Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 69

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 69
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 Issuer. If the Issuer is unable to appoint an Independent Adviser, the Issuer, acting in good faith, may still make any determinations and/or any amendments applying mutatis mutandis to allow such determinations or amendments to be made by the Issuer without consultation with an Independent Adviser). Without prejudice to the definitions set herein, for the purposes of making any determination, the Issuer will take into account any relevant and applicable market precedents and customary market usage as well as any published guidance from relevant associations involved in the establishment of market standards and/or protocols in the international debt capital markets. If the Issuer, following consultation with the Independent Adviser, determines that:

| (i) | there is a Successor Rate, then such Successor Rate and the applicable Adjustment Spread shall subsequently be                                                                    
 used in place of the Original Reference Rate to determine the Reset Interest Rate (or the relevant component part thereof) for all future payments of interest on the Securities; |

| (ii) | there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate and the applicable                                                                                                           
 Adjustment Spread shall subsequently be used in place of the Original Reference Rate to determine the Reset Interest Rate (or the relevant component part thereof) for all future payments of interest on the Securities; |

The Adjustment Spread (or the formula or methodology for determining the Adjustment Spread) shall be applied to the Successor Rate or the Alternative Rate (as the case may be). If any Successor Rate or Alternative Rate and, in either case, the applicable Adjustment Spread is determined and the Issuer, following consultation with the Independent Adviser, determines (i) that amendments are necessary to ensure the proper operation of such Successor Rate or Alternative Rate and/or (in either case) the applicable Adjustment Spread (such amendments, the “ Benchmark Amendments”) and (ii) the terms of the Benchmark Amendments, then the Issuer shall, subject to giving notice thereof, without any requirement for the consent or approval of holders, vary the terms to give effect to such Benchmark Amendments with effect from the date specified in such notice. At the request of the Issuer, but subject to receipt by the Trustee and Principal Paying Agent of a certificate signed by two authorized signatories of the Issuer, the Trustee and Principal Paying Agent and the Interest Calculation Agent shall (at the expense of the Issuer), without any requirement for the consent or S-57

approval of the holders, be obliged to concur with the Issuer in