Document:

Exhibit 4(b)

                      LINCOLN NATIONAL CORPORATION

                             Debt Securities

                      FIRST SUPPLEMENTAL INDENTURE

                       Dated as of July 1, 1992
                to the Indenture dated as of January 15, 1987

              Morgan Guaranty Trust Company of New York, Trustee

First  Supplemental  Indenture,  dated  as  of  July 1, 1992,
between Lincoln  National Corporation,  an  Indiana  corpo-
ration ("Company"),  and  Morgan  Guaranty Trust  Company  of  New
York, a New York trust company. as Trustee under the Original
Indenture, as hereinafter defined ("Trustee").

WITNESSETH:

WHEREAS,  the  Company  heretofore  has  executed  and
delivered to the Trustee its Indenture dated as of January 15,
1987 (herein referred to as the "Original Indenture");

WHEREAS,  Section  2.01  of  the  Original  Indenture
provides  that  Securities  may  be  issued  thereunder  in  one  or
more series, each series to contain or be subject to all terms,
and to be in such form or forms,  as  shall be approved by or
pursuant to a Board Resolution or in one or- more supplements to
this Indenture;

WHEREAS, the Company is desirous of providing for the
creation under the Indenture of a new series of Securities des-
ignated as 7 1/8% Notes  due July 15,  1999 (herein referred to
as the 1999 Notes"), the Securities of said series to be sub-
stantially in the form and of the tenor following, to-wit:

                  [FORM OF FACE OF THE 1999 NOTES]

                     Lincoln National Corporation

                     7 1/8% Note due July 15, 1999
[Registered]                                                 CUSIP

No                                      [SPECIFY AMOUNT AND CURRENCY]
  ------------------
Lincoln  National  Corporation,  a  corporation  organized and
existing under the  laws  of  the  State  of  Indiana (hereinafter
called the "Company", which term includes any successor corpo-
ration under the Indenture hereinafter referred to), for value
received,  hereby promises  to  pay to                or  registered
                                       -------------
assigns,  the  principal  sum  of  One  Hundred  Million  Dollars
($100,000,000)  on  July 15,  1999  and  to  pay  interest  thereon
from July 15,  1992  or  from  the  most  recent  interest  payment
date  to  which  interest  has  been  paid  or  duly  provided  for,
semi-annually on January 15 and July 15, in each year, commenc-
ing January 15, 1993, at the rate of 7 1/8% per annum until the
principal hereof is paid or such payment is duly provided for.
The interest  so payable  and  punctually paid or duly  provided
for  on  any  interest  payment  date  will,  as  provided  in  said
Indenture,  be paid .to  the person in whose name this Note (or
one or more predecessor Notes)  is  registered at the  Close Of
business on the record date for such interest, which shall be
the first day, whether or not a business day, of the calendar
month of such interest payment date.  Payment of the principal
of and  interest on  this  Note  will  be  made  at the  designated
office or agency of the Company maintained for such purpose in
the City of New York, New York, in such coin or currency of the
United  States of America  as  at  the  time  of  payment  is  legal
tender for payment of public and private debt or, at the option
of the Company interest so payable may be paid by check to the
order of  said  Holder  mailed  to  his  address  appearing  on the
Security register.  Any interest not so punctually paid or duly
provided  for  shall  be  payable  as  provided  in  the  Indenture.
Interest  will be computed  on  the  basis of  a  360-day  year of
twelve 30-day months.

Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth in
this place.

Unless  the  certificate  of  authentication  hereon  has  been
executed by the Trustee  referred to  on the  reverse hereof by
manual signature, this Note shall not be entitled to any bene-
fit under the Indenture or be valid or obligatory for any pur-
pose.
 IN WITNESS WHEREOF, Lincoln National Corporation has caused
this  Instrument  to  be  signed  in  its  corporate  name  by  its
Chairman  or  its  President  or  one  of  its  Vice  Presidents
manually or in facsimile and a facsimile of its corporate seal
to be imprinted hereon and attested by the manual or facsimile
signature of its Secretary or one of its Assistant Secretaries.

Dated:

LINCOLN NATIONAL CORPORATION

Attest:

Certificate of Authentication

This  is  one  of  the  Securities  of  the  series  designated
herein referred to in the within mentioned Indenture.

                                     MORGAN GUARANTY TRUST COMPANY
                                     OF NEW YORK, as Trustee
                                      By

                                      Authorized Officer

                 [FORM OF REVERSE OF THE 1999 NOTES]

This Note is one of a duly authorized issue of Securities
of the  Company of  a  series hereinafter  specified,  all  issued
and  to be  issued  under an Indenture  dated  as  of  January 15,
1987  and  supplemented  as  of  July 1,  1992  (herein  called  the
-Indenture"),  between  the  Company  and  Morgan  Guaranty  Trust
Company of New York, as Trustee (herein called the "Trustee",
which term includes any successor Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto ref-
erence is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and the
terms  upon  which   the  Securities   are,   and   are   to  be,
authenticated and delivered.  The Securities may be issued in
one or more series, which different series may vary as provided
in  the  Indenture.   This  Note  is  one  of  a  series  of  the
Securities  of  the  Company designated  as  its   7 1/8% Notes due
July 15, 1999 (herein called the "Notes"), limited in aggregate
principal amount to $100,000,000, except as otherwise provided
in the Indenture.

The Notes are not redeemable prior to maturity and are not
entitled  to  any  sinking  fund.   If  an  Event  of  Default  shall
occur with respect to the Notes, the principal of the Notes may
be declared due and payable in the manner and with the effect
provided in the Indenture.

The  Indenture  contains  provisions  for  defeasance  at  any
time of the Notes, upon which the Company, at its option, shall
be  deemed  to  have  been  Discharged  from  its  obligations
with respect to the Notes or shall cease to be under any obligation
to comply with certain restrictive covenants of the Indenture.

The  Indenture  permits, with certain  exceptions as  therein
provided,  the  amendment  thereof  and  the  modification  of  the
rights  and  obligations  of the  company  and  the  rights  of the
Holders of the Securities of any series under the Indenture at
any  time  by  the  Company  with  the  consent  of  the  Holders of
66-2/3% in aggregate principal amount of the Securities of each
series  affected at  the  time  outstanding.   The  Indenture  also
contains  provisions  permitting  the  Holders  of  a  majority  in
aggregate  principal  amount  of  the  Securities  of  each  series
affected at  the time outstanding  on  behalf of the Holders of
all  Securities  of  such  series,  to  waive  compliance  by  the
Company  with  certain  provisions  of  the  Indenture  and  certain
past defaults under the Indenture and their consequences.  Any
such consent or waiver by the Holder of this Note shall be con-
clusive  and  binding  upon  such  Holder  and  upon  all  future
Holders of this Note and of any Note issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note or
upon any Note  issued upon the transfer hereof or  in exchange
herefor or in lieu hereof.

No  reference herein to the  Indenture  and no  provision of
this  Note  or  of  the  Indenture  shall  alter  or  impair  the
obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times,
place, and rate, and in the coin or currency, herein prescribed.

As  provided  in  the  Indenture  and  subject  to  certain
limitations therein set forth, this Note is transferable on the
Security register of the Company, upon surrender of this Note
for transfer at the office or agency of the Company in the City
of New York,  New York, duly endorsed by. or accompanied by a
written  instrument  of  transfer  in  form  satisfactory  to  the
Company and the Registrar, duly executed by the Holder hereof
or his attorney duly authorized in writing, and thereupon one
or more new Notes. of authorized denominations and for the same
aggregate  principal amount,  will  be  issued  to  the  designated
transferee or transferees.

The Notes are issuable in denominations of $1,000 and inte-
gral  multiples  thereof.   As  provided  in  the  Indenture  and
subject to certain limitations therein set forth, this Note is
exchangeable for a like aggregate principal amount of Notes of
different authorized denominations  as  requested by  the Holder
surrendering the same.

No  service  charge  will  be  made  for  any  such  transfer  or
exchange, but tile Company may require payment of a sum suffi-
cient to cover any tax or other governmental charge payable in
connection therewith.

The Company, the Trustee and  any  agent of the Company or
the  Trustee  may treat  the  person  in  whose  name  this  Note
is registered  as  the  owner  hereof  for  the  purpose  of  receiving
payment as herein provided and for all other purposes whether
or  not  this  Note  be  overdue,  and  neither  the  Company,  the

Trustee nor any such agent shall be affected by notice to the
contrary.

No recourse shall be had for the payment of the principal
of or the interest on this Note or for any claim based hereon
or otherwise in any manner in respect hereof, or in respect of
the  Indenture, against  any  incorporator,  stockholder,  officer
or director, as such, past, present or future, of the Company
or of any predecessor or successor corporation, whether by vir-
tue of any constitutional provision or statute or .rule of law,
or by the enforcement of any assessment or penalty or in any
other  manner,  all. such  liability  being  expressly  waived  and
released by the acceptance hereof and as part Of the Consider-
ation for the issue hereof.

All  terms  used  in  this  Note  which  are  defined  in  the
Indenture  shall  have  the  meanings  assigned  to  them  in  the
Indenture.Exhibit 4(c)

WHEREAS, the Company is desirous of providing for the cre-
ation under the Indenture of a new series of Securities desig-
nated as 7 5/8% Notes due July 15, 2002 (herein referred to as
the  "2002  Notes"  and  collectively  with  the  1999  Notes,  the
"Notes"), the Securities of said series to be substantially in
the form and of the tenor following, to wit:

                    [FORM OF FACE OF THE 2002 NOTES]

                       Lincoln National Corporation

                      7 5/8% Note due July 15, 2002

[Registered]                                  CUSIP
                                                   -----------

No                                [SPECIFY AMOUNT AND CURRENCY]

Lincoln  National  Corporation,  a corporation organized and
existing under the laws  of  the  State of  Indiana (hereinafter
called the "Company", which term includes any successor corpo-
ration under the Indenture hereinafter referred to), for value
received,  hereby promises  to  pay to            or  registered
                                      ------------
assigns,  the  principal  sum  of  One  Hundred  Million  Dollars
($100,000,000)  on  July 15,  2002  and  to  pay  interest  thereon
from  July 15,  1992  or  from  the  most  recent  interest  payment
date  to  which  interest  has  been  paid  or  duly  provided  for,
semi-annually on January 15 and July 15, in each year, commenc-
ing January 15, 1993, at the rate of 7 5/8% per annum until the
principal hereof is paid or such payment is duly provided for.
The interest so payable  and  punctually  paid or duly provided

for,  on any  interest  payment  date  will,  as  provided  in  said
Indenture, be paid to the person  in whose name this Note (or
one or more predecessor Notes)  is registered at the close of
business on the record date for such interest, which shall be
the first day, whether or not a business day, of the calendar
month of such interest payment date.  Payment of the principal
of and interest on  this  Note  will be  made  at the  designated
office or agency of the Company maintained for such purpose in
the City of New York, New York, in such coin or currency of the
United States of  America  as  at  the  time  of  payment  is  legal
tender for payment of public and private debt or, at the option
of the Company interest so payable may be paid by check to the
order of said  Holder  mailed  to  his  address  appearing  on  the
Security register.  Any interest not so punctually paid or duly
provided  for  shall  be  payable  as  provided  in  the  Indenture.
Interest will be computed on the  basis  of  a 360-day  year of
twelve 30-day months.

Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth in
this place.

Unless  the  certificate  of  authentication  hereon  has  been
executed by the Trustee  referred to  on the  reverse hereof by
manual signature, this Note shall not be entitled to any bene-
fit under the Indenture or be valid or obligatory for any pur-
pose.

IN WITNESS WHEREOF, Lincoln National Corporation has caused
this  Instrument  to  be  signed  in  its  corporate  name  by  its
Chairman  or  its  President  or  one  of  its  Vice  Presidents
manually or in facsimile and a facsimile of its corporate seal
to be imprinted hereon and attested by the manual or facsimile
signature of its Secretary or one of its Assistant Secretaries

Dated:                              LINCOLN NATIONAL CORPORATION

Attest:

                      Certificate of Authentication

     This  is  one  of  the  Securities  of  the  series  designated
herein referred to in the within mentioned Indenture.

                                       MORGAN GUARANTY TRUST COMPANY
                                       OF NEW YORK, as Trustee

                                        By
                                        Authorized Officer

                 [FORM OF REVERSE QF THE 2002 NOTES]

     This Note is one of a duly authorized issue of Securities
of the  Company of a  series  hereinafter specified,  all  issued
and to. be  issued under  an  Indenture dated  as  of  January  15,
1987  and  supplemented  as  of  July 1,  1992  (herein  called  the
"Indenture"),  between  the  Company  and  Morgan  Guaranty  Trust
Company of New York, as Trustee (herein .called the "Trustee",
which term includes any successor Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto ref-
erence is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and the
terms  upon   which  the   Securities   are,   and   are   to  be,
authenticated and delivered.   The Securities  may  be issued in
one or more series, which different series may vary as provided
in  the  Indenture.   This  Note  is  one  of  a  series  of  the
Securities  of  the Company  designated  as  its  7 5/8%  Notes due
July 15, 2002 (herein .called the "Notes"), limited in aggregate
principal amount to $100,000,000, except as otherwise provided
in the Indenture.

The Notes are not redeemable prior to maturity and are not
entitled  to  any sinking  fund.   If  an Event  of  Default  shall
occur with respect to the Notes, .the principal of the Notes may
be declared due and payable in the manner and with the effect
provided in the Indenture.

The  Indenture  contains  provisions  for  defeasance  at  any
time of the Notes, upon which the Company, at its option, shall
be  deemed  to  have  been  Discharged  from  its  obligations  with
respect to the Notes or shall cease to be under any obligation
to comply with certain restrictive covenants of the Indenture.

     The  Indenture permits,  with certain exceptions  as therein
provided,  the  amendment  thereof  and  the  modification  of  the
rights  and  obligations  of  the  Company and  the  rights  of the
Holders of the Securities of any series under the Indenture at
any  time  by  the  Company  with  the  consent  of  the  Holders  of
66-2/3% in aggregate principal amount of the Securities of each
series  affected  at the  time  outstanding.   The  Indenture  also
contains  provisions  permitting  the  Holders  of  a  majority  in
aggregate  principal  amount  of  the  Securities  of  each  series
affected at the  time outstanding  on  behalf  of the Holders of
all the Securities of such series, to waive compliance by the
Company with  certain  provisions  of  the  Indenture  and  certain
past defaults under the Indenture and their consequences   Any
such consent or waiver by the Holder of this Note shall be con-
clusive  and  binding  upon  such  Holder  and  upon  all  future
Holders of this Note and of any Note issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent or waiver is  made upon this Note or
upon any Note  issued upon the transfer  hereof or in exchange
herefor or in lieu hereof.

     No  reference  herein to the  Indenture  and  no  provision of
this  Note  or  of  the  Indenture  shall  alter  or .impair  the
obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times,
place, and rate, and in the coin or currency, herein prescribed.

     As  provided  in  the  Indenture  and  subject  to  certain
limitations therein set forth, this Note is transferable on the
Security register of the Company, upon surrender of this Note
for transfer at the office or agency of the Company in the City
of New York, New York,  duly endorsed  by,  or accompanied by a
written  instrument  of  transfer  in  form  satisfactory  to  the
Company and the Registrar, duly executed  by the Holder hereof
or his attorney duly authorized  in writing, and thereupon one
or more new Notes. of authorized denominations and for the same
aggregate  principal  amount,  will  be  issued  to  the  designated
transferee or transferees.

     The Notes are issuable in denominations of $1,000 and inte-
gral  multiples  thereof.   As  provided  in  the  Indenture  and
subject to certain limitations therein set forth, this Note is
exchangeable for a like aggregate principal amount of Notes of
different authorized denominations  as  requested by  the Holder
surrendering the same.

     No  service  charge  will be  made  for  any  such transfer or
exchange, but the Company may require payment of a sum suffi-
cient to cover any tax or other governmental charge payable in
connection therewith.

     The Company, the Trustee and  any  agent  of the Company or
the  Trustee  may  treat the person  in  whose  name this Note  is
registered  as  the  owner  hereof  for  the  purpose  of . receiving
payment as herein provided and for all other purposes whether
or  not  this  Note  be  overdue,  and  neither  the  Company,  the
Trustee nor any such agent shall be affected by notice to the
contrary.

     No recourse shall be had for the payment of the principal
of or the interest on this Note or for any claim based hereon
or otherwise in any manner in respect hereof, or in respect of
the Indenture,  against  any  incorporator,  stockholder,  officer
or director, as such, past, present or future, of the Company
or of any predecessor or successor corporation, whether by vir-
tue of any constitutional provision or statute or rule of law,
or by the enforcement of any assessment or penalty or in any
other  manner,  all  such  liability  being  expressly  waived  and
released by the acceptance hereof and as part of the consider-
ation for the issue hereof.

     All  terms. used  in  this  Note  which  are  defined  in  the
Indenture  shall  have  the  meanings  assigned  to  them  in  the
Indenture.

     WHEREAS,  the  Company  wishes  to  amend  or  supplement
Section  2.03  of  the  Original  Indenture  to  appoint  therein  a
Registrar and Paying Agent other than the Trustee with respect
to the Notes pursuant to Sections Z.03 and 9.01 of the Original
Indenture; and

     WHEREAS,  the  execution  and  delivery  of  this  First
Supplemental Indenture has been duly authorized by the Board of
Directors  of  the  Company;  and  the  Company  has  requested  and
does hereby request the Trustee to join with the Company in the
execution and delivery of this First Supplemental Indenture;

     The  Company  and  the  Trustee  hereby  further  covenant
and agree as follows, to-wit:

ARTICLE I.

REGISTRAR AND PAYING AGENT WITH RESPECT TO THE NOTES

Section  1.01  The  third  paragraph  of  Section 2.03  of the
Original  Indenture  is  amended  by  adding  after  the  word
"demands"  the  words  "with  respect  to  all  of  the  Securities
except the 7 1/8% Notes due July 15, 1999 and the 7 5/8% Notes
due July 15, 2002, with respect to which the Company initially
appoints  The  Bank  of  New  York,  a                 ,to  be  the
                                      -----------------
Registrar and Paying Agent.

ARTICLE II.

FORM AND EXECUTION OF SECURITIES OF SERIES DUE JULY 15, 1999
AND JULY 15, 2002

Section  2.01  (a)    There  is  hereby  created,  for
issuance under the Indenture, a series of Securities designated
the  "1999  Notes",  each  of  which  shall  bear  the  descriptive
title  "7 1/8%  Notes  due  July 15,  1999"  and  the  form  thereof
shall  be  as  set  forth  in  the  preambles  to  this  First
Supplemental Indenture.   The  1999 Notes  shall mature July 15,
1999, and shall be issued as registered notes without coupons
in  denominations   of   integral  multiples  Of  $1,000.   The
Securities of said series  shall bear interest at the rate of
7 1/8%  per  annum  payable  semi-annually  on  January 15  and
July 15 of each year, and the principal shall be payable at the
office of the  Paying  Agent  in  New York,  New York,  in  lawful
money of the United States of America, and the interest shall
he payable in like money at the option of the person entitled
to  such  interest  at  said  office  of  the  Paying  Agent  in  New
York, New York, provided that at the option of the Company pay-
ment of interest  may  be  made  by wire  transfer to  the person
entitled  thereto  if  such  person  has  provided  proper  wire
transfer instructions or by check mailed to the address of such
person as such address shall appear in the records maintained
by the Registrar.  The 1999 Notes shall not be redeemable prior
to maturity and shall not he entitled to any sinking fund.

(b)  There  is  hereby  created,  for issuance under the
Indenture, a series of Securities designated the "2002 Notes",
each of which shall  bear  the  descriptive  title "7 5/8% Notes
due July 15, 2002" and the form thereof shall contain suitable
provisions with respect to the matters hereinafter specified in
this Section.  The  2002  Notes  shall mature  July 15, 2002 and
shall  be  issued  as  registered  notes  without  coupons  in
denominations of integral multiples of $1,000.  The Securities
of said series shall bear  interest at the rate of 7 5/8% per
annum payable semi-annually on January 15 and July 15 of each
year, and the principal shall be payable at the office of the
Paying Agent  in  New  York,  New  York,  in  lawful  money  of  the
United States of America, and the interest shall be payable in
like money at the option at' the person entitled to such inter-
est at said office of the Paying Agent in New York, New York,
provided that at the option of the Company payment of interest
may be made by wire transfer to the person entitled thereto if
such person has provided proper wire  transfer  instructions or
by check mailed to the address of such person as such address
shall appear in the records maintained by the Registrar.  The
2002 Notes shall not be redeemable prior to maturity and shall
not be entitled to any sinking fund.

     Section 2.02  The Holder of any of the 1999 Notes or
the 2002 Notes (collectively, the   Notes"), at his option may
surrender the same at the office of the Registrar in New York,
New York, or elsewhere if authorized by the Company, for can-
cellation,  in exchange for other Registered Securities of the
said  series  of  the  same  aggregate  principal  amount,  bearing
interest as provided in Section 2.01 hereof, as the case may
be, thereupon, and upon receipt of any payment required under
the  provisions  of  Section  2.03  hereof,  the  Company  shall
execute  and  deliver  to  the  Trustee  and  the  Trustee  shall
authenticate  and  deliver  such  other  Registered  Securities  to
such Holder at its office or at any other place specified as
aforesaid.

     Section 2.03  No charge shall be made by the Company
for any exchange or transfer of the Notes, other than for taxes
or other governmental charges, if any, that may be imposed in
relation thereto.

     Section    2.04(a) Except    as    provided    in

     Section 2.04(c) below, the Holder of all of the Notes shall be
The  Depository  Trust  Company  ("DTC")  and  the  Notes  shall  be
registered  in  the  name  of  Cede  &  Co.,  as  nominee  for  DTC.
Payment of principal of, and interest on, the Notes registered
in the name of Cede & Co. sha11 be made by transfer of immedi-
ately available funds with respect to the Notes to the account
of Cede K  Co. on each such payment date for the Notes at the
address  indicated for Cede a  Co.  in  the  records  kept  by  the
Registrar

          (b)  Each  of  the  series  of  Securities  referred  to
herein as the 1999 Notes and the 2002 Notes shall be initially
issued  in  the  form of  a separate  single  authenticated  fully-
registered  note (collectively,  the   Book-Entry Notes")  in  the
aggregate  principal  amount  of  the  1999  Notes  and  the  2002
Notes,  respectively.  Upon initial  issuance,  the ownership of
the  Notes  shall  be  registered  in  the  records  kept  by  the
Registrar in the name of Cede & Co., as nominee of DTC.  The
Trustee and the Company may treat DTC (or its nominee) as the
sole and exclusive Holder of the Notes registered in its name
for the purposes of payment of the principal of, and interest
on the Notes and of giving any notice permitted or required to
be given to Holders under the Indenture, except as provided in
Section 2.04(c) below; and neither the Trustee nor the Company
shall be affected by any notice to the contrary.  Neither the
Trustee  nor  the  Company  shall  have  any  responsibility  or
obligation to any of DTC's participants (each a "Participant"),
any person Claiming a beneficial ownership in the Hates. under
or through DTC or any Participant (each a "Beneficial .Owner"),
or any other  person which is  not  shown  in  the records  main-
tained by the Registrar as being a Holder, with respect to the
accuracy of any records maintained by DTC or any Participant;
the payment of DTC or any Participant of any amount in respect
of the principal of, or interest on the Notes; any notice which
is  permitted  or  required  to  he  given  to  Holders  under  the
Indenture of the Notes, or any consent given or other action
taken by DTC as Securityholder.  The Paying Agent shall pay all
principal of. and interest on the Notes registered in the name
of Cede & Co. only to or  upon the order of" DTC, and all such
payments shall be valid and effective to fully satisfy and dis-
charge the Company's obligations with respect to the principal
of, and interest on the Notes to the extent of the sum or sums
so  paid.   Except  as  otherwise  provided  in  Section 2.04(c)
below,  no  person  other  than  DTC  shall  receive  authenticated
certificates evidencing the obligation of  the  Company to make
payments of principal of, and interest on the Notes.  Upon de-
livery by DTC to the Trustee of written  notice to the effect
that DTC has determined to substitute a new nominee in place of
Cede b Co., and subject to the provisions of the Indenture with
respect to transfers of Securities, the  word "Cede & Co." in
this  First  Supplemental  Indenture  shall  refer  to  such  new
nominee of DTC

          (c)  With regard to either the 1999 Notes or the 2002
Notes.  if  DTC  notifies  the  Company  that  it  is  at  any  time
unwilling or unable to continue as depository or if at any time
DTC shall no longer be eligible to continue as depository, the
Company shall appoint a successor depository.  If (i) a succes-
sor depository  is  not appointed  by the  Company  within  ninety
days of such notice or after the Company becomes aware of such
ineligibility,  (ii) the  Company  executes   and  delivers  an
Officers'  Certificate  to  the  Trustee  to  the  effect  that  the
respective Book-Entry Note shall be exchangeable,  or (iii) an
Event of Default has occurred and is continuing with regard to
such Notes, the Company and the Trustee shall deliver certifi-
cates as described in this First Supplemental Indenture for the
1999 Notes or the 2002 Notes, as the case may be, in exchange
for the  respective  Book-Entry  Note  in  an  aggregate  principal
amount equal to the principal amount of such Book-Entry Note.
In such event, the Trustee shall issue, transfer and exchange
certificates as requested by DTC in appropriate amounts pursu-
ant to Section 2.06 of the Original Indenture and Section 2.02
of  this  First  Supplemental  Indenture.   If  certificates  are
issued, the provisions of the Indenture shall apply to, among
other  things,  the  transfer and exchange  of  such  certificates
and  the  method  of  payment  and  principal  of,  and  interest on
such certificates.   If a successor depository  is  appointed by
the Company with regard to the 1999 Notes  or  the 2002 Notes,
the Trustee (at the sole cost and expense of the Company) shall
cooperate in arranging for such other book-entry depository to
maintain custody of the 1999 Notes or the  2002  Notes, as the
case  may  be.   Any  successor  book-entry  depository must  be  a
clearing  agency  registered  with  the*  Securities  and  Exchange
Commission pursuant  to Section  17A  of the Securities Exchange
Act of 1934 and must enter into an agreement with the Company
and the Trustee agreeing to act as the depository and clearing
agency for the 1999 Notes or the 2002 Notes, as the case may
be.   After  such  agreement  has  become  effective,  DTC  shall
present the 1999 Notes or the 2002 Notes, as the case may be,
for registration of transfer in accordance with Section 2.06 of
the Original Indenture, and the  Registrar shall register them
in  the  name  of  the  successor  book-entry  depository  or  its
nominee.  If a successor book -- entry depository has not accepted
such position before the effective date of DTC's termination of
its services, the book-entry system shall automatically termi-
nate and may not be reinstated without the consent of all of
the Holders of the 1999 Notes or the 2002 Notes, as the case
may be.

          (d)  Notwithstanding any other provision of this First
Supplemental Indenture to the contrary, so long as any of the
Notes are registered in the name of Cede & Co., as nominee of
DTC, all payments with respect to the principal of, and inter-
est on such Notes, and all notices with respect to such Notes
shall be made and given,  respectively,  to  DTC as provided in
the representation letter dated as of the date of delivery of
the Notes  among  DTC  and  the  Company.   The  Trustee  is  hereby
authorized and directed to comply with all terms of the repre-
sentation letter.

          (e)  In connection with any notice or other communica-
tion  to  be  provided  pursuant  to  the  Indenture  for  the  1999
Notes or the 2002 Notes by the Company or the Trustee with re-
spect to any consent or other action to be taken by the Holders
of such Notes, the Company or the Trustee, as the case may be,
shall seek to establish a record date for such consent or other
action and give DTC notice of such  record date not less than
fifteen (15) calendar days  in advance of such record date to
the extent possible.  Such notice  to  DTC  shall be given only
when  DTC  is  the  sole  Holder  of  the  1999  Notes  or  the  2002
Notes, as the case may be.

(f)  NEITHER THE COMPANY NOR THE TRUSTEE WILL HAVE ANY
RESPONSIBILITY  OR  OBLIGATIONS  TO  THE  PARTICIPANTS  OR  THE
BENEFICIAL  OWNERS  WITH  RESPECT  TO  (1)  THE  ACCURACY  OF  ANY
RECORDS MAINTAINED BY DTC OR ANY  PARTICIPANT; (2) THE PAYMENT
BY DTC OR ANY PARTICIPANT OF ANY AMOUNT DUE TO ANY BENEFICIAL
OWNER IN RESPECT OF THE PRINCIPAL OF OR INTEREST ON THE NOTES;
(3) THE DELIVERY BY DTC OR ANY PARTICIPANT OF ANY NOTICE TO ANY
BENEFICIAL OWNER WHICH IS REQUIRED OR PERMITTED UNDER THE TERMS
OF THE INDENTURE  TO .BE GIVEN  TO  HOLDERS;  OR (4) ANY CONSENT
GIVEN OR OTHER ACTION TAKEN BY DTC AS A HOLDER.

     SO LONG AS CEDE& CO. IS THE REGISTERED HOLDER OF THE NOTES
AS NOMINEE OF DTC, REFERENCES HEREIN TO THE NOTES OR REGISTERED
HOLDERS OF THE NOTES SHALL MEAN CEDE b CO. AND SHALL NOT MEAN
THE BENEFICIAL OWNERS OF THE NOTES NOR DTC PARTICIPANTS.

          (g) Upon the termination of the services of DTC with respect
to the 1999 Notes of the 2002 Notes pursuant to subsection (c) of this
Section 2.04 after which no substitute book-entry depository is
appointed, the 1999 Notes or the 2002 Notes, as the case may be, shall be
registered in whatever name or names Holders transferring or exchanging
such Notes shall designate in accordance with the provisions of the
Indenture.

ARTICLE III.

MISCELLANEOUS

          Section 3.01  This First  Supplemental Indenture shall
be construed in connection  with  and  as  part  of  the Original
Indenture.

          Section  3.02   (a) If  any  provision  of  this  First
Supplemental  Indenture  limits,  qualifies,  or  conflicts  with
another provision of the Indenture required to be  included in
indentures qualified under the Trust Indenture Act of 1939 (as
enacted prior to the date of this First Supplemental Indenture)
by any of the provisions of Sections 310 to 317, inclusive, of
the said Act, such required provisions shall control.

          (b)  In case  any one  or  more of the  provisions con-
tained  in  this  First  Supplemental  Indenture  or  in  the  Notes
issued  hereunder. should be invalid,  illegal, or unenforceable
in any  respect, the validity.  legality, and enforceability of
the remaining provisions contained herein and therein shall not
in  any  way  he  affected,  impaired,  prejudiced,  or  disturbed
thereby.

          Section  3.03   Wherever  in  this  First  Supplemental
Indenture  the  word  "Indenture"  is  used  without  the  prefix
"Original"   or  "First   Supplemental"   such   word   was   used
intentionally  to  include  in  its  meaning  both  the  Original
Indenture and all indentures supplemental thereto.

          Section  3.04   Wherever  in  this  First  Supplemental
Indenture either of the parties hereto is named or referred to,
this shall be deemed to include  the  successors or assigns of
such party, and all the covenants and agreements in this First
Supplemental Indenture contained by or on behalf of the Company
or by or on behalf of the Trustee shall bind and inure to the
benefit  of  the  respective  successors  and  assigns  of  such
parties, whether so expressed or not.

          Section  3.05   (a) This  First  Supplemental  Indenture
may be simultaneously executed in several counterparts, and all
said counterparts executed and delivered, each as an original,
shall constitute but one and the same instrument.

          (b)  The descriptive headings of the several Articles
of this First Supplemental Indenture were formulated, used and
inserted  in  this  First Supplemental  Indenture  for convenience
only and shall not be deemed to affect the meaning or construc-
tion of any of the provisions hereof.

                                 SIGNATURES

Dated:  as of July 1, 1992             LINCOLN NATIONAL CORPORATION

                                   By:

                                   [Vice] President

Attest:

                                   (SEAL)
[Assistant] Secretary

Dated: as of July 1, 1992               MORGAN GUARANTY TRUST COMPANY
                                  OF NEW YORK, as TRUSTEE

Attest:

By:                                     Vice President

(SEAL)

Assistant Secretary
3275K

            [FORM OF FACE OF THE 1999 NOTES]

              Lincoln National Corporation

             7 1/8% Note due July 15, 1999

[Registered]                             CUSIP

No                      [SPECIFY AMOUNT AND CURRENCY]

Lincoln National Corporation,  a  corporation  organized  and
existing  under the  law*  of  the  State  of  Indiana (hereinafter
called the "Company , which term includes any successor corpo-
ration under the Indenture hereinafter referred to), for value
received,  hereby  promises  to  pay to              or  registered
                                       --------------
assigns,  the  principal  sum  of  One  Hundred  Million. Dollars
($100,000,000)  on  July 15,  1999  and  to  pay  interest  thereon
from July  15,  1992  or  from  the  most  recent  interest  payment
date  to  which  interest  has  been  paid  or  duly  provided  for,
semi-annually on January 15 and July 15, in each year, commenc-
ing January 15, 1993, at the rate of 7 1/8% per annum until the
principal hereof is paid or such payment is duly provided for.
The interest so payable  and  punctually paid or  duly  provided
for  on  any  interest  payment  date  will,  as  provided  in  said
Indenture, be paid to the person  in whose name  this Note (or
one or more predecessor Notes)  is  registered at the close of
business on the record date for such interest, which shall be
the first day, whether or not a business day, of the calendar
month of such interest payment date.  Payment of the principal
of  and  interest on  this Note  will  be  made  at  the  designated
office or agency of the Company maintained for such purpose in
the City of New York, New York. in such coin or currency of the
United  States of America  as  at  the  time of  payment is legal
tender for payment of public and private debt or, at the option
of the Company interest so payable may be paid by check to the
order of  said  Holder  mailed  to  his  address  appearing  on  the
Security register.  Any interest not so punctually paid or duly
provided  for  shall  be  payable  as  provided  in  the  Indenture.
Interest  will be computed  on the  basis of  a  360-day year of
twelve 30-day months

Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth in
this place.
Unless  the  certificate  of  authentication  hereon  has  been
executed by the Trustee  referred to  on  the  reverse hereof by
manual signature, this Note shall not be entitled to any bene-
fit under the Indenture or be valid or obligatory for any pur-
pose.

     IN WITNESS WHEREOF, Lincoln National Corporation has caused
this  Instrument  to  be  signed  in  its  corporate  name  by  its
Chairman  or  its  President  or  one  of  its  Vice  Presidents
manually or in facsimile and a facsimile of its corporate seal
to be imprinted hereon and attested by the manual or facsimile
signature of its Secretary or one of its Assistant Secretaries.

Dated:                        LINCOLN NATIONAL CORPORATION

Attest:

               Certificate of Authentication

      This  is  one  of  the  Securities  of  the  series  designated
herein referred to in the within mentioned Indenture.

                            MORGAN GUARANTY TRUST COMPANY
                            OF NEW YORK, as Trustee

                            By
                              Authorized Officer

             [FORM OF REVERSE OF THE 1999 NOTES)

This Note is one of a duly authorized issue of Securities
of the  Company of  a series  hereinafter specified,  all  issued
and  to  be  issued under an  Indenture  dated as  of January  15,
1987  and  supplemented  as  of  July 1,  1992  (herein  called  the
"Indenture"),  between  the  Company  and  Morgan  Guaranty  Trust
Company of New York, as Trustee (herein called the "Trustee",
which term includes any successor Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto ref-
erence is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and the
terms  upon  which  the   Securities   are,   and  are  to  he.
authenticated and delivered.   The Securities may be  issued in
one or more series, which different series may vary as provided
in  the  Indenture.   This  Note  is  one  of  a  series  of  the
Securities of  the Company  designated  as its 7 1/8%  Notes due
July 15, 1999 (herein called the "Notes"), limited in aggregate
principal amount to $100,000,000, except as otherwise provided
in the Indenture.

     The Notes are not redeemable prior to maturity and are not
entitled  to  any sinking  fund.   If  an  Event  of  Default  shall
occur with respect to the Notes, the principal of the Notes may
be declared due and payable  in the manner and with the effect
provided in the Indenture.

     The  Indenture  contains  provisions  for  defeasance  at  any
time of the Notes, upon which the Company, at its option, shall
be  deemed  to  have  been  Discharged  from  its  obligations  with
respect to the Notes or shall cease to be under any obligation
to comply with certain restrictive covenants of the Indenture.

The Indenture permits,  with certain  exceptions as therein
provided,  the  amendment  thereof  and  the  modification  of  the
rights  and  obligations  of  the  Company  and  the  rights of the
Holders of the Securities of any series under the Indenture at
any time  by  the  Company  with  the  consent  of  the  Holders  of
66-2/3% in aggregate principal amount of the Securities of each
series  affected  at  the  time  outstanding.   The  Indenture also
contains  provisions  permitting  the  Holders  of  a  majority  in
aggregate  principal  amount  of  the  Securities  of  each  series
affected at the time outstanding  on behalf of the Holders of
all  Securities  of  such  series,  to  waive  compliance  by  the
Company  with  certain  provisions  of  the  Indenture  and certain
past defaults under the Indenture and their consequences.  Any
such consent or waiver .by the Holder of this Note shall be con-
clusive  and  binding  upon  such  Holder  and  upon  all  future
Holders of this Note and of any Note issued upon the transfer
hereof or in exchange Hereford or in lieu hereof whether or not
notation of such consent or waiver is  made upon this Note or
upon any Note  issued upon the transfer hereof or  in exchange
Hereford or in lieu hereof.

     No reference  herein  to  the  Indenture  and no  provision of
this  Note  or  of  the  Indenture  shall  alter  or  impair  the
obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times,
place, and rate, and in the coin or currency, herein prescribed.

     As  provided  in  the  Indenture  and  subject  to  certain
limitations therein set forth, this Note is transferable on the
Security register of the Company, upon surrender of this Note
for transfer at the office or agency of the Company in the City
of New York, New York, .duly endorsed  by. or accompanied by a
written  instrument  of  transfer  in  form  satisfactory  to  the
Company and the Registrar. duly executed by the Holder hereof
or his attorney duly authorized  in writing, and thereupon one
or more new Notes, of authorized denominations and for the same
aggregate  principal  amount,  will  be  issued  to  the  designated
transferee or transferees.

     The Notes ate issuable in denominations of $1,000 and inte-
gral  multiples  thereof.   As  provided  in  the  Indenture  and
subject to certain limitations therein set forth, this Note is
exchangeable for a like aggregate principal amount of Notes of
different authorized denominations as requested  by  the  Holder
surrendering the same.

     No  service  charge will  be  made  for  any  such  transfer or
exchange, but the Company may require payment of a .sum suffi-
cient to cover any tax or other governmental charge payable in
connection therewith.

     The Company, the Trustee  and any agent of the  Company or
the Trustee  may  treat the  person  in whose  name  this  Note is
registered  as  the  owner  hereof  for  the  purpose  of  receiving
payment as herein provided and for all other purposes whether
or  not  this  Note  be  overdue,  and  neither  the  Company,  the
Trustee nor any such agent shall be affected by notice to the
contrary.

     No recourse shall be had for the payment of the principal
of or the  interest on this Note or for any claim based hereon
or otherwise in any manner in respect hereof, or in respect of
the  Indenture,  against  any  incorporator,  stockholder,  officer
or director, as such, past, present or future, of the Company
or of any predecessor or successor corporation, whether by vir-
tue of any constitutional provision or statute or rule of law,
or by tile  enforcement of any assessment or penalty or in any
other  manner,  all  such  liability  being  expressly  waived  and
released by the acceptance hereof and as part of the consider-
ation for the issue hereof.

     All  terms  used  in  this  Note  which  are  defined  in  the
Indenture  shall  haec  the  meanings  assigned  to  them  in  the
Indenture.

3301K

                  [FORM OF FACE OF THE 2002 NOTES]

                    Lincoln National Corporation
                   7 5/8% Note due July 15, 2002

[Registered]                                  CUSIP

No                            [SPECIFY AMOUNT AND CURRENCY)

     Lincoln National Corporation,  a  Corporation organized  and
existing under the  laws of  the  State  of  Indiana (hereinafter
called the "Company", which term includes any successor corpo-
ration under the Indenture hereinafter referred to), for value
received,  hereby promises  to  pay to                 or  registered
                                      -----------------
assigns,  the  principal  sum  of  One  Hundred  Million  Dollars
($100,000,000)  on  July 15,  2002  and  to  pay  interest  thereon
from  July 15,  1992  or  from  the  most  recent  interest  payment
date  to  which  interest  has  been  paid  or  duly  provided  for,
semi-annually on January 15 and July 15, in each year, commenc-
ing January 15, 1993, at the rate of 7 5/8% per annum until the
principal hereof is paid or such payment is duly provided for.
The  interest so payable arid  punctually  paid  or duly provided
for,  on  any  interest  payment  date  will,  as  provided  in said
Indenture, be paid to the person in whose name this Note (or
one or more predecessor Notes)  is  registered at the close of
business on the record date for such interest, which shall be
the first day, whether or not a business day, of the calendar
month of such interest payment date.  Payment of the principal
of  and  interest on this Note  will  be  made  at  the  designated
office or agency of the Company maintained for such purpose in
the City of New York, New York, in such coin or currency of the
United  States of America as  at  the  time  of  payment  is  legal
tender for payment of public and private debt or, at the option
of the Company interest so payable may be paid by check to the
order  of  said Holder mailed  to  his  address  appearing  on  the
Security register.  Any interest not so punctually paid or duly
provided  for shall  be  payable  as  provided  in  the  Indenture.
Interest will be computed  on  the  basis  of  a 360-day year of
twelve 30-day months.

     Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth in
this place.

     Unless  the  certificate  of  authentication  hereon  has  been
executed by the Trustee referred to on the  reverse hereof by
manual signature, this Note shall not be entitled to any bene-
fit under the Indenture or be valid or obligatory Ear any pur-
pose.

     IN WITNESS WHEREOF, Lincoln National Corporation has caused
this Instrument to be signed in its corporate name by its
Chairman  or  its  President  or  one  of  its  Vice  Presidents
manually or in facsimile and a facsimile of its corporate seal
to be imprinted hereon and attested by the manual or facsimile
signature of its Secretary or one of its Assistant Secretaries.

Dated:                       LINCOLN NATIONAL CORPORATION

Attest:

                  Certificate of Authentication

This  is  one  of  the  Securities  of  the  series  designated
herein referred to in the within mentioned Indenture.

                             MORGAN GUARANTY TRUST COMPANY
                             OF NEW YORK, as Trustee

                             By
                              Authorized Officer

             [FORM OF REVERSE OF THE 2002 NOTES]

This Note  is one of a duly authorized issue of Securities
of the  Company of  a series  hereinafter  specified,  all  issued
and to  be  issued  under an  Indenture  dated  as of January 15,
1987  and  supplemented  as  of  July 1,  1992  (herein  called  the
"Indenture"),  between  the  Company  and  Morgan  Guaranty  Trust
Company of New York, as Trustee (herein called the "Trustee",
which term includes any successor Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto ref-
erence is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and the
terms  upon  which  the  Securities   are,   and   are   to  be,
authenticated and delivered.   The  Securities may be issued in
one or more series, which different series may vary as provided
in  the  Indenture.   This  Note  is  one  of  a  series  of  the
Securities of  the  Company  designated  as  its 7 5/8%  Notes due
July 15, 2002 (herein called the "Note* ), limited in aggregate
principal amount to $100,000,000, except as otherwise provided
in the Indenture.

     The Notes are not redeemable prior to maturity and are not
entitled  to  any .sinking  fund.   If  an  Event  of  Default  shall
occur with respect to the Notes, the principal of the Notes may
be declared due and payable in the manner and with the effect
provided in the Indenture.

     The  Indenture  contains  provisions  for  defeasance  at  any
time of the Notes, upon which the Company, at its option, shall
be  deemed  to  have  been  Discharged  from  its  obligations  with
respect to the Notes or shall cease to be under any obligation
to comply with certain restrictive covenants of the Indenture.

     The Indenture permits,  with certain exceptions  as  therein
provided,  the  amendment  thereof  and  the  modification  of  the
rights  and obligations  of  the  Company  and  the  rights  of  the
Holders of the Securities of any series under the Indenture at
any  time  by  the  Company  with  the  consent  of  the  Holders  of
66-2/3% in aggregate principal amount of the Securities of each
series  affected  at  the  time  outstanding.   The  Indenture  also
contains  provisions  permitting  the  Holders  of  a  majority  in
aggregate  principal  amount  of  the  Securities  of  each  series
affected  at the time outstanding on behalf of the Holders of
all the Securities of such series, to waive compliance by the
Company  with certain  provisions  of  the  Indenture  and  certain
past defaults under the Indenture and their consequences   Any
such consent or waiver by the Holder of this Note shall be con-.
elusive  and  binding  upon  such  Holder  and  upon  all  future
Holders of this Note and of any Note issued upon the transfer
hereof or in exchange Hereford or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note or
upon any Note issued upon  the transfer hereof or in exchange
Hereford or in lieu hereof.

     No reference  herein to  the  Indenture  and  no  provision of
this  Note  or  of  the  Indenture  shall  alter  or  impair  the
obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times,
place, and rate, and in the coin or currency, herein prescribed.

     As provided  in the Indenture and subject to certain
limitations therein set forth, this Note is transferable on the
Security register of the Company, upon surrender of this Note
for transfer at the office or agency of the Company in the city
of New York. New York, duly endorsed by, or accompanied by a
written  instrument  of  transfer  in  form  satisfactory  to  the
Company and the Registrar, duly executed by the Holder hereof
or his attorney duly authorized in writing, and thereupon one
or more new Notes, of authorized denominations and for the same
aggregate  principal  amount,  will  he  issued  to  the  designated
transferee or transferees.

     The Notes are issuable in denominations of $1,000 and inte-
gral  multiples  thereof.   As  provided  in  the  Indenture  and
subject to certain limitations therein set forth, this Note is
exchangeable for a like aggregate principal amount of Notes of
different authorized denominations  as  requested  by the Holder
surrendering the same.

     No service charge will be made for any such transfer or
exchange, but the Company may require payment of a sum suffi-
cient to cover any tax or other governmental charge payable in
connection therewith.

     The Company, the  Trustee and any  agent of the  Company or
the Trustee may treat the  person  in  *hose  name  this Note  is
registered  as  the  owner  hereof  for  the  purpose  of  receiving
payment as herein provided and for all other purposes whether
or  not  this  Note  be  overdue,  and  neither  the  Company,  the.
Trustee nor any such agent shall be affected by notice to the
contrary.

     No recourse shall be had for the payment of the principal
of or the interest on. this Note or for any claim based hereon
or otherwise in any manner in respect hereof. or in respect of
the  Indenture,  against  any  incorporator,  stockholder,  officer.
or director, as such, past, present or future, of the Company
or of any predecessor or successor corporation, whether by vir-
tue of any constitutional provision or statute or rule of law,
or by the enforcement of any assessment or penalty or in any
other  manner,  all  such  liability  being  expressly  waived  and
released by the acceptance hereof and as part of the consider-
ation for the issue hereof.

     All  terms  used  in  this  Note  which  are  defined in the
Indenture  shall  have  the  meanings  assigned to them in the
Indenture.

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