Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 38

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 38
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 with respect to the SOFR Index Average or the then-current SOFR Benchmark, then “SOFR Benchmark” means the applicable SOFR Benchmark Replacement; “ SOFR Benchmark Event” means the occurrence of one or more of the following events with respect to the then-current SOFR Benchmark (including the daily published component used in the calculation thereof):

| (1) | a public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or                                                                                                                                
 such component) announcing that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor 
 administrator that will continue to provide the SOFR Benchmark (or such component);                                                                                                                                                            |

| (2) | a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR                                                                                                                                     
 Benchmark (or such component), the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the SOFR Benchmark (or such component), a resolution authority with 
 jurisdiction over the administrator for the SOFR Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark (or such component), which states that the     
 administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor  
 administrator that will continue to provide the SOFR Benchmark (or such component); or                                                                                                                                                              |

| (3) | a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR 
 Benchmark announcing that the SOFR Benchmark is no longer representative;                                       |

“ SOFR Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Issuer, following consultation with its Independent Adviser:

| (1) | the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant                                                                
 Governmental Body as the replacement for the then-current SOFR Benchmark for the applicable Corresponding Tenor and (b) the SOFR Benchmark Replacement Adjustment; |

| (2) | the sum of (a) the ISDA Fallback Rate and (b) the SOFR Benchmark Replacement Adjustment; or |

| (3) | the sum of (a)