Document:

EXECUTION VERSION

                           AMENDMENT NO. 3 AND JOINDER
                         TO MASTER REPURCHASE AGREEMENT

     Amendment No. 3, dated as of September 19, 2005 (this "Amendment"), among
CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the "Buyer"), MORTGAGEIT, INC.
("MortgageIT" and a "Seller"), MORTGAGEIT HOLDINGS, INC. ("Holdings" and a
"Seller") and MHL FUNDING CORP. ("MHL" and together with MortgageIT and
Holdings, the "Sellers").

                                    RECITALS

     The Buyer, MortgageIT and Holdings are parties to that certain Master
Repurchase Agreement, dated as of March 11, 2005 as amended by Amendment No. 1,
dated as of June 17, 2005 and Amendment No. 2, dated as of July 18, 2005 (the
"Existing Master Repurchase Agreement"; as amended by this Amendment, the
"Master Repurchase Agreement"). Capitalized terms used but not otherwise defined
herein shall have the meanings given to them in the Existing Master Repurchase
Agreement.

     The Buyer, MortgageIT and Holdings have agreed, subject to the terms and
conditions of this Amendment, that the Existing Master Repurchase Agreement be
amended to permit MHL to become an additional Seller under the Master Repurchase
Agreement and to enter into Transactions with respect to Mortgage Loans.

     The Buyer and the Sellers have agreed, subject to the terms and conditions
of this Amendment, that the Existing Master Repurchase Agreement be amended to
reflect certain agreed upon revisions to the terms of the Existing Repurchase
Agreement;

     Accordingly, the Buyer and the Sellers agree, in consideration of the
mutual promises and mutual obligations set forth herein, that the Existing
Master Repurchase Agreement is hereby amended as follows: Section 1. Agreement
and Joinder with respect to MHL. MHL hereby agrees to all of the provisions of
the Existing Master Repurchase Agreement, and effective on the date hereof,
becomes a party to the Repurchase Agreement, as Seller, with the same effect as
if the undersigned were an original signatory to the Existing Master Repurchase
Agreement. Upon the execution and effectiveness of this Amendment, all
references to Seller in the Repurchase Agreement shall include MHL.

     Section 2. Definitions. Section 2 of the Existing Repurchase Agreement is
hereby amended by:

     2.1 adding the following definitions in their proper alphabetical order:

     "Aggregation Mortgage Loan" shall mean an Eligible Mortgage Loan which (i)
the Sellers have intended to be aggregated with like Mortgage Loans to create
mortgage-backed securities or similar instruments through a securitization in
which Buyer or an Affiliate of the Buyer is lead or co-lead and (ii) has not
been subject to a Transaction hereunder for a period greater than 120 days from
the date such Eligible Mortgage Loan is identified for securitization.

     "Cash Equivalents" means (a) securities with maturities of 90 days or less
from the date of acquisition issued or fully guaranteed or insured by the United
States Government or any agency thereof, (b) certificates of deposit and
eurodollar time deposits with maturities of 90 days or less from the date of
acquisition and overnight bank deposits of Buyer or of any commercial bank
having capital and surplus in excess of $500,000,000, (c) repurchase obligations
of Buyer or of any commercial bank satisfying the requirements of clause (b) of
this definition, having a term of not more than seven days with respect to
securities issued or fully guaranteed or insured by the United States
Government, (d) commercial paper of a domestic issuer rated at least A-1 or the
equivalent thereof by S&P or P-1 or the equivalent thereof by Moody's and in
either case maturing within 90 days after the day of acquisition, (e) securities
with maturities of 90 days or less from the date of acquisition issued or fully
guaranteed by any state, commonwealth or territory of the United States, by any
political subdivision or taxing authority of any such state, commonwealth or
territory or by any foreign government, the securities of which state,
commonwealth, territory, political subdivision, taxing authority or foreign
government (as the case may be) are rated at least A by S&P or A by Moody's, (f)
securities with maturities of 90 days or less from the date of acquisition
backed by standby letters of credit issued by Buyer or any commercial bank
satisfying the requirements of clause (b) of this definition or (g) shares of
money market mutual or similar funds which invest exclusively in assets
satisfying the requirements of clauses (a) through (f) of this definition.

     "Seller" means each of MortgageIT Holdings, Inc., MortgageIT, Inc., MHL
Funding Corp. or their permitted successors and assigns. 2.2 deleting the
definitions of "Market Value", "Maximum Aggregate Purchase Price" and "Purchase
Price Percentage" in their entirety and replacing them with the following:

     "Market Value" means, with respect to any Purchased Mortgage Loan as of any
date of determination, the whole-loan servicing released fair market value of
such Purchased Mortgage Loan on such date as determined by Buyer (or an
Affiliate thereof) in its sole discretion. Without limiting the generality of
the foregoing, each Seller acknowledges that (a) in the event that a Purchased
Mortgage Loan is not subject to a Take-out Commitment, Buyer may deem the Market
Value for such Mortgage Loan to be no greater than par and (b) the Market Value
of a Purchased Mortgage Loan may be reduced to zero by Buyer if:

          (i) a breach of a representation, warranty or covenant made by any
     Seller in this Agreement with respect to such Purchased Mortgage Loan has
     occurred and is continuing;

          (ii) such Purchased Mortgage Loan is a Non-Performing Mortgage Loan
     (other than a Repurchased Mortgage Loan);

          (iii) such Purchased Mortgage Loan has been released from the
     possession of the Custodian under the Custodial Agreement (other than to a
     Take-out Investor pursuant to a Bailee Letter) for a period in excess of
     ten (10) calendar days;

          (iv) such Purchased Mortgage Loan has been released from the
     possession of the Custodian under the Custodial Agreement to a Take-out
     Investor pursuant to a Bailee Letter for a period in excess of 45 calendar
     days;

          (v) such Purchased Mortgage Loan has been subject to a Transaction
     hereunder for a period of greater 180 days;

          (vi) such Purchased Mortgage Loan is an Aggregation Mortgage Loan
     which has been subject to a Transaction hereunder for a period greater than
     120 days from the date such Purchased Mortgage Loan is identified for
     securitization;

          (vii) such Purchased Mortgage Loan is a Wet-Ink Mortgage Loan for
     which the Mortgage File has not been delivered to the Custodian on or prior
     to the seventh Business Day after the related Purchase Date;

          (viii) such Purchased Mortgage Loan is no longer acceptable for
     purchase by Buyer (or an Affiliate thereof) under any of the flow purchase
     or conduit programs for which Seller then has been approved due to a
     Requirement of Law relating to consumer credit laws or otherwise;

          (ix) when the Purchase Price for such Purchased Mortgage Loan is added
     to other Purchased Mortgage Loans (other than Aggregation Mortgage Loans),
     the aggregate Purchase Price of all Aged Loans that are Purchased Mortgage
     Loans (other than Aggregation Mortgage Loans) exceeds $60 million;

          (x) when the Purchase Price for such Purchased Mortgage Loan is added
     to other Purchased Mortgage Loans (other than Aggregation Mortgage Loans),
     the aggregate Purchase Price of all Second Lien Mortgage Loans (including
     HELOCs) that are Purchased Mortgage Loans (other than Aggregation Mortgage
     Loans) exceeds $120 million;

          (xi) when the Purchase Price for such Purchased Mortgage Loan is added
     to other Purchased Mortgage Loans (other than Aggregation Mortgage Loans),
     the aggregate Purchase Price of all Sub-Prime Mortgage Loans that are
     Purchased Mortgage Loans (other than Aggregation Mortgage Loans) exceeds
     $120 million;

          (xii) when the Purchase Price for such Purchased Mortgage Loan is
     added to other Purchased Mortgage Loans (other than Aggregation Mortgage
     Loans), the aggregate Purchase Price of all Wet-Ink Mortgage Loans that are
     Purchased Mortgage Loans (other than Aggregation Mortgage Loans) exceeds
     $180 million;

          (xiii) when the Purchase Price for such Purchased Mortgage Loan is
     added to other Purchased Mortgage Loans (other than Aggregation Mortgage
     Loans), the aggregate Purchase Price of all Repurchased Mortgage Loans that
     are Purchased Mortgage Loans (other than Aggregation Mortgage Loans)
     exceeds $10 million;

          (xiv) when the Purchase Price for such Purchased Mortgage Loan is
     added to other Purchased Mortgage Loans, the aggregate Purchase Price of
     all Mortgage Loans that are accompanied by a lost note affidavit exceeds
     $1.5 million;

          (xv) when the Purchase Price for such Purchased Mortgage Loan is added
     to other Purchased Mortgage Loans (other than Aggregation Mortgage Loans),
     the aggregate Purchase Price of all Purchased Mortgage Loans (other than
     Aggregation Mortgage Loans) exceeds $600 million; or

          (xvi) when the Purchase Price for such Purchased Mortgage Loan is
     added to other Purchased Mortgage Loans, the aggregate Purchase Price of
     all Aggregation Mortgage Loans that are Purchased Mortgage Loans exceeds
     $150 million.

     "Maximum Aggregate Purchase Price" means SEVEN HUNDRED FIFTY MILLION
DOLLARS ($750,000,000).

     "Purchase Price Percentage" means, with respect to each Mortgage Loan, the
following percentage, as applicable:

     (a) 98% with respect to Purchased Mortgage Loans (other than Aged Loans);

     (b) 96% with respect to Aged Loans;

     (c) with respect to Transactions the subject of which are Exception
Mortgage Loans, a percentage to be determined by Buyer in its sole discretion.
Section 3. Conditions to All Transactions. Section 10 of the Existing Repurchase
Agreement is hereby amended by adding the following Subsection 10(a)(10)
thereto:

     "(10) MHL. MHL shall deliver the following before MHL shall be permitted to
enter into a Transaction hereunder:

          (i) A favorable written opinion of counsel to MHL (which shall
     include, without limitation, creation and perfection of the security
     interests created herein, corporate and enforceability opinions related to
     the execution of this Amendment);

          (ii) A good standing certificate and certified copies of the charter
     and by-laws (or equivalent documents) of MHL and of all corporate or other
     authority for MHL with respect to the execution, delivery and performance
     of this Amendment and this Agreement and each other document to be
     delivered by MHL from time to time in connection herewith (and the Buyer
     may conclusively rely on such certificate until it receives notice in
     writing from MHL to the contrary);

          (iii) Evidence that all other actions necessary, or in the opinion of
     Buyer, desirable to perfect and protect Buyer's interest in the Purchased
     Mortgage Loans and other Repurchase Assets have been taken, including,
     without limitation, UCC searches and

     duly authorized and filed Uniform Commercial Code financing statements on
     Form UCC-1 with respect to MHL."

     Section 4. Section 14 of the Existing Repurchase Agreement is hereby
amended by:

     4.1 deleting Subsection (a) in its entirety and replacing it with the
following:

     "(a) Adjusted Tangible Net Worth. Sellers, on a consolidated basis, shall
maintain an Adjusted Tangible Net Worth of at least the sum of (i) $175,000,000
plus (ii) 75% of proceeds from any equity issuance of any Seller from and after
January 1, 2005."

     4.2 adding the following Subsection (gg) thereto:

     "(gg) Maintenance of Liquidity. The Sellers, on a consolidated basis, shall
ensure that, as of the end of each calendar month, they have cash and Cash
Equivalents in an amount not less than $20 million."

     Section 5. Conditions Precedent. This Amendment shall become effective on
September 19, 2005 (the "Amendment Effective Date"), subject to the satisfaction
of the following conditions precedent:

     5.1 Delivered Documents. On the Amendment Effective Date, the Buyer shall
have received the following documents, each of which shall be satisfactory to
the Buyer in form and substance:

          (i) this Amendment, executed and delivered by duly authorized officers
     of the Buyer and Sellers;

          (ii) Amendment No. 1 and Joinder to the Custodial Agreement, executed
     and delivered by duly authorized officers of the Buyer, the Sellers and the
     Custodian;

          (iii) Amendment No. 1 and Joinder to the Disbursement Agreement,
     executed and delivered by duly authorized officers of the Buyer, the
     Sellers and the Custodian;

          (iv) Amendment No. 1 and Joinder to the Electronic Tracking Agreement,
     executed and delivered by duly authorized officers of the Buyer, the
     Sellers, the Electronic Agent and MERS; and

          (v) such other documents as the Buyer or counsel to the Buyer may
     reasonably request.

     5.2 Payment of Attorneys' Fees. On the Amendment Effective Date, the
Sellers shall have paid attorneys' fees to Buyer or its counsel either by
payment or by authorized debit in connection with this Amendment in an amount
equal to $3,000.

     Section 6. Representations and Warranties.

     6.1 Each Seller hereby represents and warrants to the Buyer that it is in
compliance with all the terms and provisions set forth in the Existing
Repurchase Agreement on its part to be observed or performed, and that no Event
of Default has occurred or is continuing, and hereby confirms and reaffirms the
representations and warranties contained in Section 13 of the Existing
Repurchase Agreement (except to the extent that such representation or warranty
expressly relates to an earlier date).

     6.2 In addition, MHL make the following representation and warranty as of
the Amendment Effective Date, and as of each Purchase Date:

     "Chief Executive Office/Jurisdiction of Organization. MHL's chief executive
office is, and has been, located at 33 Maiden Lane, 6th Floor, New York, New
York 10038. MHL is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware."

     Section 7. Joint and Several Obligations. Each Seller and Buyer hereby
acknowledge and agree that MortgageIT, Holdings and MHL are each jointly and
severally liable to Buyer for all of their respective representations,
warranties and covenants hereunder and under the Existing Repurchase Agreement.

     Section 8. Limited Effect. Except as expressly amended and modified by this
Amendment, the Existing Master Repurchase Agreement shall continue to be, and
shall remain, in full force and effect in accordance with its terms.

     Section 9. Counterparts. This Amendment may be executed by each of the
parties hereto on any number of separate counterparts, each of which shall be an
original and all of which taken together shall constitute one and the same
instrument.

     SECTION 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.

                            [SIGNATURE PAGE FOLLOWS]

     IN WITNESS WHEREOF, the parties have caused their names to be signed hereto
by their respective officers thereunto duly authorized as of the day and year
first above written.

Buyer:                                        CREDIT SUISSE FIRST BOSTON
                                              MORTGAGE CAPITAL LLC,
                                              AS BUYER

                                              By: /s/ Randall Eron Shy
                                                  --------------------
                                                  Name: Randall Eron Shy
                                                  Title: Vice President

MortgageIT:                                   MORTGAGEIT, INC.,
                                              AS SELLER

                                              By: /s/ Robert A. Gula
                                                  ------------------
                                                  Name: Robert A. Gula
                                                  Title: Chief Financial Officer

Holdings:                                     MORTGAGEIT HOLDINGS, INC.,
                                              AS SELLER

                                              By: /s/ Glenn J. Mouridy
                                                  --------------------
                                                  Name: Glenn J. Mouridy
                                                  Title: President and
                                                         Chief Financial Officer

MHL:                                          MHL FUNDING CORP.,
                                              AS SELLER

                                              By: /s/ Glenn J. Mouridy
                                                  --------------------
                                                  Name: Glenn J. Mouridy
                                                  Title: President

                                                               EXECUTION VERSION

                                    Exhibit A

                        OFFICER'S COMPLIANCE CERTIFICATE
                        --------------------------------

I, ___________________, do hereby certify that I am the duly elected, qualified
and authorized officer of MortgageIT, Inc. ("MortgageIT"). This Certificate is
delivered to you in connection with Section 17b of the Master Repurchase
Agreement dated as of March 11, 2005, among MortgageIT, Inc., MortgageIT
Holdings, Inc., MHL Funding Corp. and Credit Suisse First Boston Mortgage
Capital LLC (as amended from time to time, the "Agreement"), as the same may
have been amended from time to time. Capitalized terms used but not otherwise
defined herein shall have the meanings given to them in the Agreement. I hereby
certify that, as of the date of the financial statements attached hereto and as
of the date hereof, MortgageIT is and has been in compliance with all the terms
of the Agreement and, without limiting the generality of the foregoing, I
certify that:

     Adjusted Tangible Net Worth. The Sellers, on a consolidated basis, have
     maintained an Adjusted Tangible Net Worth of at least the sum of (i)
     $175,000,000 plus (ii) 75% of proceeds from any equity issuance of any
     Seller from and after January 1, 2005. A detailed summary of the
     calculation of Seller's actual Adjusted Tangible Net Worth is provided in
     Schedule 1 hereto.

     Indebtedness to Adjusted Tangible Net Worth Ratio. The Sellers, on a
     consolidated basis, have maintained the ratio of Adjusted Indebtedness to
     Adjusted Tangible Net Worth of no greater than 15:1 and the ratio of
     Indebtedness to Adjusted Tangible Net Worth no greater than 25:1. A
     calculation of Sellers' actual Indebtedness to Adjust Tangible Net Worth is
     provided in Schedule 1 hereto.

     Maintenance of Profitability. Sellers have not permitted, for any Test
     Period, Net Income for such Test Period, before income taxes for such Test
     Period and distributions made during such Test Period, to be less than
     $1.00.

     Maintenance of Liquidity. The Sellers, on a consolidated basis, have
     ensured that, as of the end of each calendar month, they have cash and Cash
     Equivalents in an amount not less than $20 million.

     Insurance. Sellers or their Affiliates, have maintained, for Sellers and
     their Subsidiaries, insurance coverage with respect to employee dishonesty,
     forgery or alteration, theft, disappearance and destruction, robbery and
     safe burglary, property (other than money and securities) and computer
     fraud or an aggregate amount of at least $_____________. The actual amount
     of such coverage is $_____________.

                                      D-1

     Financial Statements. The financial statements attached hereto are accurate
     and complete, accurately reflect the financial condition of Sellers, and do
     not omit any material fact as of the date(s) thereof.

     Documentation. Sellers have performed the documentation procedures required
     by their operational guidelines with respect to endorsements and
     assignments, including the recordation of assignments, or have verified
     that such documentation procedures have been performed by a prior holder of
     such Mortgage Loan.

     Compliance. Each Seller has observed or performed in all material respects
     all of its covenants and other agreements, and satisfied every condition,
     contained in the Agreement and the other Program Agreements to be observed,
     performed and satisfied by it. [If a covenant or other agreement or
     condition has not been complied with, the applicable Seller shall describe
     such lack of compliance and provide the date of any related waiver
     thereof.]

     Regulatory Action. No Seller is currently under investigation or, to best
     of any Seller's knowledge, no investigation by any federal, state or local
     government agency is threatened. No Seller has been the subject of any
     government investigation that has resulted in the voluntary or involuntary
     suspension of a license, a cease and desist order, or such other action as
     could adversely impact Sellers' business. [If so, the applicable Seller
     shall describe the situation in reasonable detail and describe the action
     that Seller has taken or proposes to take in connection therewith.]

     No Default. No Default or Event of Default has occurred or is continuing.
     [If any Default or Event of Default has occurred and is continuing,
     applicable Seller shall describe the same in reasonable detail and describe
     the action such Seller has taken or proposes to take with respect thereto,
     and if such Default or Event of Default has been expressly waived by Buyer
     in writing, such Seller shall describe the Default or Event of Default and
     provide the date of the related waiver.]

     Indebtedness. All Indebtedness (other than Indebtedness evidenced by the
     Repurchase Agreement) of Sellers existing on the date hereof is listed on
     Schedule 2 hereto.

     Purchased Mortgage Loans. Attached hereto as Schedule 3 is a true and
     correct list of all Mortgage Loans purchased by Buyer and held by Custodian
     pending repurchase.

     Originations. Attached hereto as Schedule 4 is a true and correct summary
     of all Mortgage Loans originated by Sellers during the calendar quarter
     ending on [DATE].

     Heding. Attached hereto as Schedule 5 is a true and correct summary of all
     Interest Rate Protection Agreements entered into or maintained by Sellers
     during the calendar quarter ending on [DATE].

                                      D-2

     REIT Qualification Tests. Holdings is, and has been since _____________, a
     real estate investment trust (a "REIT") for U.S. federal income tax
     purposes. Attached hereto as Schedule 5 is a true and correct summary of
     the calculations for REIT qualification of Holdings.

     REIT Asset and Income Tests.
     ----------------------------

     1. At the close of each taxable year, at least 75 percent of Holdings'
     gross income consists of (i) "rents from real property" within the meaning
     of Section 856(c)(3)(A) of the Code, (ii) interest on obligations secured
     by mortgages on real property or on interests in real property, within the
     meaning of Section 856(c)(3)(B) of the Code, (iii) gain from the sale or
     other disposition of real property (including interests in real property
     and interests in mortgages on real property) which is not property
     described in Section 1221(a)(1) of the Code, within the meaning of Section
     856(c)(3)(C) of the Code, (iv) dividends or other distributions on, and
     gain (other than gain from "prohibited transactions" within the meaning of
     Section 857(b)(6)(B)(iii) of the Code) from the sale or other disposition
     of, transferable shares (or transferable certificates of beneficial
     interest) in other qualifying REITs within the meaning of Section
     856(d)(3)(D) of the Code, and (v) amounts described in Sections
     856(c)(3)(E) through 856(c)(3)(I) of the Code.

     2. At the close of each taxable year, at least 95 percent of Holdings'
     gross income consists of (i) the items of income described in paragraph 1
     hereof (other than those described in Section 856(c)(3)(I) of the Code),
     (ii) gain realized from the sale or other disposition of stock or
     securities which are not property described in Section 1221(a)(1) of the
     Code, (iii) interest, (iv) dividends, and (v) income derived from payments
     to Holdings on interest rate swap or cap agreements, options, futures
     contracts, forward rate agreements and other similar financial instruments
     entered into to reduce the interest rate risks with respect to any
     indebtedness incurred or to be incurred to acquire or carry real estate
     assets, or gain from the sale or other disposition of such an investment as
     described in section 856(c)(5)(G), in each case within the meaning of
     Section 856(c)(2) of the Code.

     3. At the close of each quarter of Holdings' taxable years, at least 75
     percent of the value of Holdings' total assets (as determined in accordance
     with Treasury Regulations Section 1.856-2(d)) has consisted of and will
     consist of real estate assets within the meaning of Sections 856(c)(4) and
     856(c)(5)(B) of the Code, cash and cash items (including receivables which
     arise in the ordinary course of Holdings' operations, but not including
     receivables purchased from another person), and Government Securities;
     unless (a) the test described in this paragraph (3) has been satisfied as
     of the end of the immediately preceding quarter of Holdings' taxable year,
     (b) such test is not satisfied as the result of the acquisition of a
     security or property during the current quarter of Holdings' taxable year,
     (c) Holdings delivers within 10 days of the end of the current quarter of
     Holdings' taxable year to Buyer notice that such test is not satisfied, (d)
     such test is satisfied

                                      D-3

     within the 30 day period as provided under section 856(c)(4), and (e) an
     officer of Holdings certifies as to such satisfaction within such 30 day
     period, and provides documentation, reasonably satisfactory to Buyer
     evidencing such satisfaction.

     4. At the close of each quarter of each of Holdings' taxable years, (a) not
     more than 25 percent of Holdings' total asset value will be represented by
     securities (other than those described in paragraph 3), (b) not more than
     20 percent of Holdings' total asset value will be represented by securities
     of one or more taxable REIT subsidiaries, and (c) (i) not more than 5
     percent of the value of Holdings' total assets will be represented by
     securities of any one issuer (other than Government Securities and
     securities of taxable REIT subsidiaries), and (ii) Holdings will not hold
     securities possessing more than 10 percent of the total voting power or
     value of the outstanding securities of any one issuer (other than
     Government Securities, securities of taxable REIT subsidiaries, and
     securities of a qualified REIT subsidiary within the meaning of Section
     856(i) of the Code); unless (d) the tests described in this paragraph (4)
     have been satisfied as of the end of the immediately preceding quarter of
     Holdings' taxable year, (e) any of the tests described in this paragraph
     (4) are not satisfied as the result of the acquisition of a security or
     property during the current quarter of Holdings' taxable year, (f) Holdings
     delivers within 10 days of the end of the current quarter of Holdings'
     taxable year to Buyer notice that such test is not satisfied, (g) such test
     is satisfied within the 30 day period as provided under section 856(c)(4),
     and (h) an officer of Holdings certifies as to such satisfaction within
     such 30 day period, and provides documentation, reasonably satisfactory to
     Buyer evidencing such satisfaction.

                                      D-4

IN WITNESS WHEREOF, I have set my hand this _____ day of ________, ________.

                                          By:
                                              ----------------------------------

                                          Name:
                                                --------------------------------

                                          Title:
                                                 -------------------------------

                                      D-5

                 SCHEDULE 1 TO OFFICER'S COMPLIANCE CERTIFICATE
                 ----------------------------------------------
                       CALCULATIONS OF FINANCIAL COVENANTS
                         AS OF THE QUARTER ENDED [DATE]

--------------------------------------------------------------------------------
I.    ADJUSTED TANGIBLE NET WORTH
--------------------------------------------------------------------------------
1.    Net Worth (book)                                              $
--------------------------------------------------------------------------------
      Plus:
--------------------------------------------------------------------------------
2.    Subordinated Debt (maturity > CSFB line maturity)             $
--------------------------------------------------------------------------------
I.(A) TOTAL OF ITEMS 1-2                                            $
--------------------------------------------------------------------------------

      Less:
--------------------------------------------------------------------------------
3.    Capitalized servicing balance                                 $
--------------------------------------------------------------------------------
4.    Goodwill                                                      $
--------------------------------------------------------------------------------
5.    Receivables or advances due from shareholders,                $
      affiliates, employees or related parties
--------------------------------------------------------------------------------
6.    Trademarks                                                    $
--------------------------------------------------------------------------------
7.    Capitalized organizational expenses                           $
--------------------------------------------------------------------------------
8.    Copyrights                                                    $
--------------------------------------------------------------------------------
9.    Tradenames                                                    $
--------------------------------------------------------------------------------
10.   Restricted Cash                                               $
--------------------------------------------------------------------------------
11.   Deferred Charges                                              $
--------------------------------------------------------------------------------
12.   Prepaid assets                                                $
--------------------------------------------------------------------------------
13.   Investments in related entities, partnerships                 $
--------------------------------------------------------------------------------
14.   Any other intangible assets                                   $
--------------------------------------------------------------------------------

I.(B) TOTAL OF ITEMS 3-14                                           $
--------------------------------------------------------------------------------

I.(C) ACTUAL ADJUSTED TANGIBLE NET WORTH (A MINUS B)                $
--------------------------------------------------------------------------------
      Adjusted Tangible Net Worth Covenant                          $
--------------------------------------------------------------------------------
      COMPLIANCE?                                                   YES / NO
--------------------------------------------------------------------------------

II.   LEVERAGE RATIO
--------------------------------------------------------------------------------

      TOTAL DEBT DIVIDED BY ADJUSTED TANGIBLE NET WORTH - ACTUAL    XX.X
--------------------------------------------------------------------------------
      Leverage Covenant                                             xx.x
--------------------------------------------------------------------------------
      COMPLIANCE?                                                   YES / NO
--------------------------------------------------------------------------------

                                      D-6

                 SCHEDULE 2 TO OFFICER'S COMPLIANCE CERTIFICATE
                 ----------------------------------------------

                  INDEBTEDNESS as of _________________________

--------------------------------------------------------------------------------

                          TOTAL             OUTSTANDING
      LENDER           COMMITMENT           INDEBTEDNESS      EXPIRATION DATE
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                      D-7

                 SCHEDULE 3 TO OFFICER'S COMPLIANCE CERTIFICATE
                 ----------------------------------------------

                            PURCHASED MORTGAGE LOANS

                                      D-8

                 SCHEDULE 4 TO OFFICER'S COMPLIANCE CERTIFICATE
                 ----------------------------------------------

                       OVERALL MORTGAGE LOAN ORIGINATIONS

--------------------------------------------------------------------------------

                              TOTAL NUMBER OF           AGGREGATE PRINCIPAL
                               MORTGAGE LOANS           BALANCE OF MORTGAGE
    MORTGAGE LOAN TYPE           ORIGINATED               LOANS ORIGINATED
--------------------------------------------------------------------------------
   Alt-A Mortgage Loans
--------------------------------------------------------------------------------
 Conforming Mortgage Loans
--------------------------------------------------------------------------------
          HELOCs
--------------------------------------------------------------------------------
   Jumbo Mortgage Loans
--------------------------------------------------------------------------------
Second Lien Mortgage Loans
--------------------------------------------------------------------------------
 Sub-Prime Mortgage Loans
--------------------------------------------------------------------------------

                                      D-9

                 SCHEDULE 5 TO OFFICER'S COMPLIANCE CERTIFICATE
                 ----------------------------------------------

                       Interest Rate Protection Agreements

                                      D-10

                 SCHEDULE 6 TO OFFICER'S COMPLIANCE CERTIFICATE
                       CALCULATIONS FOR REIT QUALIFICATION
                         AS OF THE QUARTER ENDED [DATE]

--------------------------------------------------------------------------------
I.    75% OF GROSS INCOME (SECTION 856(C)(3)):
--------------------------------------------------------------------------------
1.    Gross income for quarter                                        $
--------------------------------------------------------------------------------
2.    Qualifying income under section 856(c)(3)                       $
--------------------------------------------------------------------------------
3.    Line 2 divided by Line 1 (cannot be less than 0.75)
--------------------------------------------------------------------------------

II.   95% OF GROSS INCOME (SECTION 856(C)(2)):
--------------------------------------------------------------------------------
4.    Qualifying income under section 856(c)(2)
--------------------------------------------------------------------------------
5.    Line 4 divided by Line 1 (cannot be less than 0.95)
--------------------------------------------------------------------------------

III.  75% OF TOTAL ASSETS (SECTION 856(C)(4)(A)):
--------------------------------------------------------------------------------
6.    Value of total assets                                           $
--------------------------------------------------------------------------------
7.    Qualifying assets under section 856(c)(4)(A)                    $
--------------------------------------------------------------------------------
8.    Line 7 divided by Line 6 (cannot be less than 0.75)
--------------------------------------------------------------------------------

IV.   25% OF TOTAL ASSETS (SECTION 856(C)(4)(B)(I)):
--------------------------------------------------------------------------------
9.    Value of securities held (other than those included in Line 7)  $
--------------------------------------------------------------------------------
10.   Line 9 divided by Line 6 (cannot be more than 0.25)
--------------------------------------------------------------------------------

V.    20% OF TOTAL ASSETS (SECTION 856(C)(4)(B)(II)):
--------------------------------------------------------------------------------
11.   Value of securities of one or more taxable REIT subsidiaries    $
--------------------------------------------------------------------------------
12.   Line 11 divided by Line 6 (cannot be more than 0.2)
--------------------------------------------------------------------------------

VI.   5% OF TOTAL ASSETS (SECTION 856(C)(4)(B)(III)(I)):
--------------------------------------------------------------------------------

13.   Value of securities held of each issuer (except for those
      included in Line 7 or Line 11)
--------------------------------------------------------------------------------
14.   Line 13 divided by Line 6 (cannot be more than 0.05)
--------------------------------------------------------------------------------exv4w9

 

OMNIBUS INSTRUMENT

     WHEREAS, the parties named herein desire to enter into certain Program Documents contained
herein, each such document dated as of September 15, 2005 relating to the issuance by ING
USA Global Funding Trust 1 (the “Trust”) of Notes to investors under ING USA’s secured notes
program;

     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 (attached to this Omnibus Instrument as Exhibit C) (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 Trust and ING Groep N.V. will be governed
pursuant to the provisions of the License Agreement;

     WHEREAS, certain custodial arrangements of the Funding Agreement will be governed pursuant to
the provisions of the Custodial Agreement (the “Custodial Agreement”) dated as of May 25, 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 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]

1

 

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”).

W I T N E S S E T H:

          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 May 17, 2005, 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.

A-1

 

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 State of Illinois.

          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). 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 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.

          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 State of Illinois.

          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.

A-2

 

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.

W I T N E S S E T H:

          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 May 17, 2005, 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.

B-1

 

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. 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 dated as of the Original Issue Date between
the Trust and ING USA.

          Section 2.03 Additional Terms.

          None.

          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 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.

[Remainder of Page Left Intentionally Blank]

B-2

 

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 Purchasing Agents specified
in the Pricing Supplement (the “Purchasing Agents”).

W I T N E S S E T H:

     WHEREAS, ING USA and the Purchasing Agents have entered into that certain Distribution
Agreement dated May 25, 2005 (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
the Distribution Agreement (other than any other trusts organized in connection with the
Registration Statement that are party thereto as of the date hereof), 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 Purchasing Agent and each Purchasing Agent hereby agrees to
purchase, severally and not jointly, the Notes having the terms specified in the Pricing Supplement
relating to such Notes.

C-1

 

     (b) In connection with any purchase of Notes from the Trust by the Purchasing Agents 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 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 2.05 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 2.06 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 2.07 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]

C-2

 

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”).

W I T N E S S E T H

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

          WHEREAS, the Purchasing Agents (as defined in the Distribution Agreement) have agreed to 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 by the Custodian, on behalf
of the Indenture Trustee, of the Funding Agreement pursuant to the Assignment, (i) to

D-1

 

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 Purchasing Agents may direct, or (B)
deliver each relevant Notes Certificate to the purchasers thereof as identified by the Purchasing
Agents.

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 Certificates. ING USA hereby agrees to deliver an Officer’s Certificate,
a copy of which is attached hereto 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 hereto 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.

D-2

 

     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.

     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 1

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: Nancy Forte

     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

D-3

 

	 	 	 
	 

	 	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

          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.

D-4

 

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

     Section 5.06 Acknowledgment of No Recourse. The parties expressly understand and
agree that (a) this Omnibus Instrument is executed and delivered by U.S. Bank National Association,
not individually or personally but solely in its capacity as Trustee of the Trust and as Custodian
with respect to the Funding Agreement, in the exercise of the powers and authority conferred and
vested in it, (b) each of the representations, undertakings and agreements herein made on the part
of the Trust, are made and intended not as personal representations, undertakings and agreements by
U.S. Bank National Association, but made and intended for the purpose of binding only the Trust,
(c) nothing herein contained shall be construed as creating any liability on U.S. Bank National
Association, individually or personally, to perform any covenant, either expressed or implied,
contained herein, all such liability, if any, being expressly waived by the parties hereto and by
any person claiming by, through or under the parties hereto and (d) except as otherwise may be
expressly provided under the terms of that certain Trust Agreement establishing the Trust, under no
circumstances shall U.S. Bank National Association be personally liable for the payment of any
indebtedness or expenses of the Trust under this Agreement.

[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 	 
	 
	 	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), as Indenture Trustee, Registrar, Transfer Agent, Paying Agent and Calculation Agent

 	 
	 	By:  	/s/ Nancy Forte
 	 
	 	 	Name:  	Nancy Forte 	 
	 	 	Title:  	Vice President 	 
	 

[Execution Page 1 of 3]

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 6.07 of the Trust Agreement as set forth in Section A herein), in its individual capacity

 	 
	 	By:  	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 Coordination Agreement set forth in Section D herein), as Custodian

 	 
	 	By:  	/s/ S. Dodson
 	 
	 	 	Name:  	Seth Dodson 	 
	 	 	Title:  	VP 	 
	 

[Execution Page 2 of 3]

E-2

 

	 	 	 	 	 
	 	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:  	President 	 
	 
	 	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (in executing below agrees and becomes a party to the Terms Agreement set forth in Section C herein)

 	 
	 	By:  	/s/ Diane Kenna
 	 
	 	 	Name:  	Diane Kenna 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	CREDIT SUISSE FIRST BOSTON LLC (in executing below agrees and becomes a party to the Terms Agreement set forth in Section C herein)

 	 
	 	By:  	/s/ Michael Cummings
 	 
	 	 	Name:  	Michael Cummings 	 
	 	 	Title:  	Vice President 	 
	 
	 	MORGAN STANLEY & CO. INCORPORATED (in executing below agrees and becomes a party to the Terms Agreement set forth in Section C herein)

 	 
	 	By:  	/s/ Michael Fusco
 	 
	 	 	Name:  	Michael Fusco 	 
	 	 	Title:  	Executive Director 	 
	 

[Execution Page 3 of 3]

E-3

 

EXHIBIT A

Standard Trust Terms

As filed as Exhibit 4.6 to ING USA Annuity and Life Insurance Company’s Registration Statement on
Form S-3 (Registration No. 333-123457), filed with the Securities and Exchange Commission on May
17, 2005.

A-1

 

EXHIBIT B

Standard Indenture Terms

As filed as Exhibit 4.1 to ING USA Annuity and Life Insurance Company’s Registration Statement on
Form S-3 (Registration No. 333-123457), filed with the Securities and Exchange Commission on May
17, 2005; provided, however, that Section 1.01 of the Standard Indenture Terms is hereby amended
by:

     (a) deleting from the definition of Distribution Agreement the words “May 19” and replacing
them with the words “May 25”; and

     (b) deleting from the definition of Expense and Indemnity Agreement the words “May 19” and
replacing them with the words “May 25”.

B-1

 

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.] [(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 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 No. 333-123457 filed
on Form S-3 (the “Registration Statement”) by ING USA Annuity and Life Insurance Company with the
Securities and Exchange Commission, 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

 

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 Purchasing Agent(s) as principal, the following items will be delivered
on the Settlement Date:

	 	1.	 	Negative Assurance Letter of Sidley Austin Brown & Wood LLP, counsel to ING USA.
	 
	 	2.	 	Enforceability Opinion of Sidley Austin Brown & Wood LLP, counsel to ING USA.
	 
	 	3.	 	Reliance Letter of Eric G. Banta

     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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