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THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF
THE INDENTURE (HEREINAFTER DEFINED) AND IS REGISTERED IN THE NAME OF A
DEPOSITARY (AS DEFINED IN THE INDENTURE) OR A NOMINEE OF A DEPOSITARY. THIS NOTE
IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE TRUST (HEREINAFTER DEFINED) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND UNLESS ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	CUSIP No.:
      44982X AC 1  	  	                                                                                                    
      Principal Amount: U.S. $750,000,000 

	ING USA GLOBAL FUNDING TRUST 4 
	  
	SECURED MEDIUM-TERM NOTES 
	  
	  	  	Floating Rate Note: [X] Yes [ ] No. If yes, 
  
	Original Issue Date: October 11,
      2007  	  	       
                 Regular Floating Rate Notes [X] 
    	  	  
	Issue Price: 100%  	  	       
                 Inverse Floating Rate Notes [ ] 
    	  	  
	Stated Maturity Date: October 9,
      2009  	  	       
                 Floating Rate/Fixed Rate Notes [ ]
	  	  
	Settlement Date: October 11,
      2007  	  	       
                 Fixed Rate/Floating Rate Notes [ ]	  	  
	Securities Exchange Listing: [ ] Yes [X] No.
      If yes,  	  	       
                 Interest Rate: 3-month LIBOR +
      0.30%  
	       
                 indicate name(s) of Securities
      Exchange(s):  	  	       
                 Interest Rate Basis(es):  	  	  
	Depositary: The Depository Trust
      Company  	  	       
                 LIBOR [X]  	  	  
	Authorized Denominations: $1,000 and
      integral  	  	       
                 [ X] LIBOR Reuters Page:
      LIBOR01  
	multiples of $1,000 in excess
      thereof  	  	       
                 [ ] LIBOR Telerate Page:  	  	  
	Collateral held in the Trust: ING USA
      Annuity and Life  	  	  	  	  
	   Insurance Company Funding
      Agreement No. RMTN-  	  	       
                 LIBOR Currency: U.S. Dollars 
	  	  
	   4, all proceeds of the
      Funding Agreement and all  	  	       
                 EURIBOR [ ]  	  	  
	   rights and books and
      records pertaining to the  	  	       
                 CMT Rate [ ]  	  	  
	   foregoing. 
	  	                            
      Designated CMT Moneyline  
	Additional Amounts to be Paid: [ ] Yes [X]
      No  	  	Telerate Page:  	  	  

1

	Interest Rate or Formula:
      3-month LIBOR + 0.30%  	  	 
                         
                         
                       If Telerate Page
      7052:  
	Fixed Rate Note: [ ] Yes
      [X] No. If yes,  	  	 
                         
                         
                       [ ] Weekly
      Average  
	 
                       Interest
      Rate:  	  	 
                         
                         
                       [ ] Monthly
      Average  
	 
                       Interest Payment
      Frequency:  	  	 
                         
                       Designated CMT Maturity
      Index:  
	 
                       Day Count
      Convention:  	  	 
                       CD Rate [ ] 
    
	 
                       Additional/Other
      Terms:  	  	 
                       Commercial Paper Rate [
      ]  
	Amortizing Note: [ ] Yes
      [X] No. If yes,  	  	 
                       Eleventh District Cost of
      Funds Rate [ ]  
	 
                       Amortization schedule or
      formula:  	  	 
                       Federal Funds Rate [
      ]  
	 
                       Additional/Other
      Terms:  	  	 
                       Prime Rate [
      ]  
	Discount Note: [ ] Yes [X]
      No. If yes,  	  	 
                       Treasury Rate [
      ]  
	 
                       Total Amount of
      Discount:  	  	 
                       Index Maturity:
      3-month  
	 
                       Initial Accrual Period of
      Discount:  	  	 
                       Spread and/or Spread
      Multiplier: + 0.30%  
	 
                       Interest Payment
      Dates:  	  	 
                       Initial Interest Rate, if
      any: 5.54875%  
	 
                       Additional/Other
      Terms:  	  	 
                       Initial Interest Reset
      Date: January 9, 2008  
	Redemption Provisions: [ ]
      Yes [X] No. If yes,  	  	 
                       Interest Reset Dates: Each
      Interest Payment  
	 
                       Initial Redemption
      Date:  	  	Date.  
	 
                       Initial Redemption
      Percentage:  	  	 
                       Interest Determination
      Date(s): The second  
	  	  	London Banking Day prior
      to the related Interest Reset  
	 
                       Annual Redemption
      Percentage Reduction,  	  	Date.  
	if any:  	  	  
	  	  	 
                       Interest Payment Dates:
      The ninth day of each  
	 
                       Additional/Other
      Terms:  	  	January, April, July and
      October of each year.  
	Repayment Provisions: [ ]
      Yes [X] No. If yes,  	  	 
                       Maximum Interest Rate, if
      any:  
	 
                       Repayment
      Date(s):  	  	 
                       Minimum Interest Rate, if
      any:  
	 
                       Repayment
      Price:  	  	 
                       Fixed Rate Commencement
      Date, if any:  
	 
                       Additional/Other
      Terms:  	  	 
                       Floating Rate Commencement
      Date, if any:  
	  	  	 
                       Fixed Interest Rate, if
      any:  
	  	  	 
                       Day Count Convention: As
      indicated on the  
	  	  	reverse
      hereof.  
	  	  	 
                       Additional/Other Terms:
      Not applicable  
	  	  	Regular Record Date(s):
      The date that is fifteen (15)  
	  	  	calendar days prior to the
      applicable Interest Payment  
	  	  	Date.  
	  	  	Sinking Fund: Not
      applicable  
	  	  	Specified Currency: U.S.
      Dollars  
	  	  	Exchange Rate Agent: Not
      applicable  
	  	  	Calculation Agent:
      Citibank, N.A.  
	  	  	Additional/Other Terms:
      Not applicable  

     The ING USA Global
Funding Trust designated above (the “Trust”), for value received, hereby
promises to pay to Cede & Co., or its registered assigns, the Principal
Amount specified above on the Stated Maturity Date specified above and, if so
specified above, to pay interest thereon from the Original Issue Date specified
above or from the most recent Interest Payment Date specified above to which
interest has been paid or duly

2

provided for at the rate per annum determined in accordance with the provisions on the reverse hereof and as specified above, until the principal hereof is paid or made available for payment. Unless otherwise specified above,
payments of principal, premium, if any, and interest hereon will be made in the lawful currency of the United States of America (“U.S. Dollars” or “United States Dollars”). If the Specified Currency specified above is other than
U.S. Dollars, the Holder (as defined in the Indenture) shall receive such payments in such Foreign Currency (as hereinafter defined). The “Principal Amount” of this Note at any time means (1) if this Note is a Discount Note (as hereinafter
defined), the Amortized Face Amount (as hereinafter defined) at such time and (2) in all other cases, the Principal Amount hereof. Capitalized terms not otherwise defined herein shall have their meanings set forth in the Indenture, dated as of the
date of the Pricing Supplement (the “Indenture”), between Citibank, N.A., as the indenture trustee (the “Indenture Trustee”), and the Trust, or on the face hereof.

     This Note will mature on the Stated Maturity Date, unless its principal (or any installment of its principal) becomes due and payable prior to the Stated Maturity Date, whether, as applicable, by the
declaration of acceleration of maturity, notice of redemption by the Trust or otherwise (the Stated Maturity Date or any date prior to the Stated Maturity Date on which this Note becomes due and payable, as the case may be, is referred to as the
“Maturity Date”).

     A “Discount Note” is any Note that has an Issue Price that is less than 100% of the Principal Amount thereof by more than a percentage equal to the product of 0.25% and the number of full
years to the Stated Maturity Date.

     Unless otherwise specified above, the interest payable on each Interest Payment Date or the Maturity Date will be the amount of interest accrued from and including the Original Issue Date or from and
including the last Interest Payment Date to which interest has been paid or duly provided for, as the case may be, to, but excluding, such Interest Payment Date or the Maturity Date, as the case may be.

     Unless otherwise specified above, the interest payable on any Interest Payment Date will be paid to the Person that was the Holder on the Regular Record Date for such Interest Payment Date, which
Regular Record Date shall be the fifteenth (15th) calendar day, whether or not a Business Day, immediately preceding the related Interest Payment Date; provided that, notwithstanding any provision of the Indenture to the contrary, interest payable on any Maturity Date shall be payable to the Person to whom principal shall be payable; and provided, further, that unless otherwise specified above, in the case of a Note initially issued between a Regular Record Date and the Interest Payment Date relating to such Regular Record Date, interest
for the period beginning on the Original Issue Date and ending on such Interest Payment Date shall be paid on the Interest Payment Date following the next succeeding Regular Record Date to the Holder on such next succeeding Regular Record
Date.

     Payments of principal of, and premium, if any, and interest and other amounts due and owing, if any, will be made through the Indenture Trustee to the account of DTC or its nominee and will be made in
accordance with depositary arrangements with DTC.

3

     Unless otherwise specified on the face hereof, the Holder hereof will not be obligated to pay any administrative costs imposed by banks in making payments in immediately available funds by the Trust.
Unless otherwise specified on the face hereof, any tax assessment or governmental charge imposed upon payments hereunder, including, without limitation, any withholding tax, will be borne by the Holder hereof.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF.  SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS
PLACE.

     Unless the certificate of authentication hereon shall have been executed by the Indenture Trustee pursuant to the Indenture, this Note shall not be entitled to any benefit under such Indenture or be
valid or obligatory for any purpose.

4

     IN WITNESS WHEREOF,
the Trust has caused this instrument to be duly executed, by manual or facsimile
signature.

	 	 	 	 	THE ING USA GLOBAL FUNDING
    TRUST 
	 	 	 	 	SPECIFIED ON THE FACE OF THIS
    NOTE 
	 
	Dated: 	 	Original Issue Date 	 	By: U.S. Bank National Association, not in
      its 
	 	 	 	 	individual capacity but solely as
      Trustee. 
	 
	 	 	 	 	By:  /s/ Patricia M.
      Child 
	 	 	 	 	       Authorized Officer 

	CERTIFICATE OF
      AUTHENTICATION

     This is one of the
Notes of the ING USA Global Funding Trust specified on the face of this Note
referred to in the within-mentioned Indenture.

	 	 	 	 	CITIBANK, N.A. 
	 	 	 	 	As Indenture Trustee 
	 
	Dated: 	 	Original Issue Date 	 	 
	 
	 	 	 	 	By:  /s/ Jennifer
  McCourt 
	 	 	 	 	       Authorized
Signatory 

5

	[REVERSE FORM OF
      NOTE]

Section 1. General. This Note is one of a duly
authorized issue of Notes of the Trust. The Notes are issued pursuant to the
Indenture.

	Section 2. Currency.

     (a) Unless
specified otherwise on the face hereof, this Note is denominated in, and
payments of principal, premium, if any, and/or interest, if any, will be made in
U.S. Dollars. If specified as the Specified Currency, this Note may be
denominated in, and payments of principal, premium, if any, and/or interest, if
any, may be made in a single currency other than U.S. Dollars (a “Foreign
Currency”). If this Note is denominated in a Foreign Currency, the Holder of
this Note is required to pay for this Note in the Specified Currency.

     (b) Unless
specified otherwise on the face hereof, if this Note is denominated in a Foreign
Currency, the Trust is obligated to make payments of principal of, and premium,
if any, and interest, if any, on, this Note in the Specified Currency. Any
amounts so payable by the Trust in the Specified Currency will be converted by
the Exchange Rate Agent into U.S. Dollars for payment to the Holder hereof
unless otherwise specified on the face of this Note or the Holder elects, in the
manner described below, to receive these amounts in the Specified Currency. If
this Note is denominated in a Foreign Currency, any U.S. Dollar amount to be
received by the Holder hereof will be based on the highest bid quotation in The
City of New York received by the Exchange Rate Agent at approximately 11:00
A.M., New York City time, on the second Business Day preceding the applicable
payment date from three recognized foreign exchange dealers (one of whom may be
the Exchange Rate Agent) selected by the Exchange Rate Agent and approved by the
Trust for the purchase by the quoting dealer of the Specified Currency for U.S.
Dollars for settlement on that payment date in the aggregate amount of the
Specified Currency payable to all Holders of the Notes scheduled to receive U.S.
Dollar payments and at which the applicable dealer commits to execute a
contract. All currency exchange costs will be borne by the Holders of the Notes
by deductions from any payments. If three bid quotations are not available,
payments will be made in the Specified Currency. If this Note is denominated in
a Foreign Currency, the Holder of this Note may elect to receive all or a
specified portion of any payment of principal, premium, if any, and/or interest,
if any, in the Specified Currency by submitting a written request to the
Indenture Trustee at its Corporate Trust Office in The City of New York on or
prior to the applicable Regular Record Date or at least 15 calendar days prior
to the Maturity Date, as the case may be. This written request may be mailed or
hand delivered or sent by cable, telex or other form of facsimile transmission.
This election will remain in effect until revoked by written notice delivered to
the Indenture Trustee on or prior to a Regular Record Date or at least 15
calendar days prior to the Maturity Date, as the case may be. The Holder of a
Note denominated in a Foreign Currency to be held in the name of a broker or
nominee should contact their broker or nominee to determine whether and how an
election to receive payments in the Specified Currency may be made. Unless
specified otherwise on the face hereof, if the Specified Currency is other than
U.S. Dollars, a beneficial owner of a Note represented by a global security
which elects to

6

receive payments of principal, premium, if any,
and/or interest, if any, in the Specified Currency must notify the Participant
through which it owns its interest on or prior to the applicable Regular Record
Date or at least 15 calendar days prior to the Maturity Date, as the case may
be, of its election. The applicable Participant must notify DTC of its election
on or prior to the third Business Day after the applicable Regular Record Date
or at least 12 calendar days prior to the Maturity Date, as the case may be, and
DTC will notify the Indenture Trustee of that election on or prior to the fifth
Business Day after the applicable Regular Record Date or at least ten calendar
days prior the Maturity Date, as the case may be. If complete instructions are
received by the Participant from the applicable beneficial owner and forwarded
by the Participant to DTC, and by DTC to the Indenture Trustee, on or prior to
such dates, then the applicable beneficial owner will receive payments in the
Specified Currency.

     (c) The Trust will
indemnify the Holder hereof against any loss incurred as a result of any
judgment or order being given or made for any amount due under this Note and
that judgment or order requiring payment in a currency (the “Judgment Currency”)
other than the Specified Currency, and as a result of any variation between: (i)
the rate of exchange at which the Specified Currency amount is converted into
the Judgment Currency for the purpose of that judgment or order; and (ii) the
rate of exchange at which the Holder, on the date of payment of that judgment or
order, is able to purchase the Specified Currency with the amount of the
Judgment Currency actually received.

     (d) Unless
otherwise specified on the face hereof, if payment hereon is required to be made
in a Foreign Currency and such currency is unavailable due to the imposition of
exchange controls or other circumstances beyond the Trust’s control, then the
Trust will be entitled to make payments with respect hereto in U.S. Dollars on
the basis of the Market Exchange Rate (as hereinafter defined), computed by the
Exchange Rate Agent, on the second Business Day prior to the particular payment
or, if the Market Exchange Rate is not then available, on the basis of the most
recently available Market Exchange Rate.

     (e) The “Market
Exchange Rate” for the Foreign Currency shall mean the noon dollar buying rate
in The City of New York for cable transfers for the Foreign Currency as
certified for customs purposes (or, if not so certified, as otherwise
determined) by the Federal Reserve Bank of New York.

     (f) All
determinations made by the Exchange Rate Agent shall be at its sole discretion
and shall, in the absence of manifest error, be conclusive for all purposes and
binding on the Holder hereof.

     (g) All costs of
exchange in respect of this Note, if denominated in a Foreign Currency, will be
borne by the Holder hereof.

Section 3. Determination of Interest Rate and Certain Other
Terms.

	(a)      	Fixed Rate Notes. If this Note is specified on the face hereof as a “Fixed Rate
      Note”: 
	 

7

(i) This Note will bear interest at the rate per
annum specified on the face hereof. Interest on this Note will be computed on
the basis of a 360-day year of twelve 30-day months.

	(ii)  	  	Unless otherwise
      specified on the face hereof, the Interest Payment  
	Dates for this Note
      will be as follows:  	  	  
	  
	       Interest Payment
      Frequency  	  	Interest
      Payment Dates  
	
      

    		
      

    
	  
	       Monthly  	  	Fifteenth day of each
      calendar  
	  	  	  	  	month, beginning in the
      first  
	  	  	  	  	calendar month following
      the month  
	  	  	  	  	this Note was
      issued.  
	  
	       Quarterly  	  	Fifteenth day of every
      third calendar  
	  	  	  	  	month, beginning in the
      third  
	  	  	  	  	calendar month following
      the month  
	  	  	  	  	this Note was
      issued.  
	  
	       Semi-annual  	  	Fifteenth day of every
      sixth calendar  
	  	  	  	  	month, beginning in the
      sixth  
	  	  	  	  	calendar month following
      the month  
	  	  	  	  	this Note was
      issued.  
	  
	       Annual  	  	Fifteenth day of every
      twelfth  
	  	  	  	  	calendar month, beginning
      in the  
	  	  	  	  	twelfth calendar month
      following the  
	  	  	  	  	month this Note was
      issued.  

	 	(iii)     
	If any Interest Payment Date or the
      Maturity Date of this Note falls on a day that is not a Business Day, the
      Trust will make the required payment of principal, premium, if any, and/or
      interest or other amounts on the next succeeding Business Day, and no
      additional interest will accrue in respect of the payment made on that
      next succeeding Business Day. 
	 
	(b)      	Floating Rate
      Notes. If this Note is specified on the face
      hereof as a “Floating Rate Note”: 
	 
	 	(i)      	Interest Rate Basis. Interest on this Note will be determined by reference to the
      applicable Interest Rate Basis or Interest Rate Bases, which may, as
      described below, include the CD Rate, the CMT Rate, the Commercial Paper
      Rate, the Eleventh District Cost of Funds Rate, the Federal Funds Rate,
      LIBOR, EURIBOR, the Prime Rate or the Treasury Rate (each as defined
      below). 
	 
	 	(ii)      	Effective Rate. The rate derived from the applicable Interest Rate Basis will
      be determined in accordance with the related provisions below. The
      interest rate in effect on each day will be based on: (1) if that day is
      an Interest Reset Date, the rate determined as of the Interest
      Determination Date immediately preceding that Interest Reset Date; or (2)
      if that day is not an 
	 

8

Interest Reset Date, the rate determined as of
the Interest Determination Date immediately preceding the most recent Interest
Reset Date.

(iii) Spread; Spread
Multiplier; Index Maturity. The “Spread” is the
number of basis points (one one-hundredth of a percentage point) specified on
the face hereof to be added to or subtracted from the related Interest Rate
Basis or Interest Rate Bases applicable to this Note. The “Spread Multiplier” is
the percentage specified on the face hereof of the related Interest Rate Basis
or Interest Rate Bases applicable to this Note by which the Interest Rate Basis
or Interest Rate Bases will be multiplied to determine the applicable interest
rate. The “Index Maturity” is the period to maturity of the instrument or
obligation with respect to which the related Interest Rate Basis or Interest
Rate Bases will be calculated.

(iv) Regular Floating
Rate Note. Unless this Note is specified on the face
hereof as a Floating Rate/Fixed Rate Note, a Fixed Rate/Floating Rate Note or an
Inverse Floating Rate Note, this Note (a “Regular Floating Rate Note”) will bear
interest at the rate determined by reference to the applicable Interest Rate
Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any;
and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on
the first Interest Reset Date, the rate at which interest on this Regular
Floating Rate Note is payable will be reset as of each Interest Reset Date;
provided, however, that
the interest rate in effect for the period, if any, from the Original Issue Date
to the first Interest Reset Date will be the Initial Interest Rate.

(v) Floating
Rate/Fixed Rate Notes. If this Note is specified on
the face hereof as a “Floating Rate/Fixed Rate Note”, this Note will bear
interest at the rate determined by reference to the applicable Interest Rate
Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any;
and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on
the first Interest Reset Date, the rate at which this Floating Rate/Fixed Rate
Note is payable will be reset as of each Interest Reset Date; provided, however, that: (A) the interest
rate in effect for the period, if any, from the Original Issue Date to the first
Interest Reset Date will be the Initial Interest Rate specified on the face
hereof; and (B) the interest rate in effect commencing on the Fixed Rate
Commencement Date will be the Fixed Interest Rate, if specified on the face
hereof, or, if not so specified, the interest rate in effect on the day
immediately preceding the Fixed Rate Commencement Date.

(vi) Fixed
Rate/Floating Rate Notes. If this Note is specified
on the face hereof as a “Fixed Rate/Floating Rate Note”, this Note will bear
interest at the rate per annum specified on the face hereof as the Fixed
Interest Rate; provided, however, that commencing on the Floating Rate Commencement Date, this Note
will bear interest at the rate determined by reference to the applicable
Interest Rate Basis or Interest Rate Bases: (1) plus or minus the

9

applicable Spread, if any; and/or (2) multiplied
by the applicable Spread Multiplier, if any. Commencing on the first Interest
Reset Date, the rate at which this Fixed Rate/Floating Rate Note is payable will
be reset as of each Interest Reset Date.

(vii) Inverse Floating
Rate Notes. If this Note is specified on the face
hereof as an “Inverse Floating Rate Note”, this Note will bear interest at the
Fixed Interest Rate minus the rate determined by reference to the applicable
Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable
Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if
any; provided, however,
that interest on this Inverse Floating Rate Note will not be less than zero.
Commencing on the first Interest Reset Date, the rate at which interest on this
Inverse Floating Rate Note is payable will be reset as of each Interest Reset
Date; provided, however,
that the interest rate in effect for the period, if any, from the Original Issue
Date to the first Interest Reset Date will be the Initial Interest
Rate.

(viii) Interest Reset
Dates. The period between Interest Reset Dates will
be the “Interest Period.” Unless otherwise specified on the face hereof, the
Interest Reset Dates will be, in the case of this Floating Rate Note if by its
terms it resets: (1) daily—each business day; (2) weekly—the Wednesday of each
week, with the exception of any weekly reset Floating Rate Note as to which the
Treasury Rate is an applicable Interest Rate Basis, which will reset the Tuesday
of each week; (3) monthly—the fifteenth day of each calendar month, with the
exception of any monthly reset Floating Rate Note as to which the Eleventh
District Cost of Funds Rate is an applicable Interest Rate Basis, which will
reset on the first calendar day of the month; (4) quarterly—the fifteenth day of
March, June, September and December of each year; (5) semi-annually—the
fifteenth day of the two months of each year specified on the face hereof; and
(6) annually—the fifteenth day of the month of each year specified on the face
hereof; provided, however, that, with respect to a Floating Rate/Fixed Rate Note, the rate of
interest thereon will not reset after the particular Fixed Rate Commencement
Date. If any Interest Reset Date for this Floating Rate Note would otherwise be
a day that is not a Business Day, the particular Interest Reset Date will be
postponed to the next succeeding Business Day, except that in the case of a
Floating Rate Note as to which LIBOR is an applicable Interest Rate Basis and
that Business Day falls in the next succeeding calendar month, the particular
Interest Reset Date will be the immediately preceding Business Day.

(ix) Interest
Determination Dates. The interest rate applicable to
a Floating Rate Note for an Interest Period commencing on the related Interest
Reset Date will be determined by reference to the applicable Interest Rate Basis
as of the particular “Interest Determination Date”, which will be: (1) with
respect to the Commercial Paper Rate, Federal Funds Rate and the Prime Rate—the
Business Day immediately preceding the related Interest Reset Date; (2) with
respect to the CD Rate and the CMT Rate—the second

10

Business Day preceding the related Interest Reset
Date; (3) with respect to the Eleventh District Cost of Funds Rate—the last
working day of the month immediately preceding the related Interest Reset Date
on which the Federal Home Loan Bank of San Francisco publishes the Eleventh
District Index (as defined below); (4) with respect to LIBOR and EURIBOR—the
second London Banking Day (as defined below) preceding the related Interest
Reset Date; and (5) with respect to the Treasury Rate—the day of the week in
which the related Interest Reset Date falls on which day Treasury Bills (as
defined below) are normally auctioned (i.e., Treasury Bills are normally sold at
auction on Monday of each week, unless that day is a legal holiday, in which
case the auction is normally held on the following Tuesday, except that the
auction may be held on the preceding Friday); provided, however, that if an auction is
held on the Friday of the week preceding the related Interest Reset Date, the
Interest Determination Date will be the preceding Friday. The Interest
Determination Date pertaining to a Floating Rate Note, the interest rate of
which is determined with reference to two or more Interest Rate Bases, will be
the latest Business Day which is at least two Business Days before the related
Interest Reset Date for the applicable Floating Rate Note on which each Interest
Reset Basis is determinable. “London Banking Day” means a day on which
commercial banks are open for business (including dealings in the LIBOR
Currency, as hereinafter defined) in London.

(x) Calculation
Dates. The interest rate applicable to each Interest
Period will be determined by the Calculation Agent on or prior to the
Calculation Date (as defined below), except with respect to LIBOR, EURIBOR and
the Eleventh District Cost of Funds Rate, which will be determined on the
particular Interest Determination Date. Upon request of the Holder of a Floating
Rate Note, the Calculation Agent will disclose the interest rate then in effect
and, if determined, the interest rate that will become effective as a result of
a determination made for the next succeeding Interest Reset Date with respect to
such Floating Rate Note. The “Calculation Date”, if applicable, pertaining to
any Interest Determination Date will be the earlier of: (1) the tenth calendar
day after the particular Interest Determination Date or, if such day is not a
Business Day, the next succeeding Business Day; or (2) the Business Day
immediately preceding the applicable Interest Payment Date or the Maturity Date,
as the case may be.

(xi) Maximum or
Minimum Interest Rate. If specified on the face
hereof, this Note may have either or both of a Maximum Interest Rate or a
Minimum Interest Rate. If a Maximum Interest Rate is so designated, the interest
rate for a Floating Rate Note cannot ever exceed such Maximum Interest Rate and
in the event that the interest rate on any Interest Reset Date would exceed such
Maximum Interest Rate (as if no Maximum Interest Rate were in effect) then the
interest rate on such Interest Reset Date shall be the Maximum Interest Rate. If
a Minimum Interest Rate is so designated, the interest rate for a Floating Rate
Note cannot ever be less than such Minimum Interest

11

Rate and in the event that the interest rate on
any Interest Reset Date would be less than such Minimum Interest Rate (as if no
Minimum Interest Rate were in effect) then the interest rate on such Interest
Reset Date shall be the Minimum Interest Rate. Notwithstanding anything to the
contrary contained herein, the interest rate on a Floating Rate Note shall not
exceed the maximum interest rate permitted by applicable law.

(xii) Interest
Payments. Unless otherwise specified on the face
hereof, the Interest Payment Dates will be, in the case of a Floating Rate Note
which resets: (1) daily, weekly or monthly—the fifteenth day of each calendar
month or on the fifteenth day of March, June, September and December of each
year, as specified on the face hereof; (2) quarterly—the fifteenth day of March,
June, September and December of each year; (3) semi-annually—the fifteenth day
of the two months of each year specified on the face hereof; and (4)
annually—the fifteenth day of the month of each year as specified on the face
hereof. In addition, the Maturity Date will also be an Interest Payment Date. If
any Interest Payment Date other than the Maturity Date for this Floating Rate
Note would otherwise be a day that is not a Business Day, such Interest Payment
Date will be postponed to the next succeeding Business Day, except that in the
case of a Floating Rate Note as to which LIBOR is an applicable Interest Rate
Basis and that Business Day falls in the next succeeding calendar month, the
particular Interest Payment Date will be the immediately preceding Business Day.
If the Maturity Date of a Floating Rate Note falls on a day that is not a
Business Day, the Trust will make the required payment of principal, premium, if
any, and interest or other amounts on the next succeeding Business Day, and no
additional interest will accrue in respect of the payment made on that next
succeeding Business Day.

(xiii) Rounding. Unless otherwise specified on
the face hereof, all percentages resulting from any calculation on this Floating
Rate Note will be rounded to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upwards. All
dollar amounts used in or resulting from any calculation on this Floating Rate
Note will be rounded, in the case of U.S. Dollars, to the nearest cent or, in
the case of a Foreign Currency, to the nearest unit (with one-half cent or unit
being rounded upwards).

(xiv) Interest
Factor. With respect to this Floating Rate Note,
accrued interest is calculated by multiplying the principal amount of such Note
by an accrued interest factor. The accrued interest factor is computed by adding
the interest factor calculated for each day in the particular Interest Period.
The interest factor for each day will be computed by dividing the interest rate
applicable to such day by 360, in the case of a Floating Rate Note as to which
the CD Rate, the Commercial Paper Rate, the Eleventh District Cost of Funds
Rate, the Federal Funds Rate, LIBOR, EURIBOR or the Prime Rate is an applicable
Interest Rate Basis, or by the actual number of days in the year, in the case of
a Floating Rate Note as to which the CMT Rate or the Treasury

12

Rate is an applicable Interest Rate Basis. The
interest factor for a Floating Rate Note as to which the interest rate is
calculated with reference to two or more Interest Rate Bases will be calculated
in each period in the same manner as if only the applicable Interest Rate Basis
specified above applied.

(xv) Determination of
Interest Rate Basis. The Calculation Agent shall
determine the rate derived from each Interest Rate Basis in accordance with the
following provisions.

(A) CD Rate
Notes. If the Interest Rate Basis is the CD Rate,
this Note shall be deemed a “CD Rate Note.” Unless otherwise specified on the
face hereof, “CD Rate” means: (1) the rate on the particular Interest
Determination Date for negotiable United States dollar certificates of deposit
having the Index Maturity specified on the face hereof as published in H.15(519)
(as defined below) under the caption “CDs (secondary market)”; or (2) if the
rate referred to in clause (1) is not so published by 3:00 P.M., New York City
time, on the related Calculation Date, the rate on the particular Interest
Determination Date for negotiable United States dollar certificates of deposit
of the particular Index Maturity as published in H.15 Daily Update (as defined
below), or other recognized electronic source used for the purpose of displaying
the applicable rate, under the caption “CDs (secondary market)”; or (3) if the
rate referred to in clause (2) is not so published by 3:00 P.M., New York City
time, on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent as the arithmetic mean of
the secondary market offered rates as of 10:00 A.M., New York City time, on that
Interest Determination Date, of three leading non-bank dealers in negotiable
United States dollar certificates of deposit in The City of New York (which may
include the purchasing agent or its affiliates) selected by the Calculation
Agent for negotiable United States dollar certificates of deposit of major
United States money market banks for negotiable United States certificates of
deposit with a remaining maturity closest to the particular Index Maturity in an
amount that is representative for a single transaction in that market at that
time; or (4) if the dealers so selected by the Calculation Agent are not quoting
as mentioned in clause (3), the CD Rate in effect on the particular Interest
Determination Date. “H.15(519)” means the weekly statistical release designated
as H.15(519), or any successor publication, published by the Board of Governors
of the Federal Reserve System. “H.15 Daily Update” means the daily update of
H.15(519), available through the world-wide-web site of the Board of Governors
of the Federal Reserve System at http://www.federalreserve.gov/releases/H15/
update, or any successor site or publication.

(B) CMT Rate
Notes. If the Interest Rate Basis is the CMT Rate,
this Note shall be deemed a “CMT Rate Note.” Unless otherwise specified on the
face hereof, “CMT Rate” means:

13

(1) if CMT Moneyline Telerate Page 7051 is
specified on the face hereof:

	i.      	the percentage equal to the
      yield for United States Treasury securities at “constant maturity” having
      the Index Maturity specified on the face hereof as published in H.
      15(519) under the caption "Treasury Constant Maturities", as the yield
      displayed on the Moneyline Telerate (or any successor service) on page
      7051 (or any other page as may replace the specified page on that service)
      ("Moneyline Telerate Page 7051"), for the particular Interest
      Determination Date; or
	 
	ii.      	if the rate referred to in
      clause (i) does not so appear on Moneyline Telerate Page 7051, the
      percentage equal to the yield for United States Treasury securities at
      “constant maturity” having the particular Index Maturity and for the
      particular Interest Determination Date as published in H. 15(519) under
      the caption "Treasury Constant Maturities", or 
	 
	iii.      	if the rate referred to in
      clause (ii) does not so appear in  H.15(519),
      the rate on the particular Interest Determination Date for the period of
      the particular Index Maturity as may then be published by either the
      Federal Reserve System Board of Governors or the United States Department
      of the Treasury that the Calculation Agent determines to be comparable to
      the rate which would otherwise have been published in H.15(519); or
    
	 	     	
	iv.      	if the rate referred to in
      clause (iii) is not so published, the rate on the particular Interest
      Determination Date calculated by the Calculation Agent as a yield to
      maturity based on the arithmetic mean of the secondary market bid prices
      at approximately 3:30 P.M., New York City time, on that Interest
      Determination Date of three leading primary United States government
      securities dealers in The City of New York (which may include the
      purchasing agent or its affiliates) (each, a “Reference Dealer”) selected
      by the Calculation Agent from five Reference Dealers selected by the
      Calculation Agent and eliminating the highest quotation, or, in the event
      of equality, one of the highest, and the lowest quotation or, in the event
      of equality, one of the lowest, for United States Treasury securities with
      an original maturity equal to the particular Index Maturity, a remaining
      term to maturity no more than one year shorter than that Index Maturity
      and in a principal 
	 

14

	 	amount that is representative for a
      single transaction in the securities in that market at that time;
      or 
	 
	v.      	if fewer than five but more than two of
      the prices referred to in clause (iv) are provided as requested, the rate
      on the particular Interest Determination Date calculated by the
      Calculation Agent based on the arithmetic mean of the bid prices obtained
      and neither the highest nor the lowest of the quotations shall be
      eliminated; or 
	 
	vi.      	if fewer than three prices referred to
      in clause (iv) are provided as requested, the rate on the particular
      Interest Determination Date calculated by the Calculation Agent as a yield
      to maturity based on the arithmetic mean of the secondary market bid
      prices as of approximately 3:30 P.M., New York City time, on that Interest
      Determination Date of three Reference Dealers selected by the Calculation
      Agent from five Reference Dealers selected by the Calculation Agent and
      eliminating the highest quotation or, in the event of equality, one of the
      highest and the lowest quotation or, in the event of equality, one of the
      lowest, for United States Treasury securities with an original maturity
      greater than the particular Index Maturity, a remaining term to maturity
      closest to that Index Maturity and in a principal amount that is
      representative for a single transaction in the securities in that market
      at that time; or 
	 
	vii.      	if fewer than five but more than two
      prices referred to in clause (vi) are provided as requested, the rate on
      the particular Interest Determination Date calculated by the Calculation
      Agent based on the arithmetic mean of the bid prices obtained and neither
      the highest nor the lowest of the quotations will be eliminated; or
    
	 
	viii.     
	if fewer than three prices referred to
      in clause (vi) are provided as requested, the CMT Rate in effect on the
      particular Interest Determination Date; or 
	 

(2) if CMT Moneyline Telerate Page 7052 is
specified on the face hereof:

	i.      	the percentage equal to the one-week or
      one-month, as specified on the face hereof, average yield for United
      States Treasury securities at “constant maturity” having the Index
      Maturity specified on the face hereof as published in H.15(519) opposite
      the caption “Treasury 
	 

15

	 	Constant Maturities”, as the
      yield is displayed on Moneyline Telerate (or any successor service) (on
      page 7052 or any other page as may replace the specified page on that
      service) (“Moneyline Telerate Page 7052”), for the week or month, as
      applicable, ended immediately preceding the week or month, as applicable,
      in which the particular Interest Determination Date falls; or

	 
	ii.      	if the rate referred to in
      clause (i) does not so appear on Moneyline Telerate Page 7052, the
      percentage equal to the one-week or one-month, as specified on the face
      hereof, average yield for United States Treasury securities at “constant
      maturity” having the particular Index Maturity and for the week or month,
      as applicable, preceding the particular Interest Determination Date as
      published in H.15(519) opposite the caption
      “Treasury Constant Maturities”;
    or  
	 
	iii.      	if the rate referred to in
      clause (ii) does not so appear in H.15(519), the
      one-week or one-month, as specified on the face hereof, average yield for
      United States Treasury securities at “constant maturity” having the
      particular Index Maturity as otherwise announced by the Federal Reserve
      Bank of New York for the week or month, as applicable, ended immediately
      preceding the week or month, as applicable, in which the particular
      Interest Determination Date falls; or 
	 	    	
	iv.      	if the rate referred to in
      clause (iii) is not so published, the rate on the particular Interest
      Determination Date calculated by the Calculation Agent as a yield to
      maturity based on the arithmetic mean of the secondary market bid prices
      at approximately 3:30 P.M., New York City time, on that Interest
      Determination Date of three Reference Dealers selected by the Calculation
      Agent from five Reference Dealers selected by the Calculation Agent and
      eliminating the highest quotation, or, in the event of equality, one of
      the highest, and the lowest quotation or, in the event of equality, one of
      the lowest, for United States Treasury securities with an original
      maturity equal to the particular Index Maturity, a remaining term to
      maturity no more than one year shorter than that Index Maturity and in a
      principal amount that is representative for a single transaction in the
      securities in that market at that time; or 
	 
	v.      	if fewer than five but more
      than two of the prices referred to in clause (iv) are provided as
      requested, the rate on the 
	 

16

	 	particular Interest Determination Date
      calculated by the Calculation Agent based on the arithmetic mean of the
      bid prices obtained and neither the highest nor the lowest of the
      quotations shall be eliminated; or 
	 
	vi.      	if fewer than three prices referred to
      in clause (iv) are provided as requested, the rate on the particular
      Interest Determination Date calculated by the Calculation Agent as a yield
      to maturity based on the arithmetic mean of the secondary market bid
      prices as of approximately 3:30 P.M., New York City time, on that Interest
      Determination Date of three Reference Dealers selected by the Calculation
      Agent from five Reference Dealers selected by the Calculation Agent and
      eliminating the highest quotation or, in the event of equality, one of the
      highest and the lowest quotation or, in the event of equality, one of the
      lowest, for United States Treasury securities with an original maturity
      greater than the particular Index Maturity, a remaining term to maturity
      closest to that Index Maturity and in a principal amount that is
      representative for a single transaction in the securities in that market
      at the time; or 
	 
	vii.      	if fewer than five but more than two
      prices referred to in clause (vi) are provided as requested, the rate on
      the particular Interest Determination Date calculated by the Calculation
      Agent based on the arithmetic mean of the bid prices obtained and neither
      the highest nor the lowest of the quotations will be eliminated; or
    
	 
	viii.     
	if fewer than three prices referred to
      in clause (vi) are provided as requested, the CMT Rate in effect on that
      Interest Determination Date. 
	 

If two United States Treasury securities with an
original maturity greater than the Index Maturity specified on the face hereof
have remaining terms to maturity equally close to the particular Index Maturity,
the quotes for the United States Treasury security with the shorter original
remaining term to maturity will be used.

(C) Commercial Paper
Rate Notes. If the Interest Rate Basis is the
Commercial Paper Rate, this Note shall be deemed a “Commercial Paper Rate Note.”
Unless otherwise specified on the face hereof, “Commercial Paper Rate” means:
(1) the Money Market Yield (as defined below) on the particular Interest
Determination Date of the rate for commercial paper having the Index Maturity
specified on the face hereof as published in H.15(519) under the caption
“Commercial Paper—Nonfinancial”; or (2) if

17

the rate referred to in clause (1) is not so
published by 3:00 P.M., New York City time, on the related Calculation Date, the
Money Market Yield of the rate on the particular Interest Determination Date for
commercial paper having the particular Index Maturity as published in H.15 Daily
Update, or such other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “Commercial
Paper—Nonfinancial”; or (3) if the rate referred to in clause (2) is not so
published by 3:00 P.M., New York City time, on the related Calculation Date, the
rate on the particular Interest Determination Date calculated by the Calculation
Agent as the Money Market Yield of the arithmetic mean of the offered rates at
approximately 11:00 A.M., New York City time, on that Interest Determination
Date of three leading dealers of United States dollar commercial paper in The
City of New York (which may include the purchasing agent or its affiliates)
selected by the Calculation Agent for commercial paper having the particular
Index Maturity placed for industrial issuers whose bond rating is “Aa”, or the
equivalent, from a nationally recognized statistical rating organization; or (4)
if the dealers so selected by the Calculation Agent are not quoting as mentioned
in clause (3), the Commercial Paper Rate in effect on the particular Interest
Determination Date. “Money Market Yield” means a yield (expressed as a
percentage) calculated in accordance with the following formula:

	Money Market Yield =  	  	D x 360  	  	x 100  
			
      

      360 – (D x
    M) 		
	  	  		  	  

where “D” refers to the applicable per annum rate
for commercial paper quoted on a bank discount basis and expressed as a decimal,
and “M” refers to the actual number of days in the applicable Interest Period.
(D) Eleventh District Cost of Funds Rate
Notes. If the Interest Rate Basis is the Eleventh
District Cost of Funds Rate, this Note shall be deemed an “Eleventh District
Cost of Funds Rate Note.” Unless otherwise specified on the face hereof,
“Eleventh District Cost of Funds Rate” means: (1) the rate equal to the monthly
weighted average cost of funds for the calendar month immediately preceding the
month in which the particular Interest Determination Date falls as set forth
under the caption “11th District” on the display on Moneyline Telerate (or any
successor service) on page 7058 (or any other page as may replace the specified
page on that service) (“Moneyline Telerate Page 7058”) as of 11:00 A.M., San
Francisco time, on that Interest Determination Date; or (2) if the rate referred
to in clause (1) does not so appear on Moneyline Telerate Page 7058, the monthly
weighted average cost of funds paid by member institutions of the Eleventh
Federal Home Loan Bank District that was most recently announced (the “Eleventh
District Index”) by the Federal Home Loan Bank of San Francisco as the cost of
funds for the calendar month immediately preceding that Interest Determination
Date; or (3) if the Federal Home Loan Bank of San Francisco fails to announce
the Eleventh District Index on or prior to the particular Interest Determination
Date for

18

the calendar month immediately preceding that
Interest Determination Date, the Eleventh District Cost of Funds Rate in effect
on the particular Interest Determination Date.

(E) Federal Funds Rate
Notes. If the Interest Rate Basis is the Federal
Funds Rate, this Note shall be deemed a “Federal Funds Rate Note.” Unless
otherwise specified on the face hereof, “Federal Funds Rate” means: (1) the rate
on the particular Interest Determination Date for United States dollar federal
funds as published in H.15(519) under the caption “Federal Funds (Effective)”
and displayed on Moneyline Telerate (or any successor service) on page 120 (or
any other page as may replace the specified page on that service) (“Moneyline
Telerate Page 120”); or (2) if the rate referred to in clause (1) does not so
appear on Moneyline Telerate Page 120 or is not so published by 3:00 P.M., New
York City time, on the related Calculation Date, the rate on the particular
Interest Determination Date for United States dollar federal funds as published
in H.15 Daily Update, or such other recognized electronic source used for the
purpose of displaying the applicable rate, under the caption “Federal Funds
(Effective)”; or (3) if the rate referred to in clause (2) is not so published
by 3:00 P.M., New York City time, on the related Calculation Date, the rate on
the particular Interest Determination Date calculated by the Calculation Agent
as the arithmetic mean of the rates for the last transaction in overnight United
States dollar federal funds arranged by three leading brokers of United States
dollar federal funds transactions in The City of New York (which may include the
purchasing agent or its affiliates) selected by the Calculation Agent prior to
9:00 A.M., New York City time, on that Interest Determination Date; or (4) if
the brokers so selected by the Calculation Agent are not quoting as mentioned in
clause (3), the Federal Funds Rate in effect on the particular Interest
Determination Date.

(F) LIBOR
Notes. If the Interest Rate Basis is LIBOR, this
Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face
hereof, “LIBOR” means: (1) if “LIBOR Telerate” is specified on the face hereof
or if neither “LIBOR Reuters” nor “LIBOR Telerate” is specified on the face
hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR
Currency having the Index Maturity specified on the face hereof, commencing on
the related Interest Reset Date, that appears on the LIBOR Page (as defined
below) as of 11:00 A.M., London time, on the particular Interest Determination
Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic
mean of the offered rates, calculated by the Calculation Agent, or the offered
rate, if the LIBOR Page by its terms provides only for a single rate, for
deposits in the LIBOR Currency having the particular Index Maturity, commencing
on the related Interest Reset Date, that appear or appears, as the case may be,
on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest
Determination Date; or (3) if fewer than two offered rates appear,

19

or no rate appears, as the case may be, on the
particular Interest Determination Date on the LIBOR Page as specified in clause
(1) or (2), as applicable, the rate calculated by the Calculation Agent of at
least two offered quotations obtained by the Calculation Agent after requesting
the principal London offices of each of four major reference banks (which may
include affiliates of the purchasing agent) in the London interbank market to
provide the Calculation Agent with its offered quotation for deposits in the
LIBOR Currency for the period of the particular Index Maturity, commencing on
the related Interest Reset Date, to prime banks in the London interbank market
at approximately 11:00 A.M., London time, on that Interest Determination Date
and in a principal amount that is representative for a single transaction in the
LIBOR Currency in that market at that time; or (4) if fewer than two offered
quotations referred to in clause (3) are provided as requested, the rate
calculated by the Calculation Agent as the arithmetic mean of the rates quoted
at approximately 11:00 A.M., in the applicable Principal Financial Center, on
the particular Interest Determination Date by three major banks (which may
include affiliates of the purchasing agent) in that Principal Financial Center
selected by the Calculation Agent for loans in the LIBOR Currency to leading
European banks, having the particular Index Maturity and in a principal amount
that is representative for a single transaction in the LIBOR Currency in that
market at that time; or (5) if the banks so selected by the Calculation Agent
are not quoting as mentioned in clause (4), LIBOR in effect on the particular
Interest Determination Date. “LIBOR Currency” means the currency specified on
the face hereof as to which LIBOR shall be calculated or, if no currency is
specified on the face hereof, United States Dollars. “LIBOR Page” means either:
(1) if “LIBOR Reuters” is specified on the face hereof, the display on the
Reuter Monitor Money Rates Service (or any successor service) on the page
specified on the face hereof (or any other page as may replace that page on that
service) for the purpose of displaying the London interbank rates of major banks
for the LIBOR Currency; or (2) if “LIBOR Telerate” is specified on the face
hereof or neither “LIBOR Reuters” nor “LIBOR Telerate” is specified on the face
hereof as the method for calculating LIBOR, the display on Telerate (or any
successor service) on the page specified on the face hereof (or any other page
as may replace such page on such service) for the purpose of displaying the
London interbank rates of major banks for the LIBOR Currency.

(G) EURIBOR
Notes. If the Interest Rate Basis is EURIBOR, this
Note shall be deemed a “EURIBOR Note.” Unless otherwise specified on the face
hereof, “EURIBOR” means: (1) with respect to any Interest Determination Date
relating to this EURIBOR Note (a “EURIBOR Interest Determination Date”), the
rate for deposits in euros as sponsored, calculated and published jointly by the
European Banking Federation and ACI – The Financial Market Association, or any
company established by the joint sponsors for purposes of compiling and
publishing those rates,

20

having the Index Maturity specified on the face
hereof, commencing on the applicable Interest Reset Date, as the rate appears on
Moneyline Telerate or any successor service, on page 248 (or any other page as
may replace that specified page on the service) (“Moneyline Telerate Page 248”)
as of 11:00 A.M., Brussels time, on the applicable EURIBOR Interest
Determination Date; or (2) if such rate does not appear on Moneyline Telerate
Page 248, or is not so published by 11:00 A.M., Brussels time, on the applicable
EURIBOR Interest Determination Date, such rate will be calculated by the
Calculation Agent and will be the arithmetic mean of at least two quotations
obtained by the Calculation Agent after requesting the principal Euro-zone (as
defined below) offices of four major banks in the Euro-zone interbank market to
provide the Calculation Agent with its offered quotation for deposits in euros
for the period of the Index Maturity specified on the face hereof, commencing on
the applicable Interest Reset Date, to prime banks in the Euro-zone interbank
market at approximately 11:00 A.M., Brussels time, on the applicable EURIBOR
Interest Determination Date and in a principal amount not less than the
equivalent of $1 million in euros that is representative for a single
transaction in euro in the market at that time; or (3) if fewer than two such
quotations are so provided, the rate on the applicable EURIBOR Interest
Determination Date will be calculated by the Calculation Agent and will be the
arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time,
on such EURIBOR Interest Determination Date by four major banks in the Euro-zone
for loans in euro to leading European banks, having the Index Maturity specified
on the face hereof, commencing on the applicable Interest Reset Date and in a
principal amount not less than the equivalent of $1 million in euros that is
representative for a single transaction in euros in the market at that time; or
(4) if the banks so selected by the Calculation Agent are not quoting as
mentioned above, EURIBOR will be EURIBOR in effect on the applicable EURIBOR
Interest Determination Date. “Euro-zone” means the region comprised of member
states of the European Union that have adopted the single currency in accordance
with the treaty establishing the European Community, as amended by the treaty on
European Union.

(H) Prime Rate
Notes. If the Interest Rate Basis is the Prime Rate,
this Note shall be deemed a “Prime Rate Note.” Unless otherwise specified on the
face hereof, “Prime Rate” means: (1) the rate on the particular Interest
Determination Date as published in H.15(519) under the caption “Bank Prime
Loan”; or (2) if the rate referred to in clause (1) is not so published by 3:00
P.M., New York City time, on the related Calculation Date, the rate on the
particular Interest Determination Date as published in H.15 Daily Update, or
such other recognized electronic source used for the purpose of displaying the
applicable rate, under the caption “Bank Prime Loan”; or (3) if the rate
referred to in clause (2) is not so published by 3:00 P.M., New York City time,
on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent

21

as the arithmetic mean of the rates of interest
publicly announced by each bank that appears on the Reuters Screen US PRIME 1
Page (as defined below) as the applicable bank’s prime rate or base lending rate
as of 11:00 A.M., New York City time, on that Interest Determination Date; or
(4) if fewer than four rates referred to in clause (3) are so published by 3:00
p.m., New York City time, on the related Calculation Date, the rate calculated
by the Calculation Agent as the particular Interest Determination Date
calculated by the Calculation Agent as the arithmetic mean of the prime rates or
base lending rates quoted on the basis of the actual number of days in the year
divided by a 360-day year as of the close of business on that Interest
Determination Date by three major banks (which may include affiliates of the
purchasing agent) in The City of New York selected by the Calculation Agent; or
(5) if the banks so selected by the Calculation Agent are not quoting as
mentioned in clause (4), the Prime Rate in effect on the particular Interest
Determination Date. “Reuters Screen US PRIME 1 Page” means the display on the
Reuter Monitor Money Rates Service (or any successor service) on the “US PRIME
1” page (or any other page as may replace that page on that service) for the
purpose of displaying prime rates or base lending rates of major United States
banks.

(I) Treasury Rate
Notes. If the Interest Rate Basis is the Treasury
Rate, this Note shall be deemed a “Treasury Rate Note.” Unless otherwise
specified on the face hereof, “Treasury Rate” means: (1) the rate from the
auction held on the Interest Determination Date (the “Auction”) of direct
obligations of the United States (“Treasury Bills”) having the Index Maturity
specified on the face hereof under the caption “INVESTMENT RATE” on the display
on Moneyline Telerate (or any successor service) on page 56 (or any other page
as may replace that page on that service) (“Moneyline Telerate Page 56”) or page
57 (or any other page as may replace that page on that service) (“Moneyline
Telerate Page 57”); or (2) if the rate referred to in clause (1) is not so
published by 3:00 P.M., New York City time, on the related Calculation Date, the
Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury
Bills as published in H.15 Daily Update, or another recognized electronic source
used for the purpose of displaying the applicable rate, under the caption “U.S.
Government Securities/Treasury Bills/Auction High”; or (3) if the rate referred
to in clause (2) is not so published by 3:00 P.M., New York City time, on the
related Calculation Date, the Bond Equivalent Yield of the auction rate of the
applicable Treasury Bills as announced by the United States Department of the
Treasury; or (4) if the rate referred to in clause (3) is not so announced by
the United States Department of the Treasury, or if the Auction is not held, the
Bond Equivalent Yield of the rate on the particular Interest Determination Date
of the applicable Treasury Bills as published in H.15(519) under the caption
“U.S. Government Securities/Treasury Bills/Secondary Market”; or (5) if the rate
referred to in clause (4) is not so published by 3:00 P.M., New York

22

City time, on the related Calculation Date, the
rate on the particular Interest Determination Date of the applicable Treasury
Bills as published in H.15 Daily Update, or another recognized electronic source
used for the purpose of displaying the applicable rate, under the caption “U.S.
Government Securities/Treasury Bills/Secondary Market”; or (6) if the rate
referred to in clause (5) is not so published by 3:00 P.M., New York City time,
on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent as the Bond Equivalent
Yield of the arithmetic mean of the secondary market bid rates, as of
approximately 3:30 P.M., New York City time, on that Interest Determination
Date, of three primary United States government securities dealers (which may
include the purchasing agent or its affiliates) selected by the Calculation
Agent, for the issue of Treasury Bills with a remaining maturity closest to the
Index Maturity specified on the face hereof; or (7) if the dealers so selected
by the Calculation Agent are not quoting as mentioned in clause (6), the
Treasury Rate in effect on the particular Interest Determination Date. “Bond
Equivalent Yield” means a yield (expressed as a percentage) calculated in
accordance with the following formula:

	Bond Equivalent Yield =  	  	D x N  	  	x 100  
			
      

      360 – (D x
    M) 		
	  	  	 	  	  

where “D” refers to the applicable per annum rate
for Treasury Bills quoted on a bank discount basis and expressed as a decimal,
“N” refers to 365 or 366, as the case may be, and “M” refers to the actual
number of days in the applicable Interest Period.

	(c)      	Discount
      Notes. If this Note is specified on the face
      hereof as a “Discount Note”: 
	 
	 	(i)      	Principal and
      Interest. This Note will bear interest in the
      same manner as set forth in Section 3(a) above, and
      payments of principal and interest shall be made as set forth on the face
      hereof. Discount Notes may not bear any interest currently or may bear
      interest at a rate that is below market rates at the time of issuance. The
      difference between the Issue Price of a Discount Note and par is referred
      to as the “Discount”.  
	 
	 	(ii)      	Redemption; Repayment;
      Acceleration. In the event a Discount Note is
      redeemed, repaid or accelerated, the amount payable to the Holder of such
      Discount Note will be equal to the sum of: (A) the Issue Price (increased
      by any accruals of Discount) and, in the event of any redemption of such
      Discount Note, if applicable, multiplied by the Initial Redemption
      Percentage (as adjusted by the Annual Redemption Percentage Reduction, if
      applicable); and (B) any unpaid interest accrued on such Discount Note to
      the Maturity Date (“Amortized Face Amount”). Unless otherwise specified on
      the face hereof, for purposes of determining the amount of Discount that
      has accrued as of any date on which a redemption, repayment or
      acceleration of maturity 
	 

23

occurs for a Discount Note, a Discount will be
accrued using a constant yield method. The constant yield will be calculated
using a 30-day month, 360-day year convention, a compounding period that, except
for the Initial Period (as defined below), corresponds to the shortest period
between Interest Payment Dates for the applicable Discount Note (with ratable
accruals within a compounding period), a coupon rate equal to the initial coupon
rate applicable to the applicable Discount Note and an assumption that the
maturity of such Discount Note will not be accelerated. If the period from the
date of issue to the first Interest Payment Date for a Discount Note (the
“Initial Period”) is shorter than the compounding period for such Discount Note,
a proportionate amount of the yield for an entire compounding period will be
accrued. If the Initial Period is longer than the compounding period, then the
period will be divided into a regular compounding period and a short period with
the short period being treated as provided above.

     (d) Amortizing Notes. If this Note is
specified on the face hereof as an “Amortizing Note”, this Note will bear
interest in the same manner as set forth in Section 3(a) above, and payments on
principal, premium, if any, and interest will be made as set forth on the face
hereof and/or in accordance with Schedule
I attached hereto. The Trust will make payments
combining principal, premium (if any) and interest, if applicable, on the dates
and in the amounts set forth in the table appearing in Schedule I attached to this Note or in
accordance with the formula specified on the face hereof. Payments made hereon
will be applied first to interest due and payable hereon and then to the
reduction of the unpaid principal amount hereof.

Section 4. Redemption. If no redemption right is
set forth on the face hereof, this Note may not be redeemed prior to the Stated
Maturity Date, except as set forth in the Indenture or in Section 10 hereof. In
the case of a Note that is not a Discount Note, if a redemption right is set
forth on the face of this Note, the Trust shall elect to redeem this Note on the
Interest Payment Date after the Initial Redemption Date set forth on the face
hereof on which the Funding Agreement is to be redeemed in whole or in part by
ING USA Annuity and Life Insurance Company (“ING USA”) (each, a “Redemption
Date”), in which case this Note must be redeemed on such Redemption Date in
whole or in part, as applicable, prior to the Stated Maturity Date, in
increments of $1,000 at the applicable Redemption Price (as defined below),
together with unpaid interest, if any, accrued thereon to, but excluding, the
applicable Redemption Date. “Redemption Price” shall mean an amount equal to the
Initial Redemption Percentage (as adjusted by the Annual Redemption Percentage
Reduction, if applicable) multiplied by the unpaid Principal Amount of this Note
to be redeemed. The unpaid Principal Amount of this Note to be redeemed shall be
determined by multiplying (1) the Outstanding Principal Amount of this Note by
(2) the quotient derived by dividing (A) the outstanding principal amount of the
Funding Agreement to be redeemed by ING USA by (B) the outstanding principal
amount of the Funding Agreement. The Initial Redemption Percentage, if any,
applicable to this Note shall decline at each anniversary of the Initial
Redemption Date by an amount equal to the applicable Annual Redemption
Percentage Reduction, if any, until the Redemption Price is equal to 100% of the
unpaid amount thereof to be redeemed. Notice must be given not more than sixty
(60) nor less than thirty (30) calendar days prior

24

to the proposed Redemption Date. In the event of
redemption of this Note in part only, a new Note for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the surrender
hereof. If less than all of this Note is redeemed, the Indenture Trustee will
select by lot or, in its discretion, on a pro rata basis, the amount of the
interest of each direct Participant in the Trust to be redeemed.

Section 5. Sinking Funds and Amortizing Notes.
Unless specified on the face hereof, this Note will not be subject to, or
entitled to the benefit of, any sinking fund. If this Note is an Amortizing
Note, this Note may pay an amount in respect of both interest and principal
amortized over the life of this Note.

Section 6. Repayment. If no repayment right is
set forth on the face hereof, this Note may not be repaid at the option of the
Holder hereof prior to the Stated Maturity Date. If a repayment right is granted
on the face of this Note, this Note may be subject to repayment at the option of
the Holder on any Interest Payment Date on and after the date, if any, indicated
on the face hereof (each, a “Repayment Date”). On any Repayment Date, unless
otherwise specified on the face hereof, this Note shall be repayable in whole or
in part in increments of $1,000 at the option of the Holder hereof at a
repayment price equal to 100% of the Principal Amount to be repaid, together
with interest thereon payable to the Repayment Date. For this Note to be repaid
in whole or in part at the option of the Holder hereof, this Note must be
received by the Indenture Trustee, with the form entitled “Option to Elect
Repayment”, below, duly completed by the Indenture Trustee. Exercise of such
repayment option by the Holder hereof shall be irrevocable. 

Section 7. Modifications and Waivers. The
Indenture contains provisions permitting the Trust and the Indenture Trustee (1)
at any time and from time to time without notice to, or the consent of, the
Holders of any Notes issued under the Indenture to enter into one or more
supplemental indentures for certain enumerated purposes and (2) with the consent
of the Holders of a majority in aggregate principal amount of the Outstanding
Notes affected thereby, to enter into one or more supplemental indentures for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, the Indenture or of modifying in any
manner the rights of Holders of Notes under the Indenture; provided, that, with respect to certain
enumerated provisions, no such supplemental indenture shall be entered into
without the consent of the Holder of each Note affected thereby. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Note
or such other Notes.

Section 8. Obligations Unconditional. No
reference herein to the Indenture and no provisions of this Note or of the
Indenture shall impair the right of each Holder of any Note, which is absolute
and unconditional, to receive payment of the principal of, and any interest on,
and premium, if any, on, such Note on the respective Stated Maturity Date or
redemption date thereof and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such
Holder. 

Section 9. Events of Default. If an Event of
Default with respect to this Note shall occur and be continuing, the principal
of, and all other amounts payable on, the Notes 

25

may be declared due and payable, or may be automatically accelerated, as the case may be, in the manner and with the effect provided in the Indenture. In the event that this Note is a Discount Note, the amount of principal of this
Note that becomes due and payable upon such acceleration shall be equal to the amount calculated as set forth in Section 3(c) hereof.

Section 10. Withholding; Tax Event and Redemption. All amounts due on this Note will be made without any applicable withholding or deduction for or on
account of any present or future taxes, duties, levies, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of any governmental authority, unless such withholding or deduction is required by law. Unless
otherwise specified on the face hereof, the Trust will not pay any additional amounts to the Holder of this Note in respect of such withholding or deduction, any such withholding or deduction will not give rise to an event of default or any
independent right or obligation to redeem this Note and the Holder will be deemed for all purposes to have received cash in an amount equal to the portion of such withholding or deduction that is attributable to such Holder’s interest in this
Note as equitably determined by the Trust.

     If (1) a Tax Event (defined below) as to the Funding Agreement occurs and (2) ING USA redeems the Funding Agreement in whole or in part, the Trust will redeem the Notes, subject to the terms and
conditions of Section 2.05 of the Indenture, at the Tax Event Redemption Price (defined below) together with unpaid interest accrued thereon to the applicable redemption date. “Tax
Event” means that ING USA shall have received an opinion of independent legal counsel stating in effect that as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any political subdivision or taxing authority thereof or therein or (b) any amendment to, or change in, an interpretation or application of any such laws or regulations by any governmental authority in the United
States, which amendment or change is enacted, promulgated, issued or announced on or after the effective date of the Funding Agreement, there is more than an insubstantial risk that (i) the Trust is, or will be within ninety (90) days of the date
thereof, subject to U.S. federal income tax with respect to interest accrued or received on the Funding Agreement or (ii) the Trust is, or will be within ninety (90) days of the date thereof, subject to more than a de minimis amount of taxes, duties
or other governmental charges. “Tax Event Redemption Price” means an amount equal to the unpaid principal amount of this Note to be redeemed, which shall be determined by multiplying (1) the Outstanding Principal Amount of this Note by (2)
the quotient derived by dividing (A) the outstanding principal amount to be redeemed by ING USA of the Funding Agreement by (B) the outstanding principal amount of the Funding Agreement.

Section 11. Listing. Unless otherwise specified on the face hereof, this Note will not be listed on any securities exchange.

Section 12. Collateral. The Collateral for this Note includes the Funding Agreement specified on the face hereof.

Section 13. No Recourse Against Certain Persons. No recourse shall be had for the payment of any principal, interest or any other sums at any time owing
under the terms of this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in 

26

respect of the Indenture or any indenture
supplemental thereto, against the Nonrecourse Parties, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such personal liability being, by the acceptance
hereof and as part of the consideration for issue hereof, expressly waived and
released.

	Section 14. Miscellaneous.

     (a) This Note is
issuable only as a registered Note without coupons in denominations of $1,000
and any integral multiple in excess thereof unless otherwise specified on the
face of this Note.

     (b) Prior to due
presentment for registration of transfer of this Note, the Trust, the Indenture
Trustee, the Registrar, the Paying Agent, any Agent and any other agent of the
Trust or the Indenture Trustee may treat the Person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment as herein
provided and for all other purposes, whether or not this Note shall be overdue,
and none of the Trust, the Indenture Trustee, the Registrar, the Paying Agent,
any Agent or any other agent of the Trust or the Indenture Trustee shall be
affected by notice to the contrary.

     (c) The Notes are
being issued by means of a book-entry-only system with no physical distribution
of certificates to be made except as provided in the Indenture. The book-entry
system maintained by DTC will evidence ownership of the Notes, with transfers of
ownership effected on the records of DTC and its Participants pursuant to rules
and procedures established by DTC and its Participants. The Trust and the
Indenture Trustee will recognize Cede & Co., as nominee of DTC, as the
registered owner of the Notes and as the Holder of the Notes for all purposes,
including payment of principal, premium (if any) and interest, notices and
voting. Transfer of principal, premium (if any) and interest to participants of
DTC will be the responsibility of DTC, and transfer of principal, premium (if
any) and interest to beneficial holders of the Notes by Participants of DTC will
be the responsibility of such Participants and other nominees of such beneficial
holders. So long as the book-entry system is in effect, the selection of any
Notes to be redeemed or repaid will be determined by DTC pursuant to rules and
procedures established by DTC and its Participants. Neither the Trust nor the
Indenture Trustee will not be responsible or liable for such transfers or
payments or for maintaining, supervising or reviewing the records maintained by
DTC, its Participants or persons acting through such Participants.

     (d) This Note or
portion hereof may not be exchanged for Definitive Notes, except in the limited
circumstances provided for in the Indenture. The transfer or exchange of
Definitive Notes shall be subject to the terms of the Indenture. No service
charge will be made for any registration of transfer or exchange, but the Trust
may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

Section 15. GOVERNING LAW. THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

27

	OPTION TO ELECT
      REPAYMENT

     The undersigned
hereby irrevocably request(s) and instruct(s) the Trust to repay this Note (or
portion hereof specified below) pursuant to its terms at a price equal to the
Principal Amount hereof together with interest to the repayment date, to the
undersigned, at:

____________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________       
(Please print or typewrite name and address of the
undersigned).

     For this Note to be
repaid, the Indenture Trustee (or the Paying Agent on behalf of the Indenture
Trustee) must receive at its Corporate Trust Office, or at such other place or
places of which the Trust shall from time to time notify the Holder of this
Note, not more than sixty (60) nor less than thirty (30) days prior to a
Repayment Date, if any, shown on the face of this Note, this Note with this
“Option to Elect Repayment” form duly completed.

     If less than the
entire Principal Amount of this Note is to be repaid, specify the portion hereof
(which shall be in increments of $1,000) which the Holder elects to have repaid
and specify the denomination or denominations (which shall be $______or an
integral multiple of $1,000 in excess of $______) of the Notes to be issued to
the Holder for the portion of this Note not being repaid (in the absence of any
such specification, one such Note will be issued for the portion not being
repaid).

	$____________________________  	  	  ________________________
			
	  
	DATE: ________________                                                                                  
    	  	NOTICE: The signature on this  
	  	  	Option to Elect Repayment must  
	  	  	correspond with the name as  
	  	  	written upon the face of this Note  
	  	  	in every particular, without  
	  	  	alteration or enlargement or any  
	  	  	change whatever.  
	  
	Principal Amount to be repaid, if amount to
      be  	  	Fill in for registration of Notes  
	repaid is less than the Principal Amount of
      this  	  	if to be issued otherwise than  
	Note (Principal Amount remaining must be an 
    	  	to the registered Holder:  
	authorized denomination)  	  	  
	  	  	
	                                                                                                                                      Name:______________________________  
	$_________________________  	  	Address: ____________________________ 
			___________________________________
	  	  	(Please print name and  
	  	  	address including zip code) 

SOCIAL SECURITY OR OTHER TAXPAYER ID NUMBER:
______________________

28fundingagreement.pdf -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing

	ING USA Annuity and Life
      Insurance Company
909 Locust
      Street, Des Moines, Iowa 50309

	 	 	FUNDING
      AGREEMENT 
	CONTRACT
      NO.:                                              
    	 	RMTN-4 
	OWNER: 	 	ING USA Global Funding
      Trust 4 
	STATE OF
    DELIVERY: 	 	Colorado 
	EFFECTIVE
    DATE: 	 	October 11,
    2007 
	EXPIRATION
    DATE: 	 	October 9,
    2009 
	DEPOSIT: 	 	$750,000,015 
	NET
    DEPOSIT: 	 	$749,325,000 

ING USA Annuity and Life Insurance Company
(“Insurance Company”) agrees in consideration of its receipt of the Net Deposit,
and subject to the conditions and provisions of this Contract, to pay the
Contract Payments specified herein.

The conditions and provisions set out on
the attached pages form a part of this Contract as fully as if stated over the
signatures below.

	Entered into as of the
      Effective Date. 	 	 
	 
	ING USA
      GLOBAL FUNDING TRUST 4 	 	ING USA
      ANNUITY AND LIFE INSURANCE 
	 	 	COMPANY 
	By U.S. Bank National
      Association, not in its 	 	 
	individual capacity but
      solely as Trustee of ING 	 	 By:  /s/ Harry N. Stout
	USA Global Funding Trust
      4 	 	 Name:  Harry N. Stout
			Title:      President
	By:       /s/ Seth
      Dodson		
	Name:  Seth Dodson		By:  /s/ Joy Benner
	Title:     VP		Name:  Joy Benner
			Title:     Secretary
			
			By:  /s/ Karen Czizik
			Name:  Karen Czizik
			Title:     Vice
President

This Contract is issued from the
Insurance Company's general account. This Contract provides for the payment of
certain amounts to the Owner as provided herein. Early Contract terminations may
occur only as expressly provided herein, and transfers and sales of this
Contract or any interest hereunder are subject to the restrictions set forth
herein.

	3012FA-MTN                                                	 	Page 1 	 	(RMTN-4) 

	ARTICLE I
DEFINITIONS

	1.1   
     	“Additional Amounts”
      shall have the meaning provided in Section 3.6(i).
	 
	1.2   
     	“Amortized Amount”
      shall have the meaning set forth in Schedule A.
	 
	1.3   
     	“Assignment” means that
      certain Assignment of Funding Agreement duly executed by the Trust, the
      Indenture Trustee, the Insurance Company and the custodian of this
      Contract, effecting the Collateral Assignment.
	 
	1.4   
     	“Beneficial Note Owner”
      means a holder or beneficial owner of any Note or Notes.
	 
	1.5   
     	“Business Day” means
      any day, other than a Saturday or Sunday, that is neither a legal holiday
      nor a day on which commercial banks are authorized or required by law,
      regulation or executive order to close in The City of New York and any day
      as specified in Schedule A.
	 
	1.6   
     	“Business Day
      Convention” means a convention for adjusting any date if it would
      otherwise fall on a day that is not a Business Day. The Business Day
      Convention for purposes of this Contract shall be as specified in Schedule
      A and defined herein.
	 
	 	(i)   
     	Following Business
      Day Convention means that, if a
      relevant payment date is not a Business Day, such date shall be postponed
      to the first following day that is a Business Day.
	 
	 	(ii)   
     	Modified Following
      Business Day Convention means that, if
      a relevant payment date is not a Business Day, such date shall be
      postponed to the first following day that is a Business Day unless that
      day falls in the next calendar month, in which case that date will be the
      first preceding day that is a Business Day.
	 
	 	(iii)   
     	Preceding Business
      Day Convention means that, if a
      relevant payment date that is not a Business Day, such date shall be
      brought forward to the first preceding day that is a Business
    Day.
	 
	 	(iv)   
     	FRN
      Convention or Eurodollar Convention means, for each relevant payment date that is not a Business Day,
      such date shall be postponed to the date which numerically corresponds to
      the preceding relevant payment date in the calendar month which is the
      Month Count after the calendar month in which the preceing relevant
      date occured, provided that:
	 
	 	 	(a) if there is no such
      numerically corresponding day in the calendar month in which any relevant
      payment date should occur, then the date will be the last day which
      is a Business Day in that calendar month;
	 
	 	 	 	(b) if the date would otherwise
      fall on a day which is not a Business Day, then such date will be the
      first following day which is a Business Day unless that day falls in the
      next calendar month, in which case it will be the first preceding day
      which is a Business Day; and
	 
	 	 	 	(c) if the preceding relevant
      payment date occurred on the last day in a calendar month which was a
      Business Day, then all subsequent such dates will be the last day
      which
	 

	3012FA-MTN 	 	Page 2 	 	                                                               
      (RMTN-4) 

is a Business Day in the calendar month
which is the specified number of months after the calendar month in which the
preceding relevant payment date occurred.

	1.7  	  	“Collateral Assignment” means a collateral assignment of
      the rights and interests in this Contract by  
	  	  	the
      Trust to the Indenture Trustee.  
	  
	1.8  	  	“Code” means the Internal Revenue Code of 1986, as
      amended.  
	  
	1.9  	  	“Contract” means this Funding Agreement, including
      Schedule A attached hereto.  
	  
	1.10  	  	“Contract Payments” means all payments of Deposit and/or
      Interest and/or Additional Amounts, if  
	  	  	any,
      to be made to the Owner pursuant to the terms of this Contract, including,
      without limitation, any  
	  	  	payments made to the Owner in connection with any
      Repayment Date.  
	  
	1.11  	  	“Currency” means the lawful money of the United States of
      America (“U.S. Dollars”) or such other  
	  	  	currency that may be specified in Schedule
      A.  
	  
	1.12  	  	“Day
      Count Convention” means, in respect of the calculation of an amount of
      Interest for any Interest  
	  	  	Period, the Day Count Convention specified for purposes
      of this Contract in Schedule A and defined  
	  	  	herein.  	  	  
	  
	  	  	(i)  	  	Actual/365
      or
      Actual/Actual means the actual number of days in the
      Interest Period divided  
	  	  	  	  	by 365 (or, if any portion of the
      Interest Period falls in a leap year, the sum of (A) the
      actual  
	  	  	  	  	number of days in that portion of the
      Interest Period falling in a leap year divided by 366 and 
  
	  	  	  	  	(B) the actual number of days in that
      portion of the Interest Period falling in a non-leap year 
  
	  	  	  	  	divided by
      365).  
	  
	  	  	(ii)  	  	Actual/365 (FIXED)
      means the
      actual number of days in the Interest Period divided by 365. 
    
	  
	  	  	(iii)  	  	Actual/360 means the actual number of days in the
      Interest Period divided by 360.  
	  
	  	  	(iv)  	  	30/360
      means the
      number of days in the Interest Period divided by 360 (the number of days
      to  
	  	  	  	  	be calculated on the basis of a year
      of 360 days with twelve 30-day months (unless (i) the last 
  
	  	  	  	  	day of the Interest Period is the
      31st day of a month and the first day of the Interest Period is
      a  
	  	  	  	  	day other than the 30th or 31st day
      of a month, in which case the month that includes that last 
    
	  	  	  	  	day shall not be considered to be
      shortened to a 30-day month, or (ii) the last day of the 
  
	  	  	  	  	Interest Period is the last day of
      the month of February, in which case the month of February 
  
	  	  	  	  	shall not be considered to be
      lengthened to a 30-day month)).  
	  
	1.13  	  	“Deposit” means the principal amount which is scheduled
      to be paid by the Insurance Company to the  
	  	  	Owner
      on the Expiration Date or such earlier date this Contract is terminated,
      subject to any pre-  
	  	  	payment of such amount prior to the Expiration Date and
      to adjustment of such principal amount  
	  	  	pursuant to Section 3.1(ii).  
	  
	1.14  	  	“Effective Date” means the date on which the rights and
      obligations of the Owner and the Insurance  
	  	  	Company take effect. The Effective Date for this Contract
      is as stated on Page 1.  
	  
	1.15  	  	“Event of Default” means the occurrence of one or any
      combination of the following:  
	  
	  	  	(i)  	  	Any payment of Interest, premium (if
      applicable) or Additional Amount (if any) under this 
  

	3012FA-MTN 
	  	                                    Page
      3  	  	                                                              
      (RMTN-4)  

	 	Contract has not been
      paid within seven (7) Business Days of the date such payment is due and
      payable. 
	 
	 	(ii)   
        	Any payment of the Deposit under
      this Contract has not been paid within one (1) Business Day of the date
      such payment is due and payable. 
	 
	 	(iii)   
        	(a) A court having jurisdiction
      in the premises has entered a decree or order for relief in respect of the
      Insurance Company in an involuntary case under any applicable bankruptcy,
      insolvency or other similar law now or hereafter in effect of the United
      States of America or any other applicable jurisdiction, which decree or
      order is not stayed; or any other similar relief has been granted under
      any applicable law; or (b) an insolvency case has been commenced against
      the Insurance Company under any applicable bankruptcy, insolvency or other
      similar law now or hereafter in effect of the United States of America or
      any other applicable jurisdiction; or a decree or order of a court having
      jurisdiction in the premises for the appointment of a receiver,
      liquidator, sequestrator, trustee, custodian or other officer having
      similar powers over the Insurance Company, or over all or a substantial
      part of its property, has been entered; or there has occurred the
      involuntary appointment of an interim receiver, trustee or other custodian
      of the Insurance Company for all or a substantial part of its property; or
      a court having jurisdiction in the premises has entered a decree or order
      declaring the dissolution of the Insurance Company; or a warrant of
      attachment, execution or similar process has been issued against any
      substantial part of the property of the Insurance Company and any such
      event described in this clause (iii) has not been dismissed within sixty
      (60) days. 
	 
	 	(iv)   
        	(a) The Insurance Company has an
      order for relief entered with respect to it or commences a voluntary case
      under any applicable bankruptcy, insolvency or other similar law now or
      hereafter in effect of the United States of America or any other
      applicable jurisdiction, or consents to the entry of an order for relief
      in an involuntary case, or to the conversion of an involuntary case to a
      voluntary case, under any such law, or consents to the appointment of or
      taking possession by a receiver, trustee or other custodian for all or a
      substantial part of its property; or the Insurance Company makes any
      assignment for the benefit of creditors; or (b) the Insurance Company
      fails or is unable, or the Insurance Company admits in writing its
      inability, to pay its debts as such debts become due; or the Board of
      Directors of the Insurance Company adopts any resolution or otherwise
      authorizes any action to approve or for the purpose of effecting any of
      the actions referred to in this clause (iv). 
	 
	1.16   
        	“Expiration Date” means
      the date specified on Page 1, which is the date on which this Contract is
      scheduled to terminate or, if such day is not a Business Day, the
      immediately preceding Business Day. 
	 
	1.17   
        	“Fixed Rate Note” means
      any Note that bears interest at a fixed rate. 
	 
	1.18   
        	“Floating Rate Note”
      means any Note that bears interest at a floating rate. 
	 
	1.19   
        	“Guaranteed Fund” means
      the book value account established by the Insurance Company in its
      accounting records for this Contract. The Guaranteed Fund reflects credit
      and debit transactions under this Contract as provided in Section
      2.1. 
	 
	1.20   
        	“Indenture Trustee”
      means the indenture trustee for the Notes. 
	 
	1.21   
        	“Insurance Company”
      means ING USA Annuity and Life Insurance Company. 
	 

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	1.22   
        	“Interest” means the earnings, if
      any, for this Contract calculated and accrued pursuant to Article
      II. 
	 
	1.23   
        	“Interest Rate” means the rate(s)
      specified in Schedule A, or determined in accordance with the provisions
      therein, at which Interest is to be earned under this Contract;
      provided, however, that if this Contract is non-interest bearing the
      Interest Rate shall equal “0.00%”. 
	 
	1.24   
        	“IRS” means the Internal Revenue
      Service. 
	 
	1.25   
        	“Maturity Date” means the earlier
      to occur of (i) the Expiration Date, (ii) the date on which the balance of
      the Deposit remaining in the Guaranteed Fund and any other amounts due and
      owing under this Contract are paid to the Owner, or (iii) such other date
      on which this Contract is terminated in its entirety in accordance with
      the provisions of Article IV. 
	 
	1.26   
        	“Month Count” means the number of
      months specified in Schedule A. 
	 
	1.27   
        	“Net Deposit” means the Net
      Deposit amount set out on Page 1. 
	 
	1.28   
        	“Note” means any note of
      indebtedness issued by the Trust and secured by this Contract.
  
	 
	1.29   
        	“Owner” means the Owner
      designated on Page 1 as the Owner of this Contract on the Effective Date,
      or such other party to whom this Contract is later transferred or
      collaterally assigned in accordance with the provisions in Article
      V. 
	 
	1.30   
        	“Principal Financial Centers”
      means the financial center(s) specified in Schedule A. 
	 
	1.31   
        	“Repayment Date” means the
      date(s) specified in Schedule A for repayment to the Owner of part or all
      of the Deposit as set forth therein, as the same may be adjusted in
      accordance with the Business Day Convention. 
	 
	1.32   
        	“Securities Act” means the
      Securities Act of 1933, as amended. 
	 
	1.33   
        	“Specifications” means the terms
      specific to and that shall govern this Contract, as listed on Schedule
      A. 
	 
	1.34   
        	“Taxes” means any present or
      future taxes, duties, levies, assessments, or other governmental charges
      of whatever nature imposed or levied by or on behalf of any governmental
      authority in the United States having power to tax. 
	 
	1.35   
        	“Trust” means ING USA Global
      Funding Trust 4. 
	 
	1.36   
        	“Trust Tax Event” means that the
      Insurance Company has received an opinion of independent legal counsel
      stating in effect that as a result of (a) any amendment to, or change
      (including any announced prospective change) in, the laws (or any
      regulations thereunder) of the United States or any political subdivision
      or taxing authority thereof or therein or (b) any amendment to, or change
      in, an interpretation or application of any such laws or regulations by
      any governmental authority in the United States, which amendment or change
      is enacted, promulgated, issued or announced on or after the Effective
      Date of this Contract, there is more than an insubstantial risk that (i)
      the Trust is, or will be within 90 days of the date thereof, subject to
      United States federal income tax with respect to Interest accrued or
      received pursuant to this Contract or (ii) the Trust is, or will be within
      90 days of the date thereof, subject to more than a de minimis amount of
      taxes, duties or other governmental 
	 

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	 	charges. 
	 
	1.37   
        	“Withholding Tax Event” means
      that (a) the Insurance Company has received an opinion of independent
      legal counsel stating in effect that as a result of (i) any amendment to,
      or change (including any announced prospective change) in, the laws (or
      any regulations thereunder) of the United States or any political
      subdivision or taxing authority thereof or therein or (ii) any amendment
      to, or change in, an interpretation or application of any such laws or
      regulations by any governmental authority in the United States, which
      amendment or change is enacted, promulgated, issued or announced on or
      after the Effective Date of this Contract, a material probability exists
      that the Insurance Company will be required to pay additional amounts to
      the Trust to reflect any required withholding or deduction under this
      Contract, or (b) as a result of (i) any amendment to, or change (including
      any announced prospective change) in, the laws (or any regulations
      thereunder) of the United States or any political subdivision or taxing
      authority thereof or therein or (ii) any amendment to, or change in, an
      interpretation or application of any such laws or regulations by any
      governmental authority in the United States, which amendment or change is
      enacted, promulgated, issued or announced on or after the Effective Date
      of this Contract, the Insurance Company is required to pay additional
      amounts to the Trust to reflect any required withholding or deduction
      under this Contract. 
	 

Capitalized terms used herein but not
otherwise defined shall have the meaning set forth in Schedule A
hereto.

	ARTICLE II
ESTABLISHMENT AND MAINTENANCE OF
GUARANTEED FUND

	2.1   
        	Establishment of Guaranteed
      Fund 
	 
	 	Provided the Net Deposit is
      received by the Insurance Company on the Effective Date, the Insurance
      Company shall establish the Guaranteed Fund as of such date. Upon receipt
      of the Net Deposit, an amount equal to the Deposit shall be credited to
      the Guaranteed Fund. Interest shall be credited to the Guaranteed Fund on
      the date such Interest is earned in accordance with Schedule A. Each
      Contract Payment shall be deducted from the Guaranteed Fund on the date it
      is paid. Unless otherwise specified in Schedule A, the balance of the
      Guaranteed Fund at any given time shall equal the Deposit less the amount
      of any adjustments to the principal amount of the Deposit pursuant to
      Section 3.1(ii), plus Interest earned and credited thereon, less Contract
      Payments made, if any, other than pursuant to Section 3.1(ii).
  
	 

	ARTICLE
      III
PROCEDURE FOR
  PAYOUT

	3.1   
        	Contract
      Payments 
	 
	 	(i)   
        	Contract Payments shall be paid
      to the Owner on the Interest Payment Dates, if any, and the Repayment
      Dates. All monies payable to or by the Insurance Company under this
      Contract 
	 

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	 	shall be made via wire transfer
      in immediately available funds or other mutually agreed upon method in the
      Currency. The amount of the Contract Payment for an Interest Payment Date
      shall include accrued but previously unpaid Interest plus any Additional
      Amounts which may be due and owing at such time. If an Interest Payment
      Date is also a Repayment Date, the Contract Payment will include the
      portion of the Deposit scheduled to be repaid on such date plus Interest
      accrued but not previously paid in accordance with Schedule A. If a
      Repayment Date is not also
      an Interest Payment Date, the Contract
      Payment will include the portion of the Deposit scheduled to be repaid on
      such date plus any Additional Amounts which may be due and owing at such
      time, but will not include any accrued but previously unpaid Interest;
      provided, however, that if on the Repayment Date, a percentage of the
      balance of the Guaranteed Fund is specified in Schedule A to be paid to
      the Owner, then such payment will include a pro rata portion of Interest
      and the Deposit. If an Interest Payment Date and/or a Repayment Date
      is also the Maturity Date, the Contract Payment will equal (a) the balance
      of the Guaranteed Fund on that date, plus (b) Additional Amounts which may
      be due and owing at that time, if any. Concurrent with the Insurance
      Company making such Contract Payment on the Maturity Date, all rights and
      obligations under this Contract shall terminate. 
	 
	(ii)   
        	In addition to the scheduled
      payments set forth in Section 3.1(i), in the event that the Trust
      purchases some or all of the Notes in the open market (or otherwise) with
      the prior written consent of the Insurance Company as to both the making
      of such purchase and the purchase price to be paid for such Notes (such
      right of consent to be exercised in the Insurance Company’s sole
      discretion), a Contract Payment equal to such portion (or the entirety) of
      the current balance of the Deposit in the Guaranteed Fund as may be
      necessary to fund the purchase of such Notes shall be paid to or at the
      direction of the Trust on such date or dates to which the Trust and the
      Insurance Company may agree. Upon such payment, the balance of the Deposit
      shall be reduced (a) with respect to any purchase of Fixed Rate Notes or
      Floating Rate Notes by the Trust, by an amount equal to the aggregate
      principal amount of the Notes as purchased (or the portion thereof
      applicable to this Contract), and (b) with respect to any purchase of
      Notes other than Fixed Rate Notes or Floating Rate Notes by the Trust, by
      an amount to be agreed between the Trust and the Insurance Company to
      reflect such Contract Payment under this Contract. 
	 
	(iii)   
        	If a Contract Payment is not made
      as scheduled due to the closure, for any reason, of the wire transfer
      system(s) or financial market(s) in one or more Principal Financial
      Centers, that Contract Payment shall be paid on the first Business Day
      thereafter that the relevant systems and markets are open. In the event a
      Contract Payment is so delayed, the total dollar amount of the delayed
      Contract Payment when paid shall remain unchanged and shall include only
      such amounts of Interest and Deposit as were originally included in that
      payment, with subsequent scheduled Contract Payments also unchanged by the
      delay. 
	 
	(iv)   
        	Notwithstanding any provision in
      this Contract which may be to the contrary, no adjustments will be made to
      amounts owed hereunder if a Contract Payment is delayed as a result of the
      Owner's failure to provide complete and accurate wire transfer
      instructions to the Insurance Company. 
	 
	(v)   
        	Contract Payments will be
      computed on a book value basis (i.e. deposits to this Contract, plus
      accrued Interest, less previous Contract Payments, if any), without
      adjustment for investment gain or loss. 
	 
	(vi)   
        	Unless a different Business Day
      Convention is specified in Schedule A with regard to 
	 

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	 	certain Contract
      Payments, all Contract Payments shall be subject to the Business Day
      Convention specified in Section I of Schedule A. 
	 
	3.2   
        	Optional Redemptions
      or Repayments 
	 
	 	If so specified in
      Schedule A and subject to any restrictions provided therein, the Insurance
      Company shall pay to the Owner one or more Contract Payments in an amount
      sufficient to redeem or repay the Notes backed by this Contract, pursuant
      to any limited right of redemption or repayment contained in such Notes.
      The Insurance Company may require reasonable evidence that the redemption
      or payment request satisfies all of the terms and conditions described in
      the prospectus, prospectus supplement and/or pricing supplement applicable
      to such Note(s). 
	 
	3.3   
        	Contract
      Pre-Payments 
	 
	 	Except as otherwise
      provided herein and as may be specified in Schedule A, there shall be no
      pre- payments or other unscheduled withdrawals of funds under this
      Contract. 
	 
	3.4   
        	Surrender
      Value 
	 
	 	This Contract may not
      be surrendered nor will any funds be paid to the Owner under this Contract
      except in accordance with the terms hereof. 
	 
	3.5   
        	No Loans
    
	 
	 	The Insurance Company
      will not make any loans on the security of this Contract. 
	 
	3.6   
        	Additional
      Amounts 
	 
	 	(i)   
        	All payments due to be
      made by the Insurance Company to the Owner under the terms of this
      Contract will be made without any withholding or deduction for or on
      account of any Taxes unless the Insurance Company has specified in
      Schedule A that they have agreed to pay Additional Amounts or such
      withholding or deduction is required by law. Subject to Section 4.3, if
      such withholding or deduction is required by law and the Insurance Company
      has specified in Schedule A that they have agreed to pay Additional
      Amounts, the Insurance Company will pay such Additional Amounts as may be
      required so that the amount received by the Trust or a Beneficial Note
      Owner under its Note(s), as applicable (net of any such withholding or
      deduction under this Contract or any Note(s)), will equal the amount that
      would have been paid under this Contract or under any such Note(s), as the
      case may be, had no such deduction or withholding been required.
  
	 
	 	(ii)   
        	Notwithstanding
      anything herein to the contrary, the Insurance Company shall not be
      required to make any payment of any Additional Amounts in accordance with
      Section 3.6(i) for or on account of: 
	 
	 	 	(a)   
        	any Taxes imposed which would not
      have been imposed but for the existence of (1) any present or former
      connection between the Trust or a Beneficial Note Owner and the United
      States, including, without limitation, being or having been a citizen or
      resident thereof, or being or having been present therein or engaged in a
      trade or business therein, or (2) the Trust's or such Beneficial Note
      Owner’s status as incorporated therein, or having or having had a
      permanent establishment therein, or 
	 

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	 	being or having been a controlled
      foreign corporation, a personal holding company, a passive foreign
      investment company, a corporation that has accumulated earnings to avoid
      United States federal income tax or a private foundation or other
      tax-exempt organization, or being or having been an actual or constructive
      owner of 10% or more of the total combined voting power of all shares of
      the Insurance Company; 
	 
	(b)   
        	any Taxes imposed which would not
      have been imposed but for the presentation by the Trust of this Contract
      or by a Beneficial Note Owner of any related Note(s) to the Trust (where
      presentation is required) for payment on a date more than 30 days after
      the date on which such payment becomes due and payable or the date on
      which payment is duly provided for, whichever occurs later, except to the
      extent the Trust or the Beneficial Note Owner would have been entitled to
      Additional Amounts had this Contract or the Note(s), as the case may be,
      been presented on the last day of such period of 30 days; 
	 
	(c)   
        	any Taxes which are imposed or
      withheld solely by reasons of the failure of the Trust or a Beneficial
      Note Owner to comply with certification, identification or information
      reporting requirements concerning the nationality, residence, identity or
      connection with the United States of the Trust or Beneficial Note Owner,
      if compliance is required by statute, by regulation of the United States
      Treasury Department, by judicial or administrative interpretation of such
      statute or regulation or by an applicable income tax treaty to which the
      United States is a party as a precondition to exemption from such
      Taxes; 
	 
	(d)   
        	any inheritance, gift, estate,
      personal property, sales or transfer Taxes; 
	 
	(e)   
        	any Taxes that are payable
      otherwise than by withholding from payments in respect of this Contract or
      the related Notes; 
	 
	(f)   
        	any Taxes which are imposed by
      reason of the Trust or a Beneficial Note Owner being or having been a bank
      for United States federal income tax purposes whose receipt of interest on
      the Notes is described in section 881(c)(3)(A) of the Code; 
	 
	(g)   
        	any Taxes imposed by reason of
      payments on this Contract or the related Notes being treated as contingent
      interest described in section 871(h)(4) of the Code; 
	 
	(h)   
        	any Taxes that would not have
      been imposed but for an election by the Trust or a Beneficial Note Owner
      the effect of which is to make payment in respect of the Notes subject to
      United States federal income tax; 
	 
	(i)   
        	any tax, duty, levy, assessment
      or governmental charge of any taxing authority other than the United
      States, any political subdivision thereof or any authority or agency
      therein or thereof having the power to tax; or 
	 
	(j)   
        	any combination of items (a),
      (b), (c), (d), (e), (f), (g), (h) and (i) above. 
	 

	 	ARTICLE
IV

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	TERMINATIONS

	4.1   
        	Termination Prior to
      the Expiration Date 
	 
	 	This Contract may be
      terminated prior to the Expiration Date only as provided in this Article
      IV and as may be provided in Schedule A. In the event such termination
      occurs, the balance in the Guaranteed Fund plus Additional Amounts that
      may be due and owing as of the date of such termination, if any, shall
      become immediately due and payable to the Owner. All rights and
      obligations under this Contract will terminate concurrently with the
      payment of such amounts to the Owner. 
	 
	4.2   
        	Termination for
      Default Event 
	 
	 	(i)   
        	This Contract will terminate
      automatically if an Event of Default specified in Section 1.15(iii) or
      1.15(iv) occurs. 
	 
	 	(ii)   
        	Upon the occurrence of an Event
      of Default specified in Section 1.15(i) or 1.15(ii), the Owner shall have
      the right to terminate this Contract by giving prior written notice to the
      Insurance Company. 
	 
	4.3   
        	Termination for
      Withholding Tax Event 
	 
	 	Upon the occurrence of
      a Withholding Tax Event, the Insurance Company may terminate this Contract
      by giving not less than thirty (30) days and no more than sixty (60) days
      prior written notice to the Owner. 
	 
	4.4   
        	Termination for
      Trust Tax Event 
	 
	 	Upon the occurrence of
      a Trust Tax Event, the Insurance Company may terminate this Contract by
      giving not less than thirty-five (35) days and no more than sixty (60)
      days prior written notice to the Owner. 
	 
	4.5   
        	Termination Prior to
      the Expiration Date upon Pre-Payment 
	 
	 	This Contract will
      terminate automatically upon the Insurance Company making a Contract
      Payment to the Owner prior to the Expiration Date in accordance with
      Section 3.1(ii), any optional redemption or pre-payment provisions set
      forth in Schedule A or on any Repayment Date, if such Contract Payment is
      equal to the balance of the Guaranteed Fund as of such date, plus
      Additional Amounts, if any, that may be due and owing at that time.
    
	 
	4.6   
        	Termination on
      Expiration Date 
	 
	 	Unless terminated prior
      to the Expiration Date as provided above, this Contract will terminate
      automatically on the Expiration Date concurrently with the Insurance
      Company making a Contract Payment to the Owner equal to the balance of the
      Guaranteed Fund as of the Expiration Date, plus Additional Amounts, if
      any, that may be due and owing as of the Expiration Date. All rights and
      obligations under this Contract will terminate upon the Insurance
      Company’s payment in full of that Contract Payment. 
	 

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	ARTICLE V
MISCELLANEOUS

	5.1   
        	Entire
      Contract 
	 
	 	(i)   
        	This Contract, including Schedule
      A, any rider, endorsement, exhibit, or amendment that may be attached
      hereto, constitutes the final and entire agreement between the Insurance
      Company and the Owner. There are no promises or obligations other than
      those contained herein. 
	 
	 	(ii)   
        	The Insurance Company may issue
      this Contract as duplicate originals. Originals so issued shall constitute
      the same contract and the Insurance Company's obligations shall not be
      increased or expanded because of the issuance of the duplicate
      originals. 
	 
	5.2   
        	Supplemental
      Agreements 
	 
	 	Within ninety (90) days
      of the date of issuance of this Contract, the Insurance Company may (i)
      issue to the Owner one or more additional funding agreements and may
      provide in any such additional funding agreement that any such additional
      funding agreement shall constitute part of the same obligation of the
      Insurance Company as this Contract or (ii) increase the Deposit, Net
      Deposit and Guaranteed Fund and any other applicable funds on balance
      under this Contract by written agreement with the Trust (any such
      additional funding agreement or written agreement, a “Supplemental Agreement”), and such Supplemental Agreement shall be subject to the same
      terms and conditions of this Contract (including those set forth in
      Schedule A), except that the Effective Date, the Deposit, the Net Deposit,
      and any other applicable funds on balance under this Contract and the date
      and amount of the first Interest payment, if any, may be different with
      respect to such Supplemental Agreement; provided that the issuance of
      such Supplemental Agreement will satisfy the conditions of Treasury
      Regulation Section 1.1275-2(k)(2)(ii) and will constitute a “Qualified
      Reopening” under Treasury Regulation Section 1.1275-2(k)(3)(ii) (without
      regard to subparagraph (A) thereof). 
	 
	5.3   
        	Assignments and
      Transfers 
	 
	 	This Contract and any
      right, title or interest in, to or under this Contract (including, without
      limitation, any right to receive payments) may not be assigned, sold or
      otherwise transferred except
      upon prior mutual written consent of
      the Owner and the Insurance Company. Assignments, Collateral Assignments,
      sales or other transfers by the Owner (a) may be made only to U.S. Persons
      (as defined in Section 7701(a)(30) of the Code), (b) will be effective
      only after they are recorded on the book entry system maintained by the
      Insurance Company within the meaning of United States Treasury Regulation
      Section 1.871-14(c)(1)(i), (c) must be registered or fall within an
      available exemption from registration of this Contract as a security under
      the Securities Act and must be conducted in accordance therewith, and (d)
      will only be effective and recorded in the Insurance Company’s book entry
      system after the Insurance Company receives from the proposed owner or
      assignee such certificates, documentation and opinions as the Insurance
      Company may reasonably request; provided, however, that for
      purposes of a Collateral Assignment by the Trust to the Indenture Trustee,
      such certificates, documentation and opinions shall be limited to (i) the
      Assignment and (ii) if requested by the Insurance Company, a completed and
      duly executed IRS Form W-9 or such other IRS forms as the Insurance
      Company, upon the advice of its counsel, is required to obtain from the
      Indenture Trustee. In addition to the foregoing, the Indenture Trustee
      must agree to provide to the Insurance Company as of the date of the
      Assignment, or within ten (10) Business Days following such date, complete
      written wire transfer instructions for the account to which the Contract
      Payments are to be delivered and 
	 

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	 	appropriate contact information
      for the delivery of notices or other information to and for contacting the
      Indenture Trustee. 
	 
	5.4   
        	Directions and
      Information 
	 
	 	The Insurance Company shall be
      entitled to rely and act solely on the reports, directions, proofs,
      notices, elections and other information furnished to it by the Owner or
      the Owner’s agent, which shall be conclusive and binding as to all persons
      or entities claiming an interest hereunder. 
	 
	5.5   
        	Notice 
	 
	 	All notices and other
      communications given or made pursuant hereto shall be in writing and shall
      be deemed to have been given or made upon delivery in person or by
      registered or certified mail (postage prepaid, return receipt requested),
      by overnight courier service (charges prepaid) or by confirmed facsimile,
      to the following addresses: 
	 

	 	
      (a) if to the Owner, to:

      
          ING USA
      Global Funding Trust 4
          c/o U.S.
      Bank National Association
         Attn: Corporate
      Trust Services
         950
      17th Street, 12th Floor
         Denver, CO
      80202
         Fax: (303)
      585-6865

	 	
      With a copy to:

      
 ING USA Global
      Funding Trust 4
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

	 	
      and,

      
Citibank,
      N.A.
Agency & Trust
388 Greenwich Street, 14th Floor
New York, New York 10013
Attention: Nancy Forte
Structured
      Finance Agency and Trust
ING USA Global
      Funding Trust 4
Fax: (212)
      816-5527

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      (b) if to the Insurance Company, to:

      
ING USA Annuity and
      Life Insurance Company
c/o ING
      Institutional Markets
1290
      Broadway
Denver, CO
      80203-5699
Fax: (303)
      860-2690

Either party hereto may change its address
for purposes of receiving notices and other communications by providing a notice
to the other party as required herein.

	5.6   
        	Non-Waiver of Contract
      Provisions 
	 
	 	Failure of the Insurance Company
      or the Owner to enforce any provision of this Contract at any particular
      time or in any particular circumstances shall not operate to waive or
      modify such provision, nor shall it in any manner render such provision
      unenforceable at any other time or to any other occurrence, whether or not
      the circumstances are the same. 
	 
	5.7   
        	Status of Guaranteed
      Fund 
	 
	 	All monies under this Contract
      shall be part of the general corporate funds of the Insurance
      Company. 
	 
	5.8   
        	Ownership 
	 
	 	Subject to any statutory
      restrictions, the Owner shall have and exercise all rights, powers and
      privileges under this Contract. Nothing in this Contract shall confer any
      rights whatsoever to any third party, nor shall any of its terms be
      enforceable by any third party who is not a party to this Contract, except
      as otherwise agreed by the Insurance Company in writing. 
	 
	5.9   
        	Non-Participating
    
	 
	 	This Contract shall not
      participate or share in the earnings of the Insurance Company.
  
	 
	5.10   
        	Effect of Signature&
      Limitation of Liability 
	 
	 	It is expressly understood and
      agreed by the parties hereto that (a) this Contract is executed and
      delivered by U.S. Bank National Association, not individually or
      personally but solely as trustee of the Trust, 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, as Owner, is made and intended not as personal representations,
      undertakings and agreements by U.S. Bank National Association, but is 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. 
	 

	3012FA-MTN 
	  	Page 13  	  	                                                               
      (RMTN-4)  

	5.11   
        	Amendment
    
	 
	 	The Owner and the
      Insurance Company may mutually agree, in a writing signed by each party,
      to modify this Contract at any time without the consent of any other
      person or entity. 
	 
	5.12   
        	Insurance Company's
      Disclaimers 
	 
	 	It is expressly
      understood and agreed that the Insurance Company makes no representation
      as to the authority of the Owner to enter into or perform under this
      Contract or as to the legal or tax implications of this Contract for the
      Owner or any other person or entity. In performing its obligations
      hereunder, the Insurance Company is not acting as a fiduciary, agent or
      other advisor or representative for the Trust or any other person or
      entity with respect to this Contract. 
	 
	5.13   
        	Owner's
      Representations 
	 
	 	(i)   
        	The Owner represents
      that: 
	 
	 	 	(a)   
        	it is not subject to any Taxes as
      would constitute a Withholding Tax Event; 
	 
	 	 	(b)   
        	it is not subject to any Taxes as
      would constitute a Trust Tax Event; and 
	 
	 	 	(c)   
        	if requested by the Insurance
      Company, it will provide the Insurance Company within ten (10) days of the
      Effective Date a duly completed and executed IRS Form W-9, or such other
      form as may be applicable to it. 
	 
	 	(ii)   
        	The Owner acknowledges
      and agrees that the Insurance Company has not registered and has no
      obligation to register this Contract under the Securities Act.
  
	 
	5.14   
        	Mutual
      Representations 
	 
	 	Each party hereto
      represents to the other that as of the date hereof: 
	 
	 	(i)   
        	It has the power to
      enter into this Contract and to consummate the transactions contemplated
      hereby. 
	 
	 	(ii)   
        	It has duly authorized,
      executed and delivered this Contract. 
	 
	 	(iii)   
        	Assuming the due
      authorization, execution and delivery of this Contract by the other party,
      this Contract constitutes a legal, valid and binding obligation of the
      representing party. 
	 
	 	(iv)   
        	This Contract is
      enforceable against it in accordance with the terms hereof, subject to
      applicable bankruptcy, insolvency and similar laws affecting creditors’
      rights, and subject as to enforceability to general principles of equity,
      regardless of whether enforcement is sought in a proceeding in equity or
      at law. 
	 
	 	(v)   
        	Neither the execution
      and delivery of this Contract nor the performance of any of its
      obligations hereunder will, to the representing party’s best knowledge,
      violate any law or any order, decree, license, permit or the like which is
      applicable to it or will cause any default by it under any agreement to
      which it is a party or by which it is bound. 
	 

	3012FA-MTN 
	  	Page 14  	  	                                                               
      (RMTN-4)  

	5.15   
        	Representations
      Generally 
	 
	 	If any representation made by
      either party hereto ceases to be true, the party learning of such failure
      will promptly advise the other party. All representations made by the
      Owner and the Insurance Company in this Contract shall be considered to
      have been relied upon by the other party. 
	 
	5.16   
        	Tax Treatment

	 
	 	The Insurance Company and the
      Owner agree that this Contract shall be disregarded for United States
      federal income tax purposes. The Insurance Company and the Owner further
      agree that if this Contract is not so disregarded, it will and is intended
      to be treated for tax purposes as a debt obligation of the Insurance
      Company issued in registered form within the meaning of Treasury
      Regulation §1.871-14(c)(1)(i) and for all other federal, state and local
      income and franchise tax purposes. 
	 
	5.17   
        	Governing Law

	 
	 	This Contract shall be governed
      by and construed in accordance with the laws of the State of Delivery
      specified on Page 1, without regard to its conflicts of law rules.
    
	 

	[Schedule A begins on next page]

	3012FA-MTN 
	  	Page 15  	  	                                                                
      (RMTN-4)  

	SCHEDULE A (Floating
      Rate)

     This
Schedule A is attached to, and hereby incorporated into, Contract No. RMTN-4
(the “Contract”) issued by ING USA Annuity and Life Insurance Company (the
“Insurance Company”) to ING USA Global Funding Trust 4 (the “Owner”).

	Specifications

I. The following terms shall apply to this
Contract.

Floating Interest Rate (formula): 3-month
LIBOR + 0.30%

     The
following capitalized terms shall have the meaning set forth in the Prospectus
for the Notes:

	 
                         
             Interest Rate Basis(es).  	  	Check all that apply:  	  	  
	  	  	[  	  	] CD Rate  	  	[  	  	] Commercial Paper
      Rate  
	  	  	[  	  	] CMT Rate 
	  	[  	  	] Eleventh District Cost
      of Funds Rate  
	  	  	[   X    ] LIBOR  	  	[  	  	] Federal Funds
      Rate  
	  	  	[  	  	] EURIBOR  	  	[  	  	] Treasury
      Rate  
	  	  	[  	  	] Prime Rate 
    	  	[  	  	] Other: 
  
									
      

    
	  
	  	  	If
      LIBOR:  	  	[X]
      LIBOR Reuters Page: LIBOR01  
	  	  	  	  	  	  	[  ] LIBOR Moneyline Telerate Page 3750 
  
	  	  	  	  	  	  	LIBOR Currency: U.S.
      Dollars  
	  
	  	  	If
      CMT Rate:  	  	  	  	  
	  	  	  	  	             Designated CMT Telerate
      Page:  
	  	  	  	  	             If 7052: [ ] Weekly
      Average [ ] Monthly Average  
	  	  	  	  	             Designated CMT Maturity
      Index:  
	  
	               
                   Index Maturity: 3-month  	  	  	  	  	  	  
	 
                         
             Spread (+/-): + 0.30%  	  	  	  	  	  	  	  	  
	  
	Initial Interest Rate, if
      any:  	  	5.54875%  	  	  	  	  
	  
	Interest Payment
      Date:  	  	The
      ninth day of each January, April, July, and October that this 
    
	  	  	Contract is in effect, beginning January 9, 2008, and the
      Maturity  
	  	  	Date.  	  	  	  	  
	  
	Interest
      Period:  	  	The
      period between Interest Reset Dates.  
	  
	Interest Reset
      Dates:  	  	The
      ninth day of each January, April, July, and October that this 
    
	  	  	Contract is in effect, beginning January 9,
      2008.  
	  
	Interest Determination
      Date:  	  	The
      second London Banking Day prior to each Interest Reset Date 
    
	  
	Interest
      Crediting:  	  	Interest shall be earned daily at the Interest Rate
      determined on each  
	  	  	Interest Determination Date for the relevant Interest Period
      on the  
	  	  	current balance of the Deposit in the Guaranteed Fund
      as  

	3012FA-MTN 
	  	Page 16  	  	                                                               
      (RMTN-4)  

	  	  	determined in accordance
      with the Day Count Convention from and  
	  	  	on the first day of each
      Interest Period to, but not including, the last  
	  	  	day of each Interest
      Period or the Maturity Date, whichever is  
	  	  	sooner; provided, that
      interest shall initially be earned at the Initial  
	  	  	Interest Rate from and on
      the Effective Date, to but not including,  
	                                                             
      the first Interest Reset Date. 
	  
	Computation of
      Interest:  	  	Accrued Interest for each
      Interest Period shall be calculated by  
	  	  	multiplying the current
      balance of the Deposit in the Guaranteed  
	  	  	Fund by an accrued
      interest factor. The accrued interest factor shall  
	  	  	be computed by adding the
      interest factor calculated for each day in  
	  	  	the applicable Interest
      Period. The interest factor for each such day  
	  	  	shall be computed by
      dividing the Interest Rate applicable to such  
	  	  	day by 360. 
    
	  
	Day Count
      Convention:  	  	Actual/360 
  
	  
	Business Day
      Convention:  	  	Modified Following
      Business Day Convention  
	  
	Currency:  	  	U.S. Dollar 
    
	  
	Principal Financial
      Center(s):  	  	New York, New
      York  
	  
	Repayment
      Date(s):  	  	The Maturity
      Date.  
	  
	Optional
      Redemption:  	  	Optional redemptions under
      Section 3.2 may only be made to fund  
	  	  	amounts the Trust is
      required to pay to fund redemption of the  
	  	  	Notes as described in the
      Prospectus, Prospectus Supplement, or  
	  	  	Pricing Supplement for ING
      USA Global Funding Trust 4.  
	  
	Calculation
      Agent:  	  	Citibank,
      N.A.  

	II.   
        	Additional
      Definitions: 
	 
	 	(A)   
        	“London Banking Day” means a day
      on which commercial banks are open for business (including dealings in
      U.S. Dollars) in London, England. 
	 
	 	(B)   
        	“Business Day” means any day,
      other than a Saturday or Sunday, that is neither a legal holiday nor a day
      on which commercial banks are authorized or required by law, regulation or
      executive order to close in The City of New York or London,
      England. 
	 

	III.
      Additional terms and conditions, if any, relating to periodic payments
      and/or pre-payments pursuant to  
	section 3.1(ii).  
	  
	(A)
      Additional Amounts to be paid in the event withholding or deduction of
      Taxes is required by law:  
	 
                       Yes___  	  	No _X_  
	   
	                                                                
      End of Schedule A 

	3012FA-MTN 
	  	Page 17  	  	                                                             
      (RMTN-4)

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