Document:

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GUARANTEE

     FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in connection with
that certain funding agreement (the “Funding Agreement”), entered into by and between Principal
Life Insurance Company, an Iowa insurance company (“Principal Life”), and Principal Life Income
Fundings Trust 2006-66, a New York common law trust (the “Trust”), relating to the notes (the
“Notes”) issued by the Trust, Principal Financial Group, Inc., a Delaware corporation and the
indirect parent company of Principal Life (the “Guarantor”), hereby furnishes to the Trust its full
and unconditional guarantee of the Guaranteed Amounts (as hereinafter defined) as follows:

     1. Guarantee.

          (a) The Guarantor hereby fully, irrevocably, absolutely and unconditionally guarantees, as a
guarantee of payment and not merely as a guarantee of collection, immediate payment when due to the
Trust any payments required to be made by Principal Life to the Trust under the Funding Agreement
which shall become due and payable regardless of whether such payment is due at maturity, on an
interest payment date or as a result of redemption or otherwise (the “Scheduled Payments”) but
shall be unpaid by Principal Life (the “Guaranteed Amounts”). Notwithstanding anything to the
contrary contained herein, in no event shall the Guaranteed Amounts exceed the Deposit (as defined
in the Funding Agreement) of the Funding Agreement, plus accrued but unpaid interest and any other
amounts due and owing under the Funding Agreement, less any amounts paid by Principal Life to the
Trust.

          (b) In the event that Principal Life fails to make a Scheduled Payment in full when due (the
“Payment Notice Date”), then the Trust or Citibank, N.A., as indenture trustee for the benefit of
the holders of the Notes (the “Indenture Trustee”), pursuant to the indenture (the “Indenture”)
between the Trust and the Indenture Trustee, may present the Guarantor with notice (each, a
“Payment Notice”) of such failure in writing on or after the Payment Notice Date. The Payment
Notice shall identify (1) the Funding Agreement, (2) the Trust, (3) the Payment Notice Date and (4)
the amount of the Scheduled Payments not paid by Principal Life to the Trust as of the Payment
Notice Date. Upon receipt of such Payment Notice, the Guarantor will immediately pay the
Guaranteed Amounts pursuant to Section 7.

          (c) In the event that, after receipt of a Payment Notice from the Trust, the Guarantor fails
to make immediate payment to the Trust or the Indenture Trustee of the Guaranteed Amounts, then
the Trust and the Indenture Trustee may enforce the obligations of the Guarantor under this
Guarantee, including by immediately bringing suit directly against the Guarantor (without first
bringing suit against Principal Life) for the Guaranteed Amounts not paid to the Trust as of the
Payment Notice Date.

          (d) This Guarantee is an unsecured, unsubordinated and contingent obligation of the Guarantor
and ranks equally with all other unsecured and unsubordinated obligations of the Guarantor.

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     2. Termination. This Guarantee is a continuing and irrevocable guarantee of the
Guaranteed Amounts now or hereafter existing and shall terminate and be of no further force and
effect with respect to the Funding Agreement and the Notes upon the full payment of the Scheduled
Payments or upon the earlier extinguishment of the obligations of Principal Life under the Funding
Agreement.

     3. Amendments. Subject to the trust agreement relating to the Trust and the Indenture, no
provision of this Guarantee may be waived, amended, supplemented or modified, except by a written
instrument executed by the Trust and the Guarantor.

     4. Assignment; Governing Law. This Guarantee shall inure to the benefit of the Trust and its
successors, assigns and pledgees. This Guarantee shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to conflict of law principles.

     5. Notices. All notices given pursuant to this Guarantee shall be in writing, and shall
either be delivered, mailed or telecopied to the locations listed below or at such other address or
to the attention of such other persons as such party shall have designated for such purpose in a
written notice complying as to delivery with the terms of this Section 5. Each such notice shall
be effective (i) if given by telecopy, when transmitted to the applicable number so specified in
this Section 5 (such notice shall also be sent by mail, with first class postage prepaid), (ii) if
given by mail, three days after deposit in the mails with first class postage prepaid, or (iii) if
given by any other means, when actually delivered at such address.

If to the Guarantor:

Principal Financial Group, Inc.

711 High Street

Des Moines, Iowa 50392

Attention: General Counsel

Telephone: (515) 247-5111

Facsimile: (515) 248-3011

With a copy to:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: Jim Fifield

Telephone: (515) 248-9196

Facsimile: (866) 496-6527

If to the Trust:

Principal Life Income Fundings Trust (followed by the number of the Trust specified in this Guarantee)

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c/o U.S. Bank Trust National Association

100 Wall Street, 16th Floor

New York, New York 10005

Attention: Thomas E. Tabor

Telephone: (212) 361-6184

Facsimile: (212) 809-5459

With a copy to:

Citibank, N.A.

Citibank Agency and Trust

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Nancy Forte

Telephone: (212) 816-5685

Facsimile: (212) 816-5527

     6. Representations and Warranties. The Guarantor represents and warrants that: (i) it is duly
organized and in good standing under the laws of the jurisdiction of its organization and has full
capacity and right to make and perform this Guarantee, and all necessary authority has been
obtained; (ii) this Guarantee constitutes a legal, valid and binding obligation of the Guarantor
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights and general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at law; (iii) the making and performance of this
Guarantee does not and will not violate the provisions of any applicable law, regulation or order,
and does not and will not result in the breach of, or constitute a default under, any material
agreement, instrument or document to which it is a party or by which it or any of its property may
be bound or affected, except to the extent disclosed in the registration statement registering the
issuance of this Guarantee and the Funding Agreement, as amended, supplemented or modified from
time to time (the “Registration Statement”), and to the extent that any such violation, breach or
default does not result in a material adverse effect on the Guarantor; and (iv) all consents,
approvals, licenses and authorizations of, and filings and registrations with, any governmental
authority required under applicable law and regulations for the making and performance of this
Guarantee have been obtained or made and are in full force and effect, except to the extent
disclosed in the Registration Statement and to the extent that the failure to acquire any such
consent, approval, license, authorization, filing or registration does not result in a material
adverse effect on the Guarantor.

     7. Notice of, and Consent to, Security Interest. The Trust hereby notifies the Guarantor that
it has granted to the Indenture Trustee, on behalf of the holders of the Notes, a security interest
in the Collateral (as defined in the Indenture), including, but not limited to, any and all payment
to be made by the Guarantor to the Trust under this Guarantee. The Trust hereby notifies the
Guarantor that it has collaterally assigned to the Indenture Trustee, for the benefit of the
holders of the Notes, this Guarantee. The Guarantor, by executing this Guarantee, hereby (i)
affirms that it has made or simultaneously will make changes to its books and records to reflect
such security interest and collateral assignment, (ii) consents to the security interest

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granted, and collateral assignment made, by the Trust to the Indenture Trustee of this
Guarantee, (iii) agrees to make all payments due under this Guarantee to the Collection Account (as
defined in the Indenture) or any other account designated in writing to the Guarantor by the
Indenture Trustee and (iv) agrees to comply with all orders of the Indenture Trustee with respect
to this Guarantee without any further consent from the Trust.

     8. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE
GUARANTOR WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON OR ARISING
OUT OF THIS GUARANTEE. THIS GUARANTEE REPRESENTS THE FINAL AGREEMENT BETWEEN THE GUARANTOR AND THE
TRUST AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS AMONG SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG SUCH PARTIES.

	 	 	 
	PRINCIPAL FINANCIAL GROUP, INC.
	 
	 	 
	By:

	 	/s/ Elizabeth D. Swanson
	 

	 	 
	 
	 	 
	Name:

	 	Elizabeth D. Swanson
	 

	 	 
	 
	 	 
	Title:

	 	Counsel
	 

	 	 
	 
	 	 
	Date:

	 	The Effective Date (as defined in the Funding Agreement)

Acknowledged and Agreed:

	 	 	 	 	 
	THE PRINCIPAL LIFE INCOME FUNDINGS

TRUST DESIGNATED IN THIS GUARANTEE
	 

	 	 	 	 
	By:

	 	U.S. Bank Trust National Association,
not in its individual capacity, but solely in its
capacity as trustee	 	 
	 
	 	 	 	 
	By:	 	Bankers Trust Company, N.A.,
under Limited Power of Attorney, dated February 16, 2006
	 
	 	 	 	 
	By:

	 	/s/ Diana L. Cook	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Name:

	 	Diana L. Cook	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Title:

	 	Vice President	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date:

	 	The Effective Date (as defined in the Funding Agreement)	 	 

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Exhibit 4.1

OMNIBUS INSTRUMENT

     WHEREAS, the parties named herein desire to enter into certain program documents contained
herein, each such document (unless otherwise specified in such document) dated as of this 19th day
of September, 2006, relating to the issuance by ING USA Global Funding Trust 3 (the “Trust”) of
extendible Notes with a principal amount of $400,000,000 to investors under the secured notes
program sponsored by ING USA;

     WHEREAS, the Trust is a trust and will be organized under and its activities will be governed
by the provisions of the Trust Agreement (set forth in Section A of this Omnibus Instrument), dated
as of the date of the Pricing Supplement, by and between the parties thereto indicated in Section E
herein;

     WHEREAS, certain expense and indemnification arrangements between ING USA and the Trustee, on
behalf of itself and on behalf of the Trust, are governed pursuant to the provisions of the Expense
and Indemnity Agreement dated as of May 25, 2005, by and between ING USA and the Trustee;

     WHEREAS, certain licensing arrangements between the Trustee, on behalf of the Trust, and ING
Groep N.V. will be governed pursuant to the provisions of the License Agreement dated as of May 19,
2005, by and between the Trustee and ING Groep N.V.;

     WHEREAS, certain custodial arrangements for the Funding Agreement will be governed pursuant to
the provisions of the Custodial Agreement (the “Custodial Agreement”) dated as of May 19, 2005 by
and among U.S. Bank National Association, acting as custodian (the “Custodian”), the Indenture
Trustee and the Trustee, on behalf of the Trust;

     WHEREAS, the Notes will be issued pursuant to the Indenture (set forth in Section B of this
Omnibus Instrument), dated as of the Original Issue Date, by and between the parties thereto
indicated in Section E herein;

     WHEREAS, the sale of the Notes will be governed by the Terms Agreement (set forth in Section C
of this Omnibus Instrument), dated as of the date of the Pricing Supplement, by and among the
parties thereto indicated in Section E herein; and

     WHEREAS, certain agreements relating to the Notes and the Funding Agreement are set forth in
the Coordination Agreement (set forth in Section D of this Omnibus Instrument), dated as of the
date of the Pricing Supplement, by and among the parties thereto indicated in Section E herein.

     All capitalized terms used herein and not otherwise defined will have the meanings set forth
in the Indenture.

[Remainder of Page Left Intentionally Blank]

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SECTION A

TRUST AGREEMENT

     This TRUST AGREEMENT (this “Trust Agreement”), dated as of the date of the Pricing Supplement,
is entered into by and between GSS Holdings II, Inc., a Delaware corporation, as trust beneficial
owner (the “Trust Beneficial Owner”), and U.S. Bank National Association, a national banking
association, as Trustee (the “Trustee”).

WITNESSETH:

     WHEREAS, the Trust Beneficial Owner and the Trustee desire to authorize the issuance of a
Trust Beneficial Interest and a series of Notes in connection with the entry into this Trust
Agreement;

     WHEREAS, all things necessary to make this Trust Agreement a valid and legally binding
agreement of the Trustee and the Trust Beneficial Owner, enforceable in accordance with its terms,
have been done;

     WHEREAS, the parties intend to provide for, among other things, (i) the issuance and sale of
the Notes (pursuant to the Indenture, the Distribution Agreement and the related Terms Agreement)
and the Trust Beneficial Interest, (ii) the use of the proceeds of the sale of the Notes and Trust
Beneficial Interest to acquire the Funding Agreement, and (iii) all other actions deemed necessary
or desirable in connection with the transactions contemplated by this Trust Agreement; and

     WHEREAS, the parties hereto desire to incorporate by reference those certain Standard Trust
Terms, dated as of September 8, 2006, and attached to the Omnibus Instrument as Exhibit A
(the “Standard Trust Terms”).

     NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the sufficiency of which are hereby acknowledged, each party
hereby agrees as follows:

ARTICLE 1

     Section 1.01 Incorporation by Reference. All terms, provisions and agreements set
forth in the Standard Trust Terms (except to the extent expressly modified herein) are hereby
incorporated herein by reference with the same force and effect as though fully set forth herein.
All capitalized terms not otherwise defined herein (including the recitals hereof) shall have the
meanings set forth in the Standard Trust Terms (the Standard Trust Terms and this Trust Agreement,
collectively, the “Trust Agreement”). To the extent that the terms set forth in Article 2 of this
Trust Agreement are inconsistent with the terms of the Standard Trust Terms, the terms set forth in
Article 2 herein shall apply.

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ARTICLE 2

     Section 2.01 Name. The Trust created and governed by this Trust Agreement shall be
the trust specified in the Omnibus Instrument. The name of the Trust shall be the name specified
in the first paragraph of the Omnibus Instrument, as such name may be modified from time to time by
the Trustee following written notice to the Trust Beneficial Owner.

     Section 2.02 Jurisdiction. The Trust is hereby organized in, and formed under and
pursuant to, the laws of the jurisdiction specified in the Pricing Supplement.

     Section 2.03 Initial Capital Contribution and Ownership. The Trust Beneficial Owner
has paid or has caused to be paid to, or to an account at the direction of, the Trustee, on the
date hereof, the sum of $15 (or, in the case of Notes issued with original issue discount, such
amount multiplied by the issue price of the Notes as specified in the Pricing Supplement). The
Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner, as of the date
hereof, of the foregoing contribution, which shall be used along with the proceeds from the sale of
the series of Notes to purchase the Funding Agreement. Upon the creation of the Trust and the
registration of the Trust Beneficial Interest in the Securities Register (as defined in the Trust
Agreement) by the Trust Registrar in the name of the Trust Beneficial Owner, the Trust Beneficial
Owner shall be the sole beneficial owner of the Trust.

     Section 2.04 Acknowledgment. The Trustee, on behalf of the Trust, expressly
acknowledges its duties and obligations set forth in the Standard Trust Terms incorporated herein
by reference.

     Section 2.05 Additional Terms.

     None.

     Section 2.06 Omnibus Instrument; Execution and Incorporation of Terms.

     The parties hereto will enter into this Trust Agreement by executing the Omnibus Instrument.

     By executing the Omnibus Instrument, the Trustee and the Trust Beneficial Owner hereby agree
that this Trust Agreement will constitute a legal, valid and binding agreement between the Trustee
and the Trust Beneficial Owner.

     All terms relating to the Trust or the series of Notes not otherwise included herein will be
as specified in the Omnibus Instrument or Pricing Supplement, as indicated herein.

     Section 2.07 Governing Law. This Trust Agreement will be governed by, and construed
in accordance with, the laws of the jurisdiction specified in the Pricing Supplement.

     Section 2.08 Counterparts. This Trust Agreement, through the Omnibus Instrument, may be
executed in any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same instrument.

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SECTION B

INDENTURE

     This INDENTURE (this “Indenture”) is entered into as of the Original Issue Date by and between
the ING USA Global Funding Trust specified in the Omnibus Instrument (the “Trust”) and Citibank,
N.A., as indenture trustee (the “Indenture Trustee”).

     Citibank, N.A., in its capacity as Indenture Trustee, hereby accepts its role as Registrar,
Paying Agent, Transfer Agent and Calculation Agent hereunder.

     References herein to “Indenture Trustee,” “Registrar,” “Transfer Agent,” “Paying Agent” or
“Calculation Agent” shall include the permitted successors and assigns of any such entity from time
to time.

WITNESSETH:

     WHEREAS, the Trust has duly authorized the execution and delivery of this Indenture to provide
for the issuance of Notes;

     WHEREAS, all things necessary to make this Indenture a valid and legally binding agreement of
the Trust and the other parties to this Indenture, enforceable in accordance with its terms, have
been done, and the Trust proposes to do all things necessary to make the Notes, when executed by
the Trust and authenticated and delivered pursuant hereto, valid and legally binding obligations of
the Trust as hereinafter provided; and

     WHEREAS, the parties hereto desire to incorporate by reference those certain Standard
Indenture Terms, dated as of September 8, 2006, and attached to the Omnibus Instrument as
Exhibit B (the “Standard Indenture Terms”).

     NOW, THEREFORE, for and in consideration of the premises and the purchase of the Notes by the
Holders thereof, it is mutually covenanted and agreed by each of the parties hereto as follows:

ARTICLE 1

     Section 1.01 Incorporation by Reference. All terms, provisions and agreements set
forth in the Standard Indenture Terms (except to the extent expressly modified herein) are hereby
incorporated herein by reference with the same force and effect as though fully set forth herein.
All capitalized terms not otherwise defined herein (including the recitals hereof) shall have the
meanings set forth in the Standard Indenture Terms (the Standard Indenture Terms and this
Indenture, collectively, the “Indenture”). To the extent that the terms set forth in Article 2 of
this Indenture are inconsistent with the terms of the Standard Indenture Terms, the terms set forth
in Article 2 herein shall apply.

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ARTICLE 2

     Section 2.01 Agreement to be Bound. Each of the Trust, the Indenture Trustee, the
Registrar, the Transfer Agent, the Paying Agent and the Calculation Agent hereby agrees to be bound
by all of the terms, provisions and agreements set forth in the Indenture, with respect to all
matters contemplated in the Indenture, including, without limitation, those relating to the
issuance of the below-referenced Notes.

     Section 2.02 Designation of the Trust, the Notes and the Funding Agreement. The Trust
created by the Trust Agreement specified in the Omnibus Instrument and referred to herein is the
ING USA Global Funding Trust specified in the Omnibus Instrument. The Notes issued by the Trust
and governed by the Indenture shall be the Notes specified in the Pricing Supplement. The Funding
Agreement designated hereby is the Funding Agreement designated in the Pricing Supplement,
effective as of the Original Issue Date, between the Trust and ING USA.

     Section 2.03 Additional Terms.

     For purposes of this Indenture, the first sentence of Section 2.04(c) of the Standard
Indenture Terms is hereby amended and restated as follows: “In connection with the redemption by
the Trust of the Notes under Section 2.04(a), upon receipt by the Trust of notice of redemption of
the Funding Agreement from ING USA, the Trust will promptly give written notice of such redemption
to the Indenture Trustee and the Indenture Trustee will give written notice to the Holders in
accordance with Section 1.06 upon not less than five (5) Business Days prior to the date set for
such redemption.”

     Section 2.04 Omnibus Instrument; Execution and Incorporation of Terms.

     The parties hereto will enter into this Indenture by executing the Omnibus Instrument.

     By executing the Omnibus Instrument, the Indenture Trustee, the Registrar, the Transfer Agent,
the Paying Agent, the Calculation Agent and the Trust hereby agree that the Indenture will
constitute a legal, valid and binding agreement between the Indenture Trustee, the Registrar, the
Transfer Agent, the Paying Agent, the Calculation Agent and the Trust.

     All terms relating to the Trust or the Notes not otherwise included herein will be as
specified in the Omnibus Instrument or Pricing Supplement, as indicated herein.

     Section 2.05 Counterparts. This Indenture, through the Omnibus Instrument, may be
executed in any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute one and the same instrument.

     Section 2.06 Acknowledgment of Multiple Roles. The parties expressly acknowledge and
consent to U.S. Bank National Association acting in the capacity of Trustee of the Trust and in the
capacity of Custodian with respect to the Funding Agreement being pledged and assigned by the Trust
to the Indenture Trustee. U.S. Bank National Association may, in such dual capacities, discharge
its separate functions fully, without hindrance or regard to conflict of

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interest principles, duty of loyalty principles or other breach of fiduciary duties to the
extent that any such conflict or breach arises from the performance by U.S. Bank National
Association of any of its respective duties in its capacities as Custodian and/or Trustee. The
parties hereto waive all defenses, claims or assertions against U.S. Bank National Association
which are based on the foregoing.

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SECTION C

TERMS AGREEMENT

     This TERMS AGREEMENT (this “Terms Agreement”) is entered into as of the date of the Pricing
Supplement by and among ING USA Annuity and Life Insurance Company (“ING USA”), the ING USA Global
Funding Trust specified in the Omnibus Instrument (the “Trust”) and the Agents specified in the
Pricing Supplement (the “Agents”).

WITNESSETH:

     WHEREAS, ING USA and the Agents have entered into that certain Distribution Agreement dated
September 12, 2006 (the “Distribution Agreement”).

     NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, each of the
parties hereby agrees as follows:

ARTICLE 1

     Section 1.01 Incorporation by Reference. The provisions of the Distribution Agreement
and the related definitions (unless otherwise specified herein) are incorporated by reference
herein and shall be deemed to have the same force and effect as if set forth in full herein.

ARTICLE 2

     Section 2.01 Addition of Trust as Party to Distribution Agreement.

     Pursuant to Section 1 of the Distribution Agreement, each of the undersigned parties hereby
acknowledges and agrees that the Trust, upon execution hereof by the Trust and the other parties to
this Terms Agreement, shall become a Trust for purposes of the Distribution Agreement in accordance
with the terms thereof, in respect of the Notes, with all the authority, rights, powers, duties and
obligations of a Trust under the Distribution Agreement. The Trust confirms that any agreement,
covenant, acknowledgment, representation or warranty under the Distribution Agreement applicable to
the Trust is made by the Trust at the date hereof, unless another time or times are specified in
the Distribution Agreement, in which case such agreement, covenant, acknowledgment, representation
or warranty shall be deemed to be confirmed by the Trust at such specified time or times.

     Section 2.02 Purchase of Notes as Principal.

     (a) Subject in all respects to the terms and conditions of the Distribution Agreement, the
Trust hereby agrees to sell to each Agent and each Agent hereby agrees to purchase, severally and
not jointly, the Notes having the terms specified in the Pricing Supplement relating to such Notes.

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     (b) In connection with any purchase of Notes from the Trust by the Agent(s) as principal, the
parties agree that the items specified on Schedule I of the Omnibus Instrument will be delivered as
of the Settlement Date.

     Section 2.03 Termination. Upon the termination of this Terms Agreement pursuant to
Section 13(b) of the Distribution Agreement the undersigned parties hereby agree to allocate the
expenses reasonably incurred prior to or in connection with such termination as follows:

     The expenses will be borne by ING USA.

     Section 2.04 Applicable Time. For purposes of the Distribution Agreement, the
Applicable Time shall be 7:00 p.m., New York time, September 19, 2006.

     Section 2.05 Free Writing Prospectus(es) or Other Information. For purposes of the
Distribution Agreement, each free writing prospectus or other information attached to the Omnibus
Instrument as Exhibit F constitutes a part of the Time of Sale Prospectus.

     Section 2.06 Governing Law. This Terms Agreement shall be governed by and construed
in accordance with the laws of the State of New York without regard to the principles of conflicts
of laws thereof.

     Section 2.07 Notices. For purposes of Section 14 of the Distribution Agreement, the
Trust’s communications details are as set forth in Section D of the Omnibus Instrument.

     Section 2.08 Additional Terms. Each Agent, severally and not jointly, represents,
warrants and covenants with or to (as the case may be) the Trust and the Company that it has not
offered, sold or delivered and it will not offer, sell or deliver, any of the Notes, in or from any
jurisdiction (other than the United States) except under circumstances that are reasonably designed
to result in compliance with the applicable securities laws and regulations thereof.

     Section 2.09 Omnibus Instrument; Execution and Incorporation of Terms.

     The parties hereto will enter into this Terms Agreement by executing the Omnibus Instrument.

     By executing the Omnibus Instrument, each party hereto agrees that this Terms Agreement will
constitute a legal, valid and binding agreement by and among such parties.

     All terms relating to the Trust or the Notes not otherwise included in this Terms Agreement
will be as specified in the Omnibus Instrument or Pricing Supplement, as indicated herein.

     Section 2.10 Counterparts. This Terms Agreement, through the Omnibus Instrument, may
be executed in any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same instrument.

[Remainder of Page Left Intentionally Blank]

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SECTION D

COORDINATION AGREEMENT

     This COORDINATION AGREEMENT (this “Coordination Agreement”), dated as of the date of the
Pricing Supplement, is entered into by and among ING USA Annuity and Life Insurance Company (“ING
USA”), the ING USA Global Funding Trust specified in the Omnibus Instrument (the “Trust”), U.S.
Bank National Association, in its capacity as custodian of the Funding Agreement (“Custodian”) and
Citibank, N.A., as indenture trustee (the “Indenture Trustee”).

WITNESSETH

     WHEREAS, the Trust will enter into the Funding Agreement with ING USA, effective as of the
Original Issue Date specified in the Pricing Supplement;

     WHEREAS, the Agents (as defined in the Distribution Agreement) will sell the Notes in
accordance with the Registration Statement;

     WHEREAS, the Trust intends to issue the Notes in accordance with the Indenture, to
collaterally assign to, and grant a security interest in, the Funding Agreement to and in favor of
the Indenture Trustee in accordance with the Indenture to secure payment of the Notes; and

     WHEREAS, the Custodian will hold the Funding Agreement on behalf of the Indenture Trustee
pursuant to the terms of the Custodial Agreement.

     NOW, THEREFORE, to give effect to the agreements and arrangements established under the Terms
Agreement included in the Omnibus Instrument, as applicable, the Trust Agreement, the Indenture and
the Notes, and in consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which are hereby acknowledged, each party
hereby agrees as follows:

ARTICLE 1

     Section 1.01 Delivery of the Funding Agreement. The Trust hereby authorizes the
Custodian, on behalf of the Indenture Trustee, to receive the Funding Agreement from ING USA
pursuant to the assignment of the Funding Agreement (the “Assignment”), to be entered into on the
Original Issue Date, included in the closing instrument dated as of the Original Issue Date (the
“Closing Instrument”).

     Section 1.02 Issuance and Purchase of the Notes.

     (a) Delivery of the Funding Agreement to the Custodian, on behalf of the Indenture Trustee,
pursuant to the Assignment or execution of the cross-receipt contained in the Closing Instrument
shall be confirmation of payment by the Trust for the Funding Agreement.

     (b) The Trust hereby directs the Indenture Trustee, upon receipt of the Funding Agreement by
the Custodian, on behalf of the Indenture Trustee and pursuant to the Assignment,

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(i) to authenticate the certificates representing the Notes (the “Notes Certificates”) in
accordance with the Indenture and (ii) to (A) deliver each relevant Notes Certificate to the
clearing system or systems identified in each such Notes Certificate, or to the nominee of such
clearing system, or the custodian thereof, for credit to such accounts as the Agent(s) may direct,
or (B) deliver each relevant Notes Certificate to the purchasers thereof as identified by the
Agent(s).

ARTICLE 2

     Section 2.01 Directions Regarding Periodic Payments. As registered owner of the
Funding Agreement as collateral securing payments on the Notes, the Indenture Trustee will receive
payments on the Funding Agreement on behalf of the Trust. The Trust hereby directs the Indenture
Trustee to use such funds to make payments on behalf of the Trust pursuant to the Trust Agreement
and the Indenture.

     Section 2.02 Maturity of the Funding Agreement. Upon the maturity of the Funding
Agreement and the return of funds thereunder, the Trust hereby directs the Indenture Trustee to set
aside from such funds an amount sufficient for the repayment of the outstanding principal on the
Notes and Trust Beneficial Interest when due.

ARTICLE 3

     Section 3.01 Officer’s Certificates. ING USA hereby agrees to deliver an Officer’s
Certificate, a copy of which is attached to the Omnibus Instrument as Exhibit D, on a
quarterly basis to any rating agency currently rating the Program. The Trust hereby agrees to
deliver an Officer’s Certificate, a copy of which is attached to the Omnibus Instrument as
Exhibit E, on a quarterly basis to any rating agency currently rating the Program.

     Section 3.02 Filings. ING USA hereby covenants to file, or cause to be filed, in a
timely manner on behalf of the Trust all reports, certifications or similar filings required under
the Securities Exchange Act of 1934, as amended.

ARTICLE 4

     Section 4.01 No Additional Liability. Nothing in this Coordination Agreement shall
impose any liability or obligation on the part of any party to this Coordination Agreement to make
any payment or disbursement in addition to any liability or obligation such party has under the
Program Documents, except to the extent that a party has actually received funds which it is
obligated to disburse pursuant to this Coordination Agreement.

     Section 4.02 No Conflict. This Coordination Agreement is intended to be in
furtherance of the agreements reflected in the documents related to the Program Documents, and not
in conflict. To the extent that a provision of this Coordination Agreement conflicts with the
provisions of one or more Program Documents, the provisions of such Program Documents shall govern.

     Section 4.03 Governing Law. This Coordination Agreement shall be governed by and
construed in accordance with the laws of the State of New York without regard to the principles of
conflicts of laws thereof.

D-2

 

     Section 4.04 Severability. If any provision in this Coordination Agreement shall be
invalid, illegal or unenforceable, such provision shall be deemed severable from the remaining
provisions of this Coordination Agreement and shall in no way affect the validity or enforceability
of such other provisions of this Coordination Agreement.

     Section 4.05 Notices. All demands, notices and communications under this Coordination
Agreement shall be in writing and shall be deemed to have been duly given upon receipt at the
addresses set forth below:

     To the Trust:

ING USA Global Funding Trust 3

c/o U.S. Bank National Association

Corporate Trust Services

209 S. LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention: Patricia Child, VP

Telephone: (312) 325-8902

Facsimile: (212) 325-8905

     To the Indenture Trustee:

Citibank, N.A.

Agency & Trust

388 Greenwich Street, 14th Floor

New York, New York 10013

Facsimile: (212) 816-5527

Attention: Agency & Trust, ING USA Global Funding Trust

     To ING USA:

ING USA Annuity and Life Insurance Company

c/o ING Institutional Markets

1290 Broadway

Denver, Colorado 80203-5699

Attention: Karen Czizik, Vice President

Telephone: (303) 860-2322

Facsimile: (303) 813-2322 and (303) 860-2690

With a copy to:

ING Institutional Markets

1290 Broadway

Denver, Colorado 80203-5699

Attention: Barbara MacLean

Telephone: (303) 894-5047

Facsimile: (303) 813-5047 and (303) 860-2690

D-3

 

     To the Custodian:

U.S. Bank National Association

918 17th Street

Denver, Colorado 80202

Attention: Corporate Trust Services

Telephone: (303) 585-4591

Facsimile: (303) 585-6865

or at such other address as shall be designated by any such party in a written notice to the other
parties.

ARTICLE 5

     Section 5.01 Omnibus Instrument; Execution and Incorporation of Terms.

     The parties to this Coordination Agreement will enter into this Coordination Agreement by
executing the Omnibus Instrument.

     By executing the Omnibus Instrument, each party hereto agrees that this Coordination Agreement
will constitute a legal, valid and binding agreement by and among the Trust, ING USA, the Custodian
and the Indenture Trustee.

     All terms relating to the Trust or the Notes not otherwise included in this Coordination
Agreement will be as specified in the Omnibus Instrument or Pricing Supplement, as indicated
herein.

     Section 5.02 Acknowledgment. ING USA hereby acknowledges Section 2.10 and Section
3.02 of the Indenture and Section 6.1 of the Custodial Agreement. The Trust hereby acknowledges
and agrees to be bound by the terms of the Custodial Agreement and the License Agreement.

     Section 5.03 Counterparts. This Coordination Agreement, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which counterparts shall be
deemed to be an original, and all of which counterparts shall constitute but one and the same
instrument.

     Section 5.04 Capitalized Terms. All capitalized terms used herein and not otherwise
defined in this Coordination Agreement will have the meanings set forth in the Indenture.

     Section 5.05 Acknowledgment of Multiple Roles. The parties expressly acknowledge and
consent to U.S. Bank National Association acting in the capacity of Trustee of the Trust and in the
capacity of Custodian with respect to the Funding Agreement being pledged and assigned by the Trust
to the Indenture Trustee. U.S. Bank National Association may, in such dual capacities, discharge
its separate functions fully, without hindrance or regard to conflict of interest principles, duty
of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or
breach arises from the performance by U.S. Bank National Association of any of its respective
duties in its capacities as Custodian and/or Trustee. The parties hereto waive

D-4

 

all defenses, claims or assertions against U.S. Bank National Association which are based on
the foregoing.

[Remainder of Page Left Intentionally Blank]

D-5

 

SECTION E

MISCELLANEOUS AND EXECUTION PAGES

     This Omnibus Instrument may be executed by each of the parties hereto in any number of
counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     Each signatory, by its execution hereof, does hereby become a party to each of the agreements
or indenture identified for such party as of the date specified in such agreements or indenture.

     IN WITNESS WHEREOF, the undersigned have executed this Omnibus Instrument with respect to the
Notes as of the date first written above.

	 	 	 	 	 	 	 
	 	 	ING USA ANNUITY AND LIFE INSURANCE COMPANY (in
executing below agrees and becomes a party to
(i) the Terms Agreement set forth in Section C
herein and (ii) the Coordination Agreement set
forth in Section D herein)
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Karen Czizik	 	 
	 

	 	 	 	 

Name: Karen Czizik
	 	 
	 

	 	 	 	Title: Vice President	 	 

[Execution Page 1 of 4]

E-1

 

	 	 	 	 	 	 	 
	 	 	THE ING USA GLOBAL FUNDING TRUST DESIGNATED IN THIS
OMNIBUS INSTRUMENT (in executing below agrees and becomes
a party to (i) the Indenture set forth in Section B
herein, (ii) the Terms Agreement set forth in Section C
herein and (iii) the Coordination Agreement set forth in
Section D herein)
	 
	 	 	 	 	 	 
	 	 	By: U.S. Bank National Association, not in its individual
capacity but solely in its capacity as Trustee of the
Trust
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Patricia M. Child	 	 
	 

	 	 	 	 

Name: Patricia M. Child
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION (in executing below agrees
and becomes a party to the Trust Agreement set forth in
Section A herein), as Trustee
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Patricia M. Child	 	 
	 

	 	 	 	 

Name: Patricia M. Child
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION (in executing below
acknowledges and agrees to Section 5.01 of the Standard
Trust Terms as set forth in Section A herein), in its
individual capacity
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Patricia M. Child	 	 
	 

	 	 	 	 

Name: Patricia M. Child
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	GSS HOLDINGS II, INC. (in executing below agrees and
becomes a party to the Trust Agreement set forth in
Section A herein), as Trust Beneficial Owner
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Andrew L. Stidd	 	 
	 

	 	 	 	 

Name: Andrew L. Stidd
	 	 
	 

	 	 	 	Title: Vice President	 	 

[Execution Page 2 of 4]

E-2

 

	 	 	 	 	 	 	 
	 	 	CITIBANK, N.A. (in executing below agrees and
becomes a party to (i) the Indenture set forth
in Section B herein, as Indenture Trustee,
Registrar, Transfer Agent, Paying Agent and
Calculation Agent and (ii) the Coordination
Agreement set forth in Section D herein, not in
its individual capacity but solely as Indenture
Trustee, Registrar, Transfer Agent, Paying
Agent and Calculation Agent), as Indenture
Trustee, Registrar, Transfer Agent, Paying
Agent and Calculation Agent
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Nancy Forte	 	 
	 

	 	 	 	 

Name: Nancy Forte
	 	 
	 

	 	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION (in executing
below agrees and becomes a party to the
Coordination Agreement set forth in Section D
herein), as Custodian
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ S. Dodson	 	 
	 

	 	 	 	 

Name: Seth Dodson
	 	 
	 

	 	 	 	Title: VP	 	 

[Execution Page 3 of 4]

E-3

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK SECURITIES INC. (in executing
below agrees and becomes a party to the Terms
Agreement set forth in Section C herein)
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Bruno Mastropasqua	 	 
	 

	 	 	 	 

Name: Bruno Mastropasqua
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mary Hardgrove	 	 
	 

	 	 	 	 

Name: Mary Hardgrove
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	GOLDMAN, SACHS & CO. (in executing below agrees
and becomes a party to the Terms Agreement set
forth in Section C herein)
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Goldman, Sachs & Co. 

(Goldman, Sachs & Co.)
	 	 

[Execution Page 4 of 4]

E-4

 

INDEX OF EXHIBITS AND SCHEDULES TO THE OMNIBUS INSTRUMENT

	 	 	 
	Exhibit A

	 	Standard Trust Terms
	 
	 	 
	Exhibit B

	 	Standard Indenture Terms
	 
	 	 
	Exhibit C

	 	Pricing Supplement
	 
	 	 
	Exhibit D

	 	ING USA Annuity and Life Insurance Company Officer’s Certificate
	 
	 	 
	Exhibit E

	 	ING USA Global Funding Trusts Trustee Officer’s Certificate
	 
	 	 
	Exhibit F

	 	Free Writing Prospectus(es) or Other Information
	 
	 	 
	Schedule I

	 	Terms Agreement Specifications

E-5

 

EXHIBIT A

Standard Trust Terms

As filed as Exhibit 4.5 to the Post Effective Amendment No. 2 filed with the Securities and
Exchange Commission on September 8, 2006 to ING USA Annuity and Life Insurance Company’s
Registration Statement on Form S-3 (No. 333-123457).

A-1

 

EXHIBIT B

Standard Indenture Terms

As
filed as Exhibit 4.1 to the Post Effective Amendment No. 2 filed with the Securities and
Exchange Commission on September 8, 2006 to ING USA Annuity and Life Insurance Company’s
Registration Statement on Form S-3 (No. 333-123457).

A-2

 

EXHIBIT C

Pricing Supplement

As filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities
Act, dated as of the date hereof, with respect to the Notes to be issued by the Trust.

C-1

 

EXHIBIT D

ING USA Annuity and Life Insurance Company

Officer’s Certificate

     The undersigned, an officer of ING USA Annuity and Life Insurance Company, an Iowa stock life
insurance company (“ING USA”), does hereby certify to Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., in such capacity and on behalf of ING USA, to the
knowledge of the undersigned and after reasonable inquiry, that:

	 	1.	 	each of the representations and warranties of ING USA contained in each Expense
and Indemnity Agreement entered into in connection with the Registration Statement
(defined below), and each Funding Agreement issued in connection with the Program (the
“Specified Agreements”) (other than any representation or warranty expressly made as of
a date prior to the date hereof) are true and correct on and as of the date hereof,
with the same effect as though such representation or warranty had been made on and as
of the date hereof;
	 
	 	2.	 	no default under any of the Specified Agreements and no event or any condition
which, with notice or lapse of time or both, would become a default, has occurred and
is continuing as of the date hereof;
	 
	 	3.	 	ING USA has performed and complied with, respectively, in all material
respects, all of the agreements, covenants, obligations and conditions applicable to
ING USA required by the Specified Agreements to be performed or complied with by ING
USA on or before the date hereof;
	 
	 	4.	 	the Registration Statement filed on Form S-3 (File No. 333-123457) (the
“Registration Statement”) by ING USA has been declared effective by the Securities and
Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended
(the “Act”) and no stop order suspending the effectiveness of the Registration
Statement has been issued and no proceedings for that purpose have been commenced by or
are pending before or contemplated by the Commission;
	 
	 	5.	 	all filings, if any, required by Rule 424 and Rule 430A under the Act have been
made in a timely manner;
	 
	 	6.	 	since                     , the Trusts organized in connection with the program contemplated
by the Registration Statement have issued the following series of Notes:
	 
	 	 	 	[List each series of Notes issued in the relevant quarter] [(collectively, the “Designated
Notes”)]; and
	 
	 	7.	 	the Funding Agreements issued in connection with the Designated Notes have been
executed and delivered by ING USA in accordance with the terms and conditions of the
Program Documents.

D-1

 

     Capitalized terms used herein and not otherwise defined herein shall have the meanings set
forth in the Standard Indenture Terms attached as Exhibit 4.1 to the Registration Statement.

     IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the l day of
l, 200l.

	 	 	 	 	 	 	 
	 	 	[NAME], [in his/her] capacity as an authorized
officer of ING USA
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

D-2

 

EXHIBIT E

ING USA Global Funding Trusts

Trustee Officer’s Certificate

     U.S. Bank National Association, not in its individual capacity but solely in its capacity as
trustee acting on behalf of each common law trust organized under the laws of the State of Illinois
(in such capacity, the “Trustee,” and each such common law trust being referred to herein as a
“Trust”) in connection with the program contemplated by Registration Statement filed on Form S-3
(File No. 333-123457) by ING USA Annuity and Life Insurance Company with the Securities and
Exchange Commission on May 17, 2005, as amended by Post Effective Amendment No. 1 filed with the
Commission on June 16, 2006, and Post Effective Amendment No. 2 filed with the Commission on
September 8, 2006 (the “Registration Statement”), does hereby certify to Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., in such capacity and on behalf of each
Trust, to the knowledge of the Trustee without any independent investigation, that:

	 	1.	 	each of the representations and warranties of each Trust contained in the Notes
issued in connection with the Program, each Indenture entered into in connection with
the Registration Statement and the Expense and Indemnity Agreement concerning the
Trusts (the “Specified Agreements”) (other than any representation or warranty
expressly made as of a date prior to the date hereof) are true and correct on and as of
the date hereof, with the same effect as though such representation or warranty had
been made on and as of the date hereof;
	 
	 	2.	 	no default under any of the Specified Agreements and no event or any condition
which, with notice or lapse of time or both, would become a default, has occurred and
is continuing as of the date hereof;
	 
	 	3.	 	each Trust has performed and complied with, respectively, in all material
respects, all of the agreements, covenants, obligations and conditions applicable to
such Trust required by the Specified Agreements to be performed or complied with by
such Trust on or before the date hereof;
	 
	 	4.	 	the Notes issued in connection with the Program have been issued, in all
material respects, in accordance with the terms and conditions of the Program
Documents; and
	 
	 	5.	 	each Funding Agreement has been executed and delivered by the related Trust in
accordance with the terms and conditions of the Program Documents.

     Capitalized terms used herein and not otherwise defined herein shall have the meanings set
forth in the Standard Indenture Terms attached as Exhibit 4.1 to the Registration Statement. In no
event shall U.S. Bank National Association in its personal corporate capacity (or any officer of
the Trustee in his or her personal capacity) have any liability for any of the certifications or
statements contained in this Trustee Officer’s Certificate, such liability being solely that of
each Trust.

E-1

 

     IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the l day of
l, 200l.

	 	 	 	 	 	 	 
	 	 	U.S. Bank National Association, not in its
individual capacity but solely in its capacity
as Trustee acting on behalf of each Trust
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

E-2

 

EXHIBIT F

Free Writing Prospectus(es) or Other Information

[Final
Summary of Terms]

F-1

 

SCHEDULE I

Terms Agreement Specifications

In connection with Section 3(a)(iv) of the Distribution Agreement, the Program under which the
Notes are issued is rated Aa3 by Moody’s Investors Service, Inc. (“Moody’s”), AA by Standard &
Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. (“S&P”) and aa- by A.M. Best
Company (“A.M. Best”). ING USA expects that the Notes will be rated Aa3 by Moody’s and aa- by A.M.
Best. The Company’s financial strength rating is Aa3 by Moody’s and AA by S&P.

In accordance with Section 2.02(b) of the Terms Agreement and in connection with the purchase of
Notes from the Trust by the Agent(s) as principal, the following items will be delivered on or
prior to the Settlement Date:

     a) Opinion of Sidley Austin LLP, addressed to the Agents, regarding enforceability of the
Notes;

     b) Opinion of Sidley Austin LLP, addressed to the Agents, regarding certain tax matters;

     c) Opinion of Thacher Proffitt & Wood LLP, addressed to the Agents, regarding the Indenture
Trustee; and

     d) Reliance Letter of Eric G. Banta, Counsel for ING USA, addressed to the Agents, regarding
the enforceability of the Funding Agreement.

     All capitalized terms used herein and not otherwise defined herein will have the meanings set
forth in the Distribution Agreement.

I-1

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