, to one or more of the Federal Reserve Banks which comprise the Federal Reserve System. No such assignment shall release the transferor Bank from its obligations hereunder. 
  
 (e) No Assignee, Participant or other transferee of any Bank’s rights
shall be entitled to receive any greater payment under Section 8.01 or 8.02 than such Bank would have been entitled to receive with respect to the rights transferred, unless such transfer is made (i) with the Company’s prior written consent or
by reason of the provisions of Section 8.01 or 8.02 requiring such Bank to designate a different Applicable Credit Office under certain 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
circumstances or (ii) at a time when the circumstances giving rise to such greater payment did not exist. 
  
 SECTION 10.07. Collateral. Each of the Banks represents to the
Administrative Agent and each of the other Banks that it in good faith is not relying upon any “margin stock” (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

  
 SECTION 10.08. New York Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York. 
  
 SECTION 10.09. Judicial Proceedings. 
  
 (a) Submission to Jurisdiction. Each Account Party hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State court
sitting in New York City for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. Each Account Party irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 
  
 (b) Appointment of Agent for Service of Process. Each Subsidiary
Account Party irrevocably designates and appoints CT Corporation System, at its office in New York City, New York, U.S.A., as its authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any
suit, action or proceeding of the nature referred to in Section 10.09(a) above in any federal or New York State court sitting in New York City. Each Subsidiary Account Party represents and warrants that such agent has agreed in writing to accept
such appointment and that a true copy of such designation and acceptance has been delivered to the Administrative Agent. Said designation and appointment shall be irrevocable by each such Subsidiary Account Party until all reimbursement obligations,
interest thereon and all other amounts payable hereunder shall have been paid in full in accordance with the provisions hereof and thereof or, if earlier, when such Subsidiary Account Party is terminated as an Account Party hereunder pursuant to
Section 10.13. If such agent shall cease so to act, each such Subsidiary Account Party covenants and agrees to designate irrevocably and appoint without delay another such agent satisfactory to the Administrative Agent and to deliver promptly to the
Administrative Agent evidence in writing of such other agent’s acceptance of such appointment. 
  
 (c) Service of Process. Each Account Party hereby consents to process being served in any suit, action or proceeding of the nature referred to in
subsection (a) above in any federal or New York State court sitting in New York City by service of process upon its agent appointed as provided in subsection (b) above; provided that, to the extent lawful and possible, notice of said service
upon such agent shall be mailed by registered or certified air mail, postage prepaid, return receipt requested, to such Account Party at its address specified on the signature page hereof (or, in the case of any Subsidiary Account Party, on the
signature page of the 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
Subsidiary Joinder Agreement to which it is a party) or to any other address of which such Account Party shall have given written notice to the applicable
Bank. Each Account Party irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service in such manner and agrees that such service shall be deemed in every respect effective service of process upon such
Account Party in any such suit, action or proceeding and shall, to the fullest extent permitted by law, be taken and held to be valid and personal service upon and personal delivery to such Account Party. 
  
 (d) No Limitation on Service or Suit. Nothing in this Section shall
affect the right of the Administrative Agent or any Bank to serve process in any other manner permitted by law or limit the right of the Administrative Agent or any Bank to bring proceedings against any Account Party in the courts of any
jurisdiction or jurisdictions. 
  
 SECTION 10.10. Counterparts;
Integration. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire
agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 
  
 SECTION 10.11. Confidentiality. The Administrative Agent and each Bank agree that they will maintain the
confidentiality of, and will not use for any purpose (other than exercising its rights and enforcing its remedies hereunder), any written or oral information provided under this Agreement by or on behalf of the Account Parties (hereinafter
collectively called “Confidential Information”), subject to the Administrative Agent’s and each Bank’s (a) obligation to disclose any such Confidential Information pursuant to a request or order under applicable laws and
regulations or pursuant to a subpoena or other legal process, (b) right to disclose any such Confidential Information to its bank examiners, auditors, counsel and other professional advisors and to other Banks and to its subsidiaries and Affiliates
and the subsidiaries and Affiliates of its holding company, provided that the Administrative Agent or such Bank, as the case may be, shall cause each such subsidiary or Affiliate to maintain the Confidential Information on the same terms as
the terms provided herein, (c) right to disclose any such Confidential Information in connection with any litigation or dispute involving the Banks and the Company or any of its Subsidiaries and Affiliates and (d) right to provide such information
to participants, prospective participants or prospective assignees pursuant to Section 10.06 or to such its prospective Confirming Bank or Confirming Bank if prior thereto such participant, prospective participant, prospective assignee, prospective
Confirming Bank or Confirming Bank agrees in writing to maintain the confidentiality of such information on terms substantially similar to those of this Section as if it were a “Bank” party hereto. Notwithstanding the foregoing, any such
information supplied to a Bank, participant, prospective participant, prospective assignee, prospective Confirming Bank or Confirming Bank under this Agreement shall cease to be Confidential Information if it is or becomes known to such Person by
other than unauthorized disclosure, or if it is, at the time of disclosure, or becomes a matter of public knowledge. Notwithstanding anything herein to the contrary, any party subject to confidentiality obligations hereunder or under any other
related document (and any employee, representative or other agent of any such party) may disclose to any and all Persons, without limitation of any kind, such party’s U.S. federal income tax treatment and the U.S. federal income tax structure
of 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 
the transactions contemplated herein relating to such party and all materials of any kind (including opinions or other tax analyses) that are provided to it
relating to such tax treatment and tax structure. However, no such party shall disclose any information relating to such tax treatment or tax structure to the extent nondisclosure is reasonably necessary in order to comply with applicable securities
laws. 
  
 SECTION 10.12. WAIVER OF JURY TRIAL. EACH OF THE
ACCOUNT PARTIES, THE ADMINISTRATIVE AGENT AND THE BANKS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

 
 SECTION 10.13. Joinder and Termination of Subsidiary Account Party.

  
 (a) Any direct or indirect wholly-owned Subsidiary of the
Company that is organized, licensed or regulated under applicable law as an insurance or reinsurance company may, with the consent of the Company, become a party to this Agreement as an Account Party by delivering an executed Subsidiary Joinder
Agreement, substantially in the form of Exhibit C hereto, to the Administrative Agent for acceptance by it (which shall promptly notify the Banks), provided that on and as of the date of acceptance of such Subsidiary Joinder Agreement by the
Administrative Agent (i) no Default shall have occurred and be continuing, (ii) each of the representations and warranties contained in this Agreement (other than the representations and warranties set forth in Sections 4.04(e) and 4.05 as to any
matter which has theretofore been disclosed in writing by the Account Parties to the Banks) shall be true with the same force and effect as if made on and as of such 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 (iii) the Administrative Agent shall have received, in respect of such proposed Subsidiary Account Party, a process agent acceptance letter substantially in the form of Exhibit F hereto and
such other documents as the Administrative Agent shall reasonably request, which may include opinions of counsel and other documents that are consistent with conditions set forth in Section 3.02, each in form and substance satisfactory to the
Administrative Agent. 
  
 (b) The Company may, at any time at
which a Subsidiary Account Party shall not be an Account Party with respect to an outstanding Letter of Credit and which shall have no unpaid LC Disbursements or unpaid interest on any LC Disbursements, terminate such Subsidiary Account Party as an
Account Party hereunder by delivering an executed notice thereof, substantially in the form of Exhibit H hereto, to the Administrative Agent (which shall promptly notify the Banks). Immediately upon the receipt by the Administrative Agent of such
notice, all commitments of the Banks to issue Letters of Credit for account of such Subsidiary Account Party and all rights of such Subsidiary Account Party hereunder, shall terminate and such Subsidiary Account Party shall immediately cease to be
an Account Party hereunder; provided that all obligations of such Subsidiary Account Party as an Account Party hereunder arising in respect of any period in which such Subsidiary Account Party was, or on account of any action or inaction by
such Subsidiary Account Party as, an Account Party hereunder shall survive such termination. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 SECTION 10.14. Judgment Currency. If for the purposes of enforcing the obligations of any Account
Party hereunder it is necessary to convert a sum due from such Person in the currency in which the relevant payment is due (the “Required Currency”) into another currency (the “Other Currency”), the parties hereto
agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent and the Banks could purchase the Required Currency with the
Other Currency at or about 11:00 a.m. (New York City time) on the Business Day preceding that on which final judgment is given. The obligations in respect of any sum due to the Administrative Agent and the Banks hereunder shall, notwithstanding any
adjudication expressed in the Other Currency, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent and the Banks of any sum adjudged to be so due in the Other Currency the Administrative Agent and
the Banks may in accordance with normal banking procedures purchase the Required Currency with the Other Currency; if the amount of the Required Currency so purchased is less than the sum originally due to the Administrative Agent and the Banks in
the Required Currency, the Company agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such adjudication, to indemnify the Administrative Agent and the Banks against such loss, and if the
amount of the Required Currency so purchased exceeds the sum originally due to the Administrative Agent and the Banks, they shall remit such excess to the applicable Account Party. 
  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	 LINCOLN NATIONAL CORPORATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

			
	
	 Centre Square, West Tower

	 1500 Market Street, Suite 3900

	 Philadelphia, PA 19102-2112

	 Attention: Treasurer’s Office

	 Tel: (215) 448-1435

	 Fax: (215) 448-3954

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 SUBSIDIARY ACCOUNT PARTIES

	 
	 LINCOLN NATIONAL REINSURANCE

	 COMPANY (BARBADOS) LIMITED

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 BANKS

	
	 JPMORGAN CHASE BANK,

	 Individually and as Administrative Agent

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 Address for Notices (for the Administrative Agent):

	
	 JPMorgan Chase Bank

	 10420 Highland Manor Drive

	 4th Floor

	 Tampa, Florida 33610

			
	 Attention:
	 	 Standby Letter of Credit Department

	 	 	 Mumta Dayal

	 Tel:     (813) 432-6358

	 Fax:     (813) 432-5162

	
	 with copies to:

	
	 JPMorgan Chase Bank

	 1111 Fannin Street

	 10th Floor

	 Houston, Texas 77002-8069

	 Attention:
	 	 Loan and Agency Department

	 	 	 Carla Kinney

	 Tel:     (713) 750-3560

	 Fax:     (713) 750-2223

	
	 and:

	
	 JPMorgan Chase Bank

	 270 Park Avenue

	 4th Floor

	 New York, NY 10017

	 Attention:
	 	 Heather Lindstrom

	 Tel:     (212) 270-9839

	 Fax:     (212) 270-1511

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	THE BANK OF NEW YORK
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	CITICORP USA, INC.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	MELLON BANK, N.A.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	KEY BANK NATIONAL ASSOCIATION
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	ABN AMRO BANK N.V.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	BANK ONE, NA
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	FLEET NATIONAL BANK
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	HSBC BANK USA
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	THE BANK OF TOKYO-MITSUBISHI, LTD.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	THE NORTHERN TRUST COMPANY
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 US BANK NATIONAL ASSOCIATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 BANK OF AMERICA, N.A.

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 FIFTH THIRD BANK

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 NORDDEUTSCHE LANDESBANK GIROZENTRALE

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 PNC BANK, NATIONAL ASSOCIATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 SOCIETE GENERALE

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 THE BANK OF NOVA SCOTIA

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

			
	 NATIONAL CITY BANK

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Third Amended and Restated Letter of Credit and Reimbursement Agreement 

 SCHEDULE I 
  
 Commitments 
 (As of December 11, 2003)

  

				
	 Bank

	  	Commitment ($)

	 JPMorgan Chase Bank
	  	 	44,000,000
	 The Bank of New York
	  	 	36,666,667
	 Citicorp USA, Inc.
	  	 	36,666,667
	 Mellon Bank, N.A.
	  	 	36,666,667
	 Wachovia Bank, National Association
	  	 	36,666,667
	 Key Bank National Association
	  	 	36,666,667
	 ABN AMRO Bank N.V.
	  	 	27,500,000
	 Bank One, NA
	  	 	27,500,000
	 Fleet National Bank
	  	 	27,500,000
	 HSBC Bank USA
	  	 	27,500,000
	 The Bank of Tokyo-Mitsubishi, Ltd.
	  	 	27,500,000
	 The Northern Trust Company
	  	 	27,500,000
	 Wells Fargo Bank, National Association
	  	 	27,500,000
	 US Bank National Association
	  	 	27,500,000
	 Bank of America, N.A.
	  	 	14,666,667
	 Fifth Third Bank
	  	 	14,666,667
	 Norddeutsche Landesbank Girozentrale
	  	 	14,666,667
	 PNC Bank, National Association
	  	 	14,666,667
	 Societe Generale
	  	 	14,666,667
	 The Bank of Nova Scotia
	  	 	14,666,667
	 National City Bank
	  	 	14,666,667
	 Total Commitments
	  	$	550,000,000

  

 Schedule I (Commitments) 

 SCHEDULE II 
  
 List of Restricted Subsidiaries 
  
 Lincoln National Life Insurance Company 
  

 Schedule II (Restricted Subsidiaries) 

 EXHIBIT A 
  
 Form of Assignment and Assumption 
  
 ASSIGNMENT AND ASSUMPTION 
  
 This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by
and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
  
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes
from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and
obligations in its capacity as a Bank under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the facility identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Bank) against any
Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the credit transactions governed thereby or in any way based on or related to any of the
foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold
and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor. 
  

					
			
	1.	  	Assignor:	  	____________________________
			
	2.	  	Assignee:	  	____________________________
			
	 	  	 	  	[and is an Affiliate of [identify Bank]]
			
	3.	  	Account Party:	  	[                    ]
			
	4.	  	Administrative Agent:	  	JPMorgan Chase Bank, as the administrative agent under the Credit Agreement

  

 Exhibit A (Assignment and Assumption) 

					
	5.	  	Credit Agreement:	  	The $550,000,000 Third Amended and Restated Letter of Credit and Reimbursement Agreement dated as of December 11, 2003 between Lincoln National Corporation, the Subsidiary Account Parties party
thereto, the Banks party thereto and JPMorgan Chase Bank, as Administrative Agent
			
	6.	  	Assigned Interest:	  	 

  

							
	 Facility Assigned1

	  	 Aggregate Amount of Commitment/
LC Exposure for all Banks

	  	 Amount of Commitment/LC
Exposure Assigned

	  	 Percentage Assigned of
Commitment/LC Exposure2

	 	  	$	  	$	  	%
	 	  	$	  	$	  	%
	 	  	$	  	$	  	%

  
 Effective Date:
                             , 200   [TO BE INSERTED BY ADMINISTRATIVE AGENT
AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

	1	Fill in the appropriate terminology for the types of facilities under the Credit Agreement
that are being assigned under this Assignment (e.g. “Revolving Commitment,” “Term Loan Commitment,” etc.). 

  

	2	Set forth, to at least 9 decimals, as a percentage of the Commitment/LC Exposure of all Banks
thereunder. 

  

 Exhibit A (Assignment and Assumption) 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 Exhibit A (Assignment and Assumption) 

			
	 [Consented to and]3 Accepted:

	
	 JPMORGAN CHASE BANK, as Administrative Agent

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 [Consented to and]4

	
	 LINCOLN NATIONAL CORPORATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

	3	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

  

	4	To be added only if the consent of the Company is required by the terms of the Credit Agreement. 

  

 Exhibit A (Assignment and Assumption) 

 ANNEX 1 
  
 STANDARD TERMS AND CONDITIONS FOR 
  
 ASSIGNMENT AND ASSUMPTION 
  
 1. Representations and Warranties. 
  
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions
contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Credit Agreement or any collateral thereunder, (iii) the financial condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement or (iv) the performance
or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit Agreement. 
  
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Bank under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be
satisfied by it in order to acquire the Assigned Interest and become a Bank, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Bank thereunder and, to the extent of the Assigned Interest, shall
have the obligations of a Bank thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and
without reliance on the Administrative Agent or any other Bank, and (v) if it is a Bank that is not incorporated under the laws of the United States of America or any state thereof, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other
Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms
all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Bank. 
  
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of reimbursement obligations, interest, fees and other amounts) to the Assignor for amounts which have accrued to 

  

 Annex I 

 
but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 
  
 3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York. 
  

 Annex I 

 EXHIBIT B 
  
 [Form of Confirming Bank Agreement] 
  
 [Letterhead of Issuing Bank] 
  
                     ,
20     
  
 [Name of
Confirming Bank] 
 [Address] 
  
 Ladies and Gentlemen: 
  
 Reference is made to the Third Amended and Restated Letter of Credit and Reimbursement Agreement dated as of December 11, 2003 (as amended, restated,
supplemented and otherwise modified and in effect on the date hereof, the “Credit Agreement”), among Lincoln National Corporation, the Subsidiary Account Parties party thereto, the Banks party thereto, and JPMorgan Chase Bank, as
Administrative Agent for the Banks. Terms defined in the Credit Agreement are used herein with the same meanings. 
  
 The undersigned is an Issuing Bank under the Credit Agreement but is not on the date hereof a bank listed on the most current Bank List of banks approved
by the NAIC. Accordingly, in order to be an “NAIC Bank” for the purposes of the Credit Agreement, the undersigned hereby requests that you be a Confirming Bank with respect to the undersigned for the purposes of the Credit Agreement and
each Letter of Credit issued thereunder. 
  
 By your signature
below, you undertake that any draft drawn under and in strict compliance with the terms of any Letter of Credit issued under the Credit Agreement will be duly honored by you as if, and to the extent, you were the Issuing Bank under such Letter of
Credit. Notwithstanding the foregoing, your liability under all Letters of Credit at any one time issued under the Credit Agreement shall be limited to an amount (the “Liability Limit”) equal to the Commitment of the undersigned
under the Credit Agreement in effect on the date hereof (an amount equal to $            ), as such Liability Limit may be increased after the date hereof with your prior written
consent by reason of an increase in the Commitment of the undersigned under the Credit Agreement. In addition, you hereby irrevocably appoint and designate the Administrative Agent as your attorney-in-fact, acting through any duly authorized officer
of JPMCB, to execute and deliver, at any time prior to the Commitment Termination Date in effect on the date of this letter agreement, in your name and on your behalf each Letter of Credit to be confirmed by you in accordance herewith and with the
Credit Agreement. You agree that, promptly upon the request of the Administrative Agent, you will furnish to the Administrative Agent such powers of attorney or other evidence as any beneficiary of any Letter of Credit may 

  

 Exhibit B (Confirming Bank Agreement) 

 
reasonably request in order to demonstrate that the Administrative Agent has the power to act as attorney-in-fact for you in connection with the execution
and delivery of such Letter of Credit. 
  
 In consideration of the
foregoing, the undersigned agrees that if you shall make any LC Disbursement in respect of any Letter of Credit, regardless of the identity of the account party of such Letter of Credit, the undersigned shall reimburse you by paying to you an amount
equal to the amount of the LC Disbursement made by you, such payment to be made not later than noon, New York City time, on (i) the Business Day that the undersigned receives notice of such LC Disbursement, if such notice is received prior to 10:00
a.m., New York City time, or (ii) the Business Day immediately following the day that the undersigned receives such notice, if such notice is received on a day which is not a Business Day or is not received prior to 10:00 a.m., New York City time,
on a Business Day. The undersigned’s obligations to reimburse you as provided in the foregoing sentence shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this letter agreement
under any and all circumstances whatsoever, and irrespective of any event or circumstance of the type described in Section 2.04(b) of the Credit Agreement (or of any analogous event or circumstance relating to the undersigned). 
  
 If any LC Disbursement is made by you, then, unless the undersigned shall
reimburse the amount of such LC Disbursement to you in full on the date such LC Disbursement is made by you, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the
date of reimbursement, at the rate per annum equal to (i) the Federal Funds Effective Rate to but excluding the date three Business Days after such LC Disbursement and (ii) from and including the date three Business Days after such LC Disbursement,
2% plus the Federal Funds Effective Rate. 
  
 This letter
agreement shall be governed by and construed in accordance with the law of the State of New York. 
  

 Exhibit B (Confirming Bank Agreement) 

 Please indicate your acceptance of the foregoing terms and conditions by signing the three enclosed
copies of this letter agreement and returning (a) one such signed copy to the undersigned at the address indicated above, (b) one such signed copy to the Administrative Agent at JPMorgan Chase Bank, 1111 Fannin Street, 10th Floor, Houston, Texas
77002-8069, Attention Loan and Agency Department (Telecopy No. (212) 750-2223) and (c) one such signed copy to the Company at its address specified in Section 10.01 of the Credit Agreement. 
  

			
	 [NAME OF ISSUING BANK]

		
	By	 	 
	 Title:
	 	 

  

			
	 AGREED AS AFORESAID:

	
	 [NAME OF CONFIRMING BANK]

		
	By	 	 
	 Title:
	 	 

  

 Exhibit B (Confirming Bank Agreement) 

 EXHIBIT C 
  
 [Form of Subsidiary Joinder Agreement] 
  
 [                    ], 200[  ]

  
 To JPMorgan Chase Bank, 
 as Administrative Agent 
 270 Park Avenue 
 New York, New York 10017 
  
 Each of the Banks party to the 
 Credit Agreement referred to below 
  

	 	Re:	Subsidiary Joinder Agreement 

  
 Ladies and Gentlemen: 
  
 Reference is made to the Third Amended and Restated Letter of Credit and Reimbursement Agreement (the “Credit Agreement”) dated as of
December 11, 2003 among Lincoln National Corporation (the “Company”), the Subsidiary Account Parties party thereto, the Banks party thereto and JPMorgan Chase Bank, as the Administrative Agent (the “Administrative
Agent”). Capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Credit Agreement. 
  
 The Company and the “Subject Subsidiary” (as identified on the signature pages below), have executed and hereby deliver this Subsidiary Joinder
Agreement, pursuant to Section 10.13(a) of the Credit Agreement, in order to designate the Subject Subsidiary as a Subsidiary Account Party to the Credit Agreement. 
  
 Accordingly, the Company and the Subject Subsidiary hereby represent and warrant and agree that as of the “Effective
Date” (as defined below): 
  
 1. the
Subject Subsidiary is a direct or indirect wholly-owned Subsidiary of the Company; 
  
 2. the Subject Subsidiary is subject to and bound by each of the obligations, of an Account Party, including a Subsidiary Account Party,
contained in the Credit Agreement as if the Subject Subsidiary were an original signatory to such Credit Agreement; 
  
 3. each of the representations and warranties contained in the Credit Agreement (other than the representations and warranties set forth
in Sections 4.04(e) and 4.05 thereof as to any matter which has theretofore been disclosed in writing by the Account Parties to the Banks) are true with the same force and effect as if made on and as of the 

  

 Exhibit C (Subsidiary Joinder Agreement) 

 
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);

  
 4. the Guarantee of the Company contained in
Article IX of the Credit Agreement applies to all of the obligations of the Subject Subsidiary pursuant thereto; 
  
 5. the Subject Subsidiary’s addresses for notices, other communications and service of process provided for in the Credit Agreement
shall be given in the manner, and with the effect, specified in Sections 10.01 and 10.09(c) of the Credit Agreement to it at its “Address for Notices” specified on the signature pages below; and 
  
 6. the Subject Subsidiary shall deliver to the
Administrative Agent a process agent acceptance letter substantially in the form of Exhibit F to the Credit Agreement and such other documents as the Administrative Agent shall reasonably request, including opinions of counsel and other documents
that are consistent with conditions set forth in Section 3.02 of the Credit Agreement, each in form and substance satisfactory to the Administrative Agent. 
  
 This Subsidiary Joinder Agreement shall become effective as of the date (the “Effective Date”) on which the Administrative Agent accepts
this Subsidiary Joinder Agreement as provided on the signature pages below. As of the Effective Date, the Subject Subsidiary shall be entitled to the rights, and subject to the obligations, of an Account Party, including a Subsidiary Account Party,
contained in the Credit Agreement. Except as expressly herein agreed with respect to the joinder of the Subject Subsidiary as a Subsidiary Account Party, the Credit Agreement shall remain unchanged and in full force and effect. 
  
 This Subsidiary Joinder Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same agreement. This Subsidiary Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 
  

 Exhibit C (Subsidiary Joinder Agreement) 

			
	 COMPANY

	
	 LINCOLN NATIONAL CORPORATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 SUBJECT SUBSIDIARY

	
	 [                                      
  ]

	 a
[                                    ]
[corporation]

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 Address for Notices

	
	[                                      
  ]
	 [                                      
  ]

	 [                                      
  ]

	
	 Attn:                                     
   

	
	Tel:[                                ]
	Fax:[                                ]

  

			
	Agreed and Accepted:
	
	this [            ] [th] day of
	 [                    ],
200[  ]

	
	 JPMORGAN CHASE BANK, as Administrative Agent

		
	By:	 	 
	 Name:
	 	 
	 Title
	 	 

  

 Exhibit C (Subsidiary Joinder Agreement) 

 EXHIBIT D 
  
 OPINION OF GENERAL 
 COUNSEL OF THE
COMPANY 
  
 December 11, 2003 
  
 To the Banks and the Administrative Agent 
     referred to below 
 c/o JPMorgan Chase Bank,

 as Administrative Agent 
 270 Park Avenue 
 New York, NY 10017 
  
 Dear Sirs: 
  
 I refer to the
Third Amended and Restated Letter of Credit and Reimbursement Agreement (the “Credit Agreement”) dated as of December 11, 2003 among Lincoln National Corporation (the “Company”), and the Subsidiary Account Parties
party thereto, the Banks party thereto and the Administrative Agent. Terms defined in the Credit Agreement are used herein as therein defined. I am General Counsel of the Company and am admitted to practice law in the State of Indiana. This opinion
is being rendered to you at the request of the Company. 
  
 I have
examined originals or copies, certified or otherwise identified to my satisfaction, of such documents, corporate records, certificates of public officials and other instruments, and have conducted such other investigations of fact and law, as I have
deemed necessary or advisable for purposes of this opinion. I have also assumed that the Credit Agreement has been duly authorized, executed and delivered by each of the Banks referred to therein and the Administrative Agent and is enforceable in
accordance with its terms against such parties. As to certain matters of fact, I have relied upon information obtained from officers and employees of the Company and from public officials believed by me to be responsible. 
  
 Upon the basis of the foregoing, I am of the opinion that: 
  

	 	1.	The Company is a corporation duly incorporated and validly existing under the laws of the State of Indiana, and has all corporate powers and all material governmental licenses,
authorizations, consents and approvals required to carry on its business as now conducted. The Company is duly qualified to do business, and is in good standing, in every other jurisdiction where such qualification is required.

  

	 	2.	 The execution, delivery and performance by the Company of the Credit Agreement are within the Company’s corporate power, have been duly authorized by all
necessary corporate action, require no action by or in respect of, or filing 

  

 Exhibit D (Opinion of General Counsel) 

	 	 
with, any governmental body, agency or official and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the
articles of incorporation or by-laws of the Company or of any material agreement, injunction, order, decree or other instrument binding upon the Company or any of its Restricted Subsidiaries or result in the creation or imposition of any Lien on any
asset of the Company or any of its Restricted Subsidiaries. 

  

	 	3.	The Credit Agreement has been duly executed and delivered by the Company. 

  

	 	4.	If the Credit Agreement were stated to be governed by and construed in accordance with the law of the State of Indiana or if a court of the State of Indiana were to apply the law of
the State of Indiana to the Credit Agreement, the Credit Agreement would constitute a valid and binding agreement of the Company enforceable in accordance with its terms. 

  

	 	5.	There is no action, suit or proceeding pending against or, to the best of my knowledge after reasonable inquiry, threatened, against the Company or any of its Subsidiaries before
any court or arbitrator or any governmental body, agency or official (a) in which there is a reasonable possibility of an adverse decision in an amount in excess of $100,000,000 which could materially adversely affect the business, financial
position or results of operations of the Company and its Consolidated Subsidiaries, considered as a whole, or (b) which in any manner draws into question the validity or enforceability of the Credit Agreement. 

  

	 	6.	Each of the Company’s Restricted Subsidiaries is a corporation validly existing under the laws of its jurisdiction of incorporation, and has all corporate powers and all
material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. 

  
 The foregoing opinions are subject to the following comments and qualifications: 
  
 (A) The opinions set forth in paragraph 4 above are subject to the qualification that the binding effect and
enforceability of the Credit Agreement may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws of general applicability affecting the enforcement of creditors’ rights, and (ii) the application of general
principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
  
 (B) The enforceability of Sections 7.06, 7.07 and 10.03 of the Credit Agreement may be limited by laws limiting the enforceability of
provisions exculpating or exempting a party from, or requiring indemnification of a party for, liability for its own action or inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct or unlawful
conduct. 
  

 Exhibit D (Opinion of General Counsel) 

 (C) The enforceability of provisions in the Credit Agreement to the effect that terms may
not be waived or modified except in writing may be limited under certain circumstances. 
  
 (D) Section 9.02 of the Credit Agreement may not be enforceable to the extent that the obligations of any Subsidiary Account Party under
the Credit Agreement are materially modified. 
  
 (E) I express no opinion as to (i) the effect of the laws of any jurisdiction in which any Bank is located (other than the State of Indiana) that limit the interest, fees or other charges such Lender may impose for the loan or use of money
or other credit, (ii) the last sentence of Section 10.04 of the Credit Agreement, (iii) the first sentence of Section 10.09(a) of the Credit Agreement, insofar as such sentence relates to the subject matter jurisdiction of the United States District
Court for the Southern District of New York to adjudicate any controversy related to the Credit Agreement, (iv) the waiver of inconvenient forum set forth in the last sentence of Section 10.09(a) of the Credit Agreement with respect to proceedings
in the United States District Court for the Southern District of New York and (v) Section 10.14 of the Credit Agreement. 
  
 (F) I wish to point out with reference to obligations stated to be payable in an Alternative Currency that a judgment rendered by a United
States Federal court sitting in the State of Indiana in respect of an obligation denominated in an Alternative Currency may be expressed in Dollars, but I express no opinion as to the rate of exchange such Federal court would apply. 
  
 (G) I also wish to point out that provisions of the Credit
Agreement which permit the Administrative Agent or the Banks to take actions or make determinations may be subject to a requirement that such actions be taken or such determinations be made on a reasonable basis and in good faith. 
  
 I do not herein express any opinion as to any matters governed by any law
other than the law of the State of Indiana and the United States of America. 
  
 This opinion is rendered only with respect to law in effect as of the date hereof. I assume no responsibility for updating this opinion to take into account any event, action, interpretation or change of law occurring
subsequent to the date hereof which may affect the validity of any of the opinions expressed herein. 
  
 This opinion is furnished by me solely for your benefit for use in connection with the transactions contemplated by the Credit Agreement and it may not be
relied upon by any other Person. 
  

	
	 Very truly yours,

	
	 
	Dennis L. Schoff, Esq.
	General Counsel

  

 Exhibit D (Opinion of General Counsel) 

 EXHIBIT E 
  
 OPINION OF 
 MILBANK, TWEED, HADLEY &
MCCLOY LLP, 

 SPECIAL NEW YORK COUNSEL TO JPMCB 
  

December 11, 2003 
  
 To the Banks and the Administrative Agent 
 referred to below
 c/o JPMorgan Chase Bank, 
 as Administrative Agent 
 270 Park Avenue 
 New York, NY 10017 
  
 Dear Sirs: 
  
 We have acted as special New York counsel to JPMorgan Chase Bank in
connection with the Third Amended and Restated Letter of Credit and Reimbursement Agreement (the “Credit Agreement”) dated as of December 11, 2003, among Lincoln National Corporation (the “Company”), Lincoln
National Reinsurance Company (Barbados) Limited (“LN (Barbados)”) and The Lincoln National Life Insurance Company as Subsidiary Account Parties party thereto (the “Subsidiary Account Parties”), the Banks party
thereto and the Administrative Agent. Terms defined in the Credit Agreement are used herein as defined therein. This opinion letter is being delivered pursuant to Section 3.02(c) of the Credit Agreement. The Company and the Subsidiary Account
Parties party to the Credit Agreement on the date hereof are herein referred to as the “Obligors”. 
  
 In rendering the opinions expressed below, we have examined an executed counterpart of the Credit Agreement. In our examination, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with authentic original documents of all documents submitted to us as copies. When relevant facts were not independently established, we
have relied upon representations made in or pursuant to the Credit Agreement. 
  
 In rendering the opinions expressed below, we have assumed, with respect to all of the documents referred to in this opinion letter, that: 
  

	 	(i)	such documents have been duly authorized by, have been duly executed and delivered by, and (except to the extent set forth in the opinions expressed below as to the Obligors)
constitute legal, valid, binding and enforceable obligations of, all of the parties to such documents; 

  

 Exhibit E (Opinion of Milbank, Tweed, Hadley & McCloy LLP) 

	 	(ii)	all signatories to such documents have been duly authorized; 

  

	 	(iii)	all of the parties to such documents are duly organized and validly existing and have the power and authority (corporate or other) to execute, deliver and perform such documents;
and 

  

	 	(iv)	all authorizations, approvals or consents of (including without limitation all foreign exchange control approvals), and all filings or registrations with, any governmental or
regulatory authority or agency of Barbados (including the central bank of Barbados) required for the making and performance by LN (Barbados) of the Credit Agreement have been obtained or made and are in effect. 

  
 Based upon and subject to the foregoing and subject also to the comments and
qualifications set forth below, and having considered such questions of law as we have deemed necessary as a basis for the opinions expressed below, we are of the opinion that the Credit Agreement constitutes the legal, valid and binding obligation
of each Obligor, enforceable against such Obligor in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or other similar laws relating to or affecting the
rights of creditors generally and to the possible judicial application of foreign laws or governmental action affecting the rights of creditors generally and except as the enforceability of the Credit Agreement is subject to the application of
general principles of equity (regardless of whether considered in a proceeding in equity or at law), including (a) the possible unavailability of specific performance, injunctive relief or any other equitable remedy and (b) concepts of materiality,
reasonableness, good faith and fair dealing. 
  
 The foregoing
opinions are subject to the following comments and qualifications: 
  
 (A) The enforceability of Sections 7.06, 7.07 and 10.03 of the Credit Agreement may be limited by laws limiting the enforceability of provisions exculpating or exempting a party from, or requiring indemnification of a
party for, liability for its own action or inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct or unlawful conduct. 
  
 (B) The enforceability of provisions in the Credit Agreement to the effect that terms may not be waived or
modified except in writing may be limited under certain circumstances. 
  
 (C) Section 9.02 of the Credit Agreement may not be enforceable to the extent that the obligations of any Subsidiary Account Party under the Credit Agreement are materially modified. 
  
 (D) We express no opinion as to (i) the effect of the laws
of any jurisdiction in which any Bank is located (other than the State of New York) that limit the interest, fees or other charges such Lender may impose for the loan or use of money or other credit, (ii) the last sentence of Section 10.04 of the
Credit Agreement, (iii) the first sentence of Section 10.09(a) of the Credit Agreement, insofar as such sentence relates to the subject 

  

 Exhibit E (Opinion of Milbank, Tweed, Hadley & McCloy LLP) 

 
matter jurisdiction of the United States District Court for the Southern District of New York to adjudicate any controversy related to the Credit Agreement,
(iv) the waiver of inconvenient forum set forth in the last sentence of Section 10.09(a) of the Credit Agreement with respect to proceedings in the United States District Court for the Southern District of New York and (v) Section 10.14 of the
Credit Agreement. 
  
 (E) We wish to point out
with reference to obligations stated to be payable in an Alternative Currency that (i) a New York statute provides that a judgment rendered by a court of the State of New York in respect of an obligation denominated in any Alternative Currency would
be rendered in such Alternative Currency and would be converted into Dollars at the rate of exchange prevailing on the date of entry of such judgment and (ii) a judgment rendered by a United States Federal court sitting in the State of New York in
respect of an obligation denominated in an Alternative Currency may be expressed in Dollars, but we express no opinion as to the rate of exchange such Federal court would apply. 
  
 The foregoing opinions are limited to matters involving the Federal laws of the United States and the law of the State of
New York, and we do not express any opinion as to the laws of any other jurisdiction. 
  
 At the request of our client, this opinion letter is, pursuant to Section 3.02(c) of the Credit Agreement, provided to you by us in our capacity as special New York counsel to JPMCB and may not be relied upon by any
Person other than you or for any purpose other than in connection with the transactions contemplated by the Credit Agreement without, in each instance, our prior written consent. 
  
 Very truly yours, 
  

WJM/RJW 
  

 Exhibit E (Opinion of Milbank, Tweed, Hadley & McCloy LLP) 

 EXHIBIT F 
  
 [Form of Process Agent Acceptance] 
  
 CT Corporation System 
  
 [                ], 2000 
  

	To:	JPMorgan Chase Bank (the “Administrative Agent”) 

  
 Ladies and Gentlemen: 
  
 In respect of the Third Amended and Restated Letter of Credit and Reimbursement Agreement (the “Credit Agreement”) dated as of December
11, 2003 among Lincoln National Corporation (the “Company”), Subsidiary Account Parties party thereto, the Banks party thereto and the Administrative Agent, the undersigned hereby accepts the irrevocable designation and appointment
of it as of the date hereof as agent for [                ] to accept and acknowledge service of any and all process, as contemplated by Section 10.09(b) of the
Credit Agreement and otherwise as provided thereby, such acceptance to remain in effect until the Credit Agreement shall have been terminated and all obligations thereunder of
[                ] shall have been paid in full. 
  
 The undersigned agrees to give the Administrative Agent or the Company, as applicable, immediate notice by telephone, fax, telex, cable or any other means
of instant communication upon receipt of all papers served upon the undersigned pursuant to such appointment and to forward promptly to the Administrative Agent or the Company, as applicable, all such papers served pursuant to such appointment by
reputable overnight carrier. 
  

			
	 Very truly yours,

	
	 CT CORPORATION SYSTEM

		
	By:	 	 
	 Title:
	 	 

  

 Exhibit F (Process Agent Acceptance) 

 EXHIBIT G 
  
 SUBSIDIARY TERMINATION NOTICE 
  
 [Date]                                      
   
  

	To:	JPMorgan Chase Bank (the “Administrative Agent”) 

  

	From:	 Lincoln National Corporation (the “Company”) 

  

	Re:	Third Amended and Restated Letter of Credit and Reimbursement Agreement (the “Credit Agreement”) dated as of December 11, 2003 among the Company, the Subsidiary
Account Parties party thereto, the Banks party thereto (the “Banks”) and the Administrative Agent 

  
 The Company hereby gives notice pursuant to Section 10.13(b) of the Credit Agreement that, effective as of the date hereof,
[                ] is terminated as an Account Party under the Credit Agreement and all commitments by the Banks to issue Letters of Credit for account of such
Account Party under the Credit Agreement are hereby terminated. 
  
 Pursuant to Section 10.13(b) of the Credit Agreement, the Company hereby certifies that there is no LC Exposure outstanding with respect to any Letter of Credit with respect to which
[                ] is the Account Party. 
  
 All obligations of [                ] arising in respect of any
period in which [                ] was, or on account of any action or inaction taken by
[                ] as, an Account Party under the Credit Agreement shall survive the termination effected by this notice. 
  
 Terms used herein have the meanings assigned to them in the Credit Agreement.

  

			
	LINCOLN NATIONAL CORPORATION
		
	By	 	 
	 	 	Authorized Officer

  

 Exhibit G (Subsidiary Termination Notice)

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