Document:

Five-Year Credit Agreement

 Exhibit 10.2 
  

 FIVE YEAR CREDIT AGREEMENT 
  
 DATED AS OF MAY 17, 2004 
  
 AMONG 
  
 NATIONWIDE MUTUAL INSURANCE COMPANY, 
 NATIONWIDE LIFE INSURANCE COMPANY, 
 NATIONWIDE FINANCIAL SERVICES, INC., 
  
 THE LENDERS, 
  
 BANK ONE, NA, 
 AS AGENT, 
  
 CITICORP USA, INC., 
 AS SYNDICATION AGENT, 
  
 AND 
  
 ABN AMRO BANK N.V., 
 BANK OF AMERICA,
N.A., 
 KEYBANK NATIONAL ASSOCIATION, 
 THE BANK OF NEW YORK 
 AND 
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 AS DOCUMENTATION AGENTS 

 

  
 BANC ONE CAPITAL MARKETS, INC. 
 AND 
 CITIGROUP GLOBAL MARKETS INC., 
 AS
JOINT LEAD ARRANGERS AND JOINT BOOK MANAGERS 
  

 1 

 
TABLE OF CONTENTS 
  

							
	 Section

	 	 	  	Page

	 
ARTICLE I DEFINITIONS 
	  	1
		
	 
ARTICLE II THE CREDITS 
	  	16
	 	 	 2.1
	 	 
The Facility.
	  	16
	 	 	 2.2
	 	 
Ratable Advances.
	  	17
	 	 	 2.3
	 	 
Competitive Bid Advances
	  	18
	 	 	 2.4
	 	 
Method of Borrowing
	  	22
	 	 	 2.5
	 	 
Commitment Fee; Reduction and Increase of Aggregate Commitment.
	  	22
	 	 	 2.6
	 	 
Minimum Amount of Each Ratable Advance; Minimum Amount of Fixed Rate Advances
	  	23
	 	 	 2.7
	 	 
Optional Principal Payments
	  	23
	 	 	 2.8
	 	 
Changes in Interest Rate, etc
	  	23
	 	 	 2.9
	 	 
Rates Applicable After Default
	  	23
	 	 	 2.10
	 	 
Method of Payment
	  	24
	 	 	 2.11
	 	 
Noteless Agreement; Evidence of Indebtedness
	  	24
	 	 	 2.12
	 	 
Telephonic Notices
	  	25
	 	 	 2.13
	 	 
Interest Payment Dates; Interest and Fee Basis
	  	25
	 	 	 2.14
	 	 
Notification of Advances, Interest Rates, Prepayments and Commitment Reductions
	  	25
	 	 	 2.15
	 	 
Lending Installations
	  	25
	 	 	 2.16
	 	 
Non–Receipt of Funds by the Agent
	  	26
		
	 
ARTICLE III YIELD PROTECTION; TAXES 
	  	26
	 	 	 3.1
	 	 
Yield Protection
	  	26
	 	 	 3.2
	 	 
Changes in Capital Adequacy Regulations
	  	27
	 	 	 3.3
	 	 
Availability of Types of Advances
	  	27
	 	 	 3.4
	 	 
Funding Indemnification
	  	28
	 	 	 3.5
	 	 
Taxes
	  	28
	 	 	 3.6
	 	 
Lender Statements; Survival of Indemnity
	  	30
		
	 
ARTICLE IV CONDITIONS PRECEDENT 
	  	30
	 	 	 4.1
	 	 
Effectiveness of Agreement
	  	30
	 	 	 4.2
	 	 
Each Advance
	  	31
		
	 
ARTICLE V REPRESENTATIONS AND WARRANTIES 
	  	32
	 	 	 5.1
	 	 
Existence and Standing.
	  	32
	 	 	 5.2
	 	 
Authorization and Validity
	  	33
	 	 	 5.3
	 	 
No Conflict; Government Consent
	  	33
	 	 	 5.4
	 	 
Financial Statements.
	  	33
	 	 	 5.5
	 	 
Material Adverse Change
	  	34
	 	 	 5.6
	 	 
Taxes
	  	34
	 	 	 5.7
	 	 
Litigation and Contingent Obligations
	  	34
	 	 	 5.8
	 	 
Subsidiaries
	  	35
	 	 	 5.9
	 	 
ERISA
	  	35
	 	 	 5.10
	 	 
Accuracy of Information
	  	35
	 	 	 5.11
	 	 
Regulation U
	  	35
	 	 	 5.12
	 	 
Material Agreements
	  	35

  

 - i - 

 TABLE OF CONTENTS (continued) 
  

							
	 Section

	 	 	  	Page

	 	 	 5.13
	 	 
Compliance With Laws
	  	35
	 	 	 5.14
	 	 
Plan Assets; Prohibited Transactions
	  	36
	 	 	 5.15
	 	 
Environmental Matters
	  	36
	 	 	 5.16
	 	 
Investment Company Act
	  	36
	 	 	 5.17
	 	 
Public Utility Holding Company Act
	  	36
	 	 	 5.18
	 	 
Defaults
	  	36
	 	 	 5.19
	 	 
Insurance Licenses
	  	36
		
	 
ARTICLE VI COVENANTS 
	  	37
	 	 	 6.1
	 	 
Financial Reporting
	  	37
	 	 	 6.2
	 	 
Use of Proceeds
	  	39
	 	 	 6.3
	 	 
Notice of Default
	  	39
	 	 	 6.4
	 	 
Conduct of Business
	  	39
	 	 	 6.5
	 	 
Taxes
	  	40
	 	 	 6.6
	 	 
Insurance
	  	40
	 	 	 6.7
	 	 
Compliance with Laws
	  	40
	 	 	 6.8
	 	 
Maintenance of Properties
	  	40
	 	 	 6.9
	 	 
Inspection
	  	40
	 	 	 6.10
	 	 
Merger
	  	41
	 	 	 6.11
	 	 
Sale of Assets
	  	41
	 	 	 6.12
	 	 
Liens
	  	41
	 	 	 6.13
	 	 
Affiliates
	  	43
	 	 	 6.14
	 	 
ERISA Compliance
	  	43
	 	 	 6.15
	 	 
Financial Covenants.
	  	44
		
	 
ARTICLE VII DEFAULTS 
	  	45
	 	 	 7.1
	 	 
Representation or Warranty
	  	45
	 	 	 7.2
	 	 
Non-Payment of Obligations
	  	45
	 	 	 7.3
	 	 
Specific Defaults
	  	45
	 	 	 7.4
	 	 
Other Defaults
	  	45
	 	 	 7.5
	 	 
Cross-Default
	  	45
	 	 	 7.6
	 	 
Voluntary Proceedings
	  	45
	 	 	 7.7
	 	 
Involuntary Proceedings
	  	46
	 	 	 7.8
	 	 
Condemnation
	  	46
	 	 	 7.9
	 	 
Judgments
	  	46
	 	 	 7.10
	 	 
Change in Control
	  	46
	 	 	 7.11
	 	 
Rate Management Obligation
	  	46
	 	 	 7.12
	 	 
License
	  	46
	 	 	 7.13
	 	 
Violation of Insurance Laws
	  	47
	 	 	 7.14
	 	 
Directive or Mandate
	  	47
	 	 	 7.15
	 	 
Cross-Default With Respect to Other Borrowers
	  	47
		
	 
ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 
	  	47
	 	 	 8.1
	 	 
Acceleration 
	  	47
	 	 	 8.2
	 	 
Amendments 
	  	47
	 	 	 8.3
	 	 
Preservation of Rights 
	  	48

  
  

 - ii - 

 TABLE OF CONTENTS (continued) 
  

							
	 Section

	 	 	  	Page

	 
ARTICLE IX GENERAL PROVISIONS 
	  	48
	 	 	 9.1
	 	 
Survival of Representations
	  	48
	 	 	 9.2
	 	 
Governmental Regulation
	  	48
	 	 	 9.3
	 	 
Headings
	  	49
	 	 	 9.4
	 	 
Entire Agreement
	  	49
	 	 	 9.5
	 	 
Several Obligations; Benefits of this Agreement
	  	49
	 	 	 9.6
	 	 
Expenses; Indemnification
	  	49
	 	 	 9.7
	 	 
Numbers of Documents
	  	50
	 	 	 9.8
	 	 
Accounting
	  	50
	 	 	 9.9
	 	 
Severability of Provisions
	  	50
	 	 	 9.10
	 	 
Nonliability of Lenders
	  	50
	 	 	 9.11
	 	 
Confidentiality
	  	50
	 	 	 9.12
	 	 
Nonreliance
	  	51
	 	 	 9.13
	 	 
Disclosure
	  	51
	 	 	 9.14
	 	 
USA PATRIOT ACT NOTIFICATION
	  	51
		
	 
ARTICLE X THE AGENT 
	  	51
	 	 	 10.1
	 	 
Appointment; Nature of Relationship
	  	51
	 	 	 10.2
	 	 
Powers
	  	52
	 	 	 10.3
	 	 
General Immunity
	  	52
	 	 	 10.4
	 	 
No Responsibility for Loans, Recitals, etc
	  	52
	 	 	 10.5
	 	 
Action on Instructions of Lenders
	  	52
	 	 	 10.6
	 	 
Employment of Agents and Counsel
	  	53
	 	 	 10.7
	 	 
Reliance on Documents; Counsel
	  	53
	 	 	 10.8
	 	 
Agent’s Reimbursement and Indemnification
	  	53
	 	 	 10.9
	 	 
Notice of Default
	  	54
	 	 	 10.10
	 	 
Rights as a Lender
	  	54
	 	 	 10.11
	 	 
Lender Credit Decision
	  	54
	 	 	 10.12
	 	 
Successor Agent
	  	54
	 	 	 10.13
	 	 
Agent and Arranger Fees
	  	55
	 	 	 10.14
	 	 
Delegation to Affiliates
	  	55
	 	 	 10.15
	 	 
Co-Agents, Documentation Agent, Syndication Agent, Managing Agent, etc
	  	55
		
	 
ARTICLE XI SETOFF; RATABLE PAYMENTS 
	  	55
	 	 	 11.1
	 	 
Setoff
	  	55
	 	 	 11.2
	 	 
Ratable Payments
	  	55
		
	 
ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 
	  	56
	 	 	 12.1
	 	 
Successors and Assigns
	  	56
	 	 	 12.2
	 	 
Participations.
	  	56
	 	 	 12.3
	 	 
Assignments.
	  	57
	 	 	 12.4
	 	 
Dissemination of Information
	  	58
	 	 	 12.5
	 	 
Tax Treatment
	  	58
	 	 	 12.6
	 	 
Designation
	  	58
		
	 
ARTICLE XIII NOTICES 
	  	59
	 	 	 13.1
	 	 
Notices 
	  	59

  

 - iii - 

 TABLE OF CONTENTS (continued) 
  

							
	 Section

	 	 	  	Page

	 	 	 13.2
	 	 
Change of Address 
	  	60
		
	 
ARTICLE XIV COUNTERPARTS 
	  	60
		
	 
ARTICLE XV CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 
	  	60
	 	 	 15.1
	 	 
CHOICE OF LAW 
	  	60
	 	 	 15.2
	 	 
CONSENT TO JURISDICTION
	  	60
	 	 	 15.3
	 	 
WAIVER OF JURY TRIAL
	  	60

  

 - iv - 

 TABLE OF CONTENTS 
  

			
	 SCHEDULES
	  	 
		
	 
Pricing Schedule 
	  	 
	 Schedule 1
	  	 
Commitments

	 Schedule 5.08
	  	 
Subsidiaries

	 Schedule 6.12
	  	 
Liens

  
 EXHIBITS

  

			
	 Exhibit A-1
	  	 Ratable Note

	 Exhibit A-2
	  	 Competitive Bid Note

	 Exhibit B
	  	 Compliance Certificate

	 Exhibit C
	  	 Assignment and Acceptance

	 Exhibit D
	  	 Wire Money Transfer Instructions

	 Exhibit E
	  	 Competitive Bid Quote

	 Exhibit F
	  	 Competitive Bid Quote Request

	 Exhibit G
	  	 Invitation for Competitive Bid Quotes

  

 - v - 

 FIVE YEAR CREDIT AGREEMENT 
  
 This Five Year Credit Agreement, dated as of May 17, 2004, is among Nationwide Mutual Insurance Company,
Nationwide Life Insurance Company, Nationwide Financial Services, Inc., the Lenders and Bank One, NA, a national banking association having its principal office in Chicago, Illinois, as Agent. The parties hereto agree as follows: 
  
 RECITALS: 
  
 WHEREAS, the Borrowers have requested the Lenders to make long-term financial accommodations available to
them in the aggregate principal amount of $700,000,000, the proceeds of which the Borrowers may use for general corporate purposes (including commercial paper back-up); and 
  
 WHEREAS, the Lenders are willing to extend such financial accommodations on the terms and conditions set
forth herein; 
  
 NOW, THEREFORE, in consideration
of the mutual covenants and undertakings herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders and the Agent hereby agree as follows: 
  
 
ARTICLE I 
  
 DEFINITIONS

  
 As used in this Agreement: 
  
 “ABR Advance” means an Advance which, except as
otherwise provided in Section 2.9, bears interest at the Alternate Base Rate. 
  
 “ABR Loan” means a Loan which, except as otherwise provided in Section 2.9, bears interest at the Alternate Base Rate. 
  
 “Absolute Rate” means, with respect to an
Absolute Rate Loan made by a given Lender for the relevant Absolute Rate Interest Period, the rate of interest per annum (rounded to the nearest 1/100 of 1%) offered by such Lender and accepted by the Requesting Borrower pursuant to Section
2.3. 
  
 “Absolute Rate Advance”
means a borrowing hereunder consisting of the aggregate amount of the several Absolute Rate Loans made by some or all of the Lenders to the Requesting Borrower at the same time and for the same Absolute Rate Interest Period. 
  
 “Absolute Rate Auction” means a solicitation of
Competitive Bid Quotes setting forth Absolute Rates pursuant to Section 2.3. 
  
 “Absolute Rate Interest Period” means, with respect to an Absolute Rate Advance, a period of not less than 1 and not more than 270 days commencing on a Business Day selected by

 
the Requesting Borrower pursuant to this Agreement. If such Absolute Rate Interest Period would end on a day which is not a Business Day, such Absolute Rate
Interest Period shall end on the next succeeding Business Day. 
  
 “Absolute Rate Loan” means a Loan which bears interest at an Absolute Rate. 
  
 “Advance” means a Ratable Advance or a Competitive Bid Advance. 
  
 “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. 
  
 “Agent” means Bank One in its capacity as contractual representative of the Lenders pursuant to
Article X, and not in its individual capacity as a Lender, and any successor Agent appointed pursuant to Article X. 
  
 “Aggregate Commitment” means the aggregate of the Commitments of all the Lenders, as reduced from time to time pursuant to the
terms hereof. 
  
 “Agreement” means this
credit agreement, as it may be amended or modified and in effect from time to time. 
  
 “Agreement Accounting Principles” means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial
statements referred to in Section 5.4; provided, however, that for the purposes of all computations required to be made with respect to compliance by any Borrower with Section 6.15, such term shall mean generally accepted
accounting principles (excluding where SAP is applicable) as in effect on the date hereof, applied in a manner consistent with those used in preparing the financial statements referred to in Section 5.4. 
  
 “Alternate Base Rate” means, for any day, a rate of
interest per annum equal to the higher of (a) the Prime Rate for such day or (b) the sum of the Federal Funds Effective Rate for such day plus 1/2% per annum. 
  

“AMH” means Asset Management Holdings plc, which indirectly owns 100% of the capital stock of Gartmore Investment Management
plc. 
  
 “AMH Acquisition” means the
acquisition by Nationwide Mutual or one of its Subsidiaries of all or substantially all of the assets of AMH. 
  
 “Annual Statement” means the annual statutory financial statement of any Insurance Company required to be filed with the
insurance commissioner (or similar authority) of its jurisdiction of incorporation, which statement shall be in the form required by such Insurance 
  

 - 2 - 

 
Company’s jurisdiction of incorporation or, if no specific form is so required, in the form of financial statements permitted by such insurance
commissioner (or such similar authority) to be used for filing annual statutory financial statements and shall contain the type of information permitted by such insurance commissioner (or similar authority) to be disclosed therein, together with all
exhibits or schedules filed therewith. 
  
 “Applicable Facility Fee Rate” means, at any time, the percentage rate per annum at which Facility Fees are accruing on the Aggregate Commitment (without regard to usage) at such time as set forth in the Pricing Schedule.

  
 “Applicable Margin” means, with
respect to Ratable Advances at any time, the percentage rate per annum which is applicable at such time with respect to Advances as set forth in the Pricing Schedule. 
  
 “Applicable Utilization Fee Rate” means, at any time, the percentage rate per annum at which
Utilization Fees are accruing as set forth in the Pricing Schedule. 
  
 “Arrangers” means, collectively, BOCM, CGMI and their respective successors, in their capacity as Joint Lead Arrangers and Joint Book Managers. 
  
 “Article” means an article of this Agreement unless another document is specifically referenced.

  
 “Authorized Officer” means any of
the Treasurer or any Assistant Treasurer of a Borrower, acting singly. 
  
 “Bank One” means Bank One, NA, a national banking association having its principal office in Chicago, Illinois, in its individual capacity, and its successors. 
  
 “BOCM” means Banc One Capital Markets, Inc.

  
 “Borrowers” means, collectively,
Nationwide Mutual, Nationwide Life and NFS, and their respective successors and assigns. 
  
 “Borrowing Date” means a date on which an Advance is made hereunder. 
  
 “Borrowing Notice” means a Competitive Bid Borrowing Notice or a Ratable Borrowing Notice, as the context may require.

  
 “Business Day” means (a) with
respect to any borrowing, payment or rate selection of Eurodollar Advances, a day (other than a Saturday or Sunday) on which banks generally are open in Chicago and New York city for the conduct of substantially all of their commercial lending
activities, interbank wire transfers can be made on the Fedwire system and dealings in United States dollars are carried on in the London interbank market and (b) for all other purposes, a day (other than a Saturday or Sunday) on which banks
generally are open in Chicago 
  

 - 3 - 

 
and New York city for the conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system.

  
 “Capitalized Lease” of a Person
means any lease of Property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles. 
  
 “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person
under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles. 
  
 “Cash Equivalent Investments” means (a) short-term obligations of, or fully guaranteed by, the United States of America, (b)
commercial paper rated A-1 or better by S&P or P-1 or better by Moody’s, (c) demand deposit accounts maintained in the ordinary course of business, and (d) certificates of deposit issued by and time deposits with commercial banks (whether
domestic or foreign) having capital and surplus in excess of $100,000,000; provided in each case that the same provides for payment of both principal and interest (and not principal alone or interest alone) and is not subject to any
contingency regarding the payment of principal or interest. 
  
 “CGMI” means Citigroup Global Markets Inc. 
  
 “Change in Control” means (a) in the case of Nationwide Mutual, it shall cease to be a mutual insurance company, (b) in the case of Nationwide Life, it shall cease to be a Wholly-Owned
Subsidiary of NFS, and (c) in the case of NFS, it shall cease to be a Subsidiary of Nationwide Mutual. 
  
 “Closing Date” means May 17, 2004. 
  
 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time. 
  
 “Combined Annual Statement” means the Annual
Statement required to be filed by Nationwide Mutual and its affiliated property and casualty insurers. 
  
 “Commitment” means, (a) with respect to each Lender, the amount specified for such Lender on Schedule 1 and (b) with
respect to each Person which becomes a Lender after the Closing Date, the amount specified for such Person on the signature page of the Assignment and Acceptance or in the Assumption Agreement, as the case may be, to which it is a party, in each
case, as such amount may be permanently terminated or reduced from time to time pursuant to Section 2.5(c) or Section 8.1. 
  
 “Competitive Bid Advance” means a borrowing hereunder made by some or all of the Lenders on the same Borrowing Date and
consisting of the aggregate amount of the several Competitive Bid Loans of the same Type and for the same Interest Period. 
  

 - 4 - 

 “Competitive Bid Borrowing Notice” is defined in Section 2.3.6.

  
 “Competitive Bid Loan” means a
Eurodollar Bid Rate Loan or an Absolute Rate Loan, or both, as the case may be. 
  
 “Competitive Bid Margin” means the margin above or below the applicable Eurodollar Base Rate (adjusted for reserve costs, if applicable) offered for a Eurodollar Bid Rate Loan,
expressed as a percentage (rounded to the nearest 1/100 of 1%) to be added or subtracted from such Eurodollar Base Rate. 
  
 “Competitive Bid Note” means any promissory note in the form of Exhibit A-2 hereto issued at the request of a Lender
pursuant to Section 2.11 to evidence its Competitive Bid Loans. 
  
 “Competitive Bid Quote” means a Competitive Bid Quote substantially in the form of Exhibit E hereto completed and delivered by a Lender to the Agent in accordance with Section 2.3.4.

  
 “Competitive Bid Quote Request”
means a Competitive Bid Quote Request substantially in the form of Exhibit F hereto completed and delivered by the Borrower to the Agent in accordance with Section 2.3.2. 
  
 “Consolidated Person” means, for any taxable year of reference, each Person which is a member of
the affiliated group of such Borrower if consolidated returns are or shall be filed for such affiliated group for federal income tax purposes or any combined or unitary group of which such Borrower is a member for state income tax purposes.

  
 “Consolidated Tangible Net Worth”
means at any date the consolidated shareholders’ equity of NFS and its consolidated Subsidiaries plus any unrealized losses or less (a) 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 Financial Accounting Standards Board or, if and to the extent applicable, the Securities and Exchange Commission) and (b) Intangible Assets, all determined as of such date in
accordance with Agreement Accounting Principles based upon its most recent financial statements prepared in accordance with Agreement Accounting Principles; provided, that in calculating Consolidated Tangible Net Worth on any date the impact
thereon of FIN 46 shall be excluded. 
  
 “Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or
is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against
loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or the obligations of any such Person as general partner of a partnership with respect to 

  

 - 5 - 

 
the liabilities of the partnership, but excluding (a) Contingent Obligations in respect of insurance policies issued in the ordinary course of business
(including, without limitation, Contingent Obligations in respect of reinsurance agreements entered into in connection with the sale of Wausau General Insurance Company and its affiliates), (b) Contingent Obligations incurred by any Borrower in
connection with the issuance of a License to a Subsidiary and (c) Contingent Obligations in respect of undrawn letters of credit which are issued in the ordinary course of business to support reinsurance obligations. 
  
 “Conversion/Continuation Notice” is defined in
Section 2.2.4. 
  
 “Controlled
Group” means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated
as a single employer under Section 414 of the Code. 
  
 “Default” means an event described in Article VII. 
  
 “Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits,
concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (a) the protection of the environment, (b) the effect of the environment on human health, (c) emissions, discharges or releases of pollutants,
contaminants, hazardous substances or wastes into surface water, ground water or land, or (d) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or
wastes or the clean-up or other remediation thereof. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder. 
  
 “Eurodollar Advance” means a Eurodollar Ratable Advance, a Eurodollar Bid Rate Advance, or both,
as the context may require. 
  
 “Eurodollar
Auction” means a solicitation of Competitive Bid Quotes setting forth Competitive Bid Margins pursuant to Section 2.3. 
  
 “Eurodollar Base Rate” means, with respect to a Eurodollar Advance to a Borrower for the relevant Eurodollar Interest Period,
the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars appearing on Reuters Screen FRBD as of 11:00 a.m. (London time) two Business Days prior to the first day of such Eurodollar Interest Period, and
having a maturity equal to such Eurodollar Interest Period, provided that, (a) if Reuters Screen FRBD is not available to the Agent for any reason, the applicable Eurodollar Base Rate for the relevant Eurodollar Interest Period shall instead
be the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars as reported by any other generally recognized financial information service as of 11:00 a.m. (London time) two Business Days prior to the first
day of such Eurodollar Interest Period, and having a maturity equal to such Eurodollar Interest Period, and (b) if no such British Bankers’ Association Interest Settlement Rate is 

  

 - 6 - 

 
available to the Agent, the applicable Eurodollar Base Rate for the relevant Eurodollar Interest Period shall instead be the rate determined by the Agent to
be the rate at which Bank One or one of its Affiliate banks offers to place deposits in U.S. dollars with first-class banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such
Eurodollar Interest Period, in the approximate amount of Bank One’s relevant Eurodollar Ratable Loan, or, in the case of a Eurodollar Bid Rate Advance, the amount of the Eurodollar Bid Rate Advance requested by such Borrower, and having a
maturity equal to such Eurodollar Interest Period. 
  
 “Eurodollar Bid Rate” means, with respect to a Eurodollar Bid Rate Loan made by a given Lender for the relevant Eurodollar Interest Period, the sum of (a) the quotient of (i) the Eurodollar Base Rate applicable to such Interest
Period, divided by (ii) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest Period, plus (b) the Competitive Bid Margin offered by such Lender and accepted by the Requesting Borrower. 
  
 “Eurodollar Bid Rate Advance” means a Competitive
Bid Advance which bears interest at a Eurodollar Bid Rate. 
  
 “Eurodollar Bid Rate Loan” means a Loan which bears interest at a Eurodollar Bid Rate. 
  
 “Eurodollar Interest Period” means, with respect to a Eurodollar Advance to a Borrower, a period of one, two, three or six
months commencing on a Business Day selected by such Borrower pursuant to this Agreement. Such Eurodollar Interest Period shall end on the day which corresponds numerically to such date one, two, three or six months thereafter; provided,
however, that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Eurodollar Interest Period shall end on the last Business Day of such next, second, third or sixth succeeding month.
If a Eurodollar Interest Period would otherwise end on a day which is not a Business Day, such Eurodollar Interest Period shall end on the next succeeding Business Day; provided, however, that if said next succeeding Business Day falls
in a new calendar month, such Eurodollar Interest Period shall end on the immediately preceding Business Day. 
  
 “Eurodollar Loan” means a Eurodollar Ratable Loan or a Eurodollar Bid Rate Loan, or both, as the context may require.

  
 “Eurodollar Ratable Advance” means a
Ratable Advance to a Borrower which bears interest at a Eurodollar Rate requested by such Borrower pursuant to Section 2.2. 
  
 “Eurodollar Ratable Loan” means a Ratable Loan to a Borrower which bears interest at a Eurodollar Rate requested by such
Borrower pursuant to Section 2.2. 
  
 “Eurodollar Rate” means, with respect to a Eurodollar Ratable Advance for the relevant Eurodollar Interest Period, the sum of (a) the quotient of (i) the Eurodollar Base Rate applicable to such Eurodollar Interest Period, divided
by (ii) one minus the Reserve Requirement (expressed as a decimal) applicable to such Eurodollar Interest Period, plus (b) the Applicable Margin. 
  

 - 7 - 

 “Excluded Taxes” means, in the case of each Lender or applicable Lending
Installation and the Agent, taxes imposed on its overall net income, and franchise taxes imposed on it, by (a) the jurisdiction under the laws of which such Lender or the Agent is incorporated or organized or (b) any jurisdiction in which the Agent
or such Lender maintains a lending office. 
  
 “Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced. 
  
 “Facility Fee” is defined in Section 2.5(a). 
  
 “Facility Termination Date” means May 17, 2009, or any earlier date on which the Aggregate
Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 
  
 “FAS 35” means Financial Accounting Statement No. 35, “Accounting and Reporting by Defined Benefit Pension Plans” issued by the Financial Accounting Standards Board in March,
1980. 
  
 “Federal Funds Effective Rate”
means, for any day, an interest rate per annum 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 for such day
(or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately
10:00 a.m. (Chicago time) on such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by the Agent in its sole discretion. 
  
 “FIN 46” means Interpretation No. 46, “Consolidation of Variable Interest Entities,”
issued by the Financing Accounting Standards Board in January 2003. 
  
 “Fixed Rate” means the Eurodollar Rate, the Eurodollar Bid Rate or the Absolute Rate. 
  
 “Fixed Rate Advance” means an Advance which bears interest at a Fixed Rate. 
  
 “Fixed Rate Loan” means a Loan which bears interest
at a Fixed Rate. 
  
 “Governmental
Authority” means any government (foreign or domestic) or any state or other political subdivision thereof or any governmental body, agency, authority, department or commission (including without limitation any board of insurance, insurance
department or insurance commissioner and any taxing authority or political subdivision) or any instrumentality or officer thereof (including without limitation any court or tribunal) exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government and any corporation, partnership or other entity directly or indirectly owned by any of the foregoing. 
  

“Indebtedness” of a Person means such Person’s (a) obligations for borrowed money, (b) obligations representing the
deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms 

  

 - 8 - 

 
customary in the trade), (c) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or
hereafter owned or acquired by such Person, (d) obligations which are evidenced by notes, acceptances, or other instruments, including notes issued to an Affiliate in connection with the issuance by such Affiliate of trust preferred securities, (e)
obligations of such Person to purchase securities or other Property arising out of or in connection with the sale of the same or substantially similar securities or Property, (f) Capitalized Lease Obligations, (g) Contingent Obligations, (h)
obligations in respect of Surplus Debentures, (i) Net Mark-to-Market Exposure under Rate Management Transactions, (j) non-contingent obligations of such Person to reimburse any Lender or other Person in respect of amounts paid under a letter of
credit and (k) any other obligation for borrowed money or other financial accommodation which in accordance with Agreement Accounting Principles or SAP, as applicable, would be shown as a liability on the consolidated balance sheet of such Person;
provided, however, that for the purpose of determining compliance with Sections 6.15.4 and, with respect to clauses (ii) and (iv) below, Section 6.15.5 on any date, “Indebtedness” shall exclude (i) Surplus
Debentures which mature more than ten (10) years after such date of determination, (ii) obligations of such Person arising in respect of securities lending activities and securities repurchase or reverse-repurchase activities undertaken in the
ordinary course of business in compliance with all applicable laws, (iii) obligations of Nationwide Mutual under one or more prepaid equity forward contracts, and (iv) indebtedness of such Person incurred in connection with the sale or issuance of
Structured Finance Securities, provided that no Borrower or Subsidiary has any recourse obligations with respect thereto; 
  
 “Insurance Company” means Nationwide Mutual, Nationwide Life or any Insurance Subsidiary. 
  
 “Insurance Subsidiary” means any Subsidiary which
is engaged in the business of underwriting policies of insurance. 
  
 “Intangible Assets” means the amount (to the extent reflected in determining such consolidated shareholders’ equity) of all unamortized debt discount and expense, unamortized deferred charges, goodwill,
patents, trademarks, service marks, trade names, anticipated future benefit of tax loss carry-forwards, copyrights, organization or developmental expenses and other intangible assets; provided, that the deferred policy acquisition costs shall
not be considered Intangible Assets for the purposes of this definition. 
  
 “Interest Period” means a Eurodollar Interest Period or an Absolute Rate Interest Period. 
  
 “Invitation for Competitive Bid Quotes” means an Invitation for Competitive Bid Quotes substantially in the form of Exhibit
G hereto, completed and delivered by the Agent to the Lenders in accordance with Section 2.3.3. 
  
 “Lenders” means the lending institutions listed on the signature pages of this Agreement and their respective successors and
assigns. 
  

 - 9 - 

 “Lending Installation” means, with respect to a Lender or the Agent, the
office, branch, subsidiary or Affiliate of such Lender or the Agent listed on the signature pages hereof or on a Schedule or otherwise selected by such Lender or the Agent pursuant to Section 2.15. 
  
 “License” means any license, certificate of
authority, permit or other authorization which is required to be obtained from any Governmental Authority in connection with the operation, ownership or transaction of insurance business. 
  
 “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized
Lease or other title retention agreement). 
  
 “Loan” means, with respect to a Lender, such Lender’s loan made pursuant to Article II (or, in the case of a loan made pursuant to Section 2.2, any conversion or continuation thereof). 
  
 “Loan Documents” means this Agreement and any Notes
issued pursuant to Section 2.11 and the other documents and agreements contemplated hereby and executed by any Borrower in favor of the Agent or any Lender. 
  
 “Material Adverse Effect” means, with respect to any Borrower, a material adverse effect on (a)
the business, Property, condition (financial or otherwise), results of operations, or prospects of such Borrower and its Subsidiaries taken as a whole, (b) the ability of such Borrower to perform its obligations under the Loan Documents, or (c) the
validity or enforceability of any of the Loan Documents or the rights or remedies of the Agent or the Lenders thereunder. 
  
 “Material Affiliate” means: 
  
 (a) in respect of Nationwide Mutual, (i) any other Person which is a party to the Nationwide Insurance Intercompany Pooling Agreement,
effective as of January 1, 1999, as amended or supplemented from time to time, and (ii) any of its Material Subsidiaries; and 
  
 (b) in respect of each of Nationwide Life and NFS, any of its Material Subsidiaries. 
  
 “Material Indebtedness” is defined in Section
7.5. 
  
 “Material Insurance
Subsidiary” means an Insurance Subsidiary which is a Material Subsidiary. 
  
 “Material Subsidiary” means: 
  
 (a) in respect of Nationwide Mutual, any Subsidiary having, as of the date of the Combined Annual Statement most recently delivered to the Lenders pursuant to Section 5.4(a) or Section 6.1(d),
consolidated assets with a value of at least two percent (2%) of the total 
  

 - 10 - 

 
combined assets set out in such statement; provided, that, for the purposes of this Agreement, neither Nationwide Life nor NFS nor any of their
consolidated Subsidiaries shall be considered to be a Material Subsidiary of Nationwide Mutual; and 
  
 (b) in respect of each of Nationwide Life and NFS, any Subsidiary having, as of the date of the balance sheet most recently delivered to the Lenders pursuant to Section 5.4 or Section
6.1, consolidated assets with a value of at least two percent (2%) of the total consolidated assets set out in such statement. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any
other arrangement to which the Borrower or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions. 
  
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto, or in lieu thereof, any other
association, agency or other organization performing advisory, coordination or other like functions among insurance departments, insurance commissioners and similar Governmental Authorities of the various states of the United States toward the
promotion of uniformity in the practices of such Governmental Authorities. 
  
 “Nationwide Life” means Nationwide Life Insurance Company, an Ohio insurance company. 
  
 “Nationwide Mutual” means Nationwide Mutual Insurance Company, an Ohio mutual insurance company. 
  
 “Net Mark-to-Market Exposure” of a Person means, as
of any date of determination, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from Rate Management Transactions. “Unrealized losses” means the fair market value of the cost to such Person of
replacing such Rate Management Transaction as of the date of determination (assuming the Rate Management Transaction were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of
replacing such Rate Management Transaction as of the date of determination (assuming such Rate Management Transaction were to be terminated as of that date). 
  
 “NFS” means Nationwide Financial Services, Inc., a Delaware corporation. 
  
 “Non-U.S. Lender” is defined in Section
3.5(d). 
  
 “Notes” means,
collectively, all of the Competitive Bid Notes and all of the Ratable Notes which may be issued hereunder, and “Note” means any one of the Notes. 
  
 “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all accrued and unpaid fees and all
expenses, reimbursements, indemnities and other 
  

 - 11 - 

 
obligations of the Borrowers or any Borrower to the Lenders or to any Lender, the Agent or any indemnified party arising under the Loan Documents.

  
 “Other Taxes” is defined in
Section 3.5(b). 
  
 “Participants” is defined in Section 12.2.1. 
  
 “Payment Date” means the last day of each March, June, September and December. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 
  
 “Person” means any natural person, corporation,
firm, joint venture, partnership, limited liability company, association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 
  
 “Plan” means an employee pension benefit plan which
is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which a Borrower or any member of the Controlled Group may have any liability. 
  
 “Pricing Schedule” means the Schedule attached
hereto identified as such. 
  
 “Prime
Rate” means a rate per annum equal to the prime rate of interest announced from time to time by Bank One or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 

 
 “Property” of a Person means any and all
property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person. 
  
 “Purchasers” is defined in Section 12.3.1. 
  
 “Quarterly Statement” means the quarterly statutory financial statement of any Insurance Company
required to be filed with the insurance commissioner (or similar authority) of its jurisdiction of incorporation or, if no specific form is so required, in the form of financial statements permitted by such insurance commissioner (or such similar
authority) to be used for filing quarterly statutory financial statements and shall contain the type of financial information permitted by such insurance commissioner (or such similar authority) to be disclosed therein, together with all exhibits or
schedules filed therewith. 
  
 “Ratable
Advance” means a borrowing hereunder (a) made by the Lenders to a Borrower on the same Borrowing Date, or (b) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate
amount of the several Ratable Loans of the same Type and, in the case of Eurodollar Ratable Loans, for the same Interest Period. 
  
 “Ratable Borrowing Notice” is defined in Section 2.2.3. 
  

 - 12 - 

 “Ratable Loan” means a Loan made by a Lender pursuant to Section 2.2
hereof. 
  
 “Ratable Note” means any
promissory note in the form of Exhibit A-1 hereto issued at the request of a Lender pursuant to Section 2.11 to evidence its Ratable Loans. 
  
 “Rate Management Obligations” of a Person means any and all obligations of such Person, whether absolute or contingent and
howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Rate Management Transactions, and (b) any and all cancellations, buy
backs, reversals, terminations or assignments of any Rate Management Transactions. 
  
 “Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter entered into by any Borrower which is a credit default swap,
rate swap, basis swap, forward rate transaction, 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, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof,
whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 
  
 “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 
  
 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the
Federal Reserve System. 
  
 “Reportable
Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section
4043(a) of ERISA that it be notified within 30 days of the occurrence of such event, provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable
Event regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 
  

“Reports” is defined in Section 9.6. 
  
 “Requesting Borrower” is defined in Section 2.3.2. 
  

 - 13 - 

 “Required Lenders” means Lenders in the aggregate having at least 51% of the
Aggregate Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding at least 51% of the aggregate unpaid principal amount of the outstanding Advances. 
  
 “Reserve Requirement” means, with respect to an
Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities. 
  
 “S&P” means Standard and Poor’s Ratings
Services, a division of The McGraw Hill Companies, Inc. 
  
 “SAP” means, with respect to any Insurance Company, the statutory accounting practices prescribed or permitted by the insurance commissioner (or other similar authority) in the jurisdiction of such Person for the preparation of
annual statements and other financial reports by insurance companies of the same type as such Person in effect from time to time, applied in a manner consistent with those used in preparing the financial statements referred to in Section
5.4(a) and (b); provided, that, except as otherwise provided in the definition of Agreement Accounting Principles, with respect to the financial covenants contained in Section 6.15 hereof, and the related definitions,
“SAP” means such statutory accounting practices in effect on the date hereof, applied in a manner consistent with those used in preparing the financial statements referred to in Section 5.4(a) and (b). 
  
 “Schedule” refers to a specific schedule to this
Agreement, unless another document is specifically referenced. 
  
 “Section” means a numbered section of this Agreement, unless another document is specifically referenced. 
  
 “Single Employer Plan” means a Plan maintained by a Borrower or any member of the Controlled Group for employees of such
Borrower or any member of the Controlled Group. 
  
 “Statutory Surplus” means, with respect to (a) Nationwide Mutual at any time, the surplus as regards policyholders of Nationwide Mutual at such time, as determined in accordance with SAP (“Liabilities, Surplus and Other
Funds” statement, page 3, line 35 of the Annual Statement) based upon its most recently filed Quarterly Statement and (b) Nationwide Life at any time, the statutory capital and surplus of Nationwide Life at such time, as determined in
accordance with SAP (“Liabilities, Surplus and Other Funds” statement, page 3, line 38 of the Annual Statement) based upon its most recently filed Quarterly Statement. 
  
 “Structured Finance Securities” means (a) notes or other instruments secured by collateral
consisting primarily of debt securities and/or other types of debt obligations, including loans and credit default swaps or (b) securities whose benefits are derived from a discreet pool of assets, either fixed or revolving, that are acquired with
the intention to convert into cash within a finite period of time under a recognized securitization program sponsored by any Borrower. 
  

 - 14 - 

 “Subsidiary” of a Person means (a) any corporation more than 50% of the
outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (b) any
partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 
  
 “Substantial Portion” means, with respect to the
Property of a Borrower and its Subsidiaries, Property which (a) represents more than 10% of the consolidated assets of such Borrower and its Subsidiaries as would be shown in the consolidated financial statements of such Borrower and its
Subsidiaries as at the beginning of the twelve-month period ending with the month in which such determination is made, or (b) is responsible for more than 10% of the consolidated net sales or of the consolidated net income of such Borrower and its
Subsidiaries as reflected in the financial statements referred to in clause (a) above. 
  
 “Surplus Debentures” means, as to Nationwide Mutual, debt securities of Nationwide Mutual the proceeds of which are permitted to be included, in whole or in part, as Statutory Surplus
as approved and permitted by the insurance department of Nationwide Mutual’s state of domicile. 
  
 “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and any and all liabilities with respect to the foregoing, but
excluding Excluded Taxes and Other Taxes. 
  
 “Total Capitalization” means at any time: 
  
 (a) with respect to Nationwide Mutual, the sum of (i) Nationwide Mutual’s outstanding Indebtedness and (ii) Nationwide Mutual’s Statutory Surplus based upon its most recently filed Quarterly Statement
excluding, however, the impact thereon of FIN 46; and 
  
 (b) with respect to NFS, the sum of (i) the consolidated Indebtedness of NFS and its Subsidiaries as of such time and (ii) the consolidated shareholders’ equity of NFS and its Subsidiaries as of such time based
upon its most recent financial statements prepared in accordance with Agreement Accounting Principles, excluding, however, the effect of any unrealized gain or loss reported under Statement of Financial Accounting Standards No. 115 and
the impact thereon of FIN 46. 
  
 “Transferee” is defined in Section 12.4. 
  
 “Type” means, with respect to any Advance, its nature as an ABR Advance, an Absolute Rate Advance, a Eurodollar Bid Rate Advance or a Eurodollar Ratable Advance. 
  
 “Unfunded Liabilities” means the amount (if any) by
which the sum of (i) the present value of all vested accrued benefits under all Single Employer Plans, calculated using PBGC actuarial assumptions for single employer plans, and (ii) the present value of all non-vested accrued benefits for such
Plans, calculated using FAS 35 actuarial assumptions, exceeds the fair 
  

 - 15 - 

 
market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans. 
  
 “Unmatured Default” means an event which but for
the lapse of time or the giving of notice, or both, would constitute a Default. 
  
 “Utilization Fee” is defined in Section 2.5(b). 
  
 “Wholly-Owned Subsidiary” of a Person means (a) any Subsidiary all of the outstanding voting securities of which shall at the
time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (b) any partnership, limited liability
company, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 
  
 The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined
terms. References herein to particular columns, lines or sections of any Person’s Annual Statement shall be deemed, where appropriate, to be references to the corresponding column, line or section of such Person’s Quarterly Statement, or
if no such corresponding column, line or section exists or if any report form changes, then to the corresponding item referenced thereby. In the event that any changes in Agreement Accounting Principles or SAP occur after the date of this Agreement
and such changes result in a material variation in the method of calculation of financial covenants or other terms of this Agreement, then the Borrowers, the Agent and the Lenders agree to amend such provisions of this Agreement so as to equitably
reflect such changes in order that the criteria for evaluating each Borrower’s financial condition will be the same after such changes as if such changes had not occurred. 
  
 
ARTICLE II 
  
 THE
CREDITS 
  
 
2.1 The Facility. 
  
 2.1.1 Description of Facility. The Lenders grant to the Borrowers a revolving credit facility pursuant to which, and upon the terms and subject to the conditions herein set forth: 
  
 (a) each Lender severally agrees to make
Ratable Loans to each of the Borrowers in accordance with Section 2.2; and 
  
 (b) each Lender may, in its sole discretion, make bids to make Competitive Bid Loans to each of the Borrowers in accordance with Section 2.3. 
  
 2.1.2 Amount of Facility. In no event may the
aggregate principal amount of all outstanding Advances (including both the Ratable Advances and the Competitive Bid Advances) to all Borrowers exceed the Aggregate Commitment. The Commitments may be terminated or reduced from time to time pursuant
to Section 2.5(c) or Section 8.1. 
  

 - 16 - 

 2.1.3 Availability of Facility. Subject to the terms of this Agreement, the
facility is available from the date hereof to the Facility Termination Date, and the Borrowers may borrow, repay and reborrow at any time prior to the Facility Termination Date. The Commitments to lend hereunder shall expire on the Facility
Termination Date. 
  
 2.1.4 Repayment of
Facility. Any outstanding Advances and all other unpaid Obligations shall be paid in full by the Borrowers on the Facility Termination Date. 
  
 2.1.5 Several Obligations. Each Borrower will be severally obligated for all Advances made to such Borrower and all interest
accrued with respect thereto, and no Borrower will be obligated for any Advances made to any other Borrower. Except as provided in this Section 2.1.5 and as otherwise expressly provided herein, the Borrowers shall be jointly and severally
liable for all other Obligations hereunder. 
  
 
2.2 Ratable Advances. 
  
 2.2.1 Ratable Advances. Each Ratable Advance hereunder shall consist of Loans made to a Borrower from the several Lenders ratably in proportion to the ratio that their respective Commitments bear to the
Aggregate Commitment. The aggregate outstanding amount of Competitive Bid Advances shall reduce each Lender’s Commitment ratably in the proportion such Lender’s Commitment bears to the Aggregate Commitment regardless of which Lender or
Lenders make such Competitive Bid Advances. 
  
 2.2.2 Types of Ratable Advances. The Ratable Advances may be ABR Advances or Eurodollar Ratable Advances, or a combination thereof, selected by the Borrower requesting such Advance in accordance with Section 2.2.3. 

 
 2.2.3 Method of Selecting Types and Interest Periods
for Ratable Advances. Each applicable Borrower shall select the Type of Ratable Advance and, in the case of each Eurodollar Ratable Advance, the Interest Period applicable thereto from time to time. Such Borrower shall give the Agent irrevocable
notice (a “Ratable Borrowing Notice”) not later than 10:00 a.m. (Chicago time) at least one Business Day before the Borrowing Date of each ABR Advance and three Business Days before the Borrowing Date for each Eurodollar Ratable
Advance. Notwithstanding the foregoing, a Ratable Borrowing Notice for an ABR Advance may be given by a Borrower not later than 15 minutes after the time which such Borrower is required to reject one or more bids offered in connection with an
Absolute Rate Auction pursuant to Section 2.3.6 and a Ratable Borrowing Notice for a Eurodollar Ratable Advance may be given not later than 15 minutes after the time such Borrower is required to reject one or more bids offered in connection
with a Eurodollar Auction pursuant to Section 2.3.6. A Ratable Borrowing Notice shall specify: 
  
 (a) the Borrowing Date, which shall be a Business Day, of such Ratable Advance, 
  
 (b) the aggregate amount of such Ratable
Advance, 
  
 (c) the Type of
Ratable Advance selected, and 
  

 - 17 - 

 (d) in the case of each Eurodollar Ratable Advance, the Interest Period
applicable thereto (which may not end after the Facility Termination Date). 
  
 2.2.4 Conversion and Continuation of Outstanding Ratable Advances. ABR Advances shall continue as ABR Advances unless and until such ABR Advances are converted into Eurodollar Advances pursuant to this
Section 2.2.4 or are repaid in accordance with Section 2.7. Each Eurodollar Ratable Advance shall continue as a Eurodollar Ratable Advance until the end of the then applicable Eurodollar Interest Period therefor, at which time such
Eurodollar Ratable Advance shall be automatically converted into an ABR Advance unless (i) such Eurodollar Ratable Advance is or was repaid in accordance with Section 2.7 or (ii) the Borrower to which such Eurodollar Ratable Advance was made
shall have given the Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Eurodollar Interest Period, such Eurodollar Ratable Advance continue as a Eurodollar Ratable Advance for the same or another
Eurodollar Interest Period. Subject to the terms of Section 2.6, each Borrower may elect from time to time to convert all or any part of an ABR Advance made to such Borrower into a Eurodollar Ratable Advance. Such Borrower shall give the
Agent irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of an ABR Advance into a Eurodollar Ratable Advance or continuation of a Eurodollar Ratable Advance not later than 10:00 a.m. (Chicago time) at least
three Business Days prior to the date of the requested conversion or continuation, specifying: 
  
 (a) the requested date of such conversion or continuation, which shall be a Business Day, 
  
 (b) the aggregate amount and Type of the
Ratable Advance which is to be converted or continued, and 
  
 (c) the amount of such Ratable Advance which is to be converted into or continued as a Eurodollar Ratable Advance and the duration of the Eurodollar Interest Period applicable thereto. 
  
 
2.3 Competitive Bid Advances. 
  
 2.3.1. Competitive Bid Option. In addition to Ratable Advances pursuant to Section 2.2, but subject to the terms and conditions of this Agreement (including, without limitation, the limitation set forth
in Section 2.1.2 as to the maximum aggregate principal amount of all outstanding Advances hereunder), each Borrower may, as set forth in this Section 2.3, request the Lenders, prior to the Facility Termination Date, to make offers to
make Competitive Bid Advances to such Borrower. Each Lender may, but shall have no obligation to, make such offers and such Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 2.3.
Each Competitive Bid Advance to a Borrower shall be repaid by such Borrower on the last day of the Interest Period applicable thereto. 
  
 2.3.2. Competitive Bid Quote Request. When a Borrower (in such capacity, a “Requesting Borrower”) wishes to
request offers to make Competitive Bid Loans under this Section 2.3, it shall transmit to the Agent by telecopy a Competitive Bid Quote Request so as to be received no later than (i) 10:00 a.m. (Chicago time) at least five Business Days prior
to the 

  

 - 18 - 

 
Borrowing Date proposed therein, in the case of a Eurodollar Auction, or (ii) 9:00 a.m. (Chicago time) at least one Business Day prior to the Borrowing Date
proposed therein, in the case of an Absolute Rate Auction, specifying: 
  
 (a) the proposed Borrowing Date, which shall be a Business Day, for such Competitive Bid Advance, 
  
 (b) the aggregate principal amount of such Competitive Bid Advance, 
  
 (c) whether the Competitive Bid Quotes
requested are to set forth a Competitive Bid Margin or an Absolute Rate, or both, 
  
 (d) whether the proposed Competitive Bid Advance will be subject to prepayment, and 
  
 (e) the Interest Period applicable thereto (which may not end after the Facility Termination Date). 
  
 The Requesting Borrower may request offers to make
Competitive Bid Loans for more than one Interest Period and for a Eurodollar Auction and an Absolute Rate Auction in a single Competitive Bid Quote Request. No Competitive Bid Quote Request shall be given within 5 Business Days (or such other number
of days as the requesting Borrower and the Agent may agree) of any other Competitive Bid Quote Request. A Competitive Bid Quote Request that does not conform substantially to the format of Exhibit F hereto shall be rejected, and the Agent
shall promptly notify the Requesting Borrower of such rejection. 
  
 2.3.3. Invitation for Competitive Bid Quotes. Promptly and in any event before the close of business on the same Business Day of receipt of a Competitive Bid Quote Request that is not rejected pursuant to
Section 2.3.2, the Agent shall send to each of the Lenders by telecopy an Invitation for Competitive Bid Quotes substantially in the form of Exhibit G hereto, which shall constitute an invitation by the Requesting Borrower to each
Lender to submit Competitive Bid Quotes offering to make the Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with this Section 2.3. 
  
 2.3.4. Submission and Contents of Competitive Bid Quotes. (a) Each Lender may, in its sole
discretion, submit a Competitive Bid Quote containing an offer or offers to make Competitive Bid Loans in response to any Invitation for Competitive Bid Quotes. Each Competitive Bid Quote must comply with the requirements of this Section
2.3.4 and must be submitted to the Agent by telecopy at its offices specified in or pursuant to Article XIII not later than (i) 9:00 a.m. (Chicago time) at least three Business Days prior to the proposed Borrowing Date, in the case of a
Eurodollar Auction or (ii) 9:00 a.m. (Chicago time) on the proposed Borrowing Date, in the case of an Absolute Rate Auction (or, in either case upon reasonable prior notice to the Lenders, such other time and date as the Requesting Borrower and the
Agent may agree); provided that Competitive Bid Quotes submitted by Bank One may only be submitted if the Agent or Bank One notifies the Requesting Borrower of the terms of the offer or offers contained therein not later than 15 minutes prior
to the latest time at which the relevant 
  

 - 19 - 

 
Competitive Bid Quotes must be submitted by the other Lenders. Subject to Articles IV and VIII, any Competitive Bid Quote so made shall be
irrevocable except with the written consent of the Agent given on the instructions of the Requesting Borrower. 
  
 (b) Each Competitive Bid Quote shall be in substantially the form of Exhibit E hereto and shall in any case
specify: 
  
 (i) the proposed
Borrowing Date, which shall be the same as that set forth in the applicable Invitation for Competitive Bid Quotes, 
  
 (ii) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (A)
may be greater than, less than or equal to the Commitment of the quoting Lender, (B) must be at least $25,000,000 and an integral multiple of $1,000,000, and (C) may not exceed the principal amount of Competitive Bid Loans for which offers were
requested, 
  
 (iii) in the case
of a Eurodollar Auction, the Competitive Bid Margin offered for each such Competitive Bid Loan, 
  
 (iv) the minimum amount, if any, of the Competitive Bid Loan which may be accepted by the Requesting Borrower, 

 
 (v) in the case of an Absolute Rate
Auction, the Absolute Rate offered for each such Competitive Bid Loan, 
  
 (vi) the maximum aggregate amount, if any, of Competitive Bid Loans offered by the quoting Lender which may be accepted by the Requesting Borrower, and 
  
 (vii) the identity of the quoting Lender.

  
 (c) The Agent shall reject
any Competitive Bid Quote that: 
  
 (i) is not substantially in the form of Exhibit E hereto or does not specify all of the information required by this Section 2.3.4(c), 
  

(ii) contains qualifying, conditional or similar language, other than any such language contained in Exhibit E
hereto, 
  
 (iii) proposes terms
other than or in addition to those set forth in the applicable Invitation for Competitive Bid Quotes, or 
  
 (iv) arrives after the time set forth in Section 2.3.4(a). 
  
 If any Competitive Bid Quote shall be rejected pursuant to this Section
2.3.4(c), then the Agent shall notify the relevant Lender of such rejection as soon as practical. 
  

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 2.3.5. Notice to Requesting Borrower. The Agent shall promptly notify the
Requesting Borrower of the terms (a) of any Competitive Bid Quote submitted by a Lender that is in accordance with Section 2.3.4 and (b) of any Competitive Bid Quote that amends, modifies or is otherwise inconsistent with a previous
Competitive Bid Quote submitted by such Lender with respect to the same Competitive Bid Quote Request. Any such subsequent Competitive Bid Quote shall be disregarded by the Agent unless such subsequent Competitive Bid Quote specifically states that
it is submitted solely to correct a manifest error in such former Competitive Bid Quote. The Agent’s notice to the Requesting Borrower shall specify the aggregate principal amount of Competitive Bid Loans for which offers have been received for
each Interest Period specified in the related Competitive Bid Quote Request and the respective principal amounts and Eurodollar Bid Rates or Absolute Rates, as the case may be, so offered. 
  
 2.3.6. Acceptance and Notice by Borrower. Not later
than (a) 10:00 a.m. (Chicago time) at least three Business Days prior to the proposed Borrowing Date, in the case of a Eurodollar Auction or (b) 10:00 a.m. (Chicago time) on the proposed Borrowing Date, in the case of an Absolute Rate Auction (or,
in either case upon reasonable prior notice to the Lenders, such other time and date as the Requesting Borrower and the Agent may agree), the Requesting Borrower shall notify the Agent of its acceptance or rejection of the offers so notified to it
pursuant to Section 2.3.5; provided, however, that the failure by the Requesting Borrower to give such notice to the Agent shall be deemed to be a rejection of all such offers. In the case of acceptance, such notice (a
“Competitive Bid Borrowing Notice”) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The Requesting Borrower may accept any Competitive Bid Quote in whole or in part (subject to the
terms of Section 2.3.4(b)(iv)); provided that: 
  
 (a) the aggregate principal amount of each Competitive Bid Advance may not exceed the applicable amount set forth in the related Competitive Bid Quote Request, 
  
 (b) acceptance of offers may only be made on
the basis of ascending Eurodollar Bid Rates or Absolute Rates, as the case may be, and 
  
 (c) the Requesting Borrower may not accept any offer that is described in Section 2.3.4(c) or that otherwise fails
to comply with the requirements of this Agreement. 
  
 2.3.7. Allocation by Agent. If offers are made by two or more Lenders with the same Eurodollar Bid Rates or Absolute 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 Competitive Bid Loans in respect of which such offers are accepted shall be allocated by the Agent among such Lenders as nearly as possible (in such multiples, not greater than
$1,000,000, as the Agent may deem appropriate) in proportion to the aggregate principal amount of such offers; provided, however, that no Lender shall be allocated a portion of any Competitive Bid Advance which is less than the minimum
amount which such Lender has indicated that it is willing to accept. Allocations by the Agent of the amounts of Competitive Bid 
  

 - 21 - 

 
Loans shall be conclusive in the absence of manifest error. The Agent shall promptly, but in any event on the same Business Day, notify each Lender of its
receipt of a Competitive Bid Borrowing Notice and the aggregate principal amount of such Competitive Bid Advance allocated to each participating Lender. 
  
 2.3.8. Administration Fee. Each Requesting Borrower hereby agrees to pay to the Agent an administration fee of $3,000 for each
Competitive Bid Quote Request transmitted by such Requesting Borrower to the Agent pursuant to Section 2.3.2. Such administration fee shall be payable in arrears on each Payment Date hereafter and on the Facility Termination Date (or such
earlier date on which the Aggregate Commitment shall terminate or be cancelled) for any period then ending for which such fee, if any, shall not have been theretofore paid. 
  
 
2.4 Method of Borrowing. Not later than noon (Chicago time) on each Borrowing Date, each Lender shall make available its Loan or Loans in funds immediately available in Chicago to the Agent at its address specified
pursuant to Article XIII. Promptly upon its receipt thereof, the Agent will make the funds so received from the Lenders available to the applicable Borrower at the Agent’s aforesaid address. 
  
 
2.5 Commitment Fee; Reduction and Increase of Aggregate Commitment. 
  
 (a) Facility Fee. The Borrowers jointly and severally agree to pay to the Agent for the account of each Lender a
facility fee (the “Facility Fee”) at a per annum rate equal to the Applicable Facility Fee Rate on each Lender’s Commitment regardless of usage. Each Borrower shall be obligated to pay to the Agent for the account of each
Lender an undivided one-third portion of the Facility Fee, with such Borrower’s portion based on its Status (as defined in the Pricing Schedule). The Facility Fee is payable quarterly in arrears on each Payment Date hereafter and on the
Facility Termination Date. 
  
 (b) Utilization Fee. For each day on which the aggregate principal amount of all outstanding Advances (including both Ratable Advances and Competitive Bid Advances) exceeds 50% of the Aggregate Commitment, the Borrowers jointly and
severally agree to pay to the Agent for the account of each Lender based on each Lender’s outstanding Advances a utilization fee (the “Utilization Fee”) at a per annum rate equal to the Applicable Utilization Fee Rate on the
average daily amount of all outstanding Advances. The Utilization Fee is payable quarterly in arrears on each Payment Date hereafter and on the Facility Termination Date. 
  
 (c) Reductions in Aggregate Commitment. The Borrowers may permanently reduce the
Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $10,000,000, upon at least three Business Days’ written notice to the Agent, which notice shall specify the amount of any such reduction,
provided, however, that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount of the outstanding Advances. All accrued commitment fees shall be payable on the effective date of any termination
of the obligations of the Lenders to make Loans hereunder. 
  

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2.6 Minimum Amount of Each Ratable Advance; Minimum Amount of Fixed Rate Advances. Each Eurodollar Ratable Advance shall be in the minimum amount of $25,000,000 (and in multiples of $1,000,000 if in excess
thereof), and each ABR Advance shall be in the minimum amount of $25,000,000 (and in multiples of $1,000,000 if in excess thereof); provided, however, that any ABR Advance may be in the amount of the unused Aggregate Commitment. No
Borrower shall request a Fixed Rate Advance if, after giving effect to the requested Fixed Rate Advance, more than six (6) separate Fixed Rate Advances would be outstanding in respect of all Borrowers. 
  
 
2.7 Optional Principal Payments. Each Borrower may from time to time pay, without penalty or premium, all outstanding ABR Advances, or, in a minimum aggregate amount of $10,000,000, any portion of the outstanding
ABR Advances, upon one Business Day’s prior notice to the Agent. Each Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, all
outstanding Eurodollar Ratable Advances, or, in a minimum aggregate amount of $10,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the outstanding Eurodollar Ratable Advances upon three Business Days’ prior
notice to the Agent. Except as specifically agreed to by the applicable Borrower and Lender, a Competitive Bid Loan may not be paid prior to the last day of the applicable Interest Period. Any optional principal payment of a Competitive Bid Loan
which is permitted by such Borrower and such Lender shall be made subject to the payment of any funding indemnification amounts required by Section 3.4 and to any minimum amounts agreed upon by such Borrower and such Lender. 
  
 
2.8 Changes in Interest Rate, etc. Each ABR Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from
a Eurodollar Ratable Advance into an ABR Advance pursuant to Section 2.2.4, to but excluding the date it is paid or is converted into a Eurodollar Ratable Advance pursuant to Section 2.2.4 hereof, at a rate per annum equal to the
Alternate Base Rate for such day. Changes in the rate of interest on that portion of any Advance maintained as an ABR Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Fixed Rate Advance shall bear interest on
the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined by the Agent as applicable to such Fixed
Rate Advance. No Interest Period may end after the Facility Termination Date. 
  
 
2.9 Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.2.3 or 2.2.4, during the continuance of a Default or Unmatured Default with respect to any
Borrower, the Required Lenders may, at their option, by notice to such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to
changes in interest rates), declare that no Ratable Advance to such Borrower may be made as, converted into or continued as a Eurodollar Ratable Advance. During the continuance of a Default with respect to such Borrower, the Required Lenders may, at
their option, by notice to such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that
(a) each Fixed Rate Advance made to such Borrower shall bear interest for the remainder of the 

  

 - 23 - 

 
applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and (b) each ABR Advance made to such Borrower shall
bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default with respect to any Borrower under Section 7.6 or 7.7, the
interest rates set forth in clauses (a) and (b) above shall be applicable to all Advances of all Borrowers without any election or action on the part of the Agent or any Lender. 
  
 
2.10 Method of Payment. All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Agent at the Agent’s address specified
pursuant to Article XIII, or at any other Lending Installation of the Agent specified in writing by the Agent to the Borrowers, by noon (Chicago time) on the date when due and shall be applied ratably by the Agent among the Lenders. Each
payment delivered to the Agent for the account of any Lender shall be delivered promptly by the Agent to such Lender in the same type of funds that the Agent received at its address specified pursuant to Article XIII or at any Lending
Installation specified in a notice received by the Agent from such Lender. The Agent is hereby authorized to charge the account of each Borrower maintained with Bank One for each payment of principal, interest and fees as it becomes due hereunder
with respect to such Borrower. 
  
 
2.11 Noteless Agreement; Evidence of Indebtedness. (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting
from each Loan made by such Lender to such Borrower from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 (b) The Agent shall also maintain accounts in which it will record (i) the amount of each
Loan made to each Borrower hereunder, the Type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the
amount of any sum received by the Agent hereunder from each Borrower and each Lender’s share thereof. 
  
 (c) The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima
facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the
obligation of the Borrowers to repay the Obligations in accordance with their terms. 
  
 (d) Any Lender may request that its Ratable Loans or its Competitive Bid Loans be evidenced by Ratable Notes or
Competitive Bid Notes, respectively. In such event, each Borrower shall prepare, execute and deliver to such Lender a Ratable Note or a Competitive Bid Note, as the case may be, payable to the order of such Lender. Thereafter, the Loans evidenced by
such Note and interest thereon shall at all times (including after any assignment pursuant to Section 12.3) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 12.3,
except to the extent that any such Lender or assignee subsequently returns 
  

 - 24 - 

 
any such Note for cancellation and requests that such Loans once again be evidenced as described in paragraphs (a) and (b) above. 
  
 
2.12 Telephonic Notices. Each Borrower hereby authorizes the Lenders and the Agent to extend, convert or continue Advances, effect selections of Types of Advances, submit Competitive Bid Quotes and transfer funds
based on telephonic notices made by any person or persons the Agent or any Lender in good faith believes to be acting on behalf of such Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing
Notices, Conversion/Continuation Notices and Competitive Bid Quote Requests to be given telephonically. Each Borrower agrees to deliver promptly to the Agent a written confirmation, if such confirmation is requested by the Agent or any Lender, of
each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Agent and the Lenders, the records of the Agent and the Lenders shall govern absent manifest error.

  
 
2.13 Interest Payment Dates; Interest and Fee Basis. Interest accrued on each ABR Advance shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on
which the ABR Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any ABR Advance converted into a Eurodollar Ratable Advance on a day other than a
Payment Date shall be payable on the date of conversion. Interest accrued on each Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, on any date on which the Fixed Rate Advance is prepaid, whether by acceleration
or otherwise, and at maturity. Interest accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Fixed Rate
Advances and fees shall be calculated for actual days elapsed on the basis of a 360-day year, and interest on ABR Advances shall be calculated for actual days elapsed on the basis of a 365 or 366 day year, as applicable. Interest shall be payable
for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to noon (local time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which
is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 
  
 
2.14 Notification of Advances, Interest Rates, Prepayments and Commitment Reductions. Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction
notice, Ratable Borrowing Notice, Conversion/Continuation Notice, Competitive Bid Borrowing Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Fixed Rate Advance promptly
upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate. 
  
 
2.15 Lending Installations. Each Lender may book its Loans at any Lending Installation selected by such Lender and may change its Lending Installation from time to time. All terms of this Agreement shall apply to
any such Lending Installation and the Loans and any Notes issued hereunder shall be deemed held by each Lender for the benefit of any such Lending 
  

 - 25 - 

 
Installation. Each Lender may, by written notice to the Agent and the Borrowers in accordance with Article XIII, designate replacement or additional
Lending Installations through which Loans will be made by it and for whose account Loan payments are to be made. 
  
 
2.16 Non-Receipt of Funds by the Agent. Unless a Borrower or a Lender, as the case may be, notifies the Agent prior to the date on which it is scheduled to make payment to the Agent of (a) in the case of a Lender,
the proceeds of a Loan or (b) in the case of a Borrower, a payment of principal, interest or fees to the Agent for the account of the Lenders, that it does not intend to make such payment, the Agent may assume that such payment has been made. The
Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or such Borrower, as the case may be, has not in fact made such payment to the Agent, the
recipient of such payment shall, on demand by the Agent, repay to the Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent
until the date the Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest rate applicable to the relevant
Loan or (ii) in the case of payment by a Borrower, the interest rate applicable to the relevant Loan. 
  
 
ARTICLE III 
  
 YIELD
PROTECTION; TAXES 
  
 
3.1 Yield Protection. If, on or after the date of this Agreement, the adoption of any law or any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether or not having the force
of law), or any change in the interpretation or administration thereof by any governmental or quasi-governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender or
applicable Lending Installation with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency: 
  
 (a) subjects any Lender or any applicable Lending Installation to any Taxes, or changes the
basis of taxation of payments (other than with respect to Excluded Taxes) to any Lender in respect of its Fixed Rate Loans, or 
  
 (b) imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation (other than reserves and assessments taken into account in determining the interest rate applicable to Fixed
Rate Advances), or 
  
 (c)
imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending Installation of making, funding or maintaining its Fixed Rate Loans or reduces any amount receivable by any Lender or any applicable
Lending Installation in connection with its Fixed Rate Loans, or requires any Lender or any applicable Lending Installation to make any payment calculated by reference to the 

  

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amount of Fixed Rate Loans held or interest received by it, by an amount deemed material by such Lender, 
  
 and the result of any of the foregoing is to increase the cost to such Lender
or applicable Lending Installation of making or maintaining its Fixed Rate Loans or Commitment or to reduce the return received by such Lender or applicable Lending Installation in connection with such Fixed Rate Loans or Commitment, then, within 15
days of demand by such Lender, the Borrowers shall pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction in amount received. 
  
 
3.2 Changes in Capital Adequacy Regulations. If a Lender determines the amount of capital required or expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation
controlling such Lender is increased as a result of a Change, then, within 15 days of demand by such Lender, the Borrowers shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such
increased capital which such Lender determines is attributable to this Agreement, its Loans or its Commitment to make Loans hereunder (after taking into account such Lender’s policies as to capital adequacy). “Change” means (a) any
change after the date of this Agreement in the Risk-Based Capital Guidelines or (b) any adoption of or change in any other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not
having the force of law) after the date of this Agreement which affects the amount of capital required or expected to be maintained by any Lender or any Lending Installation or any corporation controlling any Lender. “Risk-Based Capital
Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the
United States implementing the July 1988 report of the Basle Committee on Banking Regulation and Supervisory Practices Entitled “International Convergence of Capital Measurements and Capital Standards,” including transition rules, and any
amendments to such regulations adopted prior to the date of this Agreement. 
  
 
3.3 Availability of Types of Advances. If (a) any Lender determines that maintenance of its Eurodollar Ratable Loans or Eurodollar Bid Rate Loans at a suitable Lending Installation would violate any applicable
law, rule, regulation, or directive, whether or not having the force of law, or (b) if the Required Lenders determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar Ratable Advances are not available or (ii) the
interest rate applicable to Eurodollar Ratable Advances does not accurately reflect the cost of making or maintaining Eurodollar Ratable Advances, then the Agent shall, in the case of clause (a) above, suspend the availability of Eurodollar Ratable
Advances and Eurodollar Bid Rate Advances and, pursuant to a notice given to the applicable Borrowers from the Agent, require any affected Eurodollar Rate Advances and Eurodollar Bid Rate Advances to be repaid or converted to ABR Advances, subject
to the payment of any funding indemnification amounts required by Section 3.4, and, in the case of clause (b) above, suspend the availability of Eurodollar Ratable Advances and, pursuant to a notice given to the applicable Borrowers from the
Agent, require any affected Eurodollar Ratable Advances to be repaid or converted to ABR Rate Advances, subject to the payment of any funding indemnification amounts required by Section 3.4. 
  

 - 27 - 

 
3.4 Funding Indemnification. If any payment of a Fixed Rate Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a
Fixed Rate Advance is not made on the date specified by the requesting Borrower for any reason other than default by the Lenders, such Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom, including, without
limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain such Fixed Rate Advance. 
  
 
3.5 Taxes. (a) All payments by the Borrowers to or for the account of any Lender or the Agent hereunder or under any Note shall be made free and clear of and without deduction for any and all Taxes. If any
Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or the Agent, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 3.5) such Lender or the Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such
deductions, (iii) such Borrower shall pay the full amount deducted to the relevant authority in accordance with applicable law and (iv) such Borrower shall furnish to the Agent the original copy of a receipt evidencing payment thereof within 30 days
after such payment is made. 
  
 (b) In addition, the Borrowers hereby agree to pay any present or future stamp or documentary taxes and any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under any Note or from the
execution or delivery of, or otherwise with respect to, this Agreement or any Note (“Other Taxes”). 
  
 (c) The Borrowers hereby agree to indemnify the Agent and each Lender for the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the Agent or such Lender and any liability (including penalties, interest and expenses) arising therefrom or with respect
thereto. Payments due under this indemnification shall be made within 30 days of the date the Agent or such Lender makes demand therefor pursuant to Section 3.6. 
  
 (d) Each Lender that is not incorporated under the laws of the United States of America or a
state thereof (each a “Non-U.S. Lender”) agrees that it will, not more than ten Business Days after the date of this Agreement, (i) deliver to each of the Borrowers and the Agent two duly completed copies of United States Internal
Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, and (ii) deliver to each of the
Borrowers and the Agent a United States Internal Revenue Form W-8 or W-9, as the case may be, and certify that it is entitled to an exemption from United States backup withholding tax. Each Non-U.S. Lender further undertakes to deliver to each of
the Borrowers and the Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent
forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by any Borrower or the Agent. All forms or 
  

 - 28 - 

 
amendments described in the preceding sentence shall certify that such Lender 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 such delivery would otherwise be required which renders
all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrowers and the Agent that it is not capable of receiving payments without
any deduction or withholding of United States federal income tax. 
  
 (e) For any period during which a Non-U.S. Lender has failed to provide any Borrower with an appropriate form pursuant to clause (d), above (unless such failure is due to a change in treaty, law
or regulation, or any change in the interpretation or administration thereof by any Governmental Authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Lender shall not be entitled to
indemnification under this Section 3.5 with respect to Taxes imposed by the United States; provided that, should a Non-U.S. Lender which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes
because of its failure to deliver a form required under clause (d), above, such Borrower shall take such steps as such Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to recover such Taxes. 
  
 (f) Any Lender that is entitled to an
exemption from or reduction of withholding tax with respect to payments under this Agreement or any Note pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrowers (with a copy to the Agent), at the time or times
prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate. 
  
 (g) If the U.S. Internal Revenue Service or
any other Governmental Authority of the United States or any other country or any political subdivision thereof asserts a claim that the Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the
appropriate form was not delivered or properly completed, because such Lender failed to notify the Agent of a change in circumstances which rendered its exemption from withholding ineffective, or for any other reason), such Lender shall indemnify
the Agent fully for all amounts paid, directly or indirectly, by the Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on amounts payable to the Agent under this
subsection, together with all costs and expenses related thereto (including attorneys fees and time charges of attorneys for the Agent, which attorneys may be employees of the Agent). The obligations of the Lenders under this Section 3.5(g)
shall survive the payment of the Obligations and termination of this Agreement. 
  
 (h) If any Lender receives a refund which it determines in its sole discretion to be in respect of any Taxes as to which it has been indemnified by any Borrower or with respect to which such
Borrower (or any Person acting on behalf of such Borrower) has paid additional amounts pursuant to this Section 3.5, then such Lender shall promptly 

  

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repay such refund to such Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower (or such Person acting on
behalf of such Borrower) under this Section 3.5 with respect to Taxes giving rise to such refund), net of all amounts paid pursuant to Section 3.5(c) and all out-of-pocket expenses of such Lender or the Agent, as the case may be;
provided, that such Borrower, upon the request of such Lender or the Agent, agrees to return such refund (together with any penalties, interest or other charges due in connection therewith to the appropriate taxing authority or other
Governmental Authority) to such Lender or the Agent in the event such Lender or the Agent is required to pay or to return such refund to the relevant taxing authority or other Governmental Authority. 
  
 
3.6 Lender Statements; Survival of Indemnity. To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurodollar Loans to reduce any liability of the
Borrowers to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Eurodollar Ratable Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous
to such Lender. Each Lender shall deliver a written statement of such Lender to the Borrowers (with a copy to the Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall set
forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrowers in the absence of manifest error. Determination of amounts payable under such Sections in
connection with a Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate or
Eurodollar Bid Rate, as the case may be, applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the amount specified in the written statement of any Lender (which statement shall be conclusive absent
manifest error) shall be payable within ten (10) days after receipt by the Borrowers of such written statement. The obligations of the Borrowers under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the
Obligations and termination of this Agreement. 
  
 
ARTICLE IV 
  
 CONDITIONS
PRECEDENT 
  
 
4.1 Effectiveness of Agreement. This Agreement shall not become effective, and the Lenders shall not be required to make the initial Advance hereunder, unless the Borrowers have furnished to the Agent with
sufficient copies for the Lenders: 
  
 (a) Charters and Good Standing Certificates. Copies of the articles or certificate of incorporation of each Borrower, together with all amendments, and a certificate of good standing, each certified by the appropriate governmental
officer in its jurisdiction of incorporation, as well as any other information required by Section 326 of the USA PATRIOT ACT or necessary for the Agent or any Lender to verify the identity of any Borrower as required by Section 326 of the USA
PATRIOT Act, and, in the case of Nationwide Mutual and Nationwide Life, a certificate of authority (or its equivalent) issued by the insurance department of such Borrower’s state of domicile. 
  

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 (b) By-Laws and Resolutions. Copies, certified by the Secretary or
Assistant Secretary of each Borrower, of its by-laws or code of regulations and of its Board of Directors’ resolutions and of resolutions or actions of any other body authorizing the execution of the Loan Documents to which such Borrower is a
party. 
  
 (c) Incumbency
Certificates. An incumbency certificate, executed by the Secretary or Assistant Secretary of each Borrower, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of each Borrower
authorized to sign the Loan Documents to which such Borrower is a party and to make borrowings hereunder, upon which certificate the Agent and the Lenders shall be entitled to rely until informed of any change in writing by such Borrower.

  
 (d) Closing
Certificates. A certificate, signed by the chief financial officer of each Borrower, stating that on the date hereof no Default or Unmatured Default has occurred and is continuing. 
  
 (e) Opinion. A written opinion of the Borrowers’ counsel, addressed to the
Lenders in for and substance acceptable to the Agent and its counsel. 
  
 (f) Notes. Any Notes requested by a Lender pursuant to Section 2.11 payable to the order of each such requesting Lender. 
  
 (g) Termination of Existing Five Year
Credit Agreement. All principal, interest and other amounts due under that certain Five Year Credit Agreement dated as of May 25, 2004 among the Borrowers, the Lenders named therein and Bank One, NA, as Agent, and all other documents related
thereto shall have been paid in full and such agreement and all related documents shall have been terminated. 
  
 (h) Other. Such other documents as any Lender or its counsel may have reasonably requested. 
  
 
4.2 Each Advance. The Lenders shall not be required to make any Advance unless on the applicable Borrowing Date: 
  
 (a) There exists no Default or Unmatured Default with respect to the applicable Borrower. 
  
 (b) The representations and warranties of
the applicable Borrower contained in Article V are true and correct as of such Borrowing Date except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or
warranty shall have been true and correct on and as of such earlier date; provided, however, that Advances made to Nationwide Life under this Agreement for commercial paper back-up will not be subject to the truthfulness of the
representations and warranties set forth in Section 5.5. 
  
 (c) All legal matters incident to the making of such Advance shall be satisfactory to the Lenders and their counsel. 
  

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 (d) Immediately after such Borrowing, the aggregate outstanding principal
amount of the Loans will not exceed the Aggregate Commitments. 
  
 Each Ratable Borrowing Notice with respect to each such Ratable Advance and each Competitive Bid Borrowing Notice with respect to each such Competitive Bid Advance shall constitute a representation and warranty by
such Borrower that the conditions contained in Sections 4.2(a) and (b) have been satisfied. Any Lender may require a duly completed compliance certificate in substantially the form of Exhibit B as a condition to making an
Advance. 
  
 
ARTICLE V 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Each Borrower represents and warrants to the Lenders that: 
  
 
5.1 Existence and Standing. 
  
 (a) In the case of Nationwide Mutual, such Borrower is a mutual insurance company duly and properly incorporated, validly existing and in good standing under the laws of its jurisdiction of
incorporation or organization and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except where the failure to be authorized to conduct business could not reasonably be expected to have a
Material Adverse Effect. 
  
 (b)
In the case of Nationwide Life, such Borrower is an insurance company duly and properly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to
conduct its business in each jurisdiction in which its business is conducted, except where the failure to be authorized to conduct business could not reasonably be expected to have a Material Adverse Effect. 
  
 (c) In the case of NFS, such Borrower is a
corporation duly and properly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its business in each jurisdiction in which its business
is conducted, except where the failure to be authorized to conduct business could not reasonably be expected to have a Material Adverse Effect. 
  
 (d) Each of such Borrower’s Material Subsidiaries is a corporation, partnership, limited liability company or
business trust duly and properly incorporated or organized, as the case may be, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its business in each
jurisdiction in which its business is conducted, except where the failure to be so qualified, licensed or authorized could not reasonably be expected to have a Material Adverse Effect. 
  

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5.2 Authorization and Validity. Such Borrower has the power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution
and delivery by such Borrower of the Loan Documents to which it is a party and the performance of its obligations thereunder have been duly authorized by proper corporate proceedings, and the Loan Documents to which such Borrower is a party
constitute legal, valid and binding obligations of such Borrower enforceable against such Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity. 
  
 
5.3 No Conflict; Government Consent. Neither the execution and delivery by such Borrower of the Loan Documents to which it is a party, nor the consummation of the transactions therein contemplated, nor compliance
with the provisions thereof will violate (a) any law, rule, regulation (including Regulations T, U and X), order, writ, judgment, injunction, decree or award binding on such Borrower or any of its Subsidiaries or (b) such Borrower’s or any
Subsidiary’s articles or certificate of incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, as the case may be, or (c) the provisions of
any indenture, instrument or agreement to which such Borrower or any of its Subsidiaries is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation
or imposition of any Lien in, of or on the Property of such Borrower or a Subsidiary of such Borrower pursuant to the terms of any such indenture, instrument or agreement. No order, consent, adjudication, approval, license, authorization, or
validation of, or filing, recording or registration with, or exemption by, or other action in respect of any Governmental Authority, or any subdivision thereof, or any other Person (including without limitation the shareholders or policyholders, as
applicable, of any Person) which has not been obtained by such Borrower or any of its Subsidiaries, is required to be obtained by such Borrower or any of its Subsidiaries in connection with the execution and delivery of the Loan Documents, the
borrowings under this Agreement, the payment and performance by such Borrower of the Obligations or the legality, validity, binding effect or enforceability of any of the Loan Documents. 
  
 
5.4 Financial Statements. 
  
 (a) In the case of Nationwide Mutual, the December 31, 2003 Annual Statement of Nationwide Mutual heretofore delivered to the Lenders was prepared in accordance with SAP, and such Annual Statement was prepared and
fairly presents the financial condition and operations of Nationwide Mutual as at such date and the results of its operations for the period then ended. 
  
 (b) In the case of Nationwide Life, the December 31, 2003 Annual Statement of Nationwide Life heretofore delivered to the
Lenders was prepared in accordance with SAP, and such Annual Statement was prepared and fairly presents the financial condition and operations of Nationwide Life as at such date and the results of its operations for the period then ended.

  
 (c) In the case of NFS, the
December 31, 2003 consolidated financial statements of NFS and its Subsidiaries heretofore delivered to the Lenders were prepared 

  

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in accordance with Agreement Accounting Principles, and such statements were prepared and fairly present the consolidated financial condition and operations
of NFS and its Subsidiaries at such date and the consolidated results of their operations for the period then ended. 
  
 
5.5 Material Adverse Change. Since December 31, 2003, there has been no change in the business, Property, prospects, condition (financial or otherwise) or results of operations of such Borrower and its
Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 
  
 
5.6 Taxes. Such Borrower and its Subsidiaries have filed all United States federal tax returns and all other material tax returns which are required to be filed and have paid all taxes due pursuant to said returns
or pursuant to any assessment received by such Borrower or any of its Subsidiaries, except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance with Agreement Accounting
Principles or SAP, as applicable, and as to which no Lien exists; provided, that for the purposes of determining compliance with this sentence, all representations and warranties made with respect to AMH and its Subsidiaries shall be made
only with respect to returns filed and taxes paid from and after the consummation of the AMH Acquisition. The United States income tax returns of such Borrower and its Subsidiaries (other than AMH) have been audited by the Internal Revenue Service
through the fiscal year ended December 31, 1997. No tax Liens have been filed and no material claims are being asserted with respect to any such taxes. The charges, accruals and reserves on the books of such Borrower and its Material Subsidiaries in
respect of any taxes or other governmental charges are adequate; provided, that for the purposes of determining compliance with this sentence, all representations and warranties made with respect to AMH and its Subsidiaries shall be made only
with respect to Liens filed and claims asserted from and after the consummation of the AMH Acquisition. For the purpose of this Section 5.6, each reference to a Borrower shall be deemed to include a reference to all predecessor entities
thereto. In the case of Nationwide Mutual, (a) for all periods ending on or prior to the consummation of the AMH Acquisition, AMH and each of its Subsidiaries paid all taxes due pursuant to said returns or pursuant to any assessment received by it,
except such taxes, if any, the nonpayment of which could not reasonably be expected to have a Material Adverse Effect and such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance
with generally accepted accounting principles as in effect in the United Kingdom (“U.K. GAAP”), and as to which no Lien exists, (b) to the best of Nationwide Mutual’s knowledge, for all periods ending on or prior to the
consummation of the AMH Acquisition, AMH and its Subsidiaries filed all federal tax returns and all other material tax returns required to be filed by it, and (c) to the best of Nationwide Mutual’s knowledge, for all periods ending on or prior
to the consummation of the AMH Acquisition, the charges, accruals and reserves on the books of AMH and its Material Subsidiaries in respect of any taxes or other governmental charges were adequate under U.K. GAAP. 
  
 
5.7 Litigation and Contingent Obligations. There is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or
affecting such Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect on such Borrower or which seeks to prevent, enjoin or delay the making of any Loans. Other than any liability incident to any

  

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litigation, arbitration or proceeding which could not reasonably be expected to have a Material Adverse Effect, neither such Borrower nor any of its
Subsidiaries has any material contingent obligations not provided for or disclosed in the financial statements referred to in Section 5.4. 
  
 
5.8 Subsidiaries. Schedule 5.8 contains an accurate list of all Subsidiaries of such Borrower as of December 31, 2003, setting forth the percentage of their respective capital stock or other ownership
interests owned by such Borrower or other Subsidiaries of such Borrower. All of the issued and outstanding shares of capital stock or other ownership interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to
such ownership interests) duly authorized and issued and are fully paid and non-assessable. 
  
 
5.9 ERISA. No Single Employer Plan has an Unfunded Liability. Neither such Borrower nor any other member of the Controlled Group has incurred, or is reasonably expected to incur, any withdrawal liability to
Multiemployer Plans. Each Plan complies in all material respects with all applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan. Neither such Borrower nor any other member of the Controlled Group
has (i) withdrawn from any Plan or initiated steps to do so, or (ii) taken any steps to reorganize or terminate any Plan; provided, that if any such action has been taken, it could not reasonably be expected to result in liability to the
Borrower or any Subsidiary which would have a Material Adverse Effect. 
  
 
5.10 Accuracy of Information. No information, exhibit or report furnished by such Borrower or any of its Subsidiaries to the Agent or to any Lender in connection with the negotiation of, or compliance with, the
Loan Documents contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading. 
  
 
5.11 Regulation U. Margin stock (as defined in Regulation U) constitutes less than 25% of the value of those assets of such Borrower and its Subsidiaries which are subject to any limitation on sale, pledge, or
other restriction hereunder. 
  
 
5.12 Material Agreements. Neither such Borrower nor any Material Subsidiary of such Borrower is a party to any agreement or instrument or subject to any charter or other corporate restriction which could
reasonably be expected to have a Material Adverse Effect. Neither such Borrower nor any Material Subsidiary of such Borrower is in default (beyond any applicable grace or notice period with respect thereto, if any) in the performance, observance or
fulfillment of (a) any of the obligations, covenants or conditions contained in any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect or (b) any monetary obligation under any agreement or
instrument evidencing or governing Indebtedness. 
  
 
5.13 Compliance With Laws. Such Borrower and its Subsidiaries have complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or
agency thereof having jurisdiction over the conduct of their respective businesses or the ownership of their respective Property except for any failure to comply with any of the foregoing which could not reasonably be expected to have a Material
Adverse Effect. 
  

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5.14 Plan Assets; Prohibited Transactions. With respect to Nationwide Mutual and NFS, such Borrower is not an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. §2510.3-101 of an
employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan within the meaning of Section 4975 of the Code. With respect to Nationwide Life, such Borrower is not, as a result of the significant
participation test found in 29 C.F.R. §2510.3-101(a)(2)(ii) and (f), an entity deemed to hold “plan assets” of any employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan within the
meaning of Section 4975 of the Code, because less than 25% of the value of any class or type of its equity interests is, or could be deemed to be, held by benefit plan investors, as defined in 29 C.F.R. §2510.3-101(f)(2). To the knowledge of
the Borrower, neither the execution of this Agreement nor the making of Loans hereunder gives rise to a prohibited transaction, within the meaning of Section 406(a) of ERISA or Section 4975 of the Code, that is not the subject of a prohibited
transaction class exemption, all of the conditions of which are satisfied by the Borrower. 
  
 
5.15 Environmental Matters. In the ordinary course of its business, the officers of such Borrower consider the effect of Environmental Laws on the business of such Borrower and its Subsidiaries, in the course of
which they identify and evaluate potential risks and liabilities accruing to such Borrower due to Environmental Laws. On the basis of this consideration, such Borrower has concluded that Environmental Laws cannot reasonably be expected to have a
Material Adverse Effect. Neither such Borrower nor any Subsidiary of such Borrower has received any notice to the effect that its operations are not in material compliance with any of the requirements of applicable Environmental Laws or are the
subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which non-compliance or remedial action could reasonably be
expected to have a Material Adverse Effect on such Borrower. 
  
 
5.16 Investment Company Act. Such Borrower is not an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of
1940, as amended. 
  
 
5.17 Public Utility Holding Company Act. Neither such Borrower nor any Subsidiary of such Borrower is a “holding company” or a “subsidiary company” of a “holding company”, or an
“affiliate” of a “holding company” or of a “subsidiary company” of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1935, as amended. 
  
 
5.18 Defaults. No Default or Unmatured Default has occurred and is continuing. 
  
 
5.19 Insurance Licenses. No License of such Borrower (in the case of Nationwide Mutual and Nationwide Life) or any Material Insurance Subsidiary of such Borrower, the loss of which could reasonably be expected to
have a Material Adverse Effect, is the subject of a proceeding for suspension or revocation. To such Borrower’s knowledge, there is no sustainable basis for such suspension or revocation, and no such suspension or revocation has been threatened
by any Governmental Authority. 
  

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ARTICLE VI 
  
 COVENANTS

  
 During the term of this Agreement, unless
the Required Lenders shall otherwise consent in writing, each Borrower covenants and agrees that: 
  
 
6.1 Financial Reporting. Such Borrower will maintain, for itself and each Subsidiary of such Borrower, a system of accounting established and administered in accordance with Agreement Accounting Principles or SAP,
as applicable, and furnish to the Lenders: 
  
 (a) In the case of NFS, within 100 days after the close of each of its fiscal years, an unqualified audit report on Form 10K as filed with the Securities and Exchange Commission, certified by independent certified
public accountants acceptable to the Lenders and prepared in accordance with Agreement Accounting Principles on a consolidated basis for itself and its Subsidiaries, including balance sheets as of the end of such period and related statements of
income, shareholders’ equity and cash flows, accompanied by any internal control letter prepared by said accountants. 
  
 (b) In the case of NFS, within 60 days after the close of the first three quarterly periods of each of its fiscal years,
for itself and its Subsidiaries, consolidated unaudited balance sheets as at the close of each such period and consolidated statements of income, shareholders’ equity and cash flows for the period from the beginning of such fiscal year to the
end of such quarter, all certified by its chief financial officer. 
  
 (c) (i) In the case of each of Nationwide Mutual and Nationwide Life, upon the earlier of (A) thirty (30) days after the regulatory filing date or (B) one hundred (100) days after the close of
each fiscal year of such Borrower, copies of the unaudited Annual Statement of such Borrower, certified by the chief financial officer or the treasurer of such Borrower, all such statements to be prepared in accordance with SAP consistently applied
throughout the periods reflected therein and (ii) in the case of Nationwide Life, no later than each June 15, copies of such Annual Statement audited and certified by independent certified public accountants of recognized national statement.

  
 (d) In the case of Nationwide
Mutual, (i) within thirty (30) days after the regulatory filing date, copies of the unaudited Combined Annual Statement of Nationwide Mutual, certified by the chief financial officer or the treasurer of Nationwide Mutual, all such statements to be
prepared in accordance with SAP consistently applied throughout the periods reflected therein and (ii) no later than each June 15, copies of such Combined Annual Statement audited and certified by independent certified public accountants of
recognized national statement. 
  
 (e) In the case of Nationwide Mutual and Nationwide Life, upon the earlier of (i) thirty (30) days after the regulatory filing date or (ii) sixty (60) days after the close of each of the first three (3) fiscal quarters of each fiscal year
of Nationwide Mutual and Nationwide Life, copies of the unaudited Quarterly Statement of such Borrower, certified by the chief financial officer or treasurer of such Borrower, all such statements to be 

  

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prepared in accordance with SAP consistently applied through the period reflected therein. 
  
 (f) Together with the financial statements required under Sections 6.1(a),
(b), (c) and (e), a compliance certificate in substantially the form of Exhibit B signed by its chief financial officer or treasurer showing the calculations necessary to determine compliance with this Agreement and
stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status thereof. 
  
 (g) Promptly and in any event within ten (10) days after learning thereof, notification of any changes after the Closing
Date in the rating given by Moody’s, S&P or A.M. Best & Co. in respect of any Borrower. 
  
 (h) Within five (5) Business Days after the receipt thereof by such Borrower, any written communication from the Insurance
Department of the State of Ohio (provided that such communication is directed to such Borrower specifically with respect to a particular inquiry and not to insurance companies generally) which asserts in any material respect that such Borrower has
an unsound financial condition; 
  
 (i) Within ten (10) days after the required annual filing with the PBGC, a statement of the Unfunded Liabilities of each Single Employer Plan, if any, certified as correct by an actuary enrolled under ERISA. 
  
 (j) As soon as possible and in any event
within 10 days after such Borrower knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer of such Borrower, describing said Reportable Event and the action which such Borrower
proposes to take with respect thereto. 
  
 (k) Promptly upon the furnishing thereof to the shareholders (in the case of NFS) or the policyholders (in the case of Nationwide Mutual), copies of all financial statements, reports and proxy statements so furnished. 
  
 (l) Promptly and in any event within ten
(10) days after learning thereof, notification of (i) any tax assessment, demand, notice of proposed deficiency or notice of deficiency received by such Borrower or any other Consolidated Person or (ii) the filing of any tax Lien or commencement of
any judicial proceeding by or against such Consolidated Person, if any such assessment, demand, notice, Lien or judicial proceeding (or all such assessments, demands, notices, Liens and judicial proceedings, in the aggregate) relates to tax
liabilities in excess of ten percent (10%) of (A) in the case of Nationwide Mutual and Nationwide Life, the Statutory Surplus (determined without reduction for any reserve for liabilities) of such Borrower or (B) in the case of NFS, the Consolidated
Tangible Net Worth (determined without reduction for any reserve for liabilities) of NFS. 
  
 (m) Such other information (including non-financial information) as the Agent or any Lender may from time to time
reasonably request. 
  

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6.2 Use of Proceeds. Such Borrower will, and will cause each Subsidiary of such Borrower to, use the proceeds of the Advances for general corporate purposes (including commercial paper back-up). Such Borrower will
not, nor will it permit any Subsidiary of such Borrower to, use any of the proceeds of the Advances to purchase or carry any “margin stock” (as defined in Regulation U). 
  
 
6.3 Notice of Default. Such Borrower will, and will cause each of its Material Subsidiaries to, give prompt notice in writing to the Lenders of the occurrence of (a) any Default or Unmatured Default, (b) any other
development, financial or otherwise, relating specifically to such Borrower or any of its Material Subsidiaries (and not of a general economic or political nature) which could reasonably be expected to have a Material Adverse Effect on such
Borrower, (c) their receipt of any notice from any Governmental Authority of the expiration without renewal, revocation or suspension of, or the institution of any proceedings which could reasonably be expected to result in the revocation or
suspension of, any material License now or hereafter held by any Material Insurance Subsidiary of such Borrower which is required to conduct insurance business in compliance with all applicable laws and regulations and the expiration, revocation or
suspension of which could reasonably be expected to have a Material Adverse Effect, (d) their receipt of any notice from any Governmental Authority which could reasonably be expected to result in disciplinary proceedings against or in respect of any
Material Insurance Subsidiary, or the issuance of any order, the taking of any action or any request for an extraordinary audit for cause by any Governmental Authority which, if adversely determined, could reasonably be expected to have a Material
Adverse Effect, (e) any material judicial or administrative order of which they are aware limiting or controlling the insurance business of such Borrower (in the case of Nationwide Mutual and Nationwide Life) or any Material Insurance Subsidiary of
such Borrower (and not the insurance industry generally) which has been issued or adopted and which could reasonably be expected to create a Material Adverse Effect or (f) the commencement of any litigation of which they are aware which could
reasonably be expected to create a Material Adverse Effect. 
  
 
6.4 Conduct of Business. Such Borrower will, and will cause each of its Material Subsidiaries to, (a) carry on and conduct its business in substantially the same manner and in substantially the same fields of
enterprise as it is presently conducted, (b) do all things reasonably necessary to remain duly incorporated or organized, validly existing and (to the extent such concept applies to such entity) in good standing as a domestic corporation,
partnership or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted except where the
failure to maintain such authority could not reasonably be expected to have a Material Adverse Effect, and (c) do all things necessary to renew, extend and continue in effect all Licenses which may at any time and from time to time be necessary for
such Borrower (in the case of Nationwide Mutual or Nationwide Life) or any Material Insurance Subsidiary of such Borrower to operate its insurance business in compliance with all applicable laws and regulations except for any License the loss of
which could not reasonably be expected to have a Material Adverse Effect; provided such Borrower (in the case of Nationwide Mutual or Nationwide Life) or any Material Insurance Subsidiary of such Borrower may withdraw from one or more states
(other than its state of domicile) as an admitted insurer if such withdrawal is determined by such Borrower’s senior management to be in the best interest of such Borrower and could not reasonably be expected to have a Material Adverse 

  

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Effect; provided, further, that nothing provided in this Section 6.4 shall prohibit any consolidation, merger, sale, lease or other
transfer permitted under Section 6.10. Such Borrower shall not change its state of domicile or incorporation without the prior written consent of the Required Lenders, which consent shall not be unreasonably withheld or delayed. 

 
 
6.5 Taxes. Such Borrower will, and will cause each of its Subsidiaries to, timely file complete and correct United States federal and applicable foreign, state and local tax returns required by law and pay when
due all taxes, assessments and governmental charges and levies upon it or its income, profits or Property, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set
aside in accordance with Agreement Accounting Principles or SAP, as applicable. 
  
 
6.6 Insurance. Such Borrower will, and will cause each of its Subsidiaries to, maintain with financially sound and reputable insurance companies insurance on all their Property in such amounts and covering such
risks as is consistent with sound business practice, and such Borrower will furnish to any Lender upon request full information as to the insurance carried; provided, that such Borrower and its Subsidiaries may self-insure such risks to the
extent it deems it prudent to do so. 
  
 
6.7 Compliance with Laws. Such Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be
subject including, without limitation, all Environmental Laws, the noncompliance with which could reasonably be expected to have a Material Adverse Effect. 
  
 
6.8 Maintenance of Properties. Such Borrower will, and will cause each of its Subsidiaries to, do all things necessary to maintain, preserve, protect and keep its Property in good repair, working order and
condition, and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times; provided, however, that nothing herein contained shall
prevent such Borrower and its Subsidiaries from discontinuing the operation and maintenance of any of its Property if such discontinuance is desirable in the conduct of its business and such Borrower or such Subsidiary has concluded that such
discontinuance could not individually or in the aggregate reasonably be expected to have a Material Adverse Effect. 
  
 
6.9 Inspection. Such Borrower will, and will cause each of its Subsidiaries to, permit the Agent and each of the Lenders, by their respective representatives and agents, to inspect any of the Property, books and
financial records of such Borrower and each of its Subsidiaries, to examine and make copies of the books of accounts and other financial records of such Borrower and each of its Subsidiaries, and to discuss the affairs, finances and accounts of such
Borrower and each of its Subsidiaries with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Agent or any Lender may designate. Such Borrower will keep or cause to be kept, and cause each
of its Subsidiaries to keep or cause to be kept, appropriate records and books of account in which complete entries are to be made reflecting its and their business and financial transactions, such entries to be made in accordance with Agreement
Accounting Principles or SAP, as applicable, consistently applied. 
  

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6.10 Merger. Such Borrower will not merge or consolidate with or into any other Person, except that such Borrower may merge with another Person if (a) such Borrower is the corporation surviving the merger and (b)
after giving effect to such merger, no Unmatured Default or Default shall have occurred and be continuing. 
  
 
6.11 Sale of Assets. Such Borrower will not, directly or indirectly through one of its Subsidiaries, lease, sell or otherwise dispose of all or any substantial part of the Property of such Borrower and its
Subsidiaries, taken as a whole, to any other Person. 
  
 
6.12 Liens. Such Borrower will not, nor will it permit any Subsidiary to, create, incur, or suffer to exist any Lien in, of or on the Property of such Borrower or any of its Subsidiaries, except: 
  
 (a) Liens existing on the date hereof and
described on Schedule 6.12; 
  
 (b) any Lien on any Property securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring such Property; provided, that such Lien (i) applies only to such acquired Property and (ii)
attaches to such Property concurrently with or within 90 days after the acquisition thereof; 
  
 (c) any Lien on any Property of any Person existing at the time such Person is merged or consolidated with or into such
Borrower or its Subsidiary; provided that such Lien (i) applies only to such acquired Property and (ii) is not created in contemplation of such merger or consolidation; 
  
 (d) any Lien existing on any Property prior to the acquisition thereof by such Borrower or
its Subsidiary; provided, that such Lien (i) applies only to such acquired Property and (ii) is not created in contemplation of such acquisition; 
  
 (e) any Lien arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any Lien
permitted by any of the foregoing clauses of this Section 6.12; provided, that such Indebtedness is not increased and is not secured by additional Property; 
  
 (f) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’
liens and other similar Liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due; 
  
 (g) Liens arising in the ordinary course of business which (i) do not secure Indebtedness, (ii) do not secure any
obligation in an amount exceeding $25,000,000 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 on cash and cash equivalents
securing Rate Management Obligations which are incurred for bona fide hedging purposes or replication purposes and not for speculation; 
  

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 (i) Liens (i) arising from judicial attachments and judgments, (ii)
securing appeal bonds or supersedeas bonds, and (iii) arising in connection with court proceedings (including, without limitation, surety bonds and letters of credit or any other instrument serving a similar purpose); provided, that (A) the
execution or other enforcement of such Liens is effectively stayed, (B) the claims secured thereby are being actively contested in good faith and by appropriate proceedings, and (C) adequate book reserves shall have been established and maintained
and shall exist with respect thereto; 
  
 (j) Liens in the nature of reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases and other similar title exceptions or encumbrances affecting real Property; provided, that such
exceptions and encumbrances do not in the aggregate materially detract from the value of such Property or materially interfere with the use of such Property in the ordinary conduct of the business of such Borrower and its Subsidiaries, taken as a
whole; 
  
 (k) Liens on Property
of a Subsidiary of such Borrower (other than a Subsidiary which is a Borrower); provided, that such Liens secure only obligations owing to such Borrower; 
  
 (l) in the case of Nationwide Mutual, Liens on securities owned by Nationwide Mutual
securing its obligations under one or more prepaid equity forward contracts; 
  
 (m) in the case of Nationwide Mutual and Nationwide Life, Liens on securities, cash and cash equivalents granted in connection with securities lending activities or securities repurchase or
reverse-repurchase activities of such Borrower and its Subsidiaries in the ordinary course of business in compliance with all applicable laws; provided, that the aggregate amount of securities, cash and cash equivalents subject to such Liens
may at no time exceed 5% of such Borrower’s Statutory Surplus; 
  
 (n) Liens consisting of deposits made by such Borrower (in the case of Nationwide Mutual and Nationwide Life) on behalf of itself or any Insurance Subsidiary or by any Insurance Subsidiary of
such Borrower with the insurance regulatory authority in its jurisdiction of formation or other statutory Liens or Liens or claims imposed or required by applicable insurance law or regulation against the assets of such Borrower or any Insurance
Subsidiary of such Borrower, in each case in favor of policyholders of such Borrower or such Insurance Subsidiary and granted in the ordinary course of such Borrower’s or such Insurance Subsidiary’s business; 
  
 (o) Liens granted by Nationwide Realty
Investors, Ltd. and its Subsidiaries on real property owned thereby and the improvements thereon in connection with the development or operation of such real property and improvements; 
  
 (p) Liens granted on assets of Subsidiaries of such Borrower (other than a Subsidiary which
is a Borrower) securing indebtedness of such Person incurred in connection with the sale or issuance of Structured Finance Securities, provided that no Borrower or Subsidiary has any recourse obligations with respect thereto; 
  

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 (q) in the case of Nationwide Life, Liens securing Rate Management
Obligations of Nationwide Life incurred in connection with funding agreements issued by Nationwide Life to support its Medium Term Note Program; 
  
 (r) Liens on mortgage loans and foreclosure receivables securing indebtedness of a Borrower or its Subsidiaries under a
warehousing credit facility in an aggregate principal or face amount at any date not to exceed $150,000,000; 
  
 (s) Liens created in connection with Capitalized Lease Obligations; provided, that the principal amount of the
Indebtedness secured by any and all such Liens shall not at any time exceed $200,000,000; 
  
 (t) Liens granted by Subsidiaries of such Borrower, which Subsidiaries are hedge funds or mutual funds, provided that no
Borrower or Subsidiary has any recourse obligations with respect thereto; and 
  
 (u) Liens not otherwise permitted by the foregoing clauses of this Section 6.12 securing Indebtedness in an aggregate principal or face amount at any date not to exceed (i) in the case of
Nationwide Mutual and Nationwide Life, 5% of such Borrower’s Statutory Surplus and (ii) in the case of NFS, 5% of the Consolidated Tangible Net Worth of NFS. 
  
 Notwithstanding anything to the contrary in this Section 6.12, in no event shall Nationwide Mutual or
its Subsidiaries create, incur or suffer to exist any Lien on the stock of NFS, and in no event shall NFS create, incur or suffer to exist any Lien on the stock of Nationwide Life. 
  
 
6.13 Affiliates. The Borrower will not, and will not permit any Subsidiary to, enter into any transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment
or transfer to, any Affiliate except in the ordinary course of business and pursuant to the reasonable requirements of the Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Borrower or
such Subsidiary than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction; provided, that the foregoing provisions of this Section 6.13 shall not prohibit any such Person from declaring or paying any
lawful dividend or other payment ratably in respect of all of its capital stock of the relevant class so long as, after giving effect thereto, no Default in respect of such Borrower shall have occurred and be continuing. 
  
 
6.14 ERISA Compliance. With respect to any Plan, neither such Borrower nor any of its Subsidiaries shall or shall permit any other member of the Controlled Group to: 
  
 (a) engage in any “prohibited
transaction” (as such term is defined in Section 406 of ERISA or Section 4975 of the Code) for which a civil penalty pursuant to Section 502(i) of ERISA or a tax pursuant to Section 4975 of the Code in excess of $5,000,000 for all Plans in the
aggregate (less amounts determined pursuant to clauses (b), (c) and (d)) could reasonably be expected to be imposed; 
  
 (b) permit an “accumulated funding deficiency” (as such term is defined in Section 302 of ERISA) in excess of
$5,000,000 for all Plans in the aggregate (less 
  

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amounts determined pursuant to clauses (a), (c) and (d)) to be incurred whether or not waived, or permit any Unfunded Liability which could reasonably be
expected to have a Material Adverse Effect; 
  
 (c) permit the occurrence of any Reportable Event which could reasonably be expected to result in liability (i) to the Borrower or any Subsidiary in excess of $5,000,000 for all Plans in the aggregate (less amounts
determined pursuant to clauses (a), (b) and (d)) or (ii) to any other member of the Controlled Group in an amount which could reasonably be expected to have a Material Adverse Effect; 
  
 (d) fail to make any contribution or payment to any Multiemployer Plan which any member of
the Controlled Group may be required to make under any agreement relating to such Multiemployer Plan or any law pertaining thereto which results in or could result in a liability (i) of the Borrower or any Subsidiary in excess of $5,000,000 for all
Plans in the aggregate (less amounts determined pursuant to clauses (a), (b) and (c)) or (ii) of any other member of the Controlled Group which could reasonably be expected to have a Material Adverse Effect; or 
  
 (e) permit the establishment or amendment of
any Plan or cause or permit any Plan to fail to comply with the applicable provisions of ERISA and the Code, which establishment, amendment or failure could reasonably be expected to result in liability to any member of the Controlled Group which
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 
6.15 Financial Covenants. 
  
 6.15.1 Statutory Surplus of Nationwide Mutual. Nationwide Mutual will not permit its Statutory Surplus, determined as at the end of each fiscal quarter of Nationwide Mutual, to be less than $5,010,000,000.

  
 6.15.2 Statutory Surplus
of Nationwide Life. Nationwide Life will not permit its Statutory Surplus, determined as at the end of each fiscal quarter of Nationwide Life, to be less than $1,560,000,000 at any time. 
  
 6.15.3 Consolidated Tangible Net Worth of
NFS. NFS will not permit its Consolidated Tangible Net Worth, determined as at the end of each fiscal quarter of NFS, to be less than $2,285,000,000 at any time. 
  
 6.15.4 Leverage Ratio of Nationwide Mutual. Nationwide Mutual will not permit the
ratio, determined as of the end of each fiscal quarter of Nationwide Mutual, of (a) Indebtedness of Nationwide Mutual to (b) Total Capitalization of Nationwide Mutual, to be greater than 0.35 to 1.0. 
  
 6.15.5 Leverage Ratio of NFS. NFS
will not permit the ratio, determined as of the end of each fiscal quarter of NFS, of (a) Indebtedness of NFS and its Subsidiaries calculated on a consolidated basis as of such time to (b) Total Capitalization of NFS, to be greater than 0.40 to 1.0.

  

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ARTICLE VII 
  
 DEFAULTS

  
 The occurrence of any one or more of the
following events with respect to any Borrower shall constitute a Default with respect to such Borrower: 
  
 
7.1 Representation or Warranty. Any representation or warranty made or deemed made by or on behalf of such Borrower or any of its Subsidiaries to the Lenders or the Agent under or in connection with this
Agreement, any Loan, or any certificate or information delivered by or on behalf of such Borrower or any of its Subsidiaries in connection with this Agreement or any other Loan Document shall be materially false on the date as of which made.

  
 
7.2 Non-Payment of Obligations. Nonpayment of principal of any Loan made to such Borrower when due, or nonpayment of interest upon any Loan made to such Borrower or of any Facility Fee or Utilization Fee or other
obligations of such Borrower under any of the Loan Documents within five days after the same becomes due. 
  
 
7.3 Specific Defaults. The breach by such Borrower of any of the terms or provisions of Section 6.2, 6.10, 6.11, 6.12, 6.14 or 6.15. 
  
 
7.4 Other Defaults. The breach by such Borrower (other than a breach which constitutes a Default under another Section of this Article VII) of any of the terms or provisions of this Agreement which is not
remedied within twenty (20) days after written notice from the Agent or any Lender. 
  
 
7.5 Cross-Default. Failure of such Borrower or any of its Material Affiliates to pay when due any Indebtedness aggregating in excess of $25,000,000 (“Material Indebtedness”); or the default by
such Borrower or any of its Material Affiliates in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement under which any such Material Indebtedness was
created or is governed, or any other event shall occur or condition exist, the effect of which default or event is to cause, or to permit the holder or holders of such Material Indebtedness to cause, such Material Indebtedness to become due prior to
its stated maturity; or any Material Indebtedness of such Borrower or any of its Material Affiliates shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated
maturity thereof; or such Borrower or any of its Material Affiliates shall not pay, or admit in writing its inability to pay, its debts generally as they become due. 
  
 
7.6 Voluntary Proceedings. Such Borrower or any of its Material Affiliates shall (a) have an order for relief entered with respect to it under the Federal bankruptcy or state insurance insolvency laws as now or
hereafter in effect, (b) make an assignment for the benefit of creditors, (c) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion
of its Property, (d) institute any proceeding seeking an order for relief under the Federal bankruptcy or state insurance insolvency laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution,
winding up, liquidation, reorganization, 
  

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arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to
file an answer or other pleading denying the material allegations of any such proceeding filed against it, (e) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.6 or (f)
fail to contest in good faith any appointment or proceeding described in Section 7.7. 
  
 
7.7 Involuntary Proceedings. Without the application, approval or consent of such Borrower or any of its Material Affiliates, a receiver, trustee, examiner, liquidator or similar official shall be appointed for
such Borrower or any of its Material Affiliates or any Substantial Portion of its Property, or a proceeding described in Section 7.6(d) shall be instituted against such Borrower or any of its Material Affiliates and such appointment continues
undischarged or such proceeding continues undismissed or unstayed for a period of 60 consecutive days. 
  
 
7.8 Condemnation. Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any portion of the Property of such Borrower and its Material
Affiliates which, when taken together with all other Property of such Borrower and its Material Affiliates so condemned, seized, appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such
action occurs, constitutes a Substantial Portion. 
  
 
7.9 Judgments. Such Borrower or any of its Material Affiliates shall fail within 30 days to pay, bond or otherwise discharge one or more (a) judgments or orders for the payment of money in excess of $25,000,000
(or the equivalent thereof in currencies other than U.S. Dollars) in the aggregate, or (b) nonmonetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgment(s), in
any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith. 
  
 
7.10 Change in Control. Any Change in Control shall occur. 
  
 
7.11 Rate Management Obligation. Nonpayment by such Borrower or any of its Subsidiaries of any Rate Management Obligation in respect of any Rate Management Transaction entered into between such Borrower or any of
its Subsidiaries and any Lender or Affiliate thereof with respect to the Obligations under this Agreement when due or the breach by such Borrower or any of its Subsidiaries of any material term, provision or condition contained in any Rate
Management Transaction entered into with respect to the Obligations under this Agreement. 
  
 
7.12 License. Any License of such Borrower (in the case of Nationwide Mutual and Nationwide Life) or any Material Insurance Subsidiary of such Borrower in a material jurisdiction of such Person (a) shall be
revoked by the Governmental Authority which issued such License, or any action (administrative or judicial) which could reasonably be expected to result in the revocation of such License shall have been commenced against such Borrower or any such
Material Insurance Subsidiary and shall not have been dismissed within thirty (30) days after the commencement thereof, (b) shall be suspended by such Governmental Authority for a period in excess of thirty (30) days or (c) shall not be reissued or
renewed by such Governmental Authority upon the expiration thereof following application for such reissuance or renewal of such Borrower or such Material Insurance Subsidiary. For the purposes of this Section 7.12, 
  

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“material jurisdiction” shall mean a jurisdiction in which such Borrower or Material Insurance Subsidiary generates 10% or more of its total
premiums. 
  
 
7.13 Violation of Insurance Laws. Such Borrower (in the case of Nationwide Mutual and Nationwide Life) or any Material Insurance Subsidiary of such Borrower shall be the subject of a final non-appealable order
imposing a fine in an amount in excess of $2,000,000 in any single instance or other such orders imposing fines in excess of $5,000,000 in the aggregate after the Closing Date by or at the request of any state insurance regulatory agency as a result
of the violation by such Borrower or such Material Insurance Subsidiary of such state’s applicable insurance laws or the regulations promulgated in connection therewith. 
  
 
7.14 Directive or Mandate. Such Borrower (in the case of Nationwide Mutual and Nationwide Life) or any Material Insurance Subsidiary shall become subject to any conservation, rehabilitation or liquidation order
(which, in the case of any Material Insurance Subsidiary, is not stayed within ten (10) days), directive or mandate issued by any Governmental Authority or such Borrower (in the case of Nationwide Mutual and Nationwide Life) or any Material
Insurance Subsidiary shall become subject to any other directive or mandate issued by any Governmental Authority which could reasonably be expected to have a Material Adverse Effect. 
  
 
7.15 Cross-Default With Respect to Other Borrowers. The occurrence of a Default under Section 7.2, 7.6 or 7.7 with respect to any other Borrower. 
  
 
ARTICLE VIII 
  
 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 
  
 
8.1 Acceleration. If any Default described in Section 7.6 or 7.7 occurs with respect to any Borrower, the obligations of the Lenders to make Loans hereunder shall automatically terminate and the
Obligations shall immediately become due and payable without any election or action on the part of the Agent or any Lender. If any other Default occurs, the Required Lenders (or the Agent with the consent of the Required Lenders) may terminate or
suspend the obligations of the Lenders to make Loans to such Borrower hereunder, or declare the Obligations of such Borrower to be due and payable, or both, whereupon the Obligations of such Borrower shall become immediately due and payable, without
presentment, demand, protest or notice of any kind, all of which each Borrower hereby expressly waives. 
  
 If, within 30 days after acceleration of the maturity of any or all of the Obligations or termination of the obligations of the Lenders to
make Loans to one or more of the Borrowers hereunder as a result of any Default (other than any Default as described in Section 7.6 or 7.7 with respect to any Borrower) and before any judgment or decree for the payment of the
Obligations due shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so direct, the Agent shall, by notice to the affected Borrower or Borrowers, rescind and annul such acceleration and/or termination.

  
 
8.2 Amendments. Subject to the provisions of this Article VIII, the Required Lenders (or the Agent with the consent in writing of the Required Lenders) and the Borrowers may enter into agreements
supplemental hereto for the purpose of adding or modifying any provisions to 
  

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the Loan Documents or changing in any manner the rights of the Lenders or the Borrowers hereunder or waiving any Default hereunder; provided,
however, that no such supplemental agreement shall, without the consent of all of the Lenders: 
  
 (a) Extend the final maturity of any Loan or forgive all or any portion of the principal amount thereof, or reduce the
rate or extend the time of payment of interest or fees thereon. 
  
 (b) Reduce the percentage specified in the definition of Required Lenders. 
  
 (c) Extend the Facility Termination Date, or reduce the amount or extend the payment date for, the mandatory payments
required under Section 2.1.4, or increase the amount of the Commitment of any Lender hereunder, or permit the Borrowers to assign their rights under this Agreement. 
  
 (d) Amend this Section 8.2. 
  
 No amendment of any provision of this Agreement relating to the Agent shall
be effective without the written consent of the Agent. The Agent may waive payment of the fee required under Section 12.3.2 without obtaining the consent of any other party to this Agreement. 
  
 
8.3 Preservation of Rights. No delay or omission of the Lenders or the Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence
therein, and the making of a Loan to any Borrower notwithstanding the existence of a Default with respect to such Borrower or the inability of such Borrower to satisfy the conditions precedent to such Loan shall not constitute any waiver or
acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan
Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.2, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded
shall be cumulative and all shall be available to the Agent and the Lenders until the Obligations have been paid in full. 
  
 
ARTICLE IX 
  
 GENERAL
PROVISIONS 
  
 
9.1 Survival of Representations. All representations and warranties of the Borrowers contained in this Agreement shall survive the making of the Loans herein contemplated. 
  
 
9.2 Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to any Borrower in violation of any limitation or prohibition
provided by any applicable statute or regulation. 
  

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9.3 Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents. 
  
 
9.4 Entire Agreement. The Loan Documents embody the entire agreement and understanding among the Borrowers, the Agent and the Lenders and supersede all prior agreements and understandings among the Borrowers, the
Agent and the Lenders relating to the subject matter thereof other than the fee letter described in Section 10.13. 
  
 
9.5 Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to
which the Agent is authorized to act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any
right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns, provided, however, that the parties hereto expressly agree that each Arranger shall enjoy the benefits of the
provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this
Agreement. 
  
 
9.6 Expenses; Indemnification. (a) Each Borrower jointly and severally agrees to reimburse the Agent and the Arrangers for any reasonable costs, internal charges and out-of-pocket expenses (including reasonable
attorneys’ fees and time charges of attorneys for the Agent, which attorneys may be employees of the Agent) paid or incurred by the Agent or the Arrangers in connection with the preparation, negotiation, execution, delivery, syndication,
review, amendment, modification, and administration of the Loan Documents. Each Borrower also jointly and severally agrees to reimburse the Agent, the Arrangers and the Lenders for any costs, internal charges and out-of-pocket expenses (including
attorneys’ fees and time charges of attorneys for the Agent, the Arrangers and the Lenders, which attorneys may be employees of the Agent, the Arrangers or the Lenders) paid or incurred by the Agent, the Arrangers or any Lender in connection
with the collection and enforcement of the Loan Documents. Expenses being reimbursed by the Borrowers under this Section include, without limitation, costs and expenses incurred in connection with the Reports described in the following sentence.
Each Borrower acknowledges that from time to time Bank One may prepare and may distribute to the Lenders (but shall have no obligation or duty to prepare or to distribute to the Lenders) certain audit reports (the “Reports”)
pertaining to such Borrower’s assets for internal use by Bank One from information furnished to it by or on behalf of such Borrower, after Bank One has exercised its rights of inspection pursuant to this Agreement. 
  
 (b) Each Borrower hereby further jointly and
severally agrees to indemnify the Agent, each Arranger, each Lender, their respective affiliates, and each of their directors, officers and employees against all losses, claims, damages, penalties, judgments, liabilities and expenses (including,
without limitation, all expenses of litigation or preparation therefor whether or not the Agent, any Arranger, any Lender or any affiliate is a party thereto) which any of them may pay or incur arising out of or relating to this Agreement, the other
Loan Documents, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any 
  

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Loan hereunder except to the extent that they are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from
the gross negligence or willful misconduct of the party seeking indemnification and except as provided in Section 3.5. The obligations of the Borrowers under this Section 9.6 shall survive the termination of this Agreement. 

 
 
9.7 Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Agent with sufficient counterparts so that the Agent may furnish one to each of the Lenders.

  
 
9.8 Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with Agreement Accounting
Principles. 
  
 
9.9 Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or
invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

  
 
9.10 Nonliability of Lenders. The relationship between the Borrowers on the one hand and the Lenders and the Agent on the other hand shall be solely that of borrower and lender. Neither the Agent, any Arranger nor
any Lender shall have any fiduciary responsibilities to any Borrower. Neither the Agent, any Arranger nor any Lender undertakes any responsibility to any Borrower to review or inform such Borrower of any matter in connection with any phase of such
Borrower’s business or operations. Each Borrower agrees that neither the Agent, any Arranger nor any Lender shall have liability to such Borrower (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower in
connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Agent, any Arranger nor any Lender shall have any
liability with respect to, and each Borrower hereby waives, releases and agrees not to sue for, any special, indirect or consequential damages suffered by such Borrower in connection with, arising out of, or in any way related to the Loan Documents
or the transactions contemplated thereby. 
  
 
9.11 Confidentiality. Each Lender agrees to hold any confidential information which it may receive from the Borrowers pursuant to this Agreement in confidence, except for disclosure (a) to its Affiliates and to
other Lenders and their respective Affiliates, provided that such Persons agree to keep such information confidential to the same extent required by the Lenders hereunder, (b) to legal counsel, accountants, and other professional advisors to such
Lender or to a Transferee, (c) to regulatory officials, (d) to any Person as requested pursuant to or as required by law, regulation, or legal process, (e) to any Person in connection with any legal proceeding to which such Lender is a party and is
legally required to disclose such information, (f) of public information such Lender receives from any Borrower to its direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional

  

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advisors to such counterparties, and (g) permitted by Section 12.4. Notwithstanding anything herein to the contrary, confidential information shall
not include, and each Lender (and each employee, representative or other agent of any Lender) may disclose to any and all Persons, without limitation of any kind, the “tax treatment” and “tax structure” (in each case, within the
meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are or have been provided to such Lender relating to such tax treatment or tax
structure; provided that with respect to any document or similar item that in either case contains information concerning such tax treatment or tax structure of the transactions contemplated hereby as well as other information, this sentence
shall only apply to such portions of the document or similar item that relate to such tax treatment or tax structure. 
  
 
9.12 Nonreliance. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System) for the repayment of
the Loans provided for herein. 
  
 
9.13 Disclosure. Each Borrower and each Lender hereby acknowledge and agree that Bank One and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any
Borrower and its Affiliates. 
  
 
9.14 USA PATRIOT ACT NOTIFICATION. The following notification is provided to the Borrowers pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318: 
  
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW
ACCOUNT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account,
including any deposit account, treasury management account, loan, other extension of credit, or other financial services product. What this means for the Borrowers: When a Borrower opens an account, if such Borrower is an individual, the Agent and
the Lenders will ask for such Borrower’s name, residential address, tax identification number, date of birth, and other information that will allow the Agent and the Lenders to identify such Borrower, and, if such Borrower is not an individual,
the Agent and the Lenders will ask for such Borrower’s name, tax identification number, business address, and other information that will allow the Agent and the Lenders to identify such Borrower. The Agent and the Lenders may also ask, if such
Borrower is an individual, to see such Borrower’s driver’s license or other identifying documents, and, if such Borrower is not an individual, to see such Borrower’s legal organizational documents or other identifying documents.

  
 
ARTICLE X 
  
 THE AGENT

  
 
10.1 Appointment; Nature of Relationship. Bank One, NA is hereby appointed by each of the Lenders as its contractual representative (herein referred to as the “Agent”) hereunder and under each
other Loan Document, and each of the Lenders irrevocably authorizes the Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth herein and in the other Loan Documents. The Agent agrees to act as
such contractual 
  

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representative upon the express conditions contained in this Article X. Notwithstanding the use of the defined term “Agent,” it is expressly
understood and agreed that the Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Agent is merely acting as the contractual representative of the Lenders with only
those duties as are expressly set forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the Agent (a) does not hereby assume any fiduciary duties to any of the Lenders, (b) is a
“representative” of the Lenders within the meaning of Section 9-105 of the Uniform Commercial Code and (c) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement
and the other Loan Documents. Each of the Lenders hereby agrees to assert no claim against the Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives. 
  
 
10.2 Powers. The Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Agent by the terms of each thereof, together with such powers as are reasonably
incidental thereto. The Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Agent. 
  
 
10.3 General Immunity. Neither the Agent nor any of its directors, officers, agents or employees shall be liable to the Borrowers, any Borrower, the Lenders or any Lender for any action taken or omitted to be
taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except to the extent such action or inaction is determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen
from the gross negligence or willful misconduct of such Person. 
  
 
10.4 No Responsibility for Loans, Recitals, etc. Neither the Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any
statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without
limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered solely to the Agent; (d) the existence or
possible existence of any Default or Unmatured Default; (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection therewith; (f) the value,
sufficiency, creation, perfection or priority of any Lien in any collateral security; or (g) the financial condition of any Borrower or any guarantor of any of the Obligations or of any Borrower’s or any such guarantor’s respective
Subsidiaries. The Agent shall have no duty to disclose to the Lenders information that is not required to be furnished by any Borrower to the Agent at such time, but is voluntarily furnished by any Borrower to the Agent (either in its capacity as
Agent or in its individual capacity). 
  
 
10.5 Action on Instructions of Lenders. The Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions
signed by the Required Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders. The 
  

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Lenders hereby acknowledge that the Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of
this Agreement or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders. The Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it
shall first be indemnified to its satisfaction by the Lenders 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. 
  
 
10.6 Employment of Agents and Counsel. The Agent may execute any of its duties as Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be
answerable to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Agent shall be entitled to advice of
counsel concerning the contractual arrangement between the Agent and the Lenders and all matters pertaining to the Agent’s duties hereunder and under any other Loan Document. 
  
 
10.7 Reliance on Documents; Counsel. The Agent shall be entitled to rely upon any Note, notice, consent, certificate, affidavit, letter, telegram, statement, paper or document believed by it to be genuine and
correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Agent, which counsel may be employees of the Agent. 
  
 
10.8 Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Agent ratably in proportion to their respective Commitments (or, if the Commitments have been terminated, in
proportion to their Commitments immediately prior to such termination) (a) for any amounts not reimbursed by the Borrowers for which the Agent is entitled to reimbursement by the Borrowers under the Loan Documents, (b) for any other expenses
incurred by the Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Agent in connection with
any dispute between the Agent and any Lender or between two or more of the Lenders) and (c) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever
which may be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without
limitation, for any such amounts incurred by or asserted against the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any
such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of the Agent and (ii) any indemnification required pursuant to Section 3.5(g) shall, notwithstanding the provisions of this Section 10.8, be paid by the relevant Lender in accordance with the provisions
thereof. The obligations of the Lenders under this Section 10.8 shall survive payment of the Obligations and termination of this Agreement. 
  

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10.9 Notice of Default. The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the Agent has received written notice from a Lender or a
Borrower referring to this Agreement describing such Default or Unmatured Default and stating that such notice is a “notice of default”. In the event that the Agent receives such a notice, the Agent shall give prompt notice thereof to the
Lenders. 
  
 
10.10 Rights as a Lender. In the event the Agent is a Lender, the Agent shall have the same rights and powers hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender
and may exercise the same as though it were not the Agent, and the term “Lender” or “Lenders” shall, at any time when the Agent is a Lender, unless the context otherwise indicates, include the Agent in its individual capacity.
The Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with any Borrower or
any of its Subsidiaries in which such Borrower or such Subsidiary is not restricted hereby from engaging with any other Person. The Agent, in its individual capacity, is not obligated to remain a Lender. 
  
 
10.11 Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Agent, any Arranger or any other Lender and based on the financial statements prepared by the
Borrowers and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also acknowledges that it will, independently and
without reliance upon the Agent, any Arranger or any other Lender 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 this Agreement and
the other Loan Documents. 
  
 
10.12 Successor Agent. The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrowers, such resignation to be effective upon the appointment of a successor Agent or, if no
successor Agent has been appointed, forty-five days after the retiring Agent gives notice of its intention to resign. The Agent may be removed at any time with or without cause by written notice received by the Agent from the Required Lenders, such
removal to be effective on the date specified by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint, on behalf of the Borrowers and the Lenders, a successor Agent. If no successor Agent
shall have been so appointed by the Required Lenders within thirty days after the resigning Agent’s giving notice of its intention to resign, then the resigning Agent may appoint, on behalf of the Borrowers and the Lenders, a successor Agent.
Notwithstanding the previous sentence, the Agent may at any time without the consent of any Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as a successor Agent hereunder. If the Agent has resigned or been removed
and no successor Agent has been appointed, the Lenders may perform all the duties of the Agent hereunder and the Borrowers shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly
with the Lenders. No successor Agent shall be deemed to be appointed hereunder until such successor Agent has accepted the appointment. Any such successor Agent shall be a commercial bank having capital and retained earnings of at least
$100,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Agent.
Upon the 
  

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effectiveness of the resignation or removal of the Agent, the resigning or removed Agent shall be discharged from its duties and obligations hereunder and
under the Loan Documents. After the effectiveness of the resignation or removal of an Agent, the provisions of this Article X shall continue in effect for the benefit of such Agent in respect of any actions taken or omitted to be taken by it
while it was acting as the Agent hereunder and under the other Loan Documents. In the event that there is a successor to the Agent by merger, or the Agent assigns its duties and obligations to an Affiliate pursuant to this Section 10.12, then
the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Agent. 
  
 
10.13 Agent and Arranger Fees. The Borrowers agree to pay to the Agent and the Arrangers, for their respective accounts, the fees agreed to by the Borrowers, the Agent and BOCM pursuant to that certain letter
agreement dated April 7, 2004. 
  
 
10.14 Delegation to Affiliates. The Borrowers and the Lenders agree that the 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 Agent is entitled under Articles
IX and X. 
  
 
10.15 Co-Agents, Documentation Agent, Syndication Agent, Managing Agent, etc. Neither any of the Lenders identified in this Agreement as a “co-agent” nor any Documentation Agent, Syndication Agent or
Managing Agent shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a
fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to such Lenders as it makes with respect to the Agent in Section 10.11. 
  
 
ARTICLE XI 
  
 SETOFF;
RATABLE PAYMENTS 
  
 
11.1 Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if any Borrower becomes insolvent, however evidenced, or any Default occurs, any and all deposits (including
all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time held or owing by any Lender or any Affiliate of any Lender to or for the credit or account of such Borrower may be
offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due. 
  
 
11.2 Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Loans (other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5 or
payments of principal or interest on Competitive Bid Loans by any Borrower at a time when no Default is continuing with respect to such Borrower) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon
demand, to purchase a portion of the Loans held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of Loans. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or
otherwise, receives collateral or other protection for its Obligations or such 
  

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amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits
of such collateral ratably in proportion to their Loans. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 
  
 
ARTICLE XII 
  
 BENEFIT OF
AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 
  
 
12.1 Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrowers and the Lenders and their respective successors and assigns, except that
(a) no Borrower shall have the right to assign its rights or obligations under the Loan Documents and (b) any assignment by any Lender must be made in compliance with Section 12.3. The parties to this Agreement acknowledge that clause (b) of
this Section 12.1 relates only to absolute assignments and does not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by any Lender of all or any portion of its rights under this
Agreement and any Note to a Federal Reserve Bank; provided, however, that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto
have complied with the provisions of Section 12.3. The Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section 12.3;
provided, however, that the Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan or which holds any Note to direct payments relating to such Loan or Note to another Person.
Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of any Person, who at the time of making such request or
giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan. 
  
 
12.2 Participations. 
  
 12.2.1. Permitted Participants; Effect. Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities
(“Participants”) participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents. In the event of any such sale by a
Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such
Lender shall remain the owner of its Loans and the holder of any Note issued to it in evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrowers under this Agreement shall be determined as if such Lender had not
sold such participating interests, and the Borrowers and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents. 
  

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 12.2.2. Voting Rights. Each Lender shall retain the sole right to
approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Loan or Commitment in which such Participant has an
interest which would require consent of all of the Lenders pursuant to the terms of Section 8.2 or of any other Loan Document. 
  
 12.2.3. Benefit of Setoff. Each Borrower agrees that each Participant shall be deemed to have the right of setoff
provided in Section 11.1 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents,
provided that each Lender shall retain the right of setoff provided in Section 11.1 with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant,
by exercising the right of setoff provided in Section 11.1, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 11.2 as if each
Participant were a Lender. 
  
 
12.3 Assignments. 
  
 12.3.1. Permitted Assignments. Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time assign to one or more banks or other entities
(“Purchasers”) all or any part of its rights and obligations under the Loan Documents. Such assignment shall be substantially in the form of Exhibit C or in such other form as may be agreed to by the parties thereto. The
consent of the Borrowers and the Agent shall be required prior to an assignment becoming effective with respect to a Purchaser which is not a Lender or an Affiliate thereof; provided, however, that if a Default has occurred and is
continuing, the consent of the Borrowers shall not be required. Such consent of the Agent and, if applicable, the Borrowers shall not be unreasonably withheld or delayed. Each such assignment with respect to a Purchaser which is not a Lender or an
Affiliate thereof shall (unless each of the Borrowers and the Agent otherwise consents) be in an amount not less than the lesser of (a) $10,000,000 or (b) the remaining amount of the assigning Lender’s Commitment (calculated as at the date of
such assignment) or outstanding Loans (if the applicable Commitment has been terminated). 
  
 12.3.2. Effect; Effective Date. Upon (a) delivery to the Agent of an assignment, together with any consents
required by Section 12.3.1, and (b) payment to the Agent by the Purchaser or the Lender of a $3,500 fee in respect of any assignment under this Section 12.3 for processing such assignment (unless such fee is waived by the Agent), such
assignment shall become effective on the effective date specified in such assignment. The assignment shall contain a representation by the Purchaser to the effect that none of the consideration used to make the purchase of the Commitment and Loans
under the applicable assignment agreement constitutes “plan assets” as defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the
effective date of such assignment, such Purchaser shall for all purposes be a Lender party to this 
  

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Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all the rights and obligations of a Lender under the Loan
Documents, to the same extent as if it were an original party hereto, and no further consent or action by the Borrowers, the Lenders or the Agent shall be required to release the transferor Lender with respect to the percentage of the Aggregate
Commitment and Loans assigned to such Purchaser. Upon the consummation of any assignment to a Purchaser pursuant to this Section 12.3.2, the transferor Lender, the Agent and the Borrowers shall, if the transferor Lender or the Purchaser
desires that its Loans be evidenced by Notes, make appropriate arrangements so that new Notes or, as appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such
Purchaser, in each case in principal amounts reflecting their respective Commitments, as adjusted pursuant to such assignment. 
  
 
12.4 Dissemination of Information. Each Borrower authorizes each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a
“Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of such Borrower and its Subsidiaries, including without limitation any information contained in
any Reports; provided that each Transferee and prospective Transferee agrees to be bound by Section 9.11 of this Agreement. 
  
 
12.5 Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any jurisdiction other than the United States or any State thereof, the transferor
Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(d). 
  
 
12.6 Designation. (a) Notwithstanding anything to the contrary contained herein, any Lender (a “Designating Lender”) may grant to one or more special purpose funding vehicles (each, an
“SPV”), identified as such in writing from time to time by the Designating Lender to the Administrative Agent and the Borrowers, the option to provide to the Borrowers all or any part of any Loan that such Designating Lender would
otherwise be obligated to make to the Borrowers pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV to make any Loan, (ii) if an SPV elects not to exercise such option or otherwise fails to provide
all or any part of such Loan, the Designating Lender shall be obligated to make such Loan pursuant to the terms hereof and (iii) the Designating Lender shall remain liable for any indemnity or other payment obligation with respect to its Commitment
hereunder. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Designating Lender to the same extent, and as if, such Loan were made by such Designating Lender. 
  
 (b) As to any Loans or portion thereof made by it, each SPV shall have all the rights that a
Lender making such Loans or portion thereof would have had under this Agreement; provided, however, that each SPV shall have granted to its Designating Lender an irrevocable power of attorney, to deliver and receive all communications
and notices under this Agreement (and any Loan Documents) and to exercise on such SPV’s behalf, all of such SPV’s voting rights under this Agreement. In the event that any Notes have been issued to the Designated Lender hereunder, no
additional Notes shall be required to evidence the Loans or portion thereof made by an SPV; and the related 
  

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Designating Lender shall be deemed to hold its Notes as agent for such SPV to the extent of the Loans or portion thereof funded by such SPV. In addition, any
payments for the account of any SPV shall be paid to its Designating Lender as agent for such SPV. 
  
 (c) Each party hereto hereby agrees that no SPV shall be liable for any indemnity or payment under this Agreement for
which a Lender would otherwise be liable. In furtherance of the foregoing, each party hereto hereby agrees (which agreements shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in
full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under the laws of the United States or any State thereof. 
  
 (d) In addition, notwithstanding anything to the contrary contained in this Section 12.6 or otherwise in this Agreement, any SPV may (i) at any time and without paying any processing fee
therefor, assign or participate all or a portion of its interest in any Loans to the Designating Lender or, with the prior consent of the Borrowers and the Agent (provided, that if a Default has occurred and is continuing, the consent of the
Borrowers shall not be required) to any financial institutions providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public
information relating to its Loan to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancements to such SPV, provided that such Persons agree to keep such information confidential to the same
extent required by the Lenders hereunder. This Section 12.6 may not be amended without the written consent of any Designating Lender affected thereby. 
  
 
ARTICLE XIII 
  
 NOTICES 
  
 
13.1 Notices. Except as otherwise permitted by Section 2.12 with respect to borrowing notices, all notices, requests and other communications to any party hereunder shall be in writing (including
electronic transmission, facsimile transmission or similar writing) and shall be given to such party: (a) in the case of any Borrower or the Agent, at its address or facsimile number set forth on the signature pages hereof, (b) in the case of any
Lender, at its address or facsimile number set forth below its signature hereto or (c) in the case of any party, at such other address or facsimile number as such party may hereafter specify for the purpose by notice to the Agent and the Borrowers
in accordance with the provisions of this Section 13.1. Each such notice, request or other communication shall be effective (i) if given by facsimile transmission, when transmitted to the facsimile number specified in this Section and
confirmation of receipt 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, or (iii) if given by any other means, when delivered (or, in the case
of electronic transmission, received) at the address specified in this Section; provided that notices to the Agent under Article II shall not be effective until received. 
  

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13.2 Change of Address. Any Borrower, the Agent and any Lender may each change the address for service of notice upon it by a notice in writing to the other parties hereto. 
  
 
ARTICLE XIV 
  
 COUNTERPARTS 
  
 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it
has been executed by the Borrowers, the Agent and the Lenders and each party has notified the Agent by facsimile transmission or telephone that it has taken such action. 
  
 
ARTICLE XV 
  
 CHOICE OF
LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 
  
 
15.1 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING, WITHOUT LIMITATION, 735 ILCS
SECTION 105/5-1 ET SEQ, BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
  
 
15.2 CONSENT TO JURISDICTION. EACH BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO, ILLINOIS IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND EACH BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY
NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY
BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY BORROWER AGAINST THE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED
TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN CHICAGO, ILLINOIS. 
  
 
15.3 WAIVER OF JURY TRIAL. EACH BORROWER, THE AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER 
  

 - 60 - 

 (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED
WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 
  
 [signature pages follow] 
  

 - 61 - 

 IN WITNESS WHEREOF, the Borrowers, the Lenders and the Agent have executed this Agreement
as of the date first above written. 
  

			
	 NATIONWIDE MUTUAL INSURANCE COMPANY

		
	 By:
	 	  

	 	 	 Carol L. Dove

	 Title:
	 	 Vice President – Assistant Treasurer

	 	 	 One Nationwide Plaza 1-32-06
 Columbus, Ohio 43215-2220
 Attention: Carol L. Dove
 Telephone: (614) 249-6963
 FAX: (614) 249-2739

  

			
	 NATIONWIDE LIFE INSURANCE COMPANY

		
	 By:
	 	  

	 	 	 Carol L. Dove

	 Title:
	 	 Vice President – Assistant Treasurer

	 	 	 One Nationwide Plaza 1-32-06
 Columbus, Ohio 43215-2220
 Attention: Carol L. Dove
 Telephone: (614) 249-6963
 FAX: (614) 249-2739

  

			
	 NATIONWIDE FINANCIAL SERVICES, INC.

		
	 By:
	 	  

	 	 	 Carol L. Dove

	 Title:
	 	 Vice President – Assistant Treasurer

	 	 	 One Nationwide Plaza 1-32-06
 Columbus, Ohio 43215-2220
 Attention: Carol L. Dove
 Telephone: (614) 249-6963
 FAX: (614) 249-2739

  

 S-1 
 [TO FIVE YEAR CREDIT AGREEMENT] 

			
	 BANK ONE, NA, as Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

	 	 	 1 Bank One Plaza, Suite IL1-0085
 Chicago, Illinois 60670
 Attention: Cynthia W. Priest
 Telephone: (312) 732-9565
 FAX: (312) 732-4033

  
  
  

 S-2 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 CITICORP USA, INC., as Syndication Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-3 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 ABN AMRO BANK N.V., as Documentation
Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-4 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  
  

			
	 BANK OF AMERICA, N.A., as Documentation Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-5 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 KEYBANK NATIONAL ASSOCIATION, as
Documentation Agent and as a Lender

		
	 By:
	 	  

	 	 	 Mary K. Young
 Vice
President and Portfolio Manager

  

 S-6 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 THE BANK OF NEW YORK, as Documentation Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-7 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION, as Documentation Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-8 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 HSBC BANK USA, as Senior Managing Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-9 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 MELLON BANK, N.A., as Senior Managing Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-10 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Senior Managing Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-11 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 PNC BANK, NATIONAL ASSOCIATION, as Managing Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-12 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 THE HUNTINGTON NATIONAL BANK, as Managing Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-13 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 US BANK, NATIONAL ASSOCIATION, as Managing Agent and as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-14 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 FIFTH THIRD BANK (CENTRAL OHIO), as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-15 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 HARRIS NESBITT FINANCIAL, INC., as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-16 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 JPMORGAN CHASE BANK, as a Lender

		
	 By:
	 	  

	 	 	 Lawrence Palumbo, Jr.
 Vice President

  

 S-17 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 NATIONAL CITY BANK, as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-18 
 [TO FIVE YEAR CREDIT AGREEMENT] 

  

			
	 STATE STREET BANK AND TRUST COMPANY, as a Lender

		
	 By:
	 	  

		
	 Title:
	 	  

  

 S-19 
 [TO FIE YEAR CREDIT AGREEMENT] 

 
PRICING SCHEDULE 
  

																			
	 	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 	 	LEVEL VI
STATUS	 
	 Eurodollar Rate
	  	0.180	%	 	0.220	%	 	0.285	%	 	0.375	%	 	0.450	%	 	0.500	%
	 Facility Fee Rate
	  	0.070	%	 	0.080	%	 	0.090	%	 	0.125	%	 	0.150	%	 	0.250	%
	 Utilization Fee Rate
	  	0.050	%	 	0.050	%	 	0.050	%	 	0.100	%	 	0.125	%	 	0.250	%

  
 For
the purposes of this Schedule, the following terms have the following meanings, subject to the final paragraph of this Schedule: 
  
 “Level I Status” exists (a) with respect to Nationwide Mutual or Nationwide Life, at any date if, on such date, such
Person’s Moody’s Rating is Aa2 or better or such Person’s S&P Rating is AA or better and (b) with respect to NFS, at any date if, on such date, NFS’s Moody’s Rating is A1 or better or NFS’s S&P Rating is A+ or
better. 
  
 “Level II Status”
exists with respect to any Borrower at any date if, on such date, (a) such Borrower has not qualified for Level I Status and (b) (i) with respect to Nationwide Mutual or Nationwide Life, such Person’s Moody’s Rating is Aa3 or better or
such Person’s S&P Rating is AA- or better and (ii) with respect to NFS, NFS’s Moody’s Rating is A2 or better or NFS’s S&P Rating is A or better. 
  
 “Level III Status” exists with respect to any Borrower at any date if, on such date, (a)
such Borrower has not qualified for Level I Status or Level II Status and (b) (i) with respect to Nationwide Mutual or Nationwide Life, such Person’s Moody’s Rating is A1 or better or such Person’s S&P Rating is A+ or better and
(ii) with respect to NFS, NFS’s Moody’s Rating is A3 or better or NFS’s S&P Rating is A- or better. 
  
 “Level IV Status” exists with respect to any Borrower at any date if, on such date, (a) such Borrower has not qualified
for Level I Status, Level II Status or Level III Status and (b) (i) with respect to Nationwide Mutual or Nationwide Life, such Person’s Moody’s Rating is A2 or better or such Person’s S&P Rating is A or better and (ii) with
respect to NFS, NFS’s Moody’s Rating is Baa1 or better or NFS’s S&P Rating is BBB+ or better. 
  
 “Level V Status” exists with respect to any Borrower at any date if, on such date, (a) such Borrower has not qualified
for Level I Status, Level II Status, Level III Status or Level IV Status and (b) (i) with respect to Nationwide Mutual or Nationwide Life, such Person’s Moody’s Rating is A3 or better or such Person’s S&P Rating is A- or better
and (ii) with respect to NFS, NFS’s Moody’s Rating is Baa2 or better or NFS’s S&P Rating is BBB or better. 
  
 “Level VI Status” exists with respect to any Borrower at any date if, on such date, such Borrower has not qualified for
Level I Status, Level II Status, Level III Status, Level IV Status, or Level V Status. 

 “Moody’s Rating” means, at any time, (a) with respect to Nationwide
Mutual and Nationwide Life, the financial strength rating issued by Moody’s and then in effect with respect to such Person, and (b) with respect to NFS, the rating issued by Moody’s and then in effect with respect to NFS’s senior
unsecured long-term debt securities without third-party credit enhancement. 
  
 “S&P Rating” means, at any time, (a) with respect to Nationwide Mutual and Nationwide Life, the financial strength rating issued by S&P and then in effect with respect to such Person, and (b)
with respect to NFS, the rating issued by S&P and then in effect with respect to NFS’s senior unsecured long-term debt securities without third-party credit enhancement. 
  
 “Status” means either Level I Status, Level II Status, Level III Status, Level IV Status,
Level V Status or Level VI Status. 
  
 The
Applicable Margin and the Applicable Facility Fee Rate with respect to each Borrower shall be determined in accordance with the foregoing table based on such Borrower’s Status as determined from its then-current Moody’s and S&P
Ratings. The Applicable Utilization Fee Rate shall be determined in accordance with the foregoing table based on the Status of the Borrower which has the lowest Status (with Level I Status being the highest Status and Level VI Status being the
lowest Status) of all Borrowers to which Advances are then outstanding. 
  
 The credit rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on such date. If at any time a Borrower has no Moody’s Rating or no S&P Rating, Level VI
Status shall exist. Notwithstanding the foregoing, if the Moody’s Rating and the S&P Rating are more than one level apart, then Status shall be based on the level which is one level above the lower of the two levels. 

 
SCHEDULE I 
  
 COMMITMENTS 
  

			
	 Lender

	 	 Commitment

	 Bank One, NA
	 	66,500,000
	 Citicorp USA, Inc.
	 	66,500,000
	 ABN AMRO Bank N.V.
	 	53,900,000
	 Bank of America, N.A.
	 	53,900,000
	 KeyBank National Association
	 	53,900,000
	 The Bank of New York
	 	53,900,000
	 Wachovia Bank, National Association
	 	53,900,000
	 HSBC Bank USA
	 	42,000,000
	 Mellon Bank, N.A.
	 	42,000,000
	 Wells Fargo Bank, National Association
	 	42,000,000
	 PNC Bank, National Association
	 	28,000,000
	 The Huntington National Bank
	 	28,000,000
	 US Bank, National Association
	 	28,000,000
	 Fifth Third Bank (Central Ohio)
	 	17,500,000
	 Harris Nesbitt Financial, Inc.
	 	17,500,000
	 JPMorgan Chase Bank
	 	17,500,000
	 National City Bank
	 	17,500,000
	 State Street Bank and Trust Company
	 	17,500,000
		
	 Aggregate Commitment:
	 	$700,000,000
	 	 	

  

 
SCHEDULE 5.8 
  
 SUBSIDIARIES

 (as of December 31, 2003) 
  
 [Borrowers to update] 
  
 1717 Advisory Services, Inc. 
 1717 Brokerage
Services, Inc. 
 1717 Capital Management Company 
 1717 Insurance Agency of Massachusetts, Inc. 
 1717 Insurance Agency of Texas, Inc. 
 The 401(k) Companies, Inc. 
 The 401(k)
Company 
 401(k) Investment Advisors, Inc. 
 401(k) Investment Services, Inc. 
 Affiliate Agency of Ohio, Inc. 
 Affiliate Agency, Inc. 
 AGMC Reinsurance Ltd.

 AID Finance Services, Inc. 
 ALLIED Document Solutions, Inc. (fka Midwest Printing Services, Inc.) 
 ALLIED General Agency Company 
 ALLIED Group Insurance Marketing Company 
 ALLIED Group, Inc. 
 ALLIED Property and Casualty Insurance Company 
 Allied Texas Agency, Inc. 
 Allnations, Inc. 
 AMCO Insurance Company 
 American Marine
Underwriters, Inc. 
 Asset Management Holdings, plc 
 Audenstar Limited 
 Cal-Ag Insurance Services, Inc. 
 CalFarm Insurance Agency 
 CalFarm Insurance Company 
 Cap Pro Advisory Services, Inc. 
 Cap Pro
Brokerage Services, Inc. 
 Cap Pro Holding, Inc. 
 Cap Pro Insurance Agency Services, Inc. 
 Capital Professional Advisors, Inc. 
 Clarinet Life Insurance 
 CODA Capital
Management LLC 
 Colonial County Mutual Insurance Company 
 Cooperative Service Company 
 Corviant Corporation 
 Damian Securities Limited 
 Danica Life S.A. 

 Delfi Realty Corporation 
 Depositors Insurance Company 
 Discover Insurance Agency of Texas, LLC 
 Discover Insurance Agency, LLC 
 DVM Insurance
Agency, Inc. 
 F&B, Inc. 
 Farmland Mutual Insurance Company 
 Fenplace Limited 
 Financial Horizons Distributors Agency of Alabama, Inc. 
 Financial Horizons Distributors Agency of Ohio,
Inc. 
 Financial Horizons Distributors Agency of Oklahoma, Inc. 
 Financial Horizons Distributors Agency of Texas, Inc. 
 Financial Horizons Securities Corporation 

Four P Finance Company 
 G.I.L. Nominees
Limited 
 Gartmore 1990 Limited 
 Gartmore 1990 Trustee Limited 
 Gartmore Capital Management Limited 
 Gartmore Distribution Services, Inc. 
 Gartmore Emerging Managers, LLC 
 Gartmore Fund Managers International Limited 
 Gartmore Fund Managers Limited 
 Gartmore Global Asset Management Trust 
 Gartmore Global Asset Management, Inc. 
 Gartmore Global Investments, Inc. 

Gartmore Global Partners 
 Gartmore Global
Ventures, Inc. 
 Gartmore Indosuez UK Recovery Fund (G.P.) Limited 
 Gartmore Investment Limited 
 Gartmore Investment Management plc 
 Gartmore Investment Services GmbH 
 Gartmore
Investment Services Limited 
 Gartmore Investor Services, Inc. 
 Gartmore Japan Limited 
 Gartmore Morley & Associates, Inc. 
 Gartmore Morley Capital Management, Inc. 
 Gartmore Morley Financial Services, Inc. 
 Gartmore Mutual Fund Capital Trust 
 Gartmore Nominees Limited 
 Gartmore Pension
Trustees Limited 
 Gartmore Riverview, LLC 
 Gartmore S.A. Capital Trust 
 Gartmore Secretaries (Jersey) Ltd. 
 Gartmore Trust Company 
 Gartmore Securities
Limited 
 Gartmore U.S. Limited 
 Gates, McDonald & Company 

 Gates, McDonald & Company of New York, Inc. 
 Gates, McDonald & Company of Nevada 
 GatesMcDonald Health Plus Inc. 
 GGI Management LLC 
 Institutional Concepts,
Inc. 
 Insurance Intermediaries, Inc. 
 Landmark Financial Services of New York, Inc. 
 Lone Star General Agency, Inc. 
 Market Street Fund 
 Market Street Investment
Management Company 
 MedProSolutions, Inc. 
 National Casualty Company 
 National Deferred Compensation, Inc. 
 Nationwide Advantage Mortgage Company 
 Nationwide Affinity Insurance Company of America 
 Nationwide Affordable Housing, LLC 
 Nationwide Agency, Inc. 
 Nationwide
Agribusiness Insurance Company 
 Nationwide Arena, LLC 
 Nationwide Asset Management Holdings, Ltd. 
 Nationwide Assurance Company 
 Nationwide Capital Mortgage, LLC 
 Nationwide
Cash Management Company 
 Nationwide Community Development Corporation, LLC 
 Nationwide Corporation 
 Nationwide Financial Assignment Company 
 Nationwide Financial Institution Distributors Agency, Inc. 
 Nationwide Financial Institution Distributors Agency, Inc. of New Mexico 
 Nationwide Financial Institution
Distributors Insurance Agency, Inc. of Massachusetts 
 Nationwide Financial Services (Bermuda) Ltd. 
 Nationwide Financial Services Capital Trust 
 Nationwide Financial Services Capital Trust II 
 Nationwide Financial Services, Inc. 
 Nationwide Financial Sp. z o.o 
 Nationwide
Foundation 
 Nationwide General Insurance Company 
 Nationwide Global Finance, LLC 
 Nationwide Global Funds 
 Nationwide Global Holdings, Inc. 
 Nationwide
Global Holdings, Inc.- Luxembourg Branch 
 Nationwide Global Holdings-NGH Brazil Participacoes, LTDA 
 Nationwide Global Japan, Inc. 
 Nationwide
Global Limited 
 Nationwide Health Plans, Inc. 
 Nationwide Home Mortgage Distributors, Inc. 
 Nationwide Indemnity Company 
 Nationwide Insurance Company of America 

 Nationwide Insurance Company of Florida 
 Nationwide Insurance Sales Company, LLC 
 Nationwide International Underwriters

 Nationwide Investment Services Corporation 
 Nationwide Life and Annuity Company of America 
 Nationwide Life and Annuity Insurance Company 
 Nationwide Life Assurance Company, Ltd. 
 Nationwide Life Insurance Company 
 Nationwide Life Insurance Company of America, Inc. 
 Nationwide Life Insurance Company of Delaware 
 Nationwide Lloyds 
 Nationwide Management Systems, Inc. 
 Nationwide Martíma Vida Previdência S.A. 
 Nationwide Mortgage Holdings,
Inc. 
 Nationwide Mutual Fire Insurance Company 
 Nationwide Mutual Insurance Company 
 Nationwide Properties, Ltd. 
 Nationwide Property and Casualty Insurance Company 
 Nationwide Provident Distributors, Inc. 
 Nationwide Provident Holding Company 
 Nationwide Realty Investors, Ltd.1 
 Nationwide Retirement Plan Services, Inc. 
 Nationwide Retirement Solutions, Inc. 
 Nationwide Retirement Solutions, Inc. of Alabama 
 Nationwide Retirement Solutions, Inc. of Arizona 
 Nationwide Retirement Solutions, Inc. of Arkansas 
 Nationwide Retirement Solutions, Inc. of Montana 
 Nationwide Retirement Solutions, Inc. of Nevada 
 Nationwide Retirement Solutions, Inc. of New Mexico 
 Nationwide Retirements Solutions, Inc. of Ohio 
 Nationwide Retirement Solutions, Inc. of Oklahoma 
 Nationwide Retirement Solutions, Inc. of South Dakota 
 Nationwide Retirement Solutions, Inc. of Texas 
 Nationwide Retirement Solutions, Inc. of Wyoming 
 Nationwide Retirement Solutions Insurance Agency, Inc. 
 Nationwide Securities, Inc. 
 Nationwide Services Company, LLC 
 Nationwide
Services Sp. z o.o. 
 Nationwide Strategic Investment Fund, LLC 
 Nationwide Towarzystwo Ubezpieczen na Zycie S.A. 

	 1
	 Nationwide Realty Investors, Ltd. (“NRI”) has, directly or indirectly, a majority interest in a number of entities that are not listed
herein (“NRI Subsidiaries”) despite the fact that each of said NRI Subsidiaries would be considered a “Subsidiary” pursuant to the terms of the Agreement. The NRI Subsidiaries are formed in the ordinary course of NRI’s
business primarily for ownership of, investment in, or development of real estate. A complete list of the NRI Subsidiaries is available upon request. 

 Nationwide Trust Company, FSB 
 Nationwide UK Asset Management Holdings, Ltd. 
 Nationwide UK Holding Company, Ltd.

 NCC of America, Ltd. (Inactive) 
 Newhouse Capital Partners, LLC 
 Newhouse Special Situations Fund I, LLC 
 NFS Distributors, Inc. 
 NFSB Investments Ltd. 
 NGH Luxembourg, S.A. 
 NGH Netherlands, B.V.

 NGH UK, Ltd. 
 NorthPointe
Capital, LLC 
 PanEuroLife 
 Pension Associates, Inc. 
 PNAM, Inc. 
 Premier Agency, Inc. 
 Provestco, Inc. 
 RCMD Financial Services, Inc. 
 Retention Alternatives, Ltd. 
 RF Advisers, Inc. 
 Riverview Agency, Inc.

 Riverview International Group, Inc. 
 SBSC Ltd (Thailand) 
 Scottsdale Indemnity Company 
 Scottsdale Insurance Company 
 Scottsdale Surplus Lines Insurance Company 
 Siam Ar-Na-Khet Company Limited 
 Software
Development Corp. 
 TBG Insurance Services Corporation 
 Vertboise, SA 
 Veterinary Pet Insurance Company 
 Veterinary Pet Services, Inc. 
 Villanova Securities, LLC 
 VPI Services, Inc. 
 Washington Square
Administrative Services, Inc. 
 Western Heritage Insurance Company 

 
SCHEDULE 6.12 
  
 LIENS

  
 NATIONWIDE ADVANTAGE MORTGAGE COMPANY 
 SCHEDULE OF OUTSTANDING DEBT—SCHEDULE 6.12 
 AS OF MAY, 2004 
  
 [to be provided by
Borrowers]Employment Agreement between Mark R. Thresher and NFS

 Exhibit 10.3 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) entered into as of January 1, 2004 by and between Nationwide Financial Services,
Inc. (the “Company” or “NFS”) and Mark R. Thresher (“Executive”). 
  
 WHEREAS, the parties desire to enter into an agreement to reflect Executive’s executive capacities in the Company’s business and to provide for Executive’s employment by the
Company, upon the terms and conditions set forth herein. 
  
 WHEREAS, Executive has agreed to certain confidentiality, non-competition and non-solicitation covenants contained hereunder, in consideration of the additional benefits provided to Executive under this Agreement.

  
 WHEREAS, certain capitalized terms shall have
the meanings given those terms in Section 4 of this Agreement. 
  
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 
  
 1. Employment. The Company hereby agrees to employ Executive, and Executive hereby accepts such employment and agrees to perform
Executive’s duties and responsibilities, in accordance with the terms, conditions and provisions hereinafter set forth. 
  
 1.1 Employment Term. This Agreement shall be effective as of the date set forth above, and shall continue until December 31, 2005,
unless the Agreement is terminated sooner in accordance with Section 2 or 3 below. In addition, the term of the Agreement shall automatically renew for periods of one year unless either party gives written notice to the other party, at least 60 days
prior to the end of the initial term or at least 60 days prior to the end of any one-year renewal period, that the Agreement shall not be further extended. The period commencing on the effective date and ending on the date on which the term of
Executive’s employment under the Agreement shall terminate is hereinafter referred to as the “Employment Term.” If a Change of Control (as defined in Section 4) occurs, the Employment Term shall be automatically extended to the later
of (i) the end of the then existing initial or renewal period or (ii) the date that is two years after the Change of Control, unless the Employment Term is sooner terminated according to Section 2 or 3 below. The failure of the Company to renew this
Agreement shall not be considered a termination of Executive’s employment under this Agreement and shall not give Executive grounds to terminate employment for Good Reason (as defined in Section 4) under this Agreement. 
  
 1.2 Duties and Responsibilities. During the Employment
Term, Executive shall serve as the President and Chief Operating Officer of the Company, or in such other executive positions as the Board of Directors of the Company (the “Board”) determines. Executive shall perform all duties and accept
all responsibilities incident to such position or as may be reasonably assigned to him by the Chief Executive Officer of the Company or the Board. 
  

 1.3 Extent of Service. During the Employment Term, Executive agrees to use
Executive’s full and best efforts to carry out Executive’s duties and responsibilities under Section 1.2 hereof with the highest degree of loyalty and the highest standards of care and, consistent with the other provisions of this
Agreement, Executive agrees to devote substantially all of Executive’s business time, attention and energy thereto. The foregoing shall not be construed as preventing Executive from making investments in other businesses or enterprises,
provided that Executive agrees not to become engaged in any other business activity which, in the reasonable judgment of the Board, is likely to interfere with Executive’s ability to discharge Executive’s duties and responsibilities to the
Company. The Executive will not serve on the board of directors of an entity unrelated to the Company (other than a non-profit charitable organization) without the consent of the Board. 
  
 1.4 Base Salary. During the Employment Term, for all the services rendered by Executive hereunder,
the Company shall pay Executive a base salary (“Base Salary”), at the annual rate in effect on the date of this Agreement, payable in installments at such times as the Company customarily pays its other employees. Executive’s Base
Salary shall be reviewed periodically for appropriate increases by the Board (or a committee of the Board) pursuant to the Board’s normal performance review policies for senior level executives. 
  
 1.5 Retirement, Welfare and Other Benefit Plans and
Programs. During the Employment Term, Executive shall be entitled to participate in all employee retirement and welfare benefit plans and programs made available to the Company’s senior level executives as a group, as such retirement and
welfare plans may be in effect from time to time and subject to the eligibility requirements of such plans. During the Employment Term, Executive shall be provided with executive fringe benefits and perquisites under the same terms as those made
available to the Company’s senior level executives as a group, as such programs may be in effect from time to time. During the Employment Term, Executive shall be entitled to vacation and sick leave in accordance with the Company’s
vacation, holiday and other pay for time not worked policies. Nothing in this Agreement or otherwise shall prevent the Company from amending or terminating any retirement, welfare or other employee benefit plans, programs, policies or perquisites
from time to time as the Company deems appropriate. 
  
 1.6 Reimbursement of Expenses. During the Employment Term, Executive shall be provided with reimbursement of reasonable expenses related to Executive’s employment by the Company on a basis no less
favorable than that which may be authorized from time to time for senior level executives as a group. 
  
 1.7 Incentive Compensation. During the Employment Term, Executive shall be entitled to participate in all short-term and long-term
incentive programs established by the Company for its senior level executives generally, at levels commensurate with the benefits provided to other senior executives and Executive’s position with the Company. Executive’s incentive
compensation shall be subject to the terms of the applicable plans and shall be determined based on Executive’s individual performance and Company performance as determined by the Board (or a committee of the Board). 
  

 2 

 2. Termination. Executive’s employment shall terminate upon the occurrence of
any of the following events: 
  
 2.1
Termination Without Cause. The Company (by action of the Board) may remove Executive at any time without Cause (as defined in Section 4) from the position in which Executive is employed hereunder (in which case the Employment Term shall be
deemed to have ended) upon not less than 60 days’ prior written notice pursuant to Section 15 to Executive; provided, however, that, in the event that such notice is given, Executive shall be under no obligation to render any additional
services to the Company and shall be allowed to seek other employment. 
  
 2.2 Resignation for Good Reason After a Substantial Reorganization. If the Board determines for purposes of this Agreement that a substantial reorganization of the Company has occurred, the Board may establish
a period of time during which Executive may elect to resign if an event constituting Good Reason (as defined in Section 4) occurs. In that event, Executive may initiate termination of employment by resigning under this Section 2.2 for Good Reason
during the period specified by the Board. Executive shall give the Company not less than 60 days prior written notice pursuant to Section 15 of such resignation. A substantial reorganization shall not be considered to have occurred unless the Board
specifically determines that a substantial reorganization has occurred for purposes of this Agreement and the Board establishes a time period during which Executive may elect to resign if an event constituting Good Reason occurs. Nothing in this
Agreement shall obligate the Board to make any such determination. 
  
 2.3 Benefits Payable Upon Termination Without Cause or Resignation for Good Reason After a Substantial Reorganization. 
  

(a) Upon any removal or resignation described in Section 2.1 or 2.2 above, Executive shall be entitled to receive only the amount due
to Executive under the Company’s then current severance pay plan for employees, if any. No other payments or benefits shall be due under this Agreement to Executive, but Executive shall be entitled to any benefits accrued or earned in
accordance with the terms of any applicable benefit plans and programs of the Company. 
  
 (b) Notwithstanding the provisions of Section 2.3(a), in the event of a removal or resignation described in Section 2.1 or 2.2 during the Employment Term, if Executive executes and does not
revoke a written release upon such removal or resignation, in form and substance acceptable to the Company (the “Release”), of any and all claims against the Company and all related parties with respect to all matters arising out of
Executive’s employment by the Company, or the termination thereof (other than claims based upon any severance entitlements under the terms of this Agreement or entitlements under any plans or programs of the Company under which Executive has
accrued a benefit), Executive shall be entitled to receive the severance benefits described below, in lieu of the payment described in Section 2.3(a). Payment of the lump sum benefits described below (other than as described in subsections (ii) and
(iv) below) shall be made within 30 days after Executive’s Termination Date (as defined in Section 4) or the end of the revocation period for the Release, if later. 
  
 (i) Executive shall receive a lump sum cash payment equal to two times Executive’s annual Base Salary
in effect immediately before the Termination Date (including salary reduction amounts of Base Salary under the Company’s benefit plans and programs). 
  

 3 

 (ii) Executive shall receive Executive’s annual short-term incentive bonus (PIP)
for the year in which Executive’s Termination Date occurs, at the time that annual bonuses for the year are paid to other executives, based on the Company’s actual performance for the year, but in an amount not less than Executive’s
target annual bonus in effect for the year. 
  
 (iii) The Company shall pay Executive an amount equal to the after-tax cost to the Executive of continuing the medical and dental coverage under COBRA or the Company’s retiree medical plan, if applicable, for Executive, and, where
applicable, his or her spouse and dependents, for the Severance Period (as defined in Section 4). The COBRA health care continuation coverage period under Section 4980B of the Code (as defined in Section 4) shall run concurrently with the period
described in the preceding sentence. 
  
 (iv)
Executive shall receive the following lump sum payments with respect to the long-term incentive awards (LTPP) in effect for Executive at his or her Termination Date: 
  
 (x) Executive shall receive a pro rated portion of each outstanding long-term incentive
award for which Executive’s Termination Date does not occur in the final year of the award period (for example, if the award period is three years, the awards for which the Termination Date occurs in year one or two). The pro rated payment for
each such long-term incentive award shall be computed as the target incentive award in effect for Executive multiplied by a fraction, the numerator of which is the number of years that the incentive award has been outstanding (including the year in
which the Termination Date occurs as a whole year) and the denominator of which is the number of years in the incentive award period. 
  
 (y) Executive shall receive each long-term incentive award for which Executive’s Termination Date occurs in the
final year of the award period, at the time that such long-term incentive awards are paid to other executives, based on the Company’s actual performance for the award period, but in an amount not less than Executive’s target long-term
incentive award in effect for such period. 
  
 The foregoing
payments shall be made under the Company’s long-term incentive plan, to the extent consistent with the terms of such plan. If the payments calculated above exceed the payments actually made to Executive under the Company’s long-term
incentive plan with respect to the foregoing awards, any such excess amount shall be paid to Executive under this Agreement. 
  
 (v) Executive’s outstanding stock options and restricted stock with respect to stock of the Company or any Affiliate of the Company
which are granted after the date of this Agreement shall become vested and exercisable on the Termination Date to the extent that such options and restricted stock would have become vested and exercisable on the next vesting date had Executive
remained an employee of the Company. All other unvested stock options and restricted stock shall be forfeited, except to the extent that the applicable grant agreement requires otherwise. No additional grants shall be made to Executive after
Executive’s termination of employment. 
  

 4 

 (vi) Executive shall receive supplemental benefits under this Agreement equal to:

  
 (A) the benefits that
Executive would have received under the Nationwide Retirement Plan, Nationwide Supplemental Retirement Plan, Nationwide Excess Benefit Plan, Nationwide Savings Plan, Nationwide Supplemental Defined Contribution Plan and Nationwide Individual
Deferred Compensation Plan, as in effect at Executive’s Termination Date, had Executive’s benefits under those Plans been fully vested as of Executive’s Termination Date, reduced by 
  
 (B) the benefits that Executive actually
receives under the Nationwide Retirement Plan, Nationwide Supplemental Retirement Plan, Nationwide Excess Benefit Plan, Nationwide Savings Plan, Nationwide Supplemental Defined Contribution Plan and Nationwide Individual Deferred Compensation Plan.

  
 The benefits under this subsection (vi) shall be paid in the
same forms and at the same times as Executive’s benefits under the applicable Plans described above are paid (or would have been paid had Executive’s interests in the applicable Plans been fully vested). The benefits payable under this
subsection (vi) and subsection (vii) below shall not result in any duplication of benefits. 
  
 (vii) If Executive’s Termination Date occurs within three years of the date on which Executive would have been first eligible to retire under the Nationwide Retirement Plan, Executive shall
receive a supplemental benefit under this Agreement equal to: 
  
 (A) the benefits that Executive would have received under the Nationwide Retirement Plan, Nationwide Supplemental Retirement Plan and Nationwide Excess Benefit Plan as in effect at Executive’s Termination Date,
had Executive earned service and age credit for the period ending on the first to occur of (i) three years after the Termination Date or (ii) the earliest date on which Executive would have been eligible to retire under the Nationwide Retirement
Plan, and had Executive been fully vested in Executive’s benefit under such Plans, reduced by 
  
 (B) the benefits that Executive actually receives under the Nationwide Retirement Plan, Nationwide Supplemental Retirement
Plan and Nationwide Excess Benefit Plan, and the benefits payable under subsection (vi) above with respect to the Nationwide Retirement Plan, Nationwide Supplemental Retirement Plan and Nationwide Excess Benefit Plan. 
  
 The benefits under this subsection (vii) shall be paid in the same forms and
at the same times as Executive’s benefits under the applicable Nationwide Plans are paid (or would have been paid had Executive’s interests in the applicable Plans been fully vested). 
  
 (viii) The Company shall pay Executive a lump sum cash
payment equal to the matching contributions that the Company would have made for Executive under the Nationwide Savings Plan and the Nationwide Supplemental Defined Contribution Plan, as in effect at Executive’s Termination Date, had Executive
continued in employment for the Severance Period, receiving compensation at a rate equal to Executive’s covered compensation 

  

 5 

 
amount for the calendar year prior to the year in which the Termination Date occurs and making the same level of contributions to the applicable plans as in
effect for Executive immediately before Executive’s Termination Date. 
  
 (ix) The Company shall cause Executive to receive service and age credit for purposes of eligibility under the Company’s retiree medical plan, and service credit for purposes of cost-sharing, until the end of the
Severance Period, as if Executive had continued in employment during the Severance Period. 
  
 (x) During the Severance Period, the Company shall pay or reimburse Executive for the cost of outplacement assistance services (not to exceed a total of $11,000) provided by any outplacement
agency selected by Executive. 
  
 (xi) During the
Severance Period, the Company shall pay or reimburse Executive for financial counseling services from the Company’s financial counseling vendor in an annual amount equal to the value of the financial counseling services provided by the Company
annually to Executive immediately before Executive’s Termination Date. 
  
 (xii) Executive shall have the right to retain the computer, printer, fax machine and office furniture that was provided by the Company for use by Executive at Executive’s residence at the Termination Date.

  
 (xiii) Executive shall receive any other
amounts earned, accrued or owing but not yet paid under Section 1 above and any other benefits in accordance with the terms of any applicable plans and programs of the Company. 
  
 2.4 Retirement or Other Voluntary Termination. Executive may voluntarily terminate employment for any
reason, including voluntary retirement, upon 60 days’ prior written notice pursuant to Section 15. In such event, after the effective date of such termination, except as provided in Section 2.2 or 3.3 (with respect to a resignation for Good
Reason), no further payments shall be due under this Agreement. However, Executive shall be entitled to any benefits due in accordance with the terms of any applicable benefit plans and programs of the Company. 
  
 2.5 Disability. The Company (by action of the Board)
may terminate Executive’s employment if Executive has been unable to perform the essential functions of his or her position with the Company, with or without reasonable accommodation, by reason of physical or mental incapacity for a period of
six consecutive months (“Disability”); provided, however, that the Company shall continue to pay Executive’s Base Salary until the Company acts to terminate Executive’s employment. Executive agrees, in the event of a dispute
under this Section 2.5 relating to Executive’s Disability, to submit to a physical examination by a licensed physician selected by the Board. Executive acknowledges that the provisions of this Section 2.5 supersede the employment termination
provisions otherwise applied to disabled employees. If Executive’s employment terminates on account of Disability, no further payments shall be due under this Agreement. However, Executive shall be entitled to (i) any benefits due in accordance
with the terms of any applicable benefit plans and programs of the Company and (ii) a pro rated bonus for the year in which Executive’s Disability occurs, which bonus shall be calculated according to Section 2.3(b)(ii) above. 
  

 6 

 2.6 Death. If Executive dies while employed by the Company, the Company shall pay
to Executive’s executor, legal representative, administrator or designated beneficiary, as applicable, (i) any amounts earned, accrued or owing but not yet paid under Section 1 above and any benefits accrued or earned under the Company’s
benefit plans and programs according to the terms of such plans and (ii) a pro rated bonus for the year in which Executive’s death occurs, which bonus shall be calculated according to Section 2.3(b)(ii) above. Otherwise, the Company shall have
no further liability or obligation under this Agreement to Executive’s executors, legal representatives, administrators, heirs or assigns. 
  
 2.7 Cause. The Company (by action of the Board) may terminate Executive’s employment at any time for Cause upon written notice
to Executive, in which event all payments under this Agreement shall cease, except for Base Salary to the extent already accrued. Executive shall be entitled to any benefits accrued or earned before his or her termination in accordance with the
terms of any applicable benefit plans and programs of the Company; provided that Executive shall not be entitled to receive any unpaid short-term or long-term cash incentive payments or unvested options. 
  
 3. Change of Control. 
  
 3.1 Effect of Change of Control. If a Change of
Control occurs and Executive’s employment terminates under the circumstances described below, the provisions of this Section 3 shall apply, instead of the provisions of Section 2.1, 2.2 and 2.3. 
  
 3.2 Termination Without Cause Upon or After a Change of
Control. Upon or after a Change of Control, the Company (by action of the Board) may remove Executive at any time without Cause from the position in which Executive is employed hereunder (in which case the Employment Term shall be deemed to have
ended) upon not less than 60 days’ prior written notice pursuant to Section 15 to Executive; provided, however, that, in the event that such notice is given, Executive shall be under no obligation to render any additional services to the
Company and shall be allowed to seek other employment. 
  
 3.3 Resignation for Good Reason Upon or After a Change of Control. Upon or after a Change of Control, Executive may initiate termination of employment by resigning under this Section 3 for Good Reason (as defined in Section 4).
Executive shall give the Company not less than 60 days’ prior written notice pursuant to Section 15 of such resignation. 
  

 7 

 3.4 Benefits Payable Upon Termination Without Cause or Resignation for Good Reason
Upon or After a Change of Control. 
  
 (a)
Upon any removal or resignation described in Section 3.2 or 3.3 above, Executive shall be entitled to receive only the amount due to Executive under the Company’s then current severance pay plan for employees, if any. No other payments or
benefits shall be due under this Agreement to Executive, but Executive shall be entitled to any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company. 
  
 (b) Notwithstanding the provisions of Section 3.4(a), in the
event of a removal or resignation described in Section 3.2 or 3.3 that occurs upon or after a Change of Control and during the Employment Term, if Executive executes and does not revoke a written Release upon such removal or resignation, Executive
shall be entitled to receive the severance benefits described below, in lieu of the payment described in Section 3.4(a). Payment of the lump sum benefits described below (other than as described in subsection (ii) below) shall be made within 30 days
after Executive’s Termination Date or the end of the revocation period for the Release, if later. 
  
 (i) Executive shall receive a lump sum cash payment equal to three times Executive’s Compensation (as defined in Section 4).

  
 (ii) Executive shall receive Executive’s
annual short-term incentive bonus (PIP) for the year in which Executive’s Termination Date occurs, at the time that annual bonuses for the year are paid to other executives, based on the Company’s performance for the year but in an amount
not less than Executive’s target annual bonus in effect for the year in which the Termination Date occurs. 
  
 (iii) During the Severance Period, the Company shall cause Executive, and, where applicable, his or her spouse and dependents, to
continue to be eligible for the medical, dental and life insurance coverage in effect immediately before the Change of Control (or generally comparable coverage) as if Executive had continued in employment during the Severance Period, and the
Company shall pay the cost of such coverage; or, as an alternative, at the Company’s election, the Company may pay Executive cash in lieu of such coverage in an amount equal to Executive’s after-tax cost of continuing such coverage. The
COBRA health care continuation coverage period under Section 4980B of the Code shall run concurrently with the Severance Period. If Executive qualifies for retiree medical coverage from the Company during any portion of the Severance Period, the
Company may provide such retiree medical coverage during such portion of the Severance Period in lieu of the foregoing coverage. 
  
 (iv) Executive shall receive a lump sum payment equal to the long-term incentive awards (LTPP) in effect for Executive on the Termination
Date, based on the Company’s actual performance through the Termination Date, but in an amount not less than the total target long-term incentive awards in effect for Executive on the Termination Date. The foregoing payment shall be made under
the Company’s long-term incentive plan, to the extent consistent with the terms of such plan. If the payment calculated above exceeds the payment actually made to Executive under the Company’s long-term incentive plan with respect to the
foregoing awards, any such excess benefit shall be paid to Executive under this Agreement. 
  

 8 

 (v) All stock options and restricted stock with respect to stock of the Company or any
Affiliate of the Company that are held by Executive and are granted after the date of this Agreement shall become fully vested and exercisable as of the Termination Date (if not already vested and exercisable pursuant to the terms of the applicable
plan). 
  
 (vi) Executive shall receive a
supplemental benefit under this Agreement equal to: 
  
 (A) the benefits that Executive would have received under the Nationwide Savings Plan, Nationwide Supplemental Defined Contribution Plan and Nationwide Individual Deferred Compensation Plan, as in effect immediately
before the Change of Control had Executive’s benefits under those Plans been fully vested as of Executive’s Termination Date, reduced by 
  
 (B) the benefits that Executive actually receives under the Nationwide Savings Plan, Nationwide Supplemental Defined
Contribution Plan and Nationwide Individual Deferred Compensation Plan. 
  
 The benefits under this subsection (vi) shall be paid in the same forms and at the same times as the benefits under the applicable Plans described above are paid (or would have been paid had Executive’s interests in the applicable
Plans been fully vested), as in effect immediately before the Change of Control. The benefits under this subsection (vi) and subsection (vii) below shall not result in any duplication of benefits. 
  
 (vii) Executive shall receive a supplemental benefit under
this Agreement equal to: 
  
 (A)
the benefits that Executive would have received under the Nationwide Retirement Plan, Nationwide Supplemental Retirement Plan and Nationwide Excess Benefit Plan had Executive received credit for eligibility, age, compensation and benefit accrual
purposes during the Severance Period under the Nationwide Retirement Plan, Nationwide Supplemental Retirement Plan and Nationwide Excess Benefit Plan, each as in effect immediately before the Change of Control, calculated as if Executive had
continued in employment during the Severance Period, receiving compensation at the same times as compensation is normally paid and in amounts equal to the Compensation, and as if Executive had been fully vested in Executive’s benefits under
such Plans, reduced by 
  
 (B)
the benefits that Executive actually receives under the Nationwide Retirement Plan, Nationwide Supplemental Retirement Plan and Nationwide Excess Benefit Plan. 
  

 9 

 The benefits under this subsection (vii) shall be paid in the same forms and at the same times as
benefits under the applicable Plans described above are paid (or would have been paid had Executive’s interests in the applicable Plans been fully vested), as in effect immediately before the Change of Control. 
  
 (viii) The Company shall pay Executive a lump sum cash
payment equal to the matching contributions that the Company would have made for Executive under the Nationwide Savings Plan and the Nationwide Supplemental Defined Contribution Plan, as in effect immediately before the Change of Control, had
Executive continued in employment for the Severance Period receiving Executive’s Compensation and making the same level of contributions to the applicable plans as in effect immediately before Executive’s Termination Date. 
  
 (ix) The Company shall cause Executive to receive service
and age credit for purposes of eligibility, and service credit for purposes of cost-sharing, under the Company’s retiree medical plan until the end of the Severance Period, as if Executive had continued in employment during that period.

  
 (x) During the Severance Period, the Company
shall pay or reimburse Executive for the cost of outplacement assistance services (not to exceed a total of $11,000) provided by any outplacement agency selected by Executive. 
  
 (xi) During the Severance Period, the Company shall pay or reimburse Executive for financial counseling
services from the Company’s financial counseling vendor in an annual amount equal to the value of the financial counseling services provided by the Company annually to Executive immediately before the Change of Control. 
  
 (xii) Executive shall have the right to retain the computer,
printer, fax machine and office furniture that was provided by the Company for use by Executive at Executive’s residence at the Termination Date. 
  
 (xiii) Executive shall receive any other amounts earned, accrued or owing but not yet paid under Section 1 above and any other benefits
in accordance with the terms of any applicable plans and programs of the Company. 
  
 3.5 Increase in Payments Upon a Change of Control. 
  
 (a) Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution
by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within
the meaning of Section 280G of the Code, the Company shall pay Executive an additional amount (the “Gross-Up Payment”) such that the net amount retained by Executive after deduction of any excise tax imposed under Section 4999 of the Code,
and any federal, state and local income tax, employment tax and excise tax imposed upon the Gross-Up Payment, shall be equal to the Payment. For purposes of determining the amount of the Gross-Up Payment, unless Executive specifies that other rates
apply, Executive shall be deemed to pay federal income tax and employment taxes at the highest marginal rate of federal income and employment taxation in 

  

 10 

 
the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and
locality of Executive’s residence on Executive’s Termination Date, net of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local taxes. 
  
 (b) All determinations to be made under this Section 3.5
shall be made by the Company’s independent public accountant immediately prior to the Change of Control (the “Accounting Firm”), which firm shall provide its determinations and any supporting calculations both to the Company and
Executive within 20 days after Executive’s Termination Date. Any such determination by the Accounting Firm shall be binding upon the Company and Executive. Within ten days after the Accounting Firm’s determination, the Company shall pay
the Gross-Up Payment to Executive. 
  
 (c)
Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of a Gross-Up Payment. Such notification shall be given as soon as practicable but no later than
ten business days after Executive knows of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period
following the date on which Executive gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of
such period that it desires to contest such claim, Executive shall: 
  
 (i) give the Company any information reasonably requested by the Company relating to such claim, 
  
 (ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 
  
 (iii) cooperate with the Company in good faith in order to contest such claim effectively, and 
  
 (iv) permit the Company to participate in any proceedings
relating to such claim; 
  
 provided, however, that the Company
shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any excise tax, income tax or
employment tax, including interest and penalties, with respect thereto, imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 3.5, the Company shall control all
proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearing and conferences with the taxing authority in respect of such claim and may, at its sole option,
either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a 

  

 11 

 
termination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine. If
the Company directs Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any
excise tax, income tax or employment tax, including interest or penalties with respect thereto, imposed with respect to such advance or with respect to any imputed income with respect to such advance. Any extension of the statute of limitations
relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due shall be limited solely to such contested amount. The Company’s control of the contest shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder, and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  
 (d) If, after the receipt by Executive of an amount advanced
by the Company pursuant to this Section, Executive becomes entitled to receive any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of subsection (b)) promptly pay to the Company the
amount of such refund, together with any interest paid or credited thereon after taxes applicable thereto. If, after the receipt by Executive of an amount advanced by the Company pursuant to this Section, a determination is made that Executive shall
not be entitled to any refund with respect to such claim and the Company does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be
forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 (e) All of the fees and expenses of the Accounting Firm in performing the determinations referred to in
subsections (b), (c) and (d) above shall be borne solely by the Company. The Company agrees to indemnify and hold harmless the Accounting Firm from any and all claims, damages and expenses resulting from or relating to its determinations pursuant to
subsections (b), (c) and (d) above, except for claims, damages or expenses resulting from the gross negligence or willful misconduct of the Accounting Firm. 
  
 4. Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this Section 4:

  
 (a) “Affiliate” shall mean
any subsidiary of the Company and any other entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the Company, as determined by the Board. 
  
 (b) “Cause” shall mean any of the following
grounds for termination of Executive’s employment: 
  
 (i) Executive shall have been convicted of a felony; 
  
 (ii) Executive neglects, refuses or fails to perform his or her material duties to the Company (other than a failure resulting from Executive’s incapacity due to physical 
  

 12 

 
or mental illness), which failure has continued for a period of at least 30 days after a written notice of demand for substantial performance, signed by a
duly authorized officer of the Company, has been delivered to Executive specifying the manner in which Executive has failed substantially to perform; 
  
 (iii) Executive engages in misconduct in the performance of his or her duties; 
  
 (iv) Executive engages in public conduct that is harmful to
the reputation of the Company; 
  
 (v) Executive
breaches any written non-competition, non-disclosure or non-solicitation agreement in effect with the Company, including without limitation the provisions of Section 6 or 7 of this Agreement; or 
  
 (vi) Executive breaches the Company’s written code of
business conduct and ethics. 
  
 (c)
“Change of Control” shall mean the happening of any of the following events, as described in subsections (i), (ii) and (iii) below: 
  
 (i) The following events with respect to Nationwide Mutual shall constitute a Change of Control: 
  
 (A) A sale or other disposition of all or
substantially all of the assets of Nationwide Mutual; 
  
 (B) A liquidation or dissolution of Nationwide Mutual; 
  
 (C) A change in the composition of 50% or more of the members of the Board of Directors of Nationwide Mutual as a result
of a merger, financial arrangement (such as the sale of surplus notes of Nationwide Mutual) or other corporate transaction, such that the directors who were members of the Board of Directors of Nationwide Mutual immediately before the transaction
cease, within two years after the transaction, to constitute 50% or more of the Board of Directors of Nationwide Mutual or the successor corporation; 
  
 (D) Entry into an affiliation agreement giving any individual, entity or group, other than policyholders, the power to
direct or cause the direction of the management and policies of Nationwide Mutual; 
  
 (E) Entry into an agreement reinsuring all or substantially all the business of Nationwide Mutual (other than through an Affiliate); or 
  
 (F) Consummation of a sale or other
disposition of a controlling interest in Nationwide Mutual, other than to a direct or indirect wholly owned subsidiary of Nationwide Mutual. 
  

 13 

 (ii) In addition to the foregoing, the Board may determine, in its sole discretion, that
any of the events described below shall constitute a Change of Control for purposes of this Agreement. None of the events described in this Section 4(c)(ii) shall be considered a Change of Control for purposes of this Agreement unless the Board
determines, in a written resolution, that the event shall be considered a Change of Control for purposes of this Agreement, and nothing in this Agreement shall obligate the Board to make any such determination. The following events may constitute a
Change of Control if so designated by the Board: 
  
 (A) A demutualization of Nationwide Mutual; 
  
 (B) Establishment of a mutual holding company structure for Nationwide Mutual; or 
  
 (C) Any reorganization or other event that the Board considers appropriate to characterize as a Change of Control for
purposes of this Agreement. 
  
 (iii) In addition
to the foregoing, the following events with respect to NFS shall constitute a Change of Control: 
  
 (A) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) (other than NFS or an
Affiliate) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of NFS or Nationwide Corp. representing 50% or more of the voting power of the then outstanding securities of
NFS or Nationwide Corp.; however, a Change of Control shall not occur under this subsection (A) as a result of a transaction in which NFS or Nationwide Corp. becomes a subsidiary of another corporation and the shareholders of NFS or Nationwide Corp.
immediately prior to the transaction will beneficially own (directly or indirectly), immediately after the transaction, shares representing 50% or more of the voting power of the then outstanding securities of the parent corporation; 
  
 (B) A merger or consolidation of NFS or
Nationwide Corp. with another corporation where the shareholders of NFS or Nationwide Corp., as applicable, immediately prior to the merger or consolidation will not beneficially own (directly or indirectly), immediately after the merger or
consolidation, shares representing more than 50% of the voting power of the then outstanding securities of the surviving corporation; 
  
 (C) A sale or other disposition of all or substantially all of the assets of NFS; or 
  
 (D) A liquidation or dissolution of NFS.

  
 (d) “Code” shall mean the
Internal Revenue Code of 1986, as amended. 
  
 (e)
“Compensation” shall mean (i) Executive’s annualized Base Salary in effect at Executive’s Termination Date (or immediately before a Change of Control, if greater), plus (ii) the target annual bonus in effect for Executive
for the year in which the Termination Date occurs (or the year in which a Change of Control occurs, if greater), together with (iii) all 

  

 14 

 
salary reduction authorized amounts of such compensation under any of the Company’s benefit plans or programs for such calendar year.
“Compensation” shall not include the value of any long-term incentive compensation, restricted stock or stock options or any exercise thereunder. 
  
 (f) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
  
 (g) “Good Reason” shall mean the occurrence
of any of the following events, except in connection with the termination of Executive’s employment for Disability, Cause, as a result of death or by Executive other than for Good Reason and except as provided in the last sentence of this
subsection (g): 
  
 (i) A change in
Executive’s position and responsibilities (including reporting responsibilities) that represents a substantial diminution, as reasonably determined by the Board, of Executive’s position and responsibilities as in effect immediately prior
thereto; 
  
 (ii) The relocation of the offices
of the Company at which Executive is principally employed to a location more than 50 miles from the location of such offices immediately prior to the relocation, or the Company’s requiring Executive to be based anywhere other than such offices,
except for required travel on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations at the date of this Agreement; 
  
 (iii) The failure of the Company to provide Executive with aggregate compensation (Base Salary and target
long-term and short-term incentive compensation) or aggregate benefits that are at least equal (in terms of benefit levels and reward opportunities) to those provided by the Company to Executive immediately before the change; provided, however, that
a change in compensation or benefits for all executives of the Company, in which Executive is treated similarly as all other executives of a comparable responsibility level, shall not constitute Good Reason under this Agreement; or 
  
 (iv) The failure of the Company to obtain from its
successors the express assumption and agreement required under Section 16 hereof. 
  
 Notwithstanding the foregoing, Executive shall not have Good Reason for termination if, within 60 days after the date on which Executive gives notice of his or her termination, as provided in Section 5, the Company
corrects the action or failure to act that constitutes the grounds for termination for Good Reason as set forth in Executive’s notice of termination. 
  
 (h) “Nationwide Mutual” shall mean Nationwide Mutual Insurance Company. 
  
 (i) “Termination Date” shall mean the
effective date of the termination of Executive’s employment relationship with the Company pursuant to this Agreement. 
  
 (j) “Severance Period” shall mean (x) in the event of a termination of employment before a Change of Control, the period
beginning on Executive’s Termination Date and ending two years after the Termination Date and (y) in the event of a termination of employment at or after a Change of Control, the period beginning on Executive’s Termination Date and ending
three years after the Termination Date. 
  

 15 

 5. Notice of Termination. Any termination of Executive’s employment shall be
communicated by a written notice of termination to the other party hereto given in accordance with Section 15. The notice of termination shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) briefly summarize the
facts and circumstances deemed to provide a basis for a termination of employment and the applicable provision hereof, and (iii) specify the Termination Date in accordance with the requirements of this Agreement. 
  
 6. Confidential Information. Executive recognizes and
acknowledges that, by reason of Executive’s employment by and service to the Company during and, if applicable, after the Employment Term, Executive will continue to have access to certain confidential and proprietary information relating to
the business of the Company, which may include, but is not limited to, trade secrets, trade “know-how”, customer information, supplier information, cost and pricing information, marketing and sales techniques, strategies and programs,
computer programs and software and financial information (collectively referred to as “Confidential Information”). Executive acknowledges that such Confidential Information is a valuable and unique asset of the Company and Executive
covenants that Executive will not, unless expressly authorized in writing by the Board, at any time during the course of Executive’s employment, use any Confidential Information or divulge or disclose any Confidential Information to any person,
firm or corporation except in connection with the performance of Executive’s duties for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. Executive also covenants that at any time after
the termination of such employment, directly or indirectly, Executive will not use any Confidential Information or divulge or disclose any Confidential Information to any person, firm or corporation, unless such information is in the public domain
through no fault of Executive or except when required to do so by law or legal process, in which case Executive will inform the Company in writing promptly of such required disclosure, but in any event at least two business days prior to disclosure.
All written Confidential Information (including, without limitation, in any computer or other electronic format) which comes into Executive’s possession during the course of Executive’s employment shall remain the property of the Company.
Except as required in the performance of Executive’s duties for the Company, or unless expressly authorized in writing by the Board, Executive shall not remove any written Confidential Information from the Company’s premises, except in
connection with the performance of Executive’s duties for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. Upon termination of Executive’s employment, Executive agrees immediately
to return to the Company all written Confidential Information in Executive’s possession. For the purposes of this Section 6, the term “Company” shall be deemed to include the Company, its Affiliates and their successors. 

 
 7. Non-Competition; Non-Solicitation. 

 
 (a) During Executive’s employment by the Company and
for a period of one year after Executive’s termination of employment for any reason, Executive will not, except with the prior written consent of the Board, directly or indirectly, own, manage, operate, join, control, finance or participate in
the ownership, management, operation, control or financing of, or be 

  

 16 

 
connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit Executive’s name
to be used in connection with, any business or enterprise which is engaged in any financial services, insurance or other business that is competitive with any business or enterprise in which the Company is engaged, anywhere in the world, during
Executive’s employment or (with respect to the application of this covenant after Executive’s termination of employment) during the two year period preceding Executive’s termination of employment. The parties acknowledge that the
Company engages in its business on a worldwide basis, and Executive acknowledges that his or her responsibilities extend to the Company’s worldwide operations. 
  
 (b) The foregoing restrictions shall not be construed to prohibit the ownership by Executive of less than
five percent of any class of securities of any corporation which is engaged in any of the foregoing businesses having a class of securities registered pursuant to the Exchange Act, provided that such ownership represents a passive investment and
that neither Executive nor any group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation, guarantees any of its financial obligations, otherwise takes any part in its
business, other than exercising Executive’s rights as a shareholder, or seeks to do any of the foregoing. 
  
 (c) Executive further covenants and agrees that during Executive’s employment by the Company and for a period of one year thereafter,
Executive will not, except with the prior written consent of the Board, directly or indirectly, solicit or hire, or encourage the solicitation or hiring of, any person who was a managerial or higher level employee of the Company at any time during
the term of Executive’s employment by the Company by any employer other than the Company for any position as an employee, independent contractor, consultant or otherwise. The foregoing covenant of Executive shall not apply to any person after
12 months have elapsed after the date on which such person’s employment by the Company has terminated. 
  
 (d) The covenants described in this Section 7 shall continue to apply during the period specified herein after Executive’s
termination of employment for any reason, without regard to whether Executive executes a Release or receives any severance benefits as a result of such termination. If Executive breaches any of the covenants described in this Section 7, the
applicable period during which the covenant applies shall be tolled during the period of the breach. Without limiting the foregoing, the severance benefits provided under this Agreement are specifically designated as additional consideration for the
covenants described in Section 6 and this Section 7. 
  
 (e) For the purposes of this Section 7, the term “Company” shall be deemed to include the Company, its Affiliates and their successors. 
  
 8. Equitable Relief. 
  
 (a) Executive acknowledges and agrees that the restrictions contained in Sections 6 and 7 are reasonable and necessary to protect and
preserve the legitimate interests, properties, goodwill and business of the Company, that the Company would not have entered into this Agreement in the absence of such restrictions and that irreparable injury will be suffered 

  

 17 

 
by the Company should Executive breach any of the provisions of those Sections. Executive represents and acknowledges that (i) Executive has been advised by
the Company to consult Executive’s own legal counsel in respect of this Agreement, and (ii) Executive has had full opportunity, prior to execution of this Agreement, to review thoroughly this Agreement with Executive’s counsel. 

 
 (b) Executive further acknowledges and agrees that a
breach of any of the restrictions in Sections 6 and 7 cannot be adequately compensated by monetary damages. Executive agrees that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual
damages, as well as an equitable accounting of all earnings, profits and other benefits arising from any violation of Sections 6 or 7 hereof, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may
be entitled. In the event that any of the provisions of Sections 6 or 7 hereof should ever be adjudicated to exceed the time, geographic, service, or other limitations permitted by applicable law in any jurisdiction, it is the intention of the
parties that the provision shall be amended to the extent of the maximum time, geographic, service, or other limitations permitted by applicable law, that such amendment shall apply only within the jurisdiction of the court that made such
adjudication and that the provision otherwise be enforced to the maximum extent permitted by law. 
  
 (c) Notwithstanding anything in this Agreement to the contrary, if Executive breaches any of Executive’s obligations under Sections 6 or 7 hereof, the Company shall thereafter be obligated
only for the compensation and other benefits provided in any Company benefit plans, policies or practices then applicable to Executive in accordance with the terms thereof, and all payments under Sections 2 and 3 of this Agreement shall cease.

  
 (d) Executive irrevocably and unconditionally
(i) agrees that any suit, action or other legal proceeding arising out of Section 6 or 7 hereof, including without limitation, any action commenced by the Company for preliminary and permanent injunctive relief and other equitable relief, may be
brought in a United States District Court for Ohio, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Columbus, Ohio, (ii) consents to the non-exclusive jurisdiction of any such
court in any such suit, action or proceeding, and (iii) waives any objection which Executive may have to the laying of venue of any such suit, action or proceeding in any such court. Executive also irrevocably and unconditionally consents to the
service of any process, pleadings, notices or other papers in a manner permitted by the notice provisions of Section 15 hereof. 
  
 (e) Executive agrees that for a period of three years following the termination of Executive’s employment for any reason, Executive
will provide, and at all times after the date hereof the Company may similarly provide, a copy of Sections 6 and 7 hereof to any business or enterprise (i) which Executive may directly or indirectly own, manage, operate, finance, join, control or in
which Executive may participate in the ownership, management, operation, financing, or control, or (ii) with which Executive may be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise, or
in connection with which Executive may use or permit to be used Executive’s name; provided, however, that this provision shall not apply in respect of Section 7 after expiration of the time periods set forth therein. 
  

 18 

 (f) For the purposes of this Section 8, the term “Company” shall be deemed to
include the Company, its Affiliates and their successors. 
  
 9. Indemnification. The Company shall indemnify Executive with respect to Executive’s actions in the performance of Executive’s duties as set forth in Section 1.2 to the fullest extent permitted by
the Company’s Restated Bylaws as in effect from time to time. 
  
 10. Non-Exclusivity of Rights; Resignation from Boards. 
  
 (a) Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan or program provided by the
Company and for which Executive may qualify; provided, however, that if Executive becomes entitled to and receives the payments described in Section 2.3(b) or 3.4(b) of this Agreement, Executive hereby waives Executive’s right to receive
payments under any severance plan or similar program applicable to all employees of the Company. 
  
 (b) If Executive’s employment with the Company terminates for any reason, Executive shall immediately resign from all boards of directors of the Company, any Affiliates and any other
entities for which Executive serves as a representative of the Company. 
  
 11. Survivorship. The respective rights and obligations of the parties under this Agreement (including without limitation Sections 6, 7 and 8) shall survive any termination of Executive’s employment to the
extent necessary to the intended preservation of such rights and obligations. 
  
 12. Mitigation. Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise, and there shall be no offset against
amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. 
  
 13. Benefit Plans; Outstanding Awards. All references in this Agreement to specific retirement or other benefit plans of the
Company shall be deemed to include any successor retirement or other benefit plans. The terms of Executive’s outstanding stock options, restricted stock and long-term incentive awards are hereby amended to provide that, without adversely
affecting any rights that Executive has under such award agreements, the award agreements are amended to provide for the accelerated vesting and payments upon termination of employment as provided in Sections 2.3(b)(iv), 2.3(b)(v), 3.4(b)(iv) and
3.4(b)(v) of this Agreement, to the extent consistent with the applicable plans. In all respects not amended, the provisions of such outstanding awards shall remain in effect according to their terms. 
  
 14. Arbitration; Expenses. In the event of any dispute
under the provisions of this Agreement, other than a dispute in which the primary relief sought is an equitable remedy such as an injunction, the parties shall be required to have the dispute, controversy or claim settled by arbitration in Columbus,
Ohio in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association, before a panel of three arbitrators, two of whom shall be selected by the Company and Executive,
respectively, and the third of whom shall be selected by the other two arbitrators. Any award entered by the arbitrators shall be final, binding and nonappealable and judgment may be entered thereon by 

  

 19 

 
either party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The
arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of the Agreement. In the event of a dispute, each
party shall be responsible for its own expenses (including attorneys’ fees) relating to the conduct of the arbitration, and the parties shall share equally the fees of the American Arbitration Association. Each party shall give the other party
written notice as described in Section 15 of its intent to submit a claim under this Agreement to arbitration and a description of the basis of such claim, within six months after the event giving rise to the claim occurs. 
  
 15. Notices. All notices and other communications
required or permitted under this Agreement or necessary or convenient in connection herewith shall be in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail, as follows (provided that notice
of change of address shall be deemed given only when received): 
  
 If to the Company, to: 
  

			
	 Nationwide Financial Services, Inc.

	 One Nationwide Plaza, 1-35-03

	 Columbus, OH 43215

	 Attention:
	 	 Executive Vice President and Chief Administrative Officer

	 	 	 Executive Vice President, General Counsel

  
 With a
required copy to: 
  
 Morgan, Lewis &
Bockius LLP 
 1701 Market Street 
 Philadelphia, PA 19103-2921 
 Attention: Francis M. Milone 

 
 If to Executive, to: 
  
 Mark R. Thresher 
 180 Thornbury Ln 
 Powell, OH 43065 
  
 or to such other names or addresses
as the Company or Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section. 
  
 16. Contents of Agreement; Amendment and Assignment. 
  
 (a) This Agreement sets forth the entire understanding
between the parties hereto with respect to the subject matter hereof and cannot be changed, modified, extended or terminated except upon written amendment approved by the Board and executed on its behalf by a duly authorized officer of the Company
and by Executive. 
  

 20 

 (b) All of the terms and provisions of this Agreement shall be binding upon and inure to
the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of Executive under this Agreement are of a
personal nature and shall not be assignable or delegatable in whole or in part by Executive. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or
substantially all of the business or assets of the Company, within 15 days of such succession, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such
succession had taken place. 
  
 17.
Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other
provision or application of this Agreement which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. If any
provision is held void, invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances. 
  
 18. Remedies Cumulative; No Waiver. No remedy conferred upon a party by this Agreement is intended to
be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law or in equity. No delay or omission by a party in
exercising any right, remedy or power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time to time and as often as may be deemed
expedient or necessary by such party in its sole discretion. 
  
 19. Beneficiaries/References. Executive shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable
under this Agreement following Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a judicial determination of Executive’s incompetence, reference in this Agreement to Executive shall
be deemed, where appropriate, to refer to Executive’s beneficiary, estate or other legal representative. 
  
 20. Miscellaneous. All section headings used in this Agreement are for convenience only. This Agreement may be executed in
counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. 
  
 21. Withholding; Taxes. All payments under this Agreement shall be made subject to applicable tax
withholding, and the Company shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. Except as specifically provided
otherwise in this Agreement, Executive shall be responsible for all taxes applicable to amounts payable under this Agreement and payments under this Agreement shall not be grossed up for taxes. 
  

 21 

 22. Governing Law. This Agreement shall be governed by and interpreted under the
laws of the State of Ohio without giving effect to any conflict of laws provisions. 
  
 IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of the date first above written. 
  

									
	 	 	 	 	 	 	 NATIONWIDE FINANCIAL SERVICES, INC.

				
	  

	 	 	 	 By:
	 	  

	 Mark R. Thresher
	 	 	 	 Name:

	 	 	 	 	 	 	 Title:

					
	 Date:
	 	  

	 	 	 	 Date:
	 	  

  

 22

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