Document:

Master Transaction Agreement

 Exhibit 10.14 

 
 

 
 #1147 
 Master Transaction Agreement 
 This Master Transaction Agreement
(“Agreement”) dated this May 1, 2006, is entered into between ING USA Annuity and Life Insurance Company (“Member”), with principal offices at Des Moines, Iowa, and the Federal Home Loan Bank of Des Moines (“Bank”)
with principal offices in Des Moines, Iowa. 
 Article 1 

Deposit Accounts 
 1.1
Deposit Accounts. The Bank may establish one or more deposit accounts with such maturities and bearing such interest as the Bank and the Member may agree from time to time. 
 1.2 Charges to Member’s Account. The Bank, so long as it acts in good faith and with ordinary care may charge Member’s deposit account(s) for: (1) any regulatory assessment if
directed to do so by the Member’s primary regulator; and (2) amounts due the Bank arising in connection with services performed by the Bank on behalf of the Member. 
 1.3 Security Interest. Member hereby grants to Bank a security interest in all deposit accounts in order to secure any and all obligations of the Member now or hereafter existing. Member authorizes
the Bank to exercise all rights and remedies available to secured creditors in the event of default on any obligation including, but not limited to, the right to set off any deposits against any obligation. 

1.4 Overdrafts. If an overdraft occurs in the Member’s account then the Bank may, at its option, charge a fee to the Member’s deposit
account. 
 Article 2 
 Payment Orders 
 2.1 Authority 

A. The Member authorizes the Bank to execute payment orders transferring funds from or to any deposit account now or hereafter
maintained by Member with the Bank to or from any account of the Member or any third party, whether such account is maintained at the Bank or any other financial institution upon the Bank’s receipt of instructions, from any of the Member’s

  
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authorized officers, employees or agents or any person purporting to be one of such officers, employees or agents. Whenever the term ‘instructions’ is used in this Article it refers to
instructions received by any means, including but not limited to, written, electronic, oral, telephonic or facsimile. If the Bank assigns a confidential code word, password, or number to the Member as part of a security procedure to verify the
authenticity of payment orders, the Bank is hereby authorized to accept such payment order upon receipt of instructions containing such confidential code word, password, or number. 

B. The Member further authorizes the Bank to act upon such other instructions relating to payment orders, including cancellation or
amendment, which the Bank receives from any of the Member’s authorized officers, employees or agents. If the Bank assigns a confidential code word, password, or number to the Member as part of a security procedure to verify the authenticity of
payment orders or other instructions relating to payment orders, including cancellation or amendment, the Bank is hereby authorized to accept, cancel, or amend such payment order upon receipt of instructions containing such confidential code word,
password, or number. 
 2.2 Security Procedures 
 A. The Bank may assign to Member and its authorized officers, employees, and agents a confidential code word, password, or number as part of a security procedure to verify the authenticity of
payment orders or other instructions relating to payment orders, including cancellation or amendment. Any security procedure offered by the Bank shall be offered for the purpose of verifying the authenticity of a payment order or instructions
canceling, or amending a payment order and shall not be offered for the purpose of detecting an error in the transmission or the content of the payment order. 
 B. IF THE MEMBER FAILS OR REFUSES TO USE A SECURITY PROCEDURE OFFERED BY THE BANK, THE MEMBER AGREES THAT THE SECURITY PROCEDURE CHOSEN BY THE MEMBER IS COMMERCIALLY REASONABLE AND FURTHER AGREES
TO BE BOUND BY ANY PAYMENT ORDER, WHETHER OR NOT AUTHORIZED, WHICH IS ISSUED IN ITS NAME AND ACCEPTED BY THE BANK. 
 C.
The Member is responsible for safeguarding any such confidential code word, password, or number and limiting access to the code word, password, or number to authorized officers, employees, or agents and shall report any breach of confidentiality
promptly to the Bank. 
 D. Following the receipt of a payment order, the Bank reserves the right, in its sole discretion,
to verify or authenticate any payment order or other related instruction by subsequent telephone calls to an authorized officer, employee, or agent of the Member or by any other means which the Bank may deem appropriate, but failure to verify or
authenticate any such payment order or instruction shall not be evidence of any failure to exercise reasonable care or good faith. The Bank shall not be liable if it rejects a payment or performs any related act if the Bank in good faith is unable
to satisfy itself that the instruction is given by an officer, employee or agent. 

  
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 2.3 Other Rules, Policies and Procedures 

A. From time to time the Bank may establish fees, rules, policies, and procedures regarding payment orders, including establishing
a part of a business day during which it is open for the receipt, processing, and transmittal of payment orders or other instructions relating to payment orders, including cancellation or amendment. The Bank shall notify the Member from time to time
of such fees, rules, policies, and procedures and the Member shall be bound by such fees, rules, policies, and procedures. 

B. The Bank may reject or impose conditions that must be satisfied before it will accept a payment order for any reason. If the
Bank, in its capacity as a receiving or beneficiary’s bank, rejects a payment order, the Bank shall notify the Member, orally, electronically, or in writing, that the Bank is rejecting or has rejected, or will not pay or accept, a payment
order. The Bank shall not be liable for any damages due to its rejection of any payment order. 
 C. The Bank may rely on
the number in a payment order that identifies an intermediary bank or beneficiary’s bank, even if it identifies a bank different from the bank identified by name in the payment order, if the Bank does not know of such an inconsistency in
identification. The Bank may rely on the number in a payment order that identifies the beneficiary, even if it identifies a person or entity different from the person or entity identified by name in the payment order, if the Bank does not know of
such an inconsistency in identification. The Bank has no duty to detect any such inconsistency. 
 D. If the Member is the
sender of a payment order, the Member authorizes the Bank to obtain payment for such payment order by debiting the amount of the payment order from any of the Member’s deposit accounts with the Bank. The Bank shall be under no obligation to
execute any payment order unless the Member has on deposit with the Bank collected funds sufficient to cover such payment order. 

E. Upon accepting a payment order in its capacity as a receiving bank, the Bank shall transmit, mail or deliver to the Member a
confirmation or periodic statement stating the date and amount of the payment order accepted and the account to which funds were transferred. Not more than 3 calendar days after the receipt of such confirmation or periodic statement, the Member will
cause it to be examined and will immediately notify the Bank of any unauthorized or erroneously executed payment order. MEMBER’S FAILURE AFTER RECEIPT OF SUCH ADVICE TO PROMPTLY REPORT ANY UNAUTHORIZED OR ERRONEOUSLY EXECUTED PAYMENT ORDER
SHALL RELIEVE THE BANK OF ITS LIABILITY TO PAY INTEREST ON ANY REFUNDABLE AMOUNTS WITH RESPECT THERETO. 

  
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 F. If the Bank, in its capacity as a beneficiary’s bank, accepts a payment order
for the Member, payment occurs at the first to occur of: the Bank credits the amount of the payment order to the Member’s account, the Bank notifies the Member that the Bank has credited the Member’s account, or the Bank lawfully applies
the credit to a debt of the Member. If the Bank, in its capacity as a beneficiary’s bank, accepts a payment order for the Member, regardless of whether the payment order instructs payment to an account of the Member, the Bank may, but is not
required to, provide notice of such acceptance to the Member. 
 G. If the Bank receives a cancellation or amendment of a
payment order after the Bank has already executed the payment order, Bank may, but is not required to, attempt to recover the funds from the beneficiary using whatever steps it deems reasonable, provided, however, that if the Bank attempts to
recover the funds, it need not pursue the claim beyond normal commercial steps and may require the Member to pursue its own claim at any time. The Bank makes no representation or warranty as to its ability to cancel, or amend a payment order once
accepted or executed. 
 H. The Bank will provide the Member with such additional information with respect to payment
orders as the Member, through its authorized officers, employees, or agents, may reasonably request. However, the Bank and its agents shall have no obligation to trace any payment order issued by the Member or acquire proof that any payment order
issued by the Member to any account designated by number is, in fact, credited to the name of the desired beneficiary. 
 2.4 Limitations of
Liability and Indemnification 
 A. The Bank shall not be liable for any payment order made or for any other act
performed by the Bank relating to such payment order nor any damages or losses arising therefrom, if such payment order or act is made by an officer, agent, or employee of the Bank pursuant to instructions, written, electronic, or oral (including
telephonic or facsimile), which such officer or employee reasonably and in good faith believes to be that of Member’s authorized officer, employee or agent. Authority to issue a payment order and to issue other directions and instructions shall
be conclusively presumed if the person making the request uses the confidential code word, password, or number assigned to the Member. The Bank’s own records evidencing that the person making the payment order utilized the proper confidential
code word, password, or number shall be conclusive proof that the person was authorized and that the payment order was properly issued in the amounts indicated in such records. 
 B. The Bank shall not be liable for any error, discrepancy, or delay on the part of the intermediary bank, funds transfer system, or agent used by the Bank in the transmission of any payment order,
the cancellation, or amendment of any payment order, or related act. 
 C. IN NO EVENT SHALL BANK BE LIABLE FOR ANY
SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ATTORNEY’S FEES IN CONNECTION WITH THE BANK’S ACCEPTANCE, REJECTION, OR HANDLING OF PAYMENT ORDERS. 

  
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 D. Any interest which the Bank is required to pay to the Member shall be limited to
the interest computed by multiplying the Bank’s overnight deposit rate by the amount on which interest is payable and then multiplying the product by the actual number of days for which interest is payable divided by 360. 

E. If the Member amends or cancels any payment order or any instructions for a payment, the Member shall indemnify and hold the
Bank harmless for any costs, expenses, damages and liabilities, including attorneys’ fees, which the Bank may incur as a result of the cancellation or amendment or in attempting to effect such recovery of fund. 

F. The Member consents to tape recordings by the Bank of telephone instructions of payment orders and related acts with respect
thereto, but the Bank’s failure to so record shall not be deemed a failure to exercise reasonable care or good faith. The Member shall indemnify and hold harmless the Bank against any costs, expenses, damages and liabilities, including
attorneys’ fees that the Bank may incur as a result of such recording or use thereof. 
 Article 3 

Securities Safekeeping 

3.1 Securities Safekeeping Accounts. The Bank may from time to time establish one or more book-entry accounts on behalf of the Member to which the
Bank may from time to time credit securities. The Bank shall not itself hold any security hereunder. The Member authorizes the Bank to utilize any other securities intermediary, the Treasury/Reserve Automated Debt Entry System maintained by the
Federal Reserve Banks, or the Depository Trust Company and any other clearing corporation to the extent possible in connection with its performance hereunder. The terms “securities,” “securities intermediary,” and “clearing
corporation” shall have the meaning given to them in Section 8-102 of the Uniform Commercial Code as adopted in Iowa. 
 3.2
Responsibilities. With respect to all securities held in the Member’s account, the Bank shall, unless otherwise instructed to the contrary: 
 A. Receive all income and other payments and advise the Member as promptly as practicable of any such amounts due but not paid; 

B. Present for payment and receive the amount paid upon all securities which may mature and advise the Member as promptly as
practicable of any such amounts due but not paid; 
 C. Forward to the Member copies of all information or documents that
it may receive from an issuer of securities which, in the opinion of Custodian, are intended for the beneficial owner of securities; and 
 D. Execute, as agent, any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or hereafter in effect in connection with the collection of bond and note
coupons. 

  
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 3.3 Authorization. The Member authorizes the Bank to follow entitlement orders, as such term is
defined in Section 8-102 of the Uniform Commercial Code as adopted in Iowa, transferring securities to or from any safekeeping account( s) now or hereafter maintained by Member with the Bank from or to any other account of the Member or any
third party, whether such account is maintained at the Bank or any other securities intermediary, upon the Bank’s receipt of entitlement orders of any of the Member’s authorized officers, employees or agents or any person purporting to be
one of such officers, employees or agents. 
 3.4 Rules, Policies and Procedures 

A. From time to time, the Bank may establish fees, rules, policies, and procedures regarding securities safekeeping, including
establishing a part of a business day during which it is open for the receipt and processing of entitlement orders. The Bank shall notify the Member from time to time of such fees, rules, policies, and procedures and the Member shall be bound by
such fees, rules, policies, and procedures. 
 B. If the Bank receives a cancellation or amendment of an entitlement order
after the Bank has already executed the entitlement order, the Bank may, but is not required to, attempt to recover the securities using whatever steps it deems reasonable, provided, however, that if the Bank attempts to recover the securities, it
need not pursue the claim beyond normal commercial steps and may require the Member to pursue its own claim at any time. The Bank makes no representation or warranty as to its ability to cancel, or amend an entitlement order once accepted or
executed. 
 C. The Bank shall credit all cash proceeds received by the Bank arising as a result of entitlement orders for
securities held hereunder or payments on such securities to the Member’s deposit account(s). The Bank shall charge the Member’s deposit account(s) for all costs, expenses, and fees arising as a result of any entitlement orders for
securities held hereunder. The Bank may refuse to honor any entitlement order if the collected balances in the Member’s deposit account(s) are insufficient to cover such costs, expenses, and fees. 

D. The Bank, from time to time, shall transmit, mail, or deliver to the Member a confirmation or periodic statement stating the
date of any entitlement order affected by the Bank or received by the Bank with respect to securities held and securities transactions taken hereunder. Not more than three (3) calendar days after the receipt of such confirmation or periodic
statement, the Member will cause it to be examined and will immediately notify the Bank of any unauthorized or erroneously executed entitlement order. MEMBER’S FAILURE AFTER RECEIPT OF SUCH CONFIRMATION OR STATEMENT TO PROMPTLY REPORT ANY
UNAUTHORIZED OR ERRONEOUSLY EXECUTED ENTITLEMENT ORDER SHALL CONSTITUTE ACCEPTANCE OF AND AGREEMENT WITH SUCH CONFIRMATION OR STATEMENT BY MEMBER. 
 E. The Bank will provide the Member with such additional information with respect to entitlement orders as the Member, through its authorized officers, employees or agents, may reasonably request.

  
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 3.5 Limitations of Liability and Indemnification 

A. From time to time, the Bank may provide valuation information to the Member regarding securities held hereunder. The Bank makes
no warranties, either express or implied, as to the authenticity of the information provided. The Bank provides this information solely as a service to the Member and such information shall not in any manner be construed as advice concerning any
securities transaction. The Member is responsible for making all decisions with regard to entitlement orders and transactions hereunder. 
 B. The Bank shall have no duty of inquiry or otherwise with respect to the nature or ownership of any securities held, acquired, or transferred hereunder or with respect to the authority of Member
under federal or state law or regulations to undertake any securities transactions, nor shall the Bank be deemed to have made any determination as to the propriety of any securities transaction effected pursuant to the instructions of Member. The
Member acknowledges and agrees that the Bank does not offer any investment advice with respect to securities transactions hereunder. 
 C. The Bank agrees to exercise reasonable care in actions taken by the Bank with respect to Member’s securities; provided, however, that the Bank shall not be liable to Member or to third
parties for any loss or damage suffered by Member or such third parties arising from causes beyond the control of the Bank, including without limitation acts or omissions of any securities intermediary that has physical custody of securities. The
Bank shall be responsible only for those duties expressly set forth in this Agreement and, without limiting the foregoing, the Bank shall have no duty or responsibility: 
 (1) to supervise the investment of, or make recommendations with respect to, the purchase, retention, or sale of securities or other property relating to this Agreement; 

(2) with respect to any security as to which a default in the payment of principal or interest has occurred, to give notice of default,
make demand for payment, or take any other action with respect to such default; 
 (3) for any act or omission, or for the
insolvency or notice to the Bank of the insolvency, of any broker or agent that is selected by the Bank (in the absence of gross negligence or willful misconduct by the Bank in such selection) or by Member or any other person to effect any
transaction pursuant to this Agreement; 
 (4) to evaluate or to report to Member regarding the financial condition of party to
which the Bank delivers or makes arrangements for the delivery of securities or payment pursuant to this Agreement; or 
 (5) for
any loss occasioned delay in the actual receipt of notice by the Bank of any payment, redemption, or other transaction regarding securities or property held pursuant to this Agreement in respect to which Bank is authorized to take some action.

  
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 D. If Member, any broker, dealer, or other third party cancels or fails to follow
instructions or entitlement orders for a trade or other related act (including the failure to purchase or deliver the security at the stated price to the Bank), Member shall indemnify and hold the Bank harmless for all expenses, costs, fees,
including attorney’s fees and court costs, or other liability incurred by the Bank. Member agrees that if it fails to deliver securities to the Bank for transfer on behalf of Member pursuant to previous entitlement orders, the Bank may charge
Member’s deposit account in the amount reasonably necessary for the Bank to purchase an equivalent amount of such securities for transfer. The Bank shall not be liable for any market loss or gain relating to the delay or failure to purchase or
transfer a security. 
 E. As between Member and the Bank, Member shall bear all losses arising from any actions taken
with respect to securities pursuant to this Agreement where an act or omission, whether or not authorized, of an officer, employee or agent of Member contributed to such losses, and Member shall bear all losses arising from any action taken with
respect to securities pursuant to this Agreement where the Bank has acted on the basis of unauthorized instruction, unless the Bank had actual knowledge that the instructions were unauthorized. 

F. The Member consents to tape recordings by the Bank of telephone instructions of entitlement orders and related acts with respect
thereto, but the Bank’s failure to so record shall not be deemed a failure to exercise reasonable care or good faith. The Member agrees to indemnify and hold harmless the Bank against any costs, expenses, damages and liabilities, including
attorneys’ fees that the Bank may incur as a result of such recording or use thereof. 
 Article 4 

Letters of Credit 
 4.1
Applications. An authorized officer, employee, or agent of the Member may apply, in such form as the Bank may specify from time to time, for a letter of credit. Nothing contained in this Agreement or the policies and procedures currently set
forth in the Bank’s Member Products and Services Policy, as amended, superseded or replaced by the Bank’s Board of Directors from time to time, and the Bank’s Credit and Collateral Procedures, as amended, superseded or replaced by the
Bank’s management from time to time (collectively referred to herein as the “Member Policies and Procedures”) shall be construed as an agreement or commitment by the Bank to grant any letter of credit hereunder. The Bank expressly
reserves its right and power, in its sole discretion, to either issue or refuse to issue any letter of credit in any form that the Bank determines from time to time. 
 4.2 Honoring Draws. The Bank shall honor and pay each and every request for payment made under and in compliance with any letter of credit, even if submitted or issued by an administrator,
executor, trustee in bankruptcy, debtor in possession, assignee for benefit of creditors, liquidators, receiver, agent, attorney in fact or other representative of any beneficiary or of any successor or approved in writing by the Bank. The
Bank’s sole obligation to the Member is limited to honoring requests for payment made under and in compliance with letter of credit issued hereunder even though: (i) the Bank may have prepared the letter of credit or any 

  
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other document required to be presented thereunder; and (ii) the Bank may otherwise be aware of facts concerning the transaction which gives rise to the letter of credit. The Bank has no
duty to inquire into the existence of any disputes or controversies between the Member, any beneficiary, or person or firm or their or their respective rights, duties, or liabilities or whether any fact or event referred to in any document presented
under the letter of credit is true and correct. 
 The Bank shall not be responsible for and the Bank’s obligations under a letter of
credit shall not be affected by: 
 A. The use which may be made of any letter of credit or any act or omission of any
beneficiary or permitted assignee of any letter of credit; 
 B. The validity, sufficiency, genuineness or collectability
of any drafts, certificates, instruments, notices of default or other documents, including endorsements or signatures thereon; 

C. Any breach of contract between the Member and any third party; 

D. Compliance with or circumstances resulting from the existence or exercise of applicable laws, regulations or restrictions by any
government or any group asserting or exercising de facto or de jure governmental powers; and 
 E. Any event, fact or
condition beyond the control of the Bank. 
 4.3 Reimbursement. The Member agrees that any amount paid by the Bank under and in
compliance with any letter of credit shall become immediately due and payable by the Member and Member shall immediately reimburse the Bank for such amount. The Member hereby authorizes the Bank to debit the Member’s deposit account(s) with the
Bank for all amounts due and payable to the Bank. If the amount in the deposit account(s) is, at any time, insufficient to pay such due and payable amounts, the Bank may, without notice to the Member, apply any other funds or assets then in the
possession of the Bank to the payment of such amounts. The Member may apply to the Bank for an advance under the security agreement existing between the Bank and the Member in order to repay all amounts paid by the Bank under and in compliance with
any letter of credit and that are due and payable to the Bank. Nothing contained in this Agreement, the security agreement existing between the Bank and the Member, or the Member Policies and Procedures shall be construed as an agreement or
commitment by the Bank to grant any advance. The Bank expressly reserves its right and power to either grant or deny in its sole discretion any advance. 
 4.4 Collateral and Security Interest. The Member agrees that and all letters of credit issued by the Bank on behalf of the Member shall be secured in accordance with all the terms and provisions of
the security agreement existing between the Bank and the Member as if such letter of credit were an advance granted under such security agreement. The Member further agrees that any and all amounts due and payable to the Bank under this Agreement
shall be secured in accordance with all the terms and provisions of the security agreement existing between the Bank and the Member as if such amounts were advances granted under such security agreement. 

  
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 4.5 Fees and Other Charges. The Member agrees to pay the Bank on demand any and all fees or charges
established by the Bank from time to time for the issuance of a letter of credit or for honoring any draw made by a beneficiary under a letter of credit and any and all fees, charges, and expenses, including but not limited to attorneys’ fees
paid or incurred by the Bank in connection with the enforcement of this Agreement. 
 Article 5 

General 
 5.1 Change in
Authorization. The Bank shall be promptly notified in writing in such form or forms as the Bank may specify from time to time by the Secretary or any officer of the Member of any change in authorized officers, employees, and agents. Until the
Bank has actually received such notice in writing, it shall be indemnified and saved harmless from any loss suffered or liability incurred by it in continuing to act in reliance on the authority of such previously authorized officer, employee, or
agent. 
 5.2 Termination of Agreement. This Agreement may be terminated by either party after giving the other party five (5) days
written notice; provided, however, that the terms of this Agreement shall continue to govern any deposit account, payment order, security safekeeping or letter of credit that remains outstanding following termination of this Agreement. 

5.3 Applicable Law. This Agreement is governed by the Federal Home Loan Bank Act, Rules and Regulations of the Federal Housing Finance Board
(FHFB), and policies, guidelines and directives of the FHFB, and the Member Policies and Procedures, and to the extent applicable and not inconsistent therewith, the laws of the State of Iowa. If any portion of this Agreement conflicts with
applicable law, such conflict shall not affect any other provision of this Agreement that can be given effect without the conflicting provision, and to this end the provisions of this Agreement are severable. 

5.4 Indemnification. Member agrees to defend, indemnify and hold harmless the Bank and the Bank’s correspondents, agents and subagents,
assignees, and participants from and against any and all demands, actions, claims, losses, perils, liabilities, and expenses including attorneys’ fees and expenses, not involving the Bank’s bad faith, resulting from or incurred, suffered,
or paid by any of them in connection with this Agreement. 
 5.5 Agreement Constitutes Entire Agreement. Except as set forth in this
paragraph, this Agreement, together with any related applications and agreements, embodies the entire agreement and understanding between the parties hereto relating to the subject matter hereof and supersedes all prior agreements between such
parties that relate to that subject matter. Letters of credit issued by the Bank to the Member prior to the execution of this Agreement shall continue to be governed exclusively by the terms of the prior agreements pursuant to which such letters of
credit were issued, except that (i) any default thereunder shall constitute default hereunder, (ii) collateral furnished as security hereunder shall also secure such prior letter of credit and (iii) the rights and obligations with
respect to such collateral shall be governed by the terms of this Agreement. 

  
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 5.6 No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of
this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise of any right, power, or privilege or the exercise of
any other right, power or privilege. No waiver by the Bank of any event of default shall be in effect unless in writing and signed by an authorized officer of the Bank, and no such waiver shall be deemed a waiver of a subsequent event of default or
be deemed to be a continuing waiver. No course of dealing between Member and the Bank or its agents or employees shall be effective to change, modify or discharge any provision of this Agreement or to constitute a waiver of any default. 

5.7 Severability. If any provision of this Agreement is held invalid or unenforceable to any extent or in any application, the remainder of this
Agreement or the application of such provision to different persons or circumstances or in different jurisdictions shall not be affected thereby. 
 5.8 Successors and Assigns. This Agreement shall be binding upon each of the parties, successors and permitted assigns. The Member may not assign any obligation hereunder without the prior written
consent of the Bank. The Bank may assign any or all of its rights and obligations hereunder or with respect to any advance or other indebtedness to any other party. 
 5.9 Events of Default. The following occurrences shall be events of default: 

A. Any event of default as defined in the security agreement existing between the Bank and the Member; 

B. The failure of the Member to pay any amount due hereunder or to provide collateral as required hereunder; and 

C. The breach by the Member of any representation, warranty, covenant or information furnished by the Member hereunder or the
failure of any representation, warranty, covenant or information furnished by the Member in any context to be and remain true, correct and complete. 
 5.10 Remedies. Upon the occurrence of an event of default the Bank shall have all the rights and remedies as provided for in an event of default under the security agreement existing between the
Bank and the Member and shall have all other rights and remedies available at law or in equity to secure, collect, enforce, or satisfy the Member’s obligations to the Bank hereunder. All rights and remedies of the Bank hereunder are cumulative
of each and every other right or remedy which the Bank may otherwise have at law or in equity or under any contract or other writing for the enforcement of the security interest granted to the Bank or the collection of any amount due hereunder.

 5.11 Member’s Representations, Warranties and Covenants. Member represents, warrants and covenants to the Bank that the following
are and shall remain true, complete and correct at all times until the termination of this Agreement: 
 A. This Agreement
has been duly and validly executed and delivered by the Member and its execution, delivery, and performance have been authorized by all necessary corporate actions; 

  
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 B. Neither this Agreement, nor any letter of credit, nor transaction to which this
Agreement relates violates any law or regulation applicable to the Member or any supervisory or consent agreement with any regulatory body; 
 C. The Member has duly entered into a security agreement with the Bank and the same is currently in full force and effect and the Member maintains sufficient qualifying collateral to fully secure
any and all letters of credit issued and outstanding hereunder in accordance with the terms and conditions of such security agreement; and 
 D. The Member agrees to maintain one or more deposit accounts with the Bank at all times during which a letter of credit issued hereunder remains outstanding. 

E. The person signing this document on behalf of the Member represents that its execution was authorized by appropriate action of
the Board of Directors of the Member and that such action is duly reflected in the records of the Member. 
  

			
	 ING USA Annuity and Life Insurance Company – #1147

(Full Corporate Name of Customer and member number)

		
	By:	 	/s/ [Illegible signature]
	Title:	 	Vice President and Chief Actuary, Institutional Markets
	Date:	 	July 14, 2006

  

			
	FEDERAL HOME LOAN BANK OF DES MOINES
		
	By:	 	/s/ [Illegible signature]
	Title:	 	Officer of Federal Home Loan Bank of Des Moines
	 Date:
	 	July 10, 2006

  
 12Advances, Pledge and Security Agreement

 Exhibit 10.15 
 ADVANCES, PLEDGE AND SECURITY AGREEMENT 
 DELIVERY 

This Advances, Pledge and Security Agreement (“Agreement”), effective this 27th day of March, 2009, is entered between ING USA Annuity and Life
Insurance Company (“Member”), with principal offices at 909 Locust Street, Des Moines, Iowa 50309 and the Federal Home Loan Bank of Des Moines (“Bank”), with principal offices in Des Moines, Iowa. 

WHEREAS, the Bank may from time to time make available extensions of credit to the Member (“Advances”), in accordance
with the Federal Home Loan Bank Act, the regulations and directives of the Federal Housing Finance Agency, the Confirmations issued hereunder, and the policies and procedures currently set forth in the Bank’s Member Products Policy, as amended,
superseded or replaced by the Bank’s Board of Directors from time to time, and the Bank’s Credit and Collateral Procedures, as amended. superseded or replaced by the Bank’s management from time to time (collectively referred to herein
as the “Member Policies and Procedures”); 
 WHEREAS, the Member desires, from time to time, to obtain Advances
from the Bank in accordance with the terms and conditions of this Agreement, the Confirmations issued hereunder and the Member Policies and Procedures; and 
 WHEREAS, the Bank requires that all Advances, and all other indebtedness, arising from any and all obligations or liabilities of the Member to the Bank be secured pursuant to this Agreement, and
the Member agrees to provide such security; 
 NOW THEREFORE, for good and valuable consideration, intending to be
legally bound, and with respect to each and every such Advance, the Bank and the Member agree as follows: 
 Section 1. Applications.
The Member shall request an Advance in such form as shall be specified by the Bank. Nothing contained in this Agreement or the Member Policies and Procedures shall be construed as an agreement or commitment by the Bank to grant any Advance
hereunder. The Bank expressly reserves its right and power to either grant or deny in its sole discretion any Advance. 
 Section 2.
Confirmation of Advance. Each Advance, and, except as otherwise provided, all other indebtedness, shall be evidenced by a writing or electronic record, in such form or forms as may be determined by the Bank from time to time
(“Confirmation”), issued by the Bank to the Member. The Member and the Bank shall be bound by the terms and conditions set forth herein, in the Confirmation and in the Member Policies and Procedures. Any inconsistencies between the terms
and conditions of a Confirmation, this Agreement, any funding agreement, if applicable, or the Member Policies and Procedures, shall be resolved in favor of this Agreement. 

  
 January 2009

 Section 3. Payment to the Bank. The Member shall repay each Advance and make payments of
interest thereon and any and all costs, expenses, fees and penalties relating thereto as specified herein and in the Member Policies and Procedures and the related Confirmation. All payments shall be made at the office of the Bank in Des Moines,
Iowa, or at such other place as the Bank, or its successors or assigns, may from time to time appoint in writing. 
 The Member shall maintain
in its demand deposit account(s) with the Bank (collectively, the “Demand Deposit Account”) an amount at least equal to the amounts then currently due and payable to the Bank on outstanding Advances. The Member hereby authorizes the Bank
to debit the Demand Deposit Account for all amounts due and payable to the Bank on any Advance or other indebtedness. If the amount in the Demand Deposit Account is, at any time, insufficient to pay such due and payable amounts, the Bank may,
without notice to the Member, apply any other funds or assets then in the possession of the Bank to the payment of such amounts. 
 Past due
payments of principal, interest, or other amounts payable in connection with any Advance may, at the option of the Bank, bear interest until paid at a default rate that is 3% per annum higher than the then current rate being charged by the Bank
for Advances. 
 Section 4. Creation of Security Interest in Collateral. 

A. As collateral security for any and all Advances and other indebtedness, the Member hereby assigns, transfers, pledges and grants a
security interest to the Bank, its successors or assigns all of the following (collectively, the “Collateral”): 
 1. all Capital Stock of the Bank now or hereafter owned by Member, and all deposit accounts now or hereafter maintained by the Member with the Bank; and 

2. such property of Member as is described on a Collateral Listing substantially in the form of Exhibit A or in such
other form as may be determined by the Bank from time to time, transmitted from time to time by Member to Bank and delivered by Member to Bank as collateral hereunder and identified as such. 

The Member shall promptly deliver the Collateral to the Bank or its authorized agents, in the manner specified by the Member Policies and
Procedures or as otherwise specified in writing by the Bank. 
 B. The Member undertakes and agrees to keep and maintain at all
times Collateral (exclusive of Bank Capital Stock and Member’s deposit accounts) which has an Advance Equivalency sufficient to fully secure its Advances. Advance Equivalency is calculated by applying commercially reasonable Collateral
Maintenance Levels to the fair market value or book value of Collateral. The Member acknowledges that the Bank may increase such Collateral Maintenance Levels, in a commercially reasonable and nondiscriminatory manner as determined by the Bank, by
providing written notice of any such increase to the Member at least thirty (30) calendar days prior to implementing the same. 
  

January 2009 

  
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 C. The Bank agrees to allow the Member to withdraw any Collateral specified in a written
request to the Bank, provided that the Bank reasonably determines that the remaining Collateral (exclusive of Bank Capital Stock and Member’s deposit accounts), after giving effect to such withdrawal, has an Advance Equivalency at least equal
to Member’s Advances. 
 D. The Member agrees to make, execute and deliver to the Bank such assignments, endorsements,
listings, powers, or other documents or instruments, or to take any such other measures as the Bank may reasonably request in order to protect its security interest in the Collateral. The Member authorizes the Bank to file any and all financing
statements and amendments thereto as the Bank reasonably deems desirable to perfect and protect its security interest in the Collateral. 
 E. The Member agrees to provide any information regarding the Collateral reasonably requested by the Bank and to make its books and records available to the Bank audits or verification pursuant to
Section 9. 
 F. Member agrees to provide any information requested by the Bank in connection with an Advance or Collateral
and any information contained in any status report, schedule, or other documents requested or required hereunder and any other information given from time to time by the Member as to each item of Collateral. 

G. Unless otherwise directed by the Member, the Bank undertakes and agrees to transfer all income received by the Bank on any Collateral
to the Member’s Demand Deposit Account. Notwithstanding the foregoing, however, in the event that a default as described in Section 6 has occurred and is continuing, the Bank shall directly apply any such income received in satisfaction of
the amount in default. 
 H. The sole duty of the Bank with respect to any Collateral delivered by the Member shall be to use
reasonable care in the custody and preservation of the Collateral. 
 Section 5. Covenants. The Member represents, warrants, and
covenants to the Bank, which representations, warranties, and covenants shall be deemed to be repeated at all times until the termination of this Agreement: 
 A. No Event of Default, as defined in Section 6, with respect to the Member has occurred and is continuing or would occur as a result of the Member entering into or performing its obligations under
this Agreement or any Advance. 
 B. The Member owns and has marketable title to the Collateral free and clear of any and all
liens, claims, or encumbrances of any kind, and has the right and authority to grant a security interest in the Collateral and to subject all of the Collateral to this Agreement. 

C. All of the Collateral meets the standards and requirements with respect thereto established by the Member Policies and Procedures.

 D. The Member at all times maintains and accurately reflects the terms of this Agreement, including the Bank’s interest
in Collateral, and all Advances and other indebtedness on its books and records. 
  
 January 2009 

  
 -3-

 E. The Member has the full power and authority and has received all corporate and
governmental authorizations and approvals as may be required to enter into and perform its obligations under this Agreement and any Advance. 

Section 6. Events of Default. The Bank may consider the Member in default hereunder upon the occurrence of any of the following events or
conditions: 
 A. Failure of the Member to pay any interest, or repay any principal or pay any other amount due in connection
with any Advance and such failure has not been cured five (5) business days after receipt of notice of such failure; 
 B.
Breach or failure to perform by the Member of any covenant, promise, condition, obligation or liability contained or referred to herein, or any other agreement to which the Member and the Bank are parties and such breach or failure has not been
cured five (5) business days after receipt of notice of such breach or failure; 
 C. Proof that any representation,
statement or warranty made or furnished in any manner to the Bank by or on behalf of the Member in connection with all or part of any Advance was false in any material respect when made or furnished; 

D. The issuance of any tax levy, seizure, attachment, garnishment, levy of execution or other process with respect to the Member the
amount of which is greater than five percent (5%) of the Member’s capital and surplus; 
 E. Any suspension of payment
by the Member to any creditor or any events which result in acceleration of the maturity of any indebtedness of the Member to others under any indenture, agreement or other undertaking the aggregate amount of which is greater than the lesser of five
percent (5%) of Member’s capital and surplus or five percent (5%) of the Bank’s capital and surplus, as determined in accordance with the accounting principles governing the Member’s or Bank’s published financial
statements, respectively; 
 F. Any: (i) application for, or appointment of, a receiver for, the Member or for any part of
the property of the Member; (ii) voluntary dissolution of or adjudication of insolvency, or assignment for benefit of creditors, or general transfer of assets by the Member; (iii) takeover of the management of the Member by any supervisory
authority; (iv) liquidation, merger, or sale of a substantial portion of the Member’s assets outside of the ordinary course of the Member’s business; (v) termination of the membership of the Member in the Bank; or (vi) at
any time that in the case of Advances made under the provisions of 12 U.S.C. § 1431(g)(4) or any successor provisions are outstanding, any increase in the creditor liabilities of the Member, excepting its liabilities to the Bank, in any manner
to an amount exceeding 5% of the Member’s net assets; or 
 G. Determination by the Bank based on reasonable evidence and in
good faith that a material adverse change has occurred in the financial condition of the Member from that disclosed at the time of the making of any Advance, or from the condition of the Member as theretofore most recently disclosed to the Bank in
any manner. 
  
 January 2009 

  
 -4-

 Section 7. Bank Remedies in the Event of Default. Upon the occurrence of any Event of Default
hereunder, the Bank may, at its option, declare the entire amount of any and all Advances or other indebtedness to be immediately due and payable. Without limitation of any of its rights and remedies hereunder or under other law, the Bank shall have
all of the remedies of a secured party under the Uniform Commercial Code of the State of Iowa. The Member agrees to pay all the costs and expenses of the Bank in the collection of the secured indebtedness and enforcement of the Bank’s rights
hereunder including, without limitation, reasonable attorney’s fees. The Bank may sell the Collateral or any part thereof in such manner and for such price as the Bank deems appropriate without any liability for any loss due to decrease in the
market value of the Collateral during the period held. The Bank shall have the right to purchase all or part of the Collateral at public or private sale. If any notification of intended disposition of any of the Collateral is required by law, such
notification shall be deemed reasonable and properly given if mailed, postage prepaid, at least five days before any such disposition to the address of the Member appearing on the records of the Bank. 

The proceeds of any sale shall be applied in the following order: first, to pay all costs and expenses of every kind for the enforcement of this
Agreement or the care, collection, safekeeping, sale, foreclosure, delivery or otherwise respecting the Collateral (including expenses for legal services); then to interest and fees on all indebtedness of the Member to the Bank; then to the
principal amount of any such indebtedness whether or not such indebtedness is due or accrued. The Bank, at its discretion or as assigned by law, may apply any surplus to indebtedness of Member to third parties claiming a secondary security interest
in the Collateral. Any remaining surplus shall be paid to the Member. 
 Section 8. Appointment of Bank as Attorney-in-Fact. Member
does hereby make, constitute and appoint Bank its true and lawful attorney-in-fact to deal with the Collateral in the Event of Default and, in its name and stead to release, collect, compromise, settle, and release or record any note, mortgage or
deed of trust which is a part of such Collateral as fully as the Member could do if acting for itself. The powers herein granted are coupled with an interest, and are irrevocable, and full power of substitution is granted to the Bank in the
premises. 
 Section 9. Audit and Verification of Collateral. In extension and not in limitation of all requirements of law
respecting examination of the Member by or on behalf of the Bank, the Member agrees that all Collateral pledged hereunder shall always be subject to audit and verification by or on behalf of the Bank in its corporate capacity. 

Section 10. Resolution to be Furnished by Member. The Member agrees to furnish to the Bank at the execution of this Agreement, and from time
to time hereafter, a certified copy of a resolution of its Board of Directors or other governing body authorizing such of the Member’s officers, agents, and employees as the Member shall select, to apply for Advances from the Bank. In lieu of
requiring an additional resolution upon execution of this Agreement, the Bank may rely on a previously furnished resolution of the Member’s Board of Directors or other governing body with respect to Advances made pursuant to this Agreement.

  
 January 2009 

  
 -5-

 Section 11. Applicable Law. This Agreement and all Advances and other indebtedness obtained
hereunder shall be governed by the statutory and common law of the United States and, to the extent federal law incorporates or defers to state law, the laws (exclusive of choice of law provisions) of the State of Iowa. Notwithstanding the
foregoing, the Uniform Commercial Code as in effect in the State of Iowa shall apply to the parties’ rights and obligations with respect to the Collateral. If any portion of this Agreement conflicts with applicable law, such conflict shall not
affect any other provision of this Agreement that can be given effect without the conflicting provision, and to this end the provisions of this Agreement are severable. 
 Section 12. Jurisdiction. In any action or proceeding brought by the Bank or the Member in order to enforce any right or remedy under this Agreement, Member hereby submits to the jurisdiction
of the United States District Court for the Southern District of Iowa, or if such action or proceeding may not be brought in Federal Court, the jurisdiction of the Iowa District Court in Polk County. If any action or proceeding is brought by the
Member seeking to obtain relief against the Bank arising out of this Agreement and such relief is not granted by a court of competent jurisdiction, the Member will pay all attorney’s fees and court costs incurred by the Bank in connection
therewith. 
 Section 13. Effective Date; Agreement Constitutes Entire Agreement. This Agreement shall be effective on the date of
execution of this Agreement by the parties hereto. Except as set forth in this paragraph, this Agreement, together with the Member Policies and Procedures and any applicable Confirmations, shall embody the entire agreement and understanding between
the parties hereto relating to the subject matter hereof and thereof. This Agreement may not be amended except by written amendment executed by the Bank and the Member. Each such Confirmation and the Member Policies and Procedures shall be
incorporated herein. Advances made by the Bank to the Member prior to the effective date of this Agreement shall be governed exclusively by the terms of the prior agreements pursuant to which such Advances were made, except that (i) any default
thereunder shall constitute default hereunder, (ii) Collateral furnished as security hereunder shall also secure such prior Advances and (iii) the rights and obligations with respect to such Collateral shall be governed by the terms of
this Agreement and the Member Policy and Procedures as amended, superseded or replaced from time to time. 
 Section 14. Section
Headings. Section headings are not to be considered part of this Agreement. Section headings are solely for convenience of reference, and shall not affect the meaning or interpretation of this Agreement or any of its provisions. 

Section 15. Successors and Assigns. This Agreement shall be binding upon each of the parties, successors and permitted assigns. The Member
may not assign any obligation hereunder without the prior written consent of the Bank. The Bank may assign any or all of its rights and obligations hereunder or with respect to any Advance or other indebtedness to any other party. 

Section 16. No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be
presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise of any right, power, or privilege or the exercise of any other right, power or
privilege. 
 Section 17. Remedies Cumulative. The rights, powers, remedies and privileges provided in this Agreement are cumulative
and not exclusive of any rights, powers, remedies and privileges provided by law. 
  
 January 2009 

  
 -6-

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be signed in its name by its
duly authorized representatives as of the dates below. 
  

			
	ING USA ANNUITY AND LIFE INSURANCE COMPANY
		
	By:	 	/s/ [illegible signature]
                                ,
	Title:	 	Vice President
	Date:	 	March 27, 2009

  

			
	FEDERAL HOME LOAN BANK OF DES MOINES
		
	By:	 	/s/ Jodie
L. Stephens                              ,
	Title:	 	Officer of the Federal Home Loan Bank of Des Moines
	Date:	 	4-17-09

  
 January 2009

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