Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 40

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 40
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 any preference among themselves and equally with all of the Issuer’s other unsecured and unsubordinated obligations from time to time outstanding, save as otherwise provided by law. In addition, see “Risk Factors — The notes are obligations only of the Issuer, and claims against the Issuer are structurally subordinated to the creditors of and other claimants against its subsidiaries.” Waiver of Right of Set-off Subject to applicable law, neither any holder or beneficial owner of the notes nor the trustee acting on behalf of the holders and beneficial owners of the notes may exercise, claim or plead any right of set-off,netting, compensation or retention in respect of any amount owed to it by the Issuer in respect of, or arising under, or in connection with, the notes or the Indenture, and each holder and beneficial owner of the notes, by virtue of its holding of any such notes or any interest therein, and the trustee acting on behalf of the holders and beneficial owners of the notes, shall be deemed to have waived all such rights of set-off,netting, compensation or retention. To the extent that any such holder or beneficial owner of a note or any interest therein nevertheless claims a right of set-off,netting, compensation or retention in respect of any such amount, whether by operation of law or otherwise, and irrespective of whether the set-off,netting, compensation or retention is effective under any applicable law, such holder or beneficial owner shall immediately transfer to the Issuer (or, in the event of the Issuer’s liquidation (upon dissolution ( ontbinding) or otherwise) or a moratorium of payments ( surseance van betaling), or if the Issuer is declared bankrupt ( failliet verklaard), the liquidator or administrator of the Issuer, as the case may be) the amount which purportedly has been set off, netted, compensated or retained (such a transfer, a “ Set-offRepayment”) and no rights can be derived from the notes or any interest therein until the Issuer (or the liquidator or administrator of the Issuer, as the case may be) has received in full the relevant Set-offRepayment and accordingly any such set-off,netting, compensation or retention shall be deemed not to have taken place. By its acquisition of the notes, each holder and beneficial owner agrees to be bound by these provisions relating to waiver of set-off.No holder of the notes shall be entitled to proceed directly against the Issuer except as described in “Description of Debt