Document:

Fourth Amended and Restated Letter of Credit and Reimbursement Agreement

 EXHIBIT 10(ll) 
  

  
 FOURTH AMENDED AND RESTATED 
  
 LETTER OF CREDIT AND
REIMBURSEMENT AGREEMENT 
  
 dated as of 
  
 December 10, 2004 
  
 among 
  
 LINCOLN NATIONAL CORPORATION, 
 as an Account Party and Guarantor 
  
 The SUBSIDIARY ACCOUNT PARTIES, 
 as additional Account Parties 
  
 The BANKS Party Hereto 
  
 and 
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
  

  
 $900,000,000 
  

  
 J.P. MORGAN SECURITIES INC. 
 and 
 WACHOVIA CAPITAL MARKETS, LLC, 

as Joint Lead Arrangers and Joint Bookrunners 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as
Syndication Agent 
  
 THE BANK OF NEW YORK 
 and 
 CITIBANK, N.A., 
 as Documentation Agents 
  

  

 FOURTH AMENDED AND RESTATED LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT dated as of December 10, 2004
(this “Fourth Amendment and Restatement”) among LINCOLN NATIONAL CORPORATION, an Indiana corporation (together with its successors and permitted assigns, the “Company”), the SUBSIDIARY ACCOUNT PARTIES party hereto
(the “Subsidiary Account Parties”), the BANKS party hereto (including each Person listed under the caption “BANKS” on the signature pages hereto that is not a “Bank” under the Existing LC Agreement referred to
below (each a “New Bank”), the “Banks”) and JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank) (“JPMCB”), as administrative agent for the Banks (in such capacity, together with its
successors in such capacity, the “Administrative Agent”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company, each Subsidiary Account Party, the banks party thereto (the “Existing Banks”) and JPMCB, as Administrative Agent,
are parties to the Third Amended and Restated Letter of Credit and Reimbursement Agreement dated as of December 11, 2003 (as amended and in effect immediately prior to the satisfaction (or waiver) of the conditions set forth in Section 4 hereof, the
“Existing LC Agreement”); 
  
 WHEREAS, each of
the Existing Banks that is not listed under the caption “BANKS” on the signature pages hereto (collectively, the “Retiring Banks”) will cease being a “Bank” under the Existing LC Agreement as of the Restatement
Effective Date (as defined in Section 4 hereof), and each of the New Banks wishes to become a “Bank” under the Existing LC Agreement as amended and restated by this Fourth Amendment and Restatement; and 
  
 WHEREAS, the Company has requested certain amendments to provisions of the
Existing LC Agreement, including the extension of the availability of the commitments thereunder, and the Banks (including the New Banks) are willing to make such amendments on the terms and conditions set forth below; 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that, effective as of the Restatement Effective Date (as defined in Section 4
hereof), the Existing LC Agreement shall be amended and restated to read in its entirety as set forth in the Existing LC Agreement, which is incorporated herein by this reference, subject to the amendments set forth in Section 2 hereof (the Existing
LC Agreement, as so amended and restated hereby, is herein called the “Fourth Amended and Restated LC Agreement”): 
  
 Section 1. Definitions. Except as otherwise defined herein, terms defined in the Existing LC Agreement have the meanings ascribed thereto in the
Existing LC Agreement, after giving effect to the amendments set forth in Section 2 hereof. 
  
 Section 2. Amendments. Effective as of the Restatement Effective Date, the Existing LC Agreement is hereby amended as follows: 
  
 2.01. Certain References. References in the Existing LC Agreement to (i) “this Agreement” or words of
similar import (including indirect references to the Existing LC Agreement) and in Exhibits A, B and C to the Existing LC Agreement to “the Third Amended 

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
  

 
and Restated Letter of Credit and Reimbursement Agreement dated as of December 11, 2003” shall be deemed to be references to the Fourth Amended and
Restated LC Agreement, (ii) “Schedule I” and “Schedule II” or words of similar import (including indirect references to such schedule) shall be deemed to be references to Schedule I and Schedule II, respectively, to this Fourth
Amendment and Restatement and (iii) “Effective Date” (other than in Exhibits A and C thereto) shall be deemed to be references to the Restatement Effective Date. 
  
 2.02. Recitals. The recitals in the Existing LC Agreement shall be amended and restated in their entirety to read as
follows: “The parties hereto agree as follows:”. 
  
 2.03. Certain Definitions. 
  
 (a) The last sentence of the definition of “Commitment” contained in Section 1.01 of the Existing LC Agreement shall be amended in its entirety to read as follows: “The aggregate amount of the Banks’ Commitments
is $900,000,000 as of the Restatement Effective Date.” 
  
 (b) Section 1.01 of the Existing LC Agreement shall be amended by inserting the following definitions (or, in the case of any of the following defined terms that are already defined in the Existing LC Agreement, by
amending and restating in its entirety each such term to read as set forth below) in their proper respective alphabetical locations: 
  
 “Applicable Rate” means, for any day, with respect to the facility fees or letter of credit fees payable hereunder, as
the case may be, the applicable rate per annum set forth below under the caption “Facility Fee” or “Letter of Credit Fee”, respectively, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to
the Index Debt: 
  

									
	 	  	 Index Debt
Ratings
 (S&P/Moody’s)

	  	Facility Fee

	 	 	Letter of
Credit Fee

	 
	 Category 1
	  	> A / A2	  	0.06	%	 	0.215	%
	 Category 2
	  	A- / A3	  	0.08	%	 	0.245	%
	 Category 3
	  	BBB+ / Baa1	  	0.10	%	 	0.30	%
	 Category 4
	  	< BBB / Baa2	  	0.15	%	 	0.50	%

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

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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Category apart, the Applicable Rate shall be determined by reference to the Category next below that of the higher of the two ratings; (c) if only one of
Moody’s and S&P shall have in effect a rating for the Index Debt, the Applicable Rate shall be determined by reference to the Category of such rating; (d) if neither Moody’s nor S&P shall have in effect a rating for the Index Debt
(other than by reason of the circumstances referred to in the last sentence of this definition), then the applicable rating shall be determined by reference to Category 4; and (e) if the ratings established or deemed to have been established by
Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating
agency, irrespective of when notice of such change shall have been furnished by the Company to the Administrative Agent and the Banks pursuant to Section 5.01 or otherwise. Each change in the Applicable Rate shall apply during the period commencing
on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the
business of rating corporate debt obligations, the Company and the Banks shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the
effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating of Moody’s and/or S&P, as the case may be, most recently in effect prior to such change or cessation. 
  
 “Commitment Termination Date” means
December 10, 2009 or, if such day is not a Business Day, the next preceding Business Day. 
  
 “Company’s 2003 Form 10-K” means the Company’s annual report on Form 10-K for 2003, as filed with the
Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. 
  
 “JPMCB” means JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank). 
  
 “Restatement Effective Date” has the
meaning set forth in Section 4 of the Fourth Amended and Restated Letter of Credit and Reimbursement Agreement dated as of December 10, 2004. 
  
 (c) The definition of “Effective Date” contained in Section 1.01 of the Existing LC Agreement shall be deleted in its entirety.

  
 (d) The definition of “Existing LC
Agreement” contained in Section 1.01 of the Existing LC Agreement shall be deleted in its entirety. 
  
 (e) Each reference to the term “Company’s 2002 Form 10-K” in the Existing LC Agreement shall be amended and replaced with
the term “Company’s 2003 Form 10-K”. 
  

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 2.04. Expiry Date of Letters of Credit. Section 2.01(d) of the Existing LC Agreement shall be
amended and restated in its entirety as follows: 
  
 “(d) Expiry Date. Each Committed Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (provided that such
Committed Letter of Credit may contain “evergreen” provisions for the renewal or extension thereof to a date one year after the then current expiry date thereof) or (ii) December 31, 2010.” 
  
 2.05. Existing Letters of Credit. Section 2.01(h) of the Existing LC
Agreement shall be deleted in its entirety. 
  
 2.06.
Alternative Currency Letters of Credit. The seventh and eighth sentences of Section 2.03(e) of the Existing LC Agreement shall be amended and restated in their entirety as follows: 
  
 “At any time, and from time to time, while an Event of
Default has occurred and is continuing, the Administrative Agent shall, if instructed by the Required Banks in their sole discretion, liquidate any such investments and reinvestments and credit the proceeds thereof to the Collateral Account and
apply or cause to be applied such proceeds and any other balances in the Collateral Account to the payment of any of the Secured Obligations due and payable. If at any time (i) no Default has occurred and is continuing and (ii) all of the Secured
Obligations then due have been paid in full but Committed Letters of Credit remain outstanding, the Administrative Agent shall, from time to time, at the request of the Company, deliver to the Company, against receipt but without any recourse,
warranty or representation whatsoever, such of the balances in the Collateral Account as exceed the aggregate undrawn face amount of all outstanding Committed Letters of Credit.” 
  
 2.07. Increase of the Commitments. Section 2.04(e) of the Existing LC Agreement shall be amended by deleting the
amount “$800,000,000” in the third line thereof and replacing it with the amount “$1,000,000,000”. 
  
 2.08. Facility Fees. Section 2.05(a) of the Existing LC Agreement shall be amended and restated in its entirety as follows: 
  
 “(a) The Company agrees to pay to the Administrative
Agent for account of each Bank a facility fee, which shall accrue at the Applicable Rate, (i) prior to the termination of such Bank’s Commitment, on the daily amount of the Commitment of such Bank (whether used or unused) during the period from
and including the Restatement Effective Date to but excluding the date that the Commitments terminate and (ii) if such Bank continues to have any LC Exposure after its Commitment terminates, on the daily amount of such Bank’s LC Exposure from
and including the date its Commitment terminates to but excluding the date such Bank ceases to have any LC Exposure. Accrued facility fees shall be payable on each Quarterly Date and (if the Commitments shall have terminated) on the date the Banks
cease to have any LC Exposure, commencing on the first such date after the Restatement Effective Date; provided that any facility fee accruing after the earlier of the date the Commitments terminate or the Commitment Termination Date shall be
payable on demand at any time a Default has occurred and is continuing. Facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day).” 
  

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 In addition, the reference to “commitment fees” in Sections 2.05(d) of the Existing LC Agreement and to
“commitment fee” in Section 2.06(c) of the Existing LC Agreement shall be amended and replaced with the words “facility fees” and “facility fee”, respectively. 
  
 2.09. Letter of Credit Fees. The second sentence of Section 2.05(b) of
the Existing LC Agreement shall be amended and restated in its entirety as follows: 
  
 “Letter of credit fees accrued through and including each Quarterly Date shall be payable on the third Business Day following such
Quarterly Date, commencing on the first such Business Day to occur and (if the Commitments shall have terminated) on the date the Banks cease to have any LC Exposure; provided that any letter of credit fee accruing after the earlier of the
date the Commitments terminate or the Commitment Termination Date shall be payable on demand at any time a Default has occurred and is continuing.” 
  
 2.10. Alternative Currency Letters of Credit. The last sentence of Section 2.07(a) of the Existing LC Agreement shall be amended and restated in
its entirety as follows: 
  
 “Each such
Alternative Currency Letter of Credit shall be issued, and subsequently, renewed, extended, amended and confirmed, on such terms as the Company, the applicable Account Party and such Bank shall agree, including, without limitation, expiry, drawing
conditions, reimbursement, interest, fees and provision of cover; provided that the expiry of any Alternative Currency Letter of Credit shall not be later than the close of business on the earlier of (i) the date one year after the date of
the issuance of such Alternative Currency Letter of Credit (provided, that such Alternative Currency Letter of Credit may contain “evergreen” provisions for the renewal or extension thereof to a date one year after the then current
expiry date thereof) or (ii) December 31, 2010.” 
  
 2.11.
Effectiveness. Section 3.02 of the Existing LC Agreement shall be deleted in its entirety. 
  
 2.12. Financial Information. 
  
 (a) Section 4.04(a) of the Existing LC Agreement shall be amended by deleting the year “2002” in the second line thereof and
replacing it with the year “2003”. 
  
 (b) Section 4.04(b) of the Existing LC Agreement shall be amended by deleting the year “2003” in each place where such number appears and replacing it with the year “2004” in each case. 
  
 (c) Section 4.04(c) of the Existing LC Agreement shall be
amended by deleting the year “2002” replacing it with the year “2003”. 
  
 (d) Section 4.04(d) of the Existing LC Agreement shall be amended by deleting the year “2003” replacing it with the year
“2004”. 
  
 (e) Section 4.04(e) of the
Existing LC Agreement shall be amended by deleting the year “2002” replacing it with the year “2003”. 
  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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 2.13. Minimum Adjusted Consolidated Net Worth. Section 5.07 of the Existing LC Agreement shall be
amended and restated in its entirety as follows: 
  
 “SECTION 5.07. Minimum Adjusted Consolidated Net Worth. The Company will not permit at any time Adjusted Consolidated Net Worth to be less than the sum of (i) $3,800,000,000 plus (ii) 50% of the consolidated net income of
the Company and its Consolidated Subsidiaries for each fiscal quarter ending on or after December 31, 2004; provided that in calculating such consolidated net income for any fiscal quarter the impact thereon of FIN 46 and DIG B36 shall be
excluded. For purposes of this Section, if, for any such quarter, consolidated net income of the Company and its Consolidated Subsidiaries shall be less than zero, the amount calculated pursuant to clause (ii) above for such fiscal quarter shall be
zero.” 
  
 2.14. Defaults. 
  
 (a) The last sentence of Section 6.01 of the Existing LC
Agreement shall be deleted in its entirety. 
  
 (b) The last sentence of Section 6.03 of the Existing LC Agreement shall be deleted in its entirety. 
  
 2.15. Lead Arrangers and Other Agents. Section 7.11 of the Existing LC Agreement shall be amended and restated in its entirety to read as follows:

  
 “SECTION 7.11. Lead Arrangers and
Other Agents. Notwithstanding anything herein to the contrary, no Lead Arranger, Syndication Agent or Documentation Agent listed on the cover page of this Agreement shall have any right, power, obligation, liability, responsibility or duty under
this Agreement in its capacity as such, except in its respective capacity, if any, as a Bank.” 
  
 2.16. Notices. Section 10.01 of the Existing LC Agreement shall be amended by inserting a new second paragraph at the end of thereof to read as
follows: 
  
 “Notices and other
communications to the Banks hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless
otherwise agreed by the Administrative Agent and the applicable Bank. The Administrative Agent or the Account Parties may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.” 
  
 2.17. Confidentiality. The last two sentences of Section 10.11 of the Existing LC Agreement shall be deleted in their entirety. 
  
 2.18. USA PATRIOT Act. A new Section 10.15 shall be inserted at the
end of Section 10 of the Existing LC Agreement to read as follows: 
  
 “SECTION 10.15. USA PATRIOT Act. Each Bank hereby notifies the Account Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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107-56 (signed into law October 26, 2001)), such Bank may be required to obtain, verify and record information that identifies the Account Parties, which
information includes the name and address of the Account Parties and other information that will allow such Bank to identify the Account Parties in accordance with said Act.” 
  
 Section 3. Representations and Warranties. Each Account Party hereby represents and warrants to the Banks and the
Administrative Agent that: 
  
 (a) the
representations and warranties set forth in Article IV of the Existing LC Agreement, as amended and restated hereby, are true and correct as of the Restatement Effective Date with the same force and effect as if made on and as of the Restatement
Effective Date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and, in addition, as if each reference therein to the Existing LC Agreement referred to this Fourth
Amendment and Restatement; and 
  
 (b) no Default
has occurred and is continuing on the Restatement Effective Date. 
  
 Section 4. Conditions Precedent. The amendment and restatement of the Existing LC Agreement contemplated hereby and the obligations of the Banks to continue, amend, extend or issue Letters of Credit under the Fourth Amended and
Restated LC Agreement shall become effective as of the date (the “Restatement Effective Date”) that the Administrative Agent shall have received each of the following, in form and substance satisfactory to it (or such condition
shall have been waived in accordance with Section 10.05 of the Existing LC Agreement): 
  
 4.01. Fourth Amended and Restated LC Agreement. This Fourth Amendment and Restatement, duly executed and delivered by the Company,
each other Account Party, the Banks and the Administrative Agent. 
  
 4.02. Resolutions. A certified copy of the resolutions of the Board of Directors of the Company, authorizing the execution, delivery and performance of this Fourth Amendment and Restatement and the Fourth
Amended and Restated LC Agreement. 
  
 4.03.
Officer Certificates. A certificate, dated the Restatement Effective Date and signed by the senior financial officer of the Company, certifying the representations and warranties set forth in Section 3 hereof. 
  
 4.04. Opinions. An opinion of (i) Dennis L. Schoff,
Esq., General Counsel of the Company and (ii) Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to JPMCB. 
  
 4.05. Other Corporate Documentation. All documents, opinions and instruments as the Administrative Agent may reasonably request
relating to the existence of each Account Party, the corporate authority for and the validity and enforceability of this Fourth Amendment and Restatement, and any other matters related hereto. 
  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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 4.06. Payments under Existing LC Agreement, Etc. Evidence satisfactory to the
Administrative Agent of payment (or of irrevocable instructions for payment) in full of: 
  
 (a) all fees payable to J.P. Morgan Securities Inc., Wachovia Capital Markets, LLC, the Administrative Agent and/or the Banks in
connection with this Fourth Amendment and Restatement as may be separately agreed between any such persons and the Company; 
  
 (b) all unpaid fees payable under Section 2.05 of the Existing LC Agreement, accrued through but not including the Restatement Effective
Date; 
  
 (c) all other unpaid amounts owing to
each Retiring Bank under the Existing LC Agreement as of the Restatement Effective Date; and 
  
 (d) all reasonable costs and expenses of the Administrative Agent in connection with this Fourth Amendment and Restatement, including,
without limitation, the reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to JPMCB, in connection with the negotiation, preparation, execution and delivery of this Fourth Amendment and Restatement (to
the extent that invoices for such fees and expenses have been delivered to the Company at least two Business Days prior to the Restatement Effective Date). 
  
 4.07. Termination of Other Credit Agreements. Evidence satisfactory to the Administrative Agent of (a) the termination of the
commitments of the respective lenders under the Credit Agreement dated as of December 11, 2003 among the Company, the banks party thereto and JPMCB as administrative agent and the payment in full of all amounts owing thereunder and (b) the
termination of the commitments of the respective lenders under the 5-Year Credit Agreement dated as of December 15, 2000 among the Company, the banks party thereto and JPMCB as administrative agent and the payment in full of all amounts owing
thereunder (and each Bank that is party as a lender under any of the agreements referred to in clauses (a) and (b) above, by its execution and delivery of this Fourth Amendment and Restatement, hereby waives the requirement under each such agreement
to which it is a party that notice of such termination be provided in advance of the date of termination). 
  
 Section 5. Retiring Banks. Each Retiring Bank shall, as of the Restatement Effective Date, cease to be a “Bank” under (and, accordingly,
shall cease to be a party to) the Existing LC Agreement, and the Account Parties hereby confirm and agree that, as of the Restatement Effective Date, the Retiring Banks shall have no obligations or liabilities under the Fourth Amended and Restated
Credit Agreement. 
  
 Section 6. Transitional Provisions.
Upon the occurrence of the Restatement Effective Date, each of the Committed Letters of Credit and (if issued by a Bank) Alternative Currency Letters of Credit outstanding on the Restatement Effective Date under the Existing LC Agreement shall be
automatically continued as a Committed Letter of Credit or Alternative Currency Letter of Credit, respectively, under the Fourth Amended and Restated LC Agreement; provided that the Administrative Agent shall promptly notify the beneficiary
of each Committed Letter of Credit that is outstanding under the Existing LC Agreement and so continued of (a) the Banks that as of the Restatement Effective Date are parties thereto and (b) such Banks’ respective Applicable Percentages
thereunder. 
  

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

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

					
	 COMPANY

	
	LINCOLN NATIONAL CORPORATION
		
	By:	 	/s/
	 	 	 Name:
	 	 Frederick J. Crawford

	 	 	 Title:
	 	 Vice President & Treasurer

		
	By:	 	/s/
	 	 	 Name:
	 	 James E. Cruickshank

	 	 	 Title:
	 	 Second Vice President—Corporate Finance

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

	
	 SUBSIDIARY ACCOUNT PARTIES

	
	LINCOLN NATIONAL REINSURANCE COMPANY (BARBADOS) LIMITED
		
	By:	 	/s/
	 	 	 Name:
	 	 Frederick J. Crawford

	 	 	 Title:
	 	 Vice President & Treasurer

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

	
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	/s/
	 	 	 Name:
	 	 Frederick J. Crawford

	 	 	 Title:
	 	 Vice President & Treasurer

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

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	 BANKS

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

		
	By:	 	/s/
	 	 	 Name:
	 	 Heather Lindstrom

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	 WACHOVIA BANK, NATIONAL
 ASSOCIATION

		
	By:	 	/s/
	 	 	 Name:
	 	 Kimberly Shaffer

	 	 	 Title:
	 	 Director

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	 THE BANK OF NEW YORK

		
	By:	 	/s/
	 	 	 Name:
	 	 Scott Schaffer

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	 CITIBANK, N.A.

		
	By:	 	/s/
	 	 	 Name:
	 	 Peter C. Bickford

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	 BANK OF AMERICA, N.A.

		
	By:	 	/s/
	 	 	 Name:
	 	 Jim V. Miller

	 	 	 Title:
	 	 Senior Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	 HSBC BANK USA, NATIONAL ASSOCIATION

		
	By:	 	/s/
	 	 	 Name:
	 	 Lawrence M. Karp

	 	 	 Title:
	 	 Senior Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	 KEYBANK NATIONAL ASSOCIATION

		
	By:	 	/s/
	 	 	 Name:
	 	 Mary K. Young

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	 MELLON BANK, N.A.

		
	By:	 	/s/
	 	 	 Name:
	 	 Maria E. Totin

	 	 	 Title:
	 	 Assistant Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/
	 	 	 Name:
	 	 Robert C. Meyer

	 	 	 Title:
	 	 Senior Vice President

		
	By:	 	/s/
	 	 	 Name:
	 	 Beth McGinnis

	 	 	 Title:
	 	 Senior Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	ABN AMRO BANK N.V.
		
	By:	 	/s/
	 	 	 Name:
	 	 Neil R. Stein

	 	 	 Title:
	 	 Director

		
	By:	 	/s/
	 	 	 Name:
	 	 Michael DeMarco

	 	 	 Title:
	 	 Assistant Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	THE BANK OF TOKYO-MITSUBISHI, LTD., NEW YORK BRANCH
		
	By:	 	/s/
	 	 	 Name:
	 	 Jesse A. Reid, Jr.

	 	 	 Title:
	 	 Authorized Signatory

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	THE NORTHERN TRUST COMPANY
		
	By:	 	/s/
	 	 	 Name:
	 	 Alex Nikolov

	 	 	 Title:
	 	 Second-Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/
	 	 	 Name:
	 	 Ziad W. Amra

	 	 	 Title:
	 	 Corporate Banking Officer

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	BNP PARIBAS
		
	By:	 	/s/
	 	 	 Name:
	 	 Phil Treesdale

	 	 	 Title:
	 	 Director

		
	By:	 	/s/
	 	 	 Name:
	 	 Joshua Landau

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	COMERICA BANK
		
	By:	 	/s/
	 	 	 Name:
	 	 Richard C. Hampson

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
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	LEHMAN BROTHERS BANK, FSB
		
	By:	 	/s/
	 	 	 Name:
	 	 Gary T. Taylor

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
 - 26 - 

					
	MERRILL LYNCH BANK USA
		
	By:	 	/s/
	 	 	 Name:
	 	 David Millett

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
 - 27 - 

					
	CITIZENS BANK OF MASSACHUSETTS
		
	By:	 	/s/
	 	 	 Name:
	 	 David Howes

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
 - 28 - 

					
	FIFTH THIRD BANK
		
	By:	 	/s/
	 	 	 Name:
	 	 Christine L. Wagner

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
 - 29 - 

					
	NATIONAL CITY BANK
		
	By:	 	/s/
	 	 	 Name:
	 	 Gustavus A. Bahr

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
 - 30 - 

					
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/
	 	 	 Name:
	 	 Paul Devine

	 	 	 Title:
	 	 Vice President & Credit Officer

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
 - 31 - 

					
	SOCIETE GENERALE
		
	By:	 	/s/
	 	 	 Name:
	 	 William Aishton

	 	 	 Title:
	 	 Vice President

  

 Fourth Amended and Restated Letter of Credit and Reimbursement Agreement 
  
 - 32 - 

  
 SCHEDULE I 
  
 Commitments 
  

				
	 Banks

	  	Commitment ($)

	 JPMorgan Chase Bank, N.A.
	  	 	100,000,000
	 Wachovia Bank, National Association
	  	 	100,000,000
	 The Bank of New York
	  	 	71,964,286
	 Citibank, N.A.
	  	 	71,964,286
	 Bank of America, N.A.
	  	 	51,428,571
	 HSBC Bank USA, National Association
	  	 	51,428,571
	 KeyBank National Association
	  	 	51,428,571
	 Mellon Bank, N.A.
	  	 	51,428,571
	 Wells Fargo Bank, National Association
	  	 	51,428,571
	 ABN AMRO Bank N.V.
	  	 	32,142,857
	 The Bank of Tokyo-Mitsubishi, Ltd, New York Branch
	  	 	32,142,857
	 The Northern Trust Company
	  	 	32,142,857
	 U.S. Bank National Association
	  	 	32,142,857
	 BNP Paribas
	  	 	22,500,000
	 Comerica Bank
	  	 	22,500,000
	 Lehman Brothers Bank, FSB
	  	 	22,500,000
	 Merrill Lynch Bank USA
	  	 	22,500,000
	 Citizens Bank of Massachusetts
	  	 	16,071,429
	 Fifth Third Bank
	  	 	16,071,429
	 National City Bank
	  	 	16,071,429
	 PNC Bank, National Association
	  	 	16,071,429
	 Societe Generale
	  	 	16,071,429
		
	 TOTAL COMMITMENTS
	  	$	900,000,000

  

 Schedule I (Commitments) 
  
  

  
 SCHEDULE II 
  
 List of Restricted Subsidiaries 
  
 Lincoln National Life Insurance Company 
  
 Lincoln National Investments, Inc. 
  
 Lincoln National Investment Companies, Inc. 
  
 Delaware Management Holdings, Inc. 
  
 DMH Corp. 
  

 Schedule II (Restricted Subsidiaries)First Amended and Restated Credit Agreement

 EXHIBIT 10(nn) 
  

  
 FIRST AMENDED AND RESTATED
CREDIT AGREEMENT 
  
 dated as of 
  
 December 10, 2004 
  
 among 
  
 LINCOLN NATIONAL CORPORATION, 
  
 The BANKS Party Hereto 
  
 and 
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
  

  
 $500,000,000 
  

  
 J.P. MORGAN SECURITIES INC. 
 and 
 WACHOVIA CAPITAL MARKETS, LLC, 
 as Joint Lead
Arrangers and Joint Bookrunners 
  
 WACHOVIA BANK, NATIONAL
ASSOCIATION, 
 as Syndication Agent 
  
 THE BANK OF NEW YORK 
 and 
 CITIBANK, N.A., 
 as Documentation Agents

  

  

 FIRST AMENDED AND RESTATED CREDIT AGREEMENT dated as of December 10, 2004 (this “First Amendment
and Restatement”) among LINCOLN NATIONAL CORPORATION, an Indiana corporation (together with its successors and permitted assigns, the “Company”), the BANKS party hereto (including each Person listed under the caption
“BANKS” on the signature pages hereto that is not a “Bank” under the Existing Credit Agreement referred to below (each a “New Bank”), the “Banks”) and JPMORGAN CHASE BANK, N.A. (formerly known as
JPMorgan Chase Bank) (“JPMCB”), as administrative agent for the Banks (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 
  
 W I T N E S S E
T H: 
  
 WHEREAS, the Company, the banks party
thereto (the “Existing Banks”) and JPMCB, as Administrative Agent, are parties to the Credit Agreement dated as of December 11, 2003 (as amended and in effect immediately prior to the satisfaction (or waiver) of the conditions set
forth in Section 4 hereof, the “Existing Credit Agreement”); 
  
 WHEREAS, each of the Existing Banks that is not listed under the caption “BANKS” on the signature pages hereto (collectively, the “Retiring Banks”) will cease being a “Bank” under
the Existing Credit Agreement as of the Restatement Effective Date (as defined in Section 4 hereof), and each of the New Banks wishes to become a “Bank” under the Existing Credit Agreement as amended and restated by this First Amendment
and Restatement; and 
  
 WHEREAS, the Company has requested
certain amendments to provisions of the Existing Credit Agreement, including the extension of the availability of the commitments thereunder, and the Banks (including the New Banks) are willing to make such amendments on the terms and conditions set
forth below; 
  
 NOW, THEREFORE, in consideration of the foregoing
premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that, effective as of the Restatement Effective Date
(as defined in Section 4 hereof), the Existing Credit Agreement shall be amended and restated to read in its entirety as set forth in the Existing Credit Agreement, which is incorporated herein by this reference, subject to the amendments set forth
in Section 2 hereof (the Existing Credit Agreement, as so amended and restated hereby, is herein called the “First Amended and Restated Credit Agreement”): 
  
 Section 1. Definitions. Except as otherwise defined herein, terms defined in the Existing Credit Agreement have the
meanings ascribed thereto in the Existing Credit Agreement, after giving effect to the amendments set forth in Section 2 hereof. 
  
 Section 2. Amendments. Effective as of the Restatement Effective Date, the Existing Credit Agreement is hereby amended as follows: 
  
 2.01. Certain References. References in the Existing Credit Agreement
to (i) “this Agreement” or words of similar import (including indirect references to the Existing Credit Agreement) and in Exhibits A, B, C, D and G to the Existing Credit Agreement to “the Credit Agreement dated as of December 11,
2003” shall be deemed to be references to the First 

  

 First Amended and Restated Credit Agreement 
  

 
Amended and Restated Credit Agreement, (ii) ”Schedule I” and “Schedule II” or words of similar import (including indirect references to
such schedule) shall be deemed to be references to Schedule I and Schedule II, respectively, to this First Amendment and Restatement and (iii) “Effective Date” (other than in Exhibit G thereto) shall be deemed to be references to the
Restatement Effective Date. 
  
 2.02. Recitals. The
recitals in the Existing Credit Agreement shall be amended and restated in their entirety to read as follows: “The parties hereto agree as follows:”. 
  

2.03. Certain Definitions. 
  
 (a) Section 1.01 of the Existing Credit Agreement shall be amended by inserting the following definitions (or, in the case of any of the
following defined terms that are already defined in the Existing Credit Agreement, by amending and restating in its entirety each such term to read as set forth below) in their proper respective alphabetical locations: 
  
 “Applicable Additional Margin” means 0.10%
per annum. 
  
 “Applicable
Margin” and “Applicable Facility Fee Rate” means, for any day, with respect to any Euro-Dollar Loan or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below
under the caption “Applicable Margin” or “Applicable Facility Fee Rate”, respectively, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt: 
  

									
	 	  	 Index Debt
Ratings
 (S&P/Moody’s)

	  	Applicable
Margin

	 	 	 Applicable
 Facility
 Fee Rate

	 
	 Category 1
	  	> A / A2	  	0.215	%	 	0.06	%
	 Category 2
	  	A- / A3	  	0.245	%	 	0.08	%
	 Category 3
	  	BBB+ / Baa1	  	0.30	%	 	0.10	%
	 Category 4
	  	£ BBB / Baa2	  	0.50	%	 	0.15	%

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

  

 First Amended and Restated Credit Agreement 
  
 - 2 - 

 
S&P shall have in effect a rating for the Index Debt, the Applicable Margin and the Applicable Facility Fee Rate shall be determined by reference to the
Category of such rating; (d) if neither Moody’s nor S&P shall have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then the applicable rating shall be
determined by reference to Category 4; and (e) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or
S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Company to the Administrative Agent and the Banks
pursuant to Section 5.01 or otherwise. Each change in the Applicable Margin and the Applicable Facility Fee Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective
date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Company and the Banks shall negotiate in good
faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin and the Applicable Facility Fee Rate shall be
determined by reference to the rating of Moody’s and/or S&P, as the case may be, most recently in effect prior to such change or cessation. 
  
 “Commitment Termination Date” means December 10, 2009 or, if such day is not a Business Day, the next preceding Business
Day. 
  
 “Commitment Utilization
Day” means (i) any day on which the aggregate principal amount of outstanding Loans (excluding Money Market Loans) exceeds 50% of the aggregate amount of the Commitments and (ii) any day following the termination of the Commitments on which
any Loans are outstanding hereunder. 
  
 “Company’s 2003 Form 10-K” means the Company’s annual report on Form 10-K for 2003, as filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. 
  
 “JPMCB” means JPMorgan Chase Bank, N.A.
(formerly known as JPMorgan Chase Bank). 
  
 “Restatement Effective Date” has the meaning set forth in Section 4 of the First Amended and Restated Credit Agreement dated as of December 10, 2004. 
  
 (b) The definition of ““Applicable Margin”, “Applicable Additional Margin” and
“Applicable Commitment Fee Rate”” contained in Section 1.01 of the Existing Credit Agreement shall be deleted in its entirety. 
  
 (c) The definition of “Commitment” shall be amended by inserting a new sentence at the end thereof to read as follows: “The
aggregate amount of the Banks’ Commitments is $500,000,000 as of the Restatement Effective Date.” 
  

 First Amended and Restated Credit Agreement 
  
 - 3 - 

 (d) The definition of “Effective Date” contained in Section 1.01 of the
Existing Credit Agreement shall be deleted in its entirety. 
  
 (e) The definition of “LN(UK)” contained in Section 1.01 of the Existing Credit Agreement shall be deleted in its entirety. 
  
 (f) Each reference to the term “Company’s 2002 Form 10-K” in the Existing Credit Agreement
shall be amended and replaced with the term “Company’s 2003 Form 10-K”. 
  
 2.04. Facility Fees. Section 2.08 of the Existing Credit Agreement shall be amended and restated in its entirety as follows: 
  
 “SECTION 2.08. Facility Fees. The Company agrees to pay to the Administrative Agent for account
of each Bank a facility fee, which shall accrue at the Applicable Facility Fee Rate, (i) prior to the termination of such Bank’s Commitment, on the daily amount of the Commitment of such Bank (whether used or unused) during the period from and
including the Restatement Effective Date to but excluding the date that the Commitments terminate and (ii) if such Bank continues to have any outstanding Loans after its Commitment terminates, on the daily amount of such Bank’s outstanding
Loans from and including the date its Commitment terminates to but excluding the date such Bank ceases to have any outstanding Loans. Accrued facility fees shall be payable on each Quarterly Date and on the earlier of the date the Commitments
terminate and the Commitment Termination Date, commencing on the first such date after the Restatement Effective Date; provided that any facility fee accruing after such earlier date shall be payable on demand. Facility fees shall be computed
on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).” 
  
 2.05. Effectiveness. Section 3.02 of the Existing Credit Agreement shall be deleted in its entirety. 
  
 2.06. Financial Information. 
  
 (a) Section 4.04(a) of the Existing Credit Agreement shall
be amended by deleting the year “2002” in the second line thereof and replacing it with the year “2003”. 
  
 (b) Section 4.04(b) of the Existing Credit Agreement shall be amended by deleting the year “2003” in each place where such
number appears and replacing it with the year “2004” in each case. 
  
 (c) Section 4.04(c) of the Existing Credit Agreement shall be amended by deleting the year “2002” replacing it with the year “2003”. 
  
 (d) Section 4.04(d) of the Existing Credit Agreement shall be amended by deleting the year “2003”
replacing it with the year “2004”. 
  
 (e) Section 4.04(e) of the Existing Credit Agreement shall be amended by deleting the year “2002” replacing it with the year “2003”. 
  

 First Amended and Restated Credit Agreement 
  
 - 4 - 

 2.07. Minimum Adjusted Consolidated Net Worth. Section 5.07 of the Existing Credit Agreement shall
be amended and restated in its entirety as follows: 
  
 “SECTION 5.07. Minimum Adjusted Consolidated Net Worth. The Company will not permit at any time Adjusted Consolidated Net Worth to be less than the sum of (i) $3,800,000,000 plus (ii) 50% of the consolidated net income of
the Company and its Consolidated Subsidiaries for each fiscal quarter ending on or after December 31, 2004; provided that in calculating such consolidated net income for any fiscal quarter the impact thereon of FIN 46 and DIG B36 shall be
excluded. For purposes of this Section, if, for any such quarter, consolidated net income of the Company and its Consolidated Subsidiaries shall be less than zero, the amount calculated pursuant to clause (ii) above for such fiscal quarter shall be
zero.” 
  
 2.08. Defaults. Section 6.01(l) of the
Existing Credit Agreement shall be deleted in its entirety. 
  
 2.09. Lead Arrangers and Other Agents. Section 7.11 of the Existing Credit Agreement shall be amended and restated in its entirety to read as follows: 
  
 “SECTION 7.11. Lead Arrangers and Other Agents. Notwithstanding anything herein to the contrary,
no Lead Arranger, Syndication Agent or Documentation Agent listed on the cover page of this Agreement shall have any right, power, obligation, liability, responsibility or duty under this Agreement in its capacity as such, except in its respective
capacity, if any, as a Bank.” 
  
 2.10. Notices.
Section 9.01 of the Existing Credit Agreement shall be amended by inserting a new second paragraph at the end of thereof to read as follows: 
  
 “Notices and other communications to the Banks hereunder may be delivered or furnished by electronic communications pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Bank. The Administrative Agent or the
Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular
notices or communications.” 
  
 2.11. Confidentiality.
The last two sentences of Section 9.11 of the Existing Credit Agreement shall be deleted in their entirety. 
  
 2.12. USA PATRIOT Act. A new Section 9.14 shall be inserted at the end of Section 9 of the Existing Credit Agreement to read as follows:

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

 First Amended and Restated Credit Agreement 
  
 - 5 - 

 Section 3. Representations and Warranties. The Company hereby represents and warrants to the Banks
and the Administrative Agent that: 
  
 (a) the
representations and warranties set forth in Article IV of the Existing Credit Agreement, as amended and restated hereby, are true and correct as of the Restatement Effective Date with the same force and effect as if made on and as of the Restatement
Effective Date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and, in addition, as if each reference therein to the Existing Credit Agreement referred to this First
Amendment and Restatement; and 
  
 (b) no Default
has occurred and is continuing on the Restatement Effective Date. 
  
 Section 4. Conditions Precedent. The amendment and restatement of the Existing Credit Agreement contemplated hereby and the obligations of the Banks to make Loans under the First Amended and Restated Credit Agreement shall become
effective as of the date (the “Restatement Effective Date”) that the Administrative Agent shall have received each of the following, in form and substance satisfactory to it (or such condition shall have been waived in accordance
with Section 9.05 of the Existing Credit Agreement): 
  
 4.01. First Amended and Restated Credit Agreement. This First Amendment and Restatement, duly executed and delivered by the Company, the Banks and the Administrative Agent. 
  
 4.02. Resolutions. A certified copy of the
resolutions of the Board of Directors of the Company, authorizing the execution, delivery and performance of this First Amendment and Restatement and the First Amended and Restated Credit Agreement and the Notes. 
  
 4.03. Officer Certificates. A certificate, dated the
Restatement Effective Date and signed by the senior financial officer of the Company, certifying the representations and warranties set forth in Section 3 hereof. 
  
 4.04. Opinions. An opinion of (i) Dennis L. Schoff, Esq., General Counsel of the Company and (ii)
Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to JPMCB. 
  
 4.05. Other Corporate Documentation. All documents, opinions and instruments as the Administrative Agent may reasonably request relating to the existence of the Company, the corporate authority for and the
validity and enforceability of this First Amendment and Restatement and the Notes, and any other matters related hereto. 
  
 4.06. Payments under Existing Credit Agreement, Etc. Evidence satisfactory to the Administrative Agent of payment (or of
irrevocable instructions for payment) in full of: 
  
 (a) all fees payable to J.P. Morgan Securities Inc., Wachovia Capital Markets, LLC, the Administrative Agent and/or the Banks in connection with this First Amendment and Restatement as may be separately agreed between any such persons and
the Company; 
  

 First Amended and Restated Credit Agreement 
  
 - 6 - 

 (b) all unpaid fees payable under Section 2.08 of the Existing Credit Agreement, accrued
through but not including the Restatement Effective Date; 
  
 (c) all other unpaid amounts owing to each Retiring Bank under the Existing Credit Agreement as of the Restatement Effective Date; and 
  
 (d) all reasonable costs and expenses of the Administrative Agent in connection with this First Amendment
and Restatement, including, without limitation, the reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to JPMCB, in connection with the negotiation, preparation, execution and delivery of this First
Amendment and Restatement (to the extent that invoices for such fees and expenses have been delivered to the Company at least two Business Days prior to the Restatement Effective Date). 
  
 4.07. Termination of Other Credit Agreements. Evidence satisfactory to the Administrative Agent of
(a) the termination of the commitments of the respective lenders under the Third Amended and Restated Letter of Credit and Reimbursement Agreement dated as of December 11, 2003 among the Company, the subsidiary account parties thereto, the banks
party thereto and JPMCB as administrative agent and the payment in full of all amounts owing thereunder and (b) the termination of the commitments of the respective lenders under the 5-Year Credit Agreement dated as of December 15, 2000 among the
Company, the banks party thereto and JPMCB as administrative agent and the payment in full of all amounts owing thereunder (and each Bank that is party as a lender under any of the agreements referred to in clauses (a) and (b) above, by its
execution and delivery of this First Amendment and Restatement, hereby waives the requirement under each such agreement to which it is a party that notice of such termination be provided in advance of the date of termination). 
  
 Section 5. Retiring Banks. Each Retiring Bank shall, as of the
Restatement Effective Date, cease to be a “Bank” under (and, accordingly, shall cease to be a party to) the Existing Credit Agreement, and the Company hereby confirms and agrees that, as of the Restatement Effective Date, the Retiring
Banks shall have no obligations or liabilities under the First Amended and Restated Credit Agreement. 
  
 Section 6. Miscellaneous. Except as herein provided, the Existing Credit Agreement shall remain unchanged and in full force and effect. This First
Amendment and Restatement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this First Amendment and Restatement by signing any such
counterpart and sending the same by telecopier, mail, messenger or courier to the Administrative Agent or special New York counsel to JPMCB. This First Amendment and Restatement shall be governed by, and construed in accordance with, the law of the
State of New York. 
  
 [Remainder of page intentionally left bank.]

  

 First Amended and Restated Credit Agreement 
  
 - 7 - 

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

					
	 COMPANY

	
	LINCOLN NATIONAL CORPORATION
		
	By:	 	/s/
	 	 	 Name:
	 	 Frederick J. Crawford

	 	 	 Title:
	 	 Vice President & Treasurer

		
	By:	 	/s/
	 	 	 Name:
	 	 James E. Cruickshank

	 	 	 Title:
	 	 Second Vice President - Corp Finance

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

  

 First Amended and Restated Credit Agreement 
  
 - 8 - 

					
	 BANKS

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

		
	By:	 	/s/
	 	 	 Name:
	 	 Heather Lindstrom

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 9 - 

					
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	By:	 	/s/
	 	 	 Name:
	 	 Kimberly Shaffer

	 	 	 Title:
	 	 Director

  

 First Amended and Restated Credit Agreement 
  
 - 10 - 

					
	 THE BANK OF NEW YORK

		
	By:	 	/s/
	 	 	 Name:
	 	 Scott Shaffer

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 11 - 

					
	 CITIBANK, N.A.

		
	By:	 	/s/
	 	 	 Name:
	 	 Peter C. Bickford

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 12 - 

					
	 WILLIAM STREET COMMITMENT
 CORPORATION

		
	By:	 	/s/
	 	 	 Name:
	 	 Jennifer M. Hill

	 	 	 Title:
	 	 Chief Financial Officer

  

 First Amended and Restated Credit Agreement 
  
 - 13 - 

					
	 BANK OF AMERICA, N.A.

		
	By:	 	/s/
	 	 	 Name:
	 	 Jim V. Miller

	 	 	 Title:
	 	 Senior Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 14 - 

					
	 HSBC BANK USA, NATIONAL ASSOCIATION

		
	By:	 	/s/
	 	 	 Name:
	 	 Lawrence M. Karp

	 	 	 Title:
	 	 Senior Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 15 - 

					
	 KEYBANK NATIONAL ASSOCIATION

		
	By:	 	/s/
	 	 	 Name:
	 	 Mary K. Young

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 16 - 

					
	 MELLON BANK, N.A.

		
	By:	 	/s/
	 	 	 Name:
	 	 Maria E. Totin

	 	 	 Title:
	 	 Assistant Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 17 - 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/
	 	 	 Name:
	 	 Robert C. Meyer

	 	 	 Title:
	 	 Senior Vice President

		
	By:	 	/s/
	 	 	 Name:
	 	 Beth McGinnis

	 	 	 Title:
	 	 Senior Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 18 - 

					
	ABN AMRO BANK N.V.
		
	By:	 	/s/
	 	 	 Name:
	 	 Neil R. Stein

	 	 	 Title:
	 	 Director

		
	By:	 	/s/
	 	 	 Name:
	 	 Michael DeMarco

	 	 	 Title:
	 	 Assistant Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 19 - 

					
	THE BANK OF TOKYO-MITSUBISHI, LTD., NEW YORK BRANCH
		
	By:	 	/s/
	 	 	 Name:
	 	 Jesse A. Reid, Jr.

	 	 	 Title:
	 	 Authorized Signatory

  

 First Amended and Restated Credit Agreement 
  
 - 20 - 

					
	THE NORTHERN TRUST COMPANY
		
	By:	 	/s/
	 	 	 Name:
	 	 Alex Nikolov

	 	 	 Title:
	 	 Second-Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 21 - 

					
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/
	 	 	 Name:
	 	 Ziad W. Amra

	 	 	 Title:
	 	 Corporate Banking Officer

  

 First Amended and Restated Credit Agreement 
  
 - 22 - 

					
	BNP PARIBAS
		
	By:	 	/s/
	 	 	 Name:
	 	 Phil Treesdale

	 	 	 Title:
	 	 Director

		
	By:	 	/s/
	 	 	 Name:
	 	 Joshua Landau

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 23 - 

					
	COMERICA BANK
		
	By:	 	/s/
	 	 	 Name:
	 	 Richard C. Hampson

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 24 - 

					
	LEHMAN BROTHERS BANK, FSB
		
	By:	 	/s/
	 	 	 Name:
	 	 Gary T. Taylor

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 25 - 

					
	MERRILL LYNCH BANK USA
		
	By:	 	/s/
	 	 	 Name:
	 	 David Millett

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 26 - 

					
	CITIZENS BANK OF MASSACHUSETTS
		
	By:	 	/s/
	 	 	 Name:
	 	 David Howes

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 27 - 

					
	FIFTH THIRD BANK
		
	By:	 	/s/
	 	 	 Name:
	 	 Christine L. Wagner

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 28 - 

					
	NATIONAL CITY BANK
		
	By:	 	/s/
	 	 	 Name:
	 	 Gustarus A. Bahr

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 29 - 

					
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/
	 	 	 Name:
	 	 Paul Devine

	 	 	 Title:
	 	 Vice President & Credit Officer

  

 First Amended and Restated Credit Agreement 
  
 - 30 - 

					
	SOCIETE GENERALE
		
	By:	 	/s/
	 	 	 Name:
	 	 William Aishton

	 	 	 Title:
	 	 Vice President

  

 First Amended and Restated Credit Agreement 
  
 - 31 - 

 SCHEDULE I 
  
 Commitments 
  

				
	 Banks

	  	Commitment ($)

	 JPMorgan Chase Bank, N.A.
	  	 	40,000,000
	 Wachovia Bank, National Association
	  	 	40,000,000
	 The Bank of New York
	  	 	38,035,714
	 Citibank, N.A.
	  	 	38,035,714
	 William Street Commitment Corporation
	  	 	35,000,000
	 Bank of America, N.A.
	  	 	28,571,429
	 HSBC Bank USA, National Association
	  	 	28,571,429
	 KeyBank National Association
	  	 	28,571,429
	 Mellon Bank, N.A.
	  	 	28,571,429
	 Wells Fargo Bank, National Association
	  	 	28,571,429
	 ABN AMRO Bank N.V.
	  	 	17,857,143
	 The Bank of Tokyo-Mitsubishi, Ltd, New York Branch
	  	 	17,857,143
	 The Northern Trust Company
	  	 	17,857,143
	 U.S. Bank National Association
	  	 	17,857,143
	 BNP Paribas
	  	 	12,500,000
	 Comerica Bank
	  	 	12,500,000
	 Lehman Brothers Bank, FSB
	  	 	12,500,000
	 Merrill Lynch Bank USA
	  	 	12,500,000
	 Citizens Bank of Massachusetts
	  	 	8,928,571
	 Fifth Third Bank
	  	 	8,928,571
	 National City Bank
	  	 	8,928,571
	 PNC Bank, National Association
	  	 	8,928,571
	 Societe Generale
	  	 	8,928,571
		
	 TOTAL COMMITMENTS
	  	$	500,000,000

  

 Schedule I (Commitments) 
  

  
 Schedule II 
  
 List of Restricted Subsidiaries 
  
 Lincoln National Life Insurance Company 
  
 Lincoln National Investments, Inc. 
  
 Lincoln National Investment Companies, Inc. 
  
 Delaware Management Holdings, Inc. 
  
 DMH Corp. 
  

 Schedule II (Restricted Subsidiaries)

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