Document:

Form of 7% Capital Securities due 2066 of Lincoln National Corporation

 Exhibit 4.2 
 THIS DEBENTURE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE CLEARING AGENCY OR A NOMINEE OF THE CLEARING AGENCY. THIS DEBENTURE IS EXCHANGEABLE FOR DEBENTURES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS DEBENTURE (OTHER THAN A TRANSFER OF THIS DEBENTURE AS A WHOLE BY THE CLEARING
AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS DEBENTURE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY DEBENTURE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 LINCOLN NATIONAL CORPORATION 
 7% Capital Securities due 2066 
  

			
	 No. R-1
	  	$800,000,000
		  	CUSIP No. 534187 AS 8
ISIN No. US534187AS84

 LINCOLN NATIONAL CORPORATION, a corporation organized and existing under the laws of Indiana
(hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
EIGHT HUNDRED MILLION DOLLARS ($800,000,000) on May 17, 2066 (the “Maturity Date”). Notwithstanding the preceding sentence, in the event that the Maturity Date is not a Business Day, then the Maturity Date will be the next succeeding
day which is a Business Day. The Company further promises to pay interest on said principal sum 

 
from May 17, 2006 or from the most recent interest payment date to which interest has been paid or duly provided for. Until May 17, 2016 or earlier
redemption (the “Fixed Rate Period”), each Outstanding Capital Security will bear interest at the per annum rate of 7% (the “Fixed Rate”) payable (subject to the interest deferral provisions of the Third Supplemental Junior
Subordinated Indenture) semi-annually in arrears on May 17 and November 17 of each year (each such date, an “Interest Payment Date”), commencing on November 17, 2006, and (to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at such interest rate, compounded semi-annually. Interest payments in respect of Interest Payment Periods during the Fixed Rate Period will include accrued interest from and
including the last date in respect of which interest has been duly paid or provided for to, but not including, the next succeeding Interest Payment Date or the date of redemption, as the case may be, provided, however, that the amount of interest
payable for the last Interest Payment Period of the Fixed Rate Period shall be determined from and including the penultimate Interest Payment Date in the Fixed Rate Period to but not including May 17, 2016, regardless of whether or not
May 17, 2016 is a Business Day. The amount of interest payable for any full Interest Payment Period during the Fixed Rate Period will be computed on the basis of a 360-day year of twelve thirty-day months, and the amount of interest payable for
any period shorter than a full Interest Payment Period for which interest is computed will be computed on the basis of thirty-day months and, for periods of less than a thirty-day month, the actual number of days elapsed per thirty-day month. From
May 17, 2016 (or, if May 17, 2016 is not a Business Day, the first Business Day thereafter) up to but not including the Maturity Date or earlier redemption (the “Floating Rate Period”), the Capital Securities will bear interest
at the per annum rate of 3-Month LIBOR plus a margin equal to 2.3575% (the “Floating Rate”), payable quarterly on February 17, May 17, August 17 and November 17. Interest payments in respect of Interest
Payment Periods during the Floating Rate Period will include accrued interest from and including the last date in respect of which interest has been duly paid or provided for to, but not including, the next succeeding Interest Payment Date or the
Maturity Date, as the case may be. The amount of interest payable will be computed on the basis of a 360-day year and the actual number of days elapsed in each quarterly Interest Payment Period. All percentages resulting from any interest rate
calculation will be rounded upward or downward, as appropriate, to the next higher or lower one-hundred-thousandth of a percentage point. If any Interest Payment Date during the Fixed Rate Period is not a Business Day, then the Interest Payment Date
shall be the immediately succeeding Business Day, and if any Interest Payment Date during the Floating Rate Period is not a Business Day, then the Interest Payment Date shall be the immediately succeeding Business Day, except that if during the
Floating Rate Period such Business Day is in the next succeeding calendar month, then such Interest Payment Date will be the immediately preceding Business Day. The interest installment so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Base Indenture, be paid to the Person in whose name this Capital Security is registered at the close of business on the day next preceding the Interest Payment Date; provided, that in the event the
Capital Securities will not continue to remain in book-entry form or are not in the form of a Global Certificate, the record date for each Interest 

  

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Payment Date shall be the first day of the month in which such Interest Payment Date occurs. Any such interest installment not punctually paid or duly
provided for shall forthwith cease to be payable to the registered Holders on such record date, and may be paid to the Person in whose name this Capital Security is registered at the close of business on a special record date to be fixed by the
Trustee for the payment of such defaulted interest after the Company has deposited with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest, notice whereof shall be given to the
registered Holders of this series of Capital Securities not less than ten days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Capital Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The principal of (and premium, if any) and the interest (including Compounded Interest) on this Capital Security
shall be payable at the office or agency of the Trustee maintained for that purpose in the United States, in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts;
provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered Holder at such address as shall appear in the Security Register. 
 The indebtedness evidenced by this Capital Security is, to the extent provided in the Indenture, subordinate and junior in right of payment to the prior
payment in full of all Senior Indebtedness, and this Capital Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Capital Security, by accepting the same, (a) agrees to and shall be bound by
such provisions, (b) authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for
any and all such purposes. Each Holder hereof, by his acceptance hereof, hereby waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each Holder of Senior Indebtedness, whether now outstanding
or hereafter incurred, and waives reliance by each such Holder upon said provisions. 
 Reference is hereby made to the further provisions of
this Capital Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Capital Security shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose. 
 [signature page follows] 
  

 3 

 IN WITNESS WHEREOF, Lincoln National Corporation has caused this instrument to be duly executed under its
corporate seal. 
  

					
	 LINCOLN NATIONAL CORPORATION

		
	 By:
	 	  
		 	 Name:
	 	 Frederick J. Crawford

		 	 Title:
	 	 Senior Vice President and
 Chief Financial Officer

		
	 By:
	 	  
		 	 Name:
	 	 Duane Bernt

		 	 Title:
	 	 Vice President and Treasurer

  

					
		
	 Attest:
	 	  
		 	 Name:
	 	 C. Suzanne Womack

		 	 Title:
	 	 Secretary

 Dated: May 17, 2006 

 Dated: May 17, 2006 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated herein
and referred to in the within-mentioned Indenture. 
  

			
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  
		 	Authorized Signatory

 [REVERSE OF DEBENTURE] 
 LINCOLN NATIONAL CORPORATION 
 7% Capital Securities due 2066 
 This Debenture is one of a duly authorized issue of securities of the Company (herein called the “Capital Securities”), issued and to be issued
in one or more series under a Junior Subordinated Indenture, dated as of May 1, 1996 (herein called the “Base Indenture”), between the Company and J.P. Morgan Trust Company, National Association (herein called the “Trustee”,
which term includes any successor trustee under the Indenture), as supplemented by a Third Supplemental Junior Subordinated Indenture, dated as of May 17, 2006 (the “Third Supplemental Junior Subordinated Indenture” and the Base
Indenture as so supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Trustee, the Company and the Holders of the Capital Securities, and of the terms upon which the Capital Securities are, and are to be, authenticated and delivered. This Capital Security is one of the series designated on the face hereof, limited in
aggregate principal amount to $800,000,000. 
 All terms used in this Capital Security that are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 
 Notwithstanding the provisions of Article XI of the Base Indenture, the Company shall have the
right, at its option, to redeem the Capital Securities for cash, in whole or in part, on or after May 17, 2016 at a cash redemption price equal to the Par Redemption Amount; provided that if the Capital Securities are not redeemed in whole, at
least $50,000,000 aggregate principal amount of the Capital Securities (excluding any Capital Securities held by the Company or any of its Affiliates) remains outstanding after giving effect to such redemption. Prior to May 17, 2016, the
Company shall have the right, at its option, to redeem the Capital Securities in whole but not in part, including, but not limited to, upon the occurrence of a Tax Event, at a cash redemption price of the greater of (i) the Par Redemption
Amount and (ii) the Make-Whole Redemption Amount. With respect to any redemption of Capital Securities as a result of a Tax Event, the date fixed for such redemption will be within 180 days following the occurrence of such Tax Event; provided,
however, that if at that time the Company is able to eliminate, within the 180-day period, the Tax Event by taking some ministerial action (such as making an election or filing a form) that has no adverse effect on the Company or the Holders of the
Capital Securities, the Company will pursue such action in lieu of redemption. The Company will have no right or obligation to redeem the Capital Securities while pursuing such measure. 
 Any redemption will be made upon not less than fifteen days nor more than sixty days notice before the date fixed for redemption to the registered Holder
of the Capital Securities. If the Capital Securities are to be redeemed in part, the Capital 

  

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Securities will be redeemed pro rata or by lot or by any other method utilized by the Trustee that the Trustee shall deem fair and appropriate. Any notice
mailed as provided herein shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any Holder of
the Capital Securities designated for redemption shall not affect the validity of the proceedings for the redemption of any other Capital Securities. Each such notice given to a Holder shall state: (i) the date of redemption; (ii) the
redemption price; (iii) that the Capital Securities are being redeemed pursuant to the Indenture or the terms of the Capital Securities together with the facts permitting such redemption; (iv) if less than all outstanding Capital
Securities are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular capital securities to be redeemed; (v) the place or places where the Capital Securities are to be redeemed; and
(vi) that interest on the Capital Securities to be redeemed will cease to accrue on the date of redemption. Notwithstanding the foregoing, if the Capital Securities are issued in book-entry form through The Depository Trust Company or any other
similar facility, notice of redemption may be given to the Holders of Capital Securities at such time and in any manner permitted by such facility. The redemption price shall be paid prior to 12:00 p.m., New York City time, on the date of such
redemption or at such earlier time as the Company determines and specifies in the notice of redemption. The Company shall deposit with the Trustee or with a Paying Agent an amount of money sufficient to pay the redemption price of such Capital
Securities or any portion thereof which are to be redeemed on that date. 
 If any notice of redemption has been given as provided herein,
the Capital Securities or portion of the Capital Securities with respect to which such notice has been given shall become due and payable on the date and at the place or places stated in such notice at the applicable redemption price. From and after
such date, the Capital Securities to be redeemed shall cease to bear interest. If any Capital Securities called for redemption shall not be so paid upon surrender thereof for redemption, the principal of and premium, if any, on such Capital
Securities shall, until paid, bear interest from the date of redemption at the Coupon Rate. On presentation and surrender of such Capital Securities at a place of payment in said notice specified, the said securities or the specified portions
thereof shall be paid and redeemed by the Company at the applicable redemption price. Upon presentation of any Capital Securities redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof,
at the expense of the Company, new Capital Securities of the same series, of authorized denominations, in aggregate principal amount equal to the unredeemed portion of the Capital Securities so presented and having the same original issue date,
Maturity Date and terms. If a Global Security is so surrendered, such new Capital Securities will also be a new Global Security. 
 The
Capital Securities are not entitled to the benefit of any sinking fund. 
 If an Event of Default with respect to Capital Securities of this
series shall occur and be continuing, the principal of the Capital Securities of this series may be 

  

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declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The Indenture contains provisions for satisfaction, discharge and defeasance at any time of the entire indebtedness of this Capital Security upon
compliance by the Company with certain conditions set forth in the Indenture. 
 The Indenture permits, with certain exceptions as therein
provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the consent of the
Holders of not less than a majority in principal amount of the Outstanding Securities of each series to be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Capital Security shall be conclusive and binding upon such Holder and upon all future Holders of this Capital Security and of any Capital Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Capital Security. 
 So long as no Event of Default or Trigger Event has occurred and is continuing under the Indenture, the Company may elect at any time during the term of the Capital Securities, and from time to time, to defer one or more payments of
interest on such Capital Securities (an “Optional Deferral” and any such deferred interest, “Optionally Deferred Interest”) for up to five years (excluding any time an Optional Deferral is suspended pursuant to Section 4.3
of the Third Supplemental Junior Subordinated Indenture). During any period of Optional Deferral (an “Optional Deferral Period”), the Company may pay Optionally Deferred Interest out of any source of funds. Optionally Deferred Interest
will continue to accrue and compound semi-annually or quarterly, as applicable, on each Interest Payment Date, to the extent permitted by applicable law, at the applicable Coupon Rate. If Optional Deferral has continued beyond the Fifth Deferral
Anniversary (as defined in Section 6.3 of the Third Supplemental Junior Subordinated Indenture), then the provisions of Section 6.3 of the Third Supplemental Junior Subordinated Indenture will apply, and the Company must (except upon an
Event of Default with respect to the Capital Securities) make Commercially Reasonable Efforts to sell certain Qualifying Securities. If such efforts are successful, the Company must pay Optionally Deferred Interest out of the net proceeds from the
sale of such Qualifying Securities on the next succeeding Interest Payment Date following the Fifth Deferral Anniversary, but the Company cannot pay such Optionally Deferred Interest from sources other than the net proceeds from the sale of such
Qualifying Securities. Additionally, during any Optional Deferral Period, the restrictions on payment by the Company of dividends and other distributions on capital stock pursuant to Section 6.2 of the Third Supplemental Junior Subordinated
Indenture will 

  

 8 

 
apply. There is no limit on the number of Optional Deferral Periods that the Company may begin. 
 The Company shall provide a notice of any Optional Deferral no more than sixty and no fewer than fifteen days prior to the relevant Interest Payment
Date. Subject to Section 4.2(b) of the Third Supplemental Junior Subordinated Indenture, a notice of Optional Deferral, once given, will be irrevocable and the deferral of payments on the related Interest Payment Date will be considered an
Optional Deferral, unless a Trigger Event has occurred as of the thirtieth day prior to such Interest Payment Date. 
 By not later than the
fifteenth day prior to each Interest Payment Date during a Trigger Period, the Company will give notice of the continuance of such Trigger Period to the Holders of the Capital Securities. Such notice will, depending on which condition is relied upon
in determining that a Trigger Event has occurred, set forth either (x) the Covered Life Insurance Subsidiaries’ Most Recent Weighted Average NAIC RBC Ratio or (y) the Trailing Four Quarters Consolidated Net Income Amount and the
Adjusted Shareholders’ Equity Amount, as applicable, and the extent to which these amounts must increase in order for payments of interest from sources other than pursuant to Section 6.3 of the Third Supplemental Junior Subordinated
Indenture to resume. 
 If and to the extent that a Trigger Event has occurred and is continuing, and regardless of any notice of Optional
Deferral that has been previously delivered, the Company may pay interest on the Capital Securities (other than any interest that had accrued during an Optional Deferral Period prior to the Fifth Deferral Anniversary and prior to the occurrence of a
Trigger Event, which may remain unpaid or be paid out of any source of funds) only to the extent that such interest is paid in accordance with Section 6.3 of the Third Supplemental Junior Subordinated Indenture. Any interest that is accrued and
unpaid during a period when a Trigger Event has occurred and is continuing (a “Trigger Period”) will continue to accrue and compound semi-annually or quarterly, as applicable, to the extent permitted by applicable law, at the applicable
Coupon Rate. 
 In the event that a Trigger Period is no longer continuing and at the termination of the Trigger Period there is no unpaid
interest from an Optional Deferral Period that had continued beyond the Fifth Deferral Anniversary, the Company may pay subsequent interest in cash from any source of funds. Notwithstanding the foregoing, any unpaid interest, together with any
Compounded Interest, that accrued during the continuance of a Trigger Period may only be satisfied in accordance with the provisions of Section 6.3 of the Third Supplemental Junior Subordinated Indenture, except upon an Event of Default;
provided, however, that any accrued and unpaid interest will in all events be due and payable upon maturity or redemption of the Capital Securities, except for Foregone Interest if certain events of bankruptcy, insolvency or receivership, whether
voluntary or not, occur with respect to the Company prior to the maturity or redemption of the Capital Securities. 
  

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 During such Trigger Period, the restrictions on interest payments from sources other than the Alternative
Coupon Satisfaction Mechanism will continue until neither of the conditions in clauses (i) and (ii) of the definition of “Trigger Event” exists as of the thirtieth day prior to an Interest Payment Date. In addition, in the case
of a restriction arising under clause (ii) of the definition of “Trigger Event,” such restrictions will continue until neither of the conditions in clauses (i) and (ii) of the definition of “Trigger Event” exists
as of the thirtieth day prior to an Interest Payment Date and the Company’s Adjusted Shareholders’ Equity Amount has increased or has declined by less than 10%, in either case as compared to the Adjusted Shareholders’ Equity Amount at
the end of the Benchmark Quarter for each Interest Payment Date as to which interest payment restrictions were imposed under clause (ii) of the definition of “Trigger Event” and Section 4.3(a) of the Third Supplemental Junior
Subordinated Indenture. 
 The Company may not pay on any Interest Payment Date interest that has accrued on any Capital Security during the
Interest Payment Period immediately preceding such Interest Payment Date, unless the Company pays therewith all Optionally Deferred Interest at such time outstanding on such Capital Security. The foregoing covenant shall not be construed to limit
the ability of the Holders of the Capital Securities to recover amounts in case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceeding affecting the Company and its
property. 
 Each Holder of a Capital Security, by such Holder’s acceptance thereof, agrees that upon any payment or distribution of
assets to creditors of the Company upon any liquidation, dissolution, winding up, reorganization, or in connection with any insolvency, receivership or proceeding with respect to the Company, such Holder shall not have a claim for, and thus no right
to receive, interest that is unpaid due to certain consequences of a Trigger Event (including Compounded Interest) and has not been settled through the application of the Alternative Coupon Satisfaction Mechanism, to the extent that the aggregate
amount thereof (including Compounded Interest) exceeds 25% of the original principal amount of such Capital Security in respect of which such interest was deferred. 
 Except as provided in the immediately preceding paragraph and Article XI of the Third Supplemental Junior Subordinated Indenture, no reference herein to the Indenture and no provision of this Capital Security or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Capital Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Capital
Security is registrable in the Securities Register, upon surrender of this Capital Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Base Indenture duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly 

  

 10 

 
authorized in writing, and thereupon one or more new Capital Securities of this series, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. 
 Prior to due presentment of this Capital Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Capital Security is registered as the owner hereof for all purposes, whether or not this Capital Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary. 
 The Capital Securities are issuable only in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This Global Security is exchangeable for Capital Securities in definitive form only under certain limited circumstances set forth in the Indenture. Capital
Securities so issued are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Base Indenture and subject to certain limitations therein set forth, Capital
Securities are exchangeable for a like aggregate principal amount of Capital Securities of a different authorized denomination, as requested by the Holder surrendering the same. 
 No recourse shall be had for the payment of the principal of or the interest on this Capital Security, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any incorporator, shareholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 The Company agrees and, by its acceptance of this Capital Security or a beneficial interest therein, the Holder of, and any Person that
acquires a beneficial interest in, this Capital Security agrees to treat this Capital Security as indebtedness for United States federal, state and local tax purposes. 
 THE INDENTURE AND THIS CAPITAL SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 

 

 11Second Amendment to Senior Revolving Credit Agreement

 EXHIBIT 10.1 
 EXECUTION VERSION 
 SECOND AMENDMENT 
 (Senior Revolving Credit Agreement) 
 SECOND AMENDMENT, dated as of May
17, 2006 (this “Amendment”), to the SENIOR REVOLVING CREDIT AGREEMENT, dated as of May 10, 2005 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among LAZARD GROUP
LLC, a Delaware limited liability company (the “Company”), the Banks from time to time parties thereto, CITIBANK, N.A., a national banking association (“Citibank”), and THE BANK OF NEW YORK, New York Branch
(“The Bank of New York”), and JPMORGAN CHASE BANK, N.A., a New York banking corporation as a Bank (in such capacity, “JPMorgan Chase Bank”, and together with Citibank and The Bank of New York, the
“Banks”) and as Administrative Agent for the Banks thereunder (in such capacity, the “Administrative Agent”). 
 W I T N E S S E T H : 
 WHEREAS, the Company, the
Banks and the Administrative Agent are parties to the Credit Agreement; 
 WHEREAS, the Banks have not assigned the Loans to any other
institution and as such hold 100% of the Loans and Commitments under the Credit Agreement; 
 WHEREAS, the Company has requested, and upon
this Amendment becoming effective, the Banks have agreed, to increase the Commitments under the Credit Agreement as set forth herein and to amend certain provisions of the Credit Agreement in connection therewith, in each case upon the terms and
conditions set forth herein. 
 NOW, THEREFORE, the parties hereto agree as follows: 
 SECTION 1. DEFINITIONS 
 1.1 Defined Terms. Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given such terms in the Credit Agreement. 
 SECTION 2.
AMENDMENTS TO CREDIT AGREEMENT 
 2.1 Amendments to Section 7.2. (a) Section 7.2 is hereby amended by deleting clause
7.2(d) in its entirety and inserting in lieu thereof “RESERVED.” 
 (b) Section 7.2 is hereby further amended by
deleting clause 7.2(m) in its entirety and inserting in lieu thereof “Subordinated Indebtedness of the Company or any of its Subsidiaries (other than LFNY).” 

 2.2 Amendment of Schedule 2.1. The Commitments listed in Schedule 2.1 are hereby amended as
follows: 
 Commitments 
  

				
	 JPMorgan Chase Bank, N.A.
	  	$	60,000,000
	 Citibank, N.A.
	  	$	60,000,000
	 The Bank of New York
	  	$	30,000,000

 SECTION 3. MISCELLANEOUS 
 3.1 Limited Effect. Except as expressly amended, modified and supplemented hereby, the Credit Agreement is, and shall remain, in full force and
effect in accordance with its terms. 
 3.2 Effectiveness. This Amendment shall become effective as of the date (the “Second
Amendment Effective Date”) of receipt by the Administrative Agent of counterparts hereof duly executed by the Company and Lenders constituting the Required Lenders. 
 3.3 Representations and Warranties. On and as of the date hereof and after giving effect to this Amendment, the Company hereby confirms, reaffirms
and restates the representations and warranties set forth in Section 4 of the Credit Agreement mutatis mutandis, except to the extent that such representations and warranties expressly relate to a specific earlier date in which case the
Company hereby confirms, reaffirms and restates such representations and warranties as of such earlier date. 
 3.4 Counterparts. This
Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Amendment
signed by all the parties shall be lodged with the Company and the Administrative Agent. This Amendment may be delivered by facsimile transmission of the relevant signature pages hereof. 
 3.5 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 [Signature page to follow] 

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

					
	LAZARD GROUP LLC
		
	 By:
	 	/s/ Michael J. Castellano
		 	 Name:
	 	 Michael J. Castellano

		 	 Title:
	 	 Chief Financial Officer

	
	 JPMORGAN CHASE BANK, N.A as
 Administrative Agent and as a Bank

		
	 By:
	 	/s/ Thomas H. Mulligan
		 	 Name:
	 	 Thomas H. Mulligan

		 	 Title:
	 	 Managing Director

	
	 CITIBANK, N.A., as a Bank

		
	 By:
	 	/s/ Matthew Nicholls
		 	 Name:
	 	 Matthew Nicholls

		 	 Title:
	 	 Managing Director

	
	 THE BANK OF NEW YORK, N.A., as a Bank

		
	 By:
	 	/s/ Joseph Ciacciarelli
		 	 Name:
	 	 Joseph Ciacciarelli

		 	 Title:
	 	 Managing Director

 Signature page to Second Amendment to the Senior Revolving Credit Agreement

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