Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 49

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 49
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 5 business days prior to such date unless a shorter notice
period shall be satisfactory to the trustee.

By its acquisition of the notes or any beneficial interest therein, each holder and beneficial owner of the notes and each subsequent holder and beneficial owner of the notes, (i) acknowledges, accepts, agrees to be bound by, and consents to, the Issuer’s determination to substitute the notes or vary the terms of the notes as provided above, (ii) grants to the Issuer and the trustee full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such holder or beneficial owner, as the case may be, which is necessary or convenient to complete such substitution of the notes or the variation of the terms of the notes, as applicable; and (iii) to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Issuer and the trustee for, agrees not to initiate a suit against the Issuer or the trustee in respect of, and agrees that neither the Issuer nor the trustee shall be liable for, any action that the Issuer or the trustee takes, or abstains from taking, in either case in connection with the substitution of the notes or the variation of the terms of the notes at the option of the Issuer as provided above.

S-38

“ Compliant Notes” means securities that comply with the following (which compliance has been certified to the trustee in a certificate signed by two authorized signatories of the Issuer and delivered to the trustee prior to the relevant substitution or variation):

| (1) | such securities are issued by the Issuer; |

| (2) | such securities rank equally with the ranking of the notes; |

| (3) | (without prejudice to (2) above) such securities have terms not materially less favorable to holders of                                            
 the notes than the terms of the notes (as reasonably determined by the Issuer in consultation with an independent adviser of recognized standing); |

| (4) | (without prejudice to (3) above) such securities (1) contain terms such that they comply with the                                                                                                                                                 
 then applicable Loss Absorption Regulations in order to be eligible to qualify in full towards the Issuer’s and/or the Regulatory Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing               
 capacity instruments; (2) bear the same rate of interest from time to time applying to the notes and