Document:

ILIAC 2012 10-K EX 10.37

1

EXECUTION COPY

THIS PARTICIPATION TERMINATION AGREEMENT, dated as of November 13, 2012 (this “Agreement”), is hereby entered into among ING Life Insurance and Annuity Company (“Seller”), an insurance company organized under the laws of Connecticut, ING Support Holding B.V. (“Buyer”), a private company with limited liability organized under the laws of the Netherlands and having its principal place of business in Amsterdam, ING Groep N.V. (“Guarantor”), a company with limited liability organized under the laws of the Netherlands and having its principal place of business in Amsterdam and ING Bank N.V. (“ING Bank”), a company organized under the laws of the Netherlands and having its principal place of business in Amsterdam (collectively, the “Parties”).
RECITALS
WHEREAS, Buyer, Seller and Guarantor entered into a participation agreement, dated as of March 31, 2009 (as amended to the date hereof, the “ILIAC Participation Agreement” or the “Participation Agreement”) pursuant to which Seller sold, granted and conveyed to Buyer the Participation and agreed to pay Buyer the Transaction Fee;
WHEREAS, Buyer, Seller, the State of the Netherlands (the “State”) and Stichting Derdengelden ING Support Holding (the “Collection Foundation”) entered into a Deed of Assignment of Receivables, dated March 31, 2009 (the “2009 Deed of Assignment”), pursuant to which Buyer assigned to Seller as consideration for the Participation the payment obligations of the State under the ING Life Insurance and Annuity Company Illiquid Assets Back-Up Facility Agreement, dated March 31, 2009 (as amended to the date hereof, the “ILIAC Facility Agreement”), by and between the State, Guarantor and Buyer;
WHEREAS, pursuant to the 2012 Deed of Assignment of IABF Receivables among Seller, Buyer, ING Bank, the State and the Collection Foundation at the Effective Time (as defined below) Seller has agreed to assign to Buyer all of its rights in and to the State's payment obligations under the ILIAC Facility Agreement; 
WHEREAS, in connection with the transactions contemplated hereby, Buyer, Guarantor and the State are entering into an amendment to the ILIAC Facility Agreement;
WHEREAS, pursuant to Section 21 of the Participation Agreement, Guarantor guaranteed the payment and performance of Buyer's obligations under the Participation Agreement and the 2009 Deed of Assignment;
WHEREAS, the Parties desire for Seller to irrevocably transfer, grant and convey to ING Bank legal title to the Transferred Securities (as defined below) prior to the Effective Time (the “Transfer”); 
WHEREAS, subsequent to the Transfer, ING Bank will agree to accept all rights and obligations relating to the Transferred Securities under the Participation Agreement until the Termination Time (as defined below); and
WHEREAS, the Parties wish to terminate the Participation Agreement at the Termination Time;
NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be bound hereby, agree as follows:
1.Definitions

Unless the context requires otherwise, capitalized terms used but not defined herein, including the Recitals hereto, shall have the respective meanings ascribed thereto in the Participation Agreement.  The following terms have the definitions set out below:
“Distribution” means any payment or other distribution (including interest), notes, securities or other property (including any Designated Asset Collateral) or proceeds under or in respect of the Designated Securities Pool, 

2

including without limitation any payment or other distributions made in connection with any action, suit or proceeding in respect of a Security.
“Effective Time” has the meaning set forth in the Transfer Procedures Agreement.
“IIM” means ING Investment Management LLC or one of its investment advisory subsidiaries.
“Termination Time” has the meaning set forth in the Transfer Procedures Agreement.
“Transaction Fee” has the meaning ascribed thereto in the Participation Agreement, which for convenience is defined as the net present value of $27,180,600 on the Cut-off Date (discounted at three per cent (3.0%) per annum), payable in installments.  As per the close of business on the second Business Day before the date to which the Effective Time refers, the net present value as per the Cut-off Date of the amounts of the remaining installments of the Transaction Fee is $15,147,797.39.
“Transaction Fee Termination Amount” has the meaning set forth in the Valuation Letter.
“Transfer Procedures Agreement” means the transfer procedures agreement dated as of the date hereof among ING Bank, Buyer, Seller, Guarantor and the State.
“Transferred Securities” has the meaning set forth in the Transfer Procedures Agreement.
“Valuation Letter” means the Valuation Letter dated the date hereof between Buyer and Seller.
2.Termination of Participation Agreement

The Parties hereby acknowledge and agree that the Participation Agreement (other than Section 9.1(c) thereof) shall terminate and be of no further force or effect from and after the Termination Time.  As consideration for such termination (a) Seller shall be obligated to pay Buyer at the Effective Time the Transaction Fee Termination Amount and (b) Seller shall irrevocably Transfer legal title to the Transferred Securities (including all rights and obligations pursuant thereto under the Participation Agreement) to ING Bank pursuant to the procedures set out in the Transfer Procedures Agreement prior to the Effective Time.  As a result of the payment in accordance with the Valuation Letter, all of Seller's obligations in respect of the Transaction Fee shall be fully discharged, released and terminated at the Effective Time.
		
	3.
	Turnover of Distributions

3.1    If, after the Effective Time, Seller receives a Distribution under or in respect of any Transferred Security, Seller shall promptly pay such Distribution or cause such Distribution to be paid to ING Bank.  All payments pursuant to this Section 3 shall be made in the lawful currency of the United States by wire transfer in immediately available funds directly to the account designated by ING Bank.

3.2    If all or any portion of a Distribution received by Seller and transferred to Buyer pursuant to Section 9.1(a) of the Participation Agreement or transferred to ING Bank pursuant to Section 3.1 above is legally required to be returned or disgorged by Seller to any Entity other than in circumstances where such obligation to return or disgorge is attributable to any failure to act, breach of contract or negligence on the part of Seller, Buyer or ING Bank, as the case may be, shall promptly return such Distribution (or portion thereof) to Seller together with all related interest and charges payable by Seller in respect thereof; provided, however, that no related interest or charges shall be payable by Buyer or ING Bank if and to the extent the payment thereof is attributable to any failure to act, breach of contract or negligence on the part of Seller.

3

		
	4.
	Representations and Warranties

4.1    Each of Seller and Guarantor represents and warrants to Buyer and ING Bank with respect to each Transferred Security as of the date hereof that:

		
	(a)
	Seller holds legal title to the Transferred Securities, whether by being the registered security holder of each Transferred Security or by holding a Securities Entitlement (as defined by the Uniform Commercial Code as implemented by the State of New York) in each Transferred Security, and has good and valid title to the Transferred Securities each Transferred Security is capable of being sold and assigned without restrictions (other than pursuant to generally applicable laws on securities trading or the rights of the State under the ILIAC Facility Agreement).

		
	(b)
	Other than Permitted Encumbrances or the rights of the State under the ILIAC Facility Agreement, the Transferred Securities are free and clear of any Encumbrances and attachments and no rights have been granted in favor of any third party with regard to the acquisition or Encumbrances in respect of the Transferred Securities.

4.2    Except as expressly stated in this Agreement, neither Seller nor Guarantor makes any representations or warranties, express or implied, with respect to the Transfer.

		
	5.
	Right of First Refusal

The Parties acknowledge and agree that the discretion to retain or sell all or any portion of any Security by the Seller (other than the Transferred Securities), including the authority to delegate such discretion to other persons or entities, shall reside with the Board of Directors of ING U.S., Inc., the indirect parent company of the Seller.
In the event Seller proposes to sell all or any portion of any Security (other than the Transferred Securities), it shall undertake such sale in accordance with the procedures set forth in this Section 5.
5.1    Seller shall provide ING Bank a written notice (a “Notice of Proposed Sale”) of its intention to sell any Security not later than 8:00 a.m., New York City time, on the Business Day immediately preceding the Business Day on which it proposes to effect such sale (the “Proposed Date of Sale”).  For each Security proposed to be sold (each, an “Offered Security”), the Notice of Proposed Sale shall provide the information set forth in Annex A hereto.  

5.2    Not later than 10:00 a.m., New York City time, on the Proposed Date of Sale, Seller shall provide ING Bank a written offer (a “Sale Offer”) to purchase each Offered Security at the price set forth in such Sale Offer.  Each Sale Offer shall be deemed a representation by Seller that it has received a bid from a third party to purchase each Offered Security on the terms set forth in the Sale Offer.  ING Bank shall use its best efforts to reply to the Sale Offer, orally or in writing, not later than 10:30 a.m., New York City time, on the Proposed Date of Sale, provided, however, that (i) for so long as Seller remains a direct or indirect majority-owned subsidiary of ING Groep N.V., ING Bank shall be deemed to accept such Sale Offer with respect to each Offered Security unless it shall have notified Seller (orally or in writing) that it declines to purchase such Offered Security prior to such time and (ii) at any time that Seller is no longer a direct or indirect majority-owned subsidiary of ING Groep N.V., ING Bank shall be deemed to reject such Sale Offer with respect to each Offered Security unless it shall have notified Seller (orally or in writing) that it agrees to purchase such Offered Security prior to such time.  ING Bank may accept or decline a Sale Offer with respect to any Offered Security in whole but not in part and shall promptly confirm any oral reply to a Sale Offer in writing.  

5.3    In the event ING Bank declines to purchase any Offered Security, Seller shall have the right (but not the obligation) to sell such Offered Security (up to the original and current principal amount set forth in the Notice of Proposed Sale) to a third party on the Proposed Date of Sale at a price not less than the price set forth with respect to such Offered Security in the Sale Offer.  If Seller does not agree to sell such Security to a third party on the Proposed 

4

Date of Sale, any subsequent proposed sale of such Offered Security shall again be subject to the procedures set forth in this Section 5.  

5.4    Unless otherwise specified in the Sale Offer, payment for each Offered Security sold to ING Bank pursuant thereto shall be made in cash in immediately available funds against delivery of such Security through the facilities of The Depository Trust Company on the third Business Day following the Proposed Date of Sale using the accounts specified below:

(a)With respect to Seller:

ING Life Insurance and Annuity Company
The Bank of New York Mellon
DTC #: 901
Account #: 216101

(b)With respect to ING Bank:

To such account as shall be specified by ING Bank in a notice to Seller or in its acceptance of any Sale Offer.

5.5    All communications between or among the Seller, ING Bank and IIM in respect of, or notices, requests, directions, consents or other information sent under this Agreement shall be in writing (except as set forth in Section 5.2), hand delivered or sent by overnight courier, or electronic transmission, addressed to the relevant Party at its address, electronic mail or facsimile number as follows (or at such other address, electronic mail or facsimile number as such Party may subsequently request):

		
	(a)
	If to Seller:

ING Investment Management LLC, 
as investment adviser for  ING Life Insurance and Annuity Company
5780 Powers Ferry Rd. NW
Atlanta, GA 30327
Attention: David S. Goodson, Senior Vice President
email: David.Goodson@inginvestment.com
    
With a copy to:

		
	(1)
	ING Investment Management LLC

5780 Powers Ferry Rd. NW, Atlanta, GA 30327
Attention: Kate Ippen, VP and Counsel
Email: kate.ippen@inginvestment.com

		
	(2)
	ING U.S., Inc.

230 Park Avenue
New York, N.Y. 10169
Attention:  Bridget M Healy, EVP and Chief Legal Officer
Email: uslegalnotices@us.ing.com
Fax: +1 (212) 309-8364

5

		
	(b)
	If to ING Bank:

ING Bank N.V.
Foppingadreef 7
1102 BD Amsterdam
Attention: Jan Schreuder, Capital Management Department 
(Email: jan.schreuder@ing.com)

Johannes Wolvius, Capital Management Department 
(Email: Johannes.Wolvius@ING.com)
Romke van der Weerdt, Capital Management Department
 (Email: romke.van.der.weerdt@ing.com)
Fax: +31 20 501 3201
All such communications and notices shall be effective upon receipt.
		
	6.
	No Obligations

  
The Parties hereby acknowledge that they have no further obligations and liabilities subsequent to the termination of the Participation Agreement at the Termination Time, contingent or otherwise, under the Participation Agreement. The Parties hereby release each other, their attorneys, representatives, officers, directors, agents, employees, predecessors, successors, assigns, affiliates and related entities from any and all claims, demands, actions, liabilities, causes of action, obligations, losses, costs, attorney fees and expenses of every kind accruing prior to the Termination Time directly or indirectly arising out of or in any way connected with the Participation Agreement.
		
	7.
	Counterparts; Telecopies

This Agreement may be executed in multiple counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Transmission by telecopier, facsimile or other form of electronic transmission of an executed counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart. Each fully executed counterpart of this Agreement shall be deemed to be a duplicate original.
		
	8.
	Further Assurances

Each Party agrees to (a) execute and deliver, or cause to be executed and delivered, all such other and further agreements, documents and instruments and (b) take or cause to be taken all such other and further actions as the other Parties may reasonably request to effectuate the intent and purposes, and carry out the terms, of this Agreement.
		
	9.
	Severability

The illegality, invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

		
	10.
	Governing Law  

THIS AGREEMENT, THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY CLAIM OR CONTROVERSY DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE TRANSACTION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, SHALL IN ALL RESPECTS BE GOVERNED BY AND INTERPRETED, CONSTRUED AND DETERMINED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO ANY 

6

CONFLICTS OF LAW PROVISION THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION).

		
	11.
	Waiver of Trial by Jury

THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLY LAW, ANY RIGHT THAT THEY MAY HAVE TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION, OR IN ANY LEGAL PROCEEDING, DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT.  EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
		
	12.
	Jurisdiction

12.1    Buyer, Seller and ING Bank irrevocably and unconditionally submit to and accept the exclusive jurisdiction of the United States District Court for the Southern District of New York located in the Borough of Manhattan or the courts of the State of New York located in the County of New York for any action, suit or proceeding arising out of or based upon this Agreement or any matter relating to it and waive any objection that they may have to the laying of venue in any such court or that any such court is an inconvenient forum or does not have personal jurisdiction over them.

12.2    The Parties irrevocably agree that, should any Party institute any legal action or proceeding in any jurisdiction (whether for an injunction, specific performance, damages or otherwise) in relation to this Agreement, no immunity (to the extent that it may at any time exist, whether on the grounds of sovereignty or otherwise) from such action or proceeding shall be claimed by it or on its behalf, any such immunity being hereby irrevocably waived, and each Party irrevocably agrees that it and its assets are, and shall be, subject to such legal action or proceeding in respect of its obligations under this Agreement.

		
	13.
	Interpretation

13.1    Terms used in the singular or plural include the plural and the singular, respectively; “includes” and “including” are not limiting; and “or” is not exclusive.

13.2    Any reference to a Party includes such Party's successors and permitted assigns.

13.3    Section and other headings and captions are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement.

13.4    This Agreement shall be deemed to have been jointly drafted by the Parties and no provision of it shall be interpreted or construed for or against any Party because such Party actually or purportedly prepared or requested such provision, any other provision or the Agreement as a whole.

13.5    Any reference to an agreement or deed is a reference to such agreement or deed as amended, restated, novated, supplemented or otherwise modified from time to time.

7

		
	14.
	Beneficiaries

14.1    This Agreement shall inure to the benefit of and be binding upon the parties and their respective successors and assigns.  Nothing in this Agreement shall give any Person, other than the parties and their successors and assigns, any benefit or any legal or equitable right or remedy under this Agreement.

[Remainder of page intentionally left blank]

8

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the day and year first above written.
ING LIFE INSURANCE AND ANNUITY COMPANY

By_/s/       Boyd G. Combs                                                                    
    Name:   Boyd G. Combs  
Title:      SVP

By_/s/       Gilbert E. Mathis                                                                  
    Name:   Gilbert E. Mathis
Title:      SVP

ING SUPPORT HOLDING B.V.

By_/s/       J. D. Wolvius                                                                        
    Name:   J. D. Wolvius  
Title:      

By_/s/       P. G. van der Linde                                                                
    Name:   P. G. van der Linde  
Title:      

ING GROEP N.V.

By_/s/       J. D. Wolvius                                                                        
    Name:   J. D. Wolvius  
Title:      

By_/s/       P. G. van der Linde                                                                
    Name:   P. G. van der Linde  
Title:      

ING BANK N.V.

By_/s/       J. D. Wolvius                                                                        
    Name:   J. D. Wolvius  
Title:      

By_/s/       P. G. van der Linde                                                                
    Name:   P. G. van der Linde  
Title:      

[Signature Page - Participation Termination Agreement (ILIAC)]

9

Annex A

Form of Notice of Proposed Sale
ING Investment Management LLC
5780 Powers Ferry Road NW
Atlanta, GA 30327-4347
Tel: (770) 690-4347
Fax: (770) 690-5414 
[Date]

By E-mail

ING Bank N.V.
Foppingadreef 7
1102 BD Amsterdam
Attention: Jan Schreuder, Capital Management Department 
(Email: jan.schreuder@ing.com)
Johannes Wolvius, Capital Management Department 
(Email: Johannes.Wolvius@ING.com)
Romke van der Weerdt, Capital Management Department 
(Email: romke.van.der.weerdt@ing.com)
Fax: +31 20 501 3201
Ladies and Gentlemen:
On behalf of ING Life Insurance and Annuity Company (the “Company”), we hereby notify you that we propose to sell the following Security(ies) (each, an “Offered Security”) in accordance with Section 5 of the Participation Termination Agreement, dated as of November 13, 2012 (the “Agreement”), among the Company, ING Support Holding B.V., ING Groep N.V. and ING Bank N.V. on [next Business Day]:
	
						
	Title of Offered Security
	Cusip No.
	Original Principal Amount
	Current Principal Amount
	Latest Available Pricing Service Quotation
	Potential Purchaser(s)1 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	1In addition to the name of each institution, provide the name, telephone number and e-mail address for the relevant desk head and contact person.

[Include description of the sale process (e.g., document/package used to inform potential purchaser(s)) and the relevant particulars of the sale procedure (e.g., whether potential purchaser(s) will be required to bid for all Offered Securities or less than the entire principal amount of an Offered Security).]
Please be advised that we intend to provide you with a Sale Offer with respect to each Offered Security set forth above not later than 10:00 a.m., New York City time, on [next Business Day], which you shall be deemed to 

10

[accept][reject] unless you shall have notified us, on behalf of the Company, orally or in writing that you decline to purchase such Offered Security not later than 10:30 a.m., New York City time, on such date.
As set forth in the Letter Agreement, dated November 13, 2012, by and between IIM and ING Bank, ING Bank and the Seller are both clients of IIM.  Unless ING Bank notifies IIM otherwise, ING Bank continues to acknowledge and consent to the following, as provided in the Letter Agreement: (i) IIM has advised the Seller in connection with the sale of the Offered Securities (the “Transaction”); (ii) IIM has not, and will not, advise ING Bank with respect to the Transaction; and (iii) IIM will not receive any remuneration in connection with the Transaction, however, it receives fees from ING Bank for the management of its residential mortgage-backed securities portfolio to which the Offered Securities may be added, if purchased by ING Bank. 
All communications with respect to this Notice of Proposed Sale or the Offered Securities should be directed to:
ING Investment Management LLC
Name: [applicable portfolio manager]
Email:
Phone:

with copies of any written communication to:
ING Investment Management LLC
Attention: David S. Goodson, Senior Vice President
Email: David. Goodson@inginvestment.com
Phone: +1 (770) 690-4662

and
        
ING Investment Management LLC
Attention: Corporate Legal
Name: Kate Ippen
Email: kate.ippen@inginvestment.com
Phone: +1 (770) 690-6753

Kindly acknowledge receipt of this Notice of Proposed Sale by replying to the sender with copies to each person set forth above and to each other recipient. 
Capitalized terms used and not defined in this Notice of Proposed Sale shall have the respective meanings set forth in the Agreement.
Very truly yours,
ING INVESTMENT MANAGEMENT LLC

By _________________________________________________
Name:
Title:ILIAC 2012 10-K EX 10.38

1

EXECUTION COPY

2012 DEED OF ASSIGNMENT OF IABF RECEIVABLES

between

ING Life Insurance and Annuity Company
as the Assignor

and

ING Support Holding B.V.
as the Assignee

and

ING Bank N.V.

and
Staat der Nederlanden
as the State

and
Stichting Derdengelden ING Support Holding
as the Collection Foundation

Dated 13 November 2012

____________________

• NautaDutilh

Strawinskylaan 1999
1077 XV Amsterdam

_______________________

2

TABLE OF CONTENTS

Clause     page

1.    DEFINITIONS AND INTERPRETATIONS     4

2.    ASSIGNMENT OF THE IABF RECEIVABLES     7

3.    REPRESENTATIONS AND WARRANTIES RELATING TO 
THE IABF RECEIVABLES     8

4.    CONSIDERATION     8

5.    TERMINATION OF THE 2009 DEED OF ASSIGNMENT     9

6.    NOTICES      9

7.    TRANSFER     9

8.    NO NULLIFICATION/DISSOLUTION     10

9.    AMENDMENT AND WANER     10

10.    PARTIAL INVALIDITY     10

11.    GOVERNING LAW AND JURISDICTION     10

3

THIS DEED is made on 13 November 2012 between:

		
	1.
	ING Bank N.V., a company organised under the laws of the Netherlands, whose corporate seat is at Amsterdam, the Netherlands ("ING Bank");

		
	2.
	ING Life Insurance and Annuity Company, an insurance company organised under the laws of the State of Connecticut (the "Assignor");

		
	3.
	ING Support Holding B.V., a company organised under the laws of the Netherlands, whose corporate seat is at Amsterdam (the "Assignee");

		
	4.
	Staat der Nederlanden (the "State"); and

		
	5.
	Stichting Derdengelden ING Support Holding, a foundation organised under the laws of the Netherlands and established in Amsterdam (the "Collection Foundation").

WHEREAS

		
	A.
	the Parties have entered into a transaction pursuant to which (i) the Assignor sold, granted and conveyed to the Assignee the Participation and (ii) the State entered into the Facility Agreement with the Assignee and ING Groep N.V. ("ING Groep");

		
	B.
	as consideration for the Participation, the Assignee entered into the 2009 Deed of Assignment with, inter alia, the Assignor under which the Assignee assigned and the Assignor accepted the assignment of the IABF Receivables on the terms and subject to the conditions as set out therein, of which assignment the State was notified;

		
	C.
	in connection with the Delinking, the Assignor and the Assignee agreed that, inter alia, the Assignor will assign and the Assignee will accept the assignment of the IABF Receivables on the terms and subject to the conditions set out in this Deed;

		
	D.
	in the Valuation Letter the Assignor and the Assignee have agreed on the consideration for the assignment of the IABF Receivables; and

		
	E.
	the IABF Receivables may not be assigned or transferred without the prior written consent of the State and the State is willing to consent to the assignment of the IABF Receivables in accordance with and subject to clause 19.1 of the Facility Agreement to the Assignee as provided for in this Deed, provided that the Assignee, as a condition to the assignment of the IABF Receivables becoming effective, explicitly acknowledges and agrees that (a) these rights shall exclusively be governed by and construed in accordance with Dutch law, (b) the Courts of the Netherlands shall have exclusive jurisdiction in respect of matters relating to these rights and the assignment thereof pursuant to this Deed and (c), consequently, such rights are subject to Dutch law limitations and defences including but not limited to any and all statutory and/or contractual suspension of payment rights and set-off rights that the State  has or may in the future obtain towards the Assignee under the Facility Agreement except only if and to the extent explicitly contractually restricted in the Facility Agreement. Without limiting the generality of the foregoing, the provisions of clauses 13 (Conditions to payment) and 14 (Set-off and suspension rights) of the Facility Agreement apply to such rights.

4

IT IS HEREBY AGREED AS FOLLOWS:

		
	1.
	Definitions and interpretations

		
	1.1.
	Unless the context otherwise requires or unless otherwise defined in this Deed, words and expressions defined in the Facility Agreement have the same meanings when used in this Deed (including its recitals).

1.2.    In this Deed:

"Clause"    means a clause of this Deed.

"Deed"    means this 2012 Deed of Assignment of IABF
Receivables.

"2009      means the Deed of Assignment of Receivables 
Deed of     dated 31 March 2009 between, the Assignee as
Assignment"    assignor, the Assignor as assignee, the State and
the Collection Foundation.

"Delinking"    means the transaction whereby the Assignor,
amongst  others, transfers all of its rights relating to the Facility Agreement  with respect to it, transfers the Transferred Securities, and terminates any other agreements relating to the Facility Agreement with respect to it.

"Deed of    means the earlier of (x) the moment immediately
Assignment    following the transfer of legal title of the Trans-
Effective Time"    ferred Securities to ING Bank N.V. pursuant to the Transfer Procedures Agreement between the Assignor, the Assignee, the State, ING Bank and ING Groep N.V. dated on or about the date hereof, provided that the Assignee has paid, or caused to be paid, the consideration (or the portion thereof due after set-off pursuant to the terms of the Valuation Letter) as referred to in Clause 4 (Consideration) of this Deed and (y) 5:30 pm New York City time, on the date that the Assignee has paid, or caused to be paid, the consideration (or the portion thereof due after set-off pursuant to the terms of the Valuation Letter) as referred to in Clause 4 (Consideration) of this Deed.

"Facility    means the illiquid asset back-up facility agree-
Agreement"    ment between, among others, the Assignee and the State, dated 31 March 2009 in relation to the Assignor, as amended on 26 November 2010 (but, for the avoidance of doubt, not as amended on or about the date of this Deed).        
    
    

5

"IABF    means any and all rights (whether jointly or
Receivables"    individually) of the Assignor to receive pay- ments (including the Fixed Rate Securities Guaranteed Value and the Floating Rate Securities Guaranteed Value, the Management Fee and the Funding Fee (all as defined in the Facility Agreement) and payment of any other amounts) vis-a.-vis the State under the Facility Agreement.    

"Party"    means a party to this Deed.

"Transaction     has the meaning attributed thereto in the 
Fee"     Participation Agreement.

"Transaction    has the meaning attributed thereto in the Transfer
Securities"    Procedures Agreement, dated on or about the date hereof among Assignor, Assignee, ING Groep N.V., ING Bank and the State.

"Valuation     means the Valuation Letter between the Assignor
Letter"    and the Assignee dated on or about the date hereof.

		
	1.3. 
	In this Deed the following interpretations apply.

		
	a.
	Words denoting the singular include the plural and vice versa. Words denoting one gender include the other gender.

		
	b.
	The words "include", "included" or "including" are used indicate that the matters listed are not a complete enumeration of all matters covered.

		
	c.
	No provision of this Deed is to be interpreted adversely against a Party solely because that Party was responsible for drafting that particular provision.

		
	d.
	English language words used in this Deed intend to describe Netherlands legal concepts only and the consequences of the use of those words in English law or any other foreign law are to be disregarded.

		
	e.
	The headings in this Deed are for construction purposes as well as for reference.

		
	f.
	References in this Deed to any Transaction Document will be deemed to include references to those agreements as they' may be varied, amended, modified, novated or restated from time to time (including by way of increase of the facilities made available under them or accession or retirement of the parties to these agreements).

		
	1.4.
	The Collection Foundation has agreed to become a party to this Deed only for the purpose of its agreement to Clause 5 (Termination of 2009 

6

Deed of Assignment) of this Deed and, save as aforesaid, the Collection Foundation shall assume no obligations or liabilities whatsoever to any other Party to this Deed by virtue of the provisions hereof.

		
	1.5.
	The State has agreed to become a party to this Deed for the purpose of (a) its agreement to the assignment, (b) its confirmation of the notification thereof to it and (c) its agreement to the termination of the 2009 Deed of Assignment. The Parties hereto agree that the State shall not assume any obligations, responsibility or liability towards any of the other Parties hereto in respect of the transactions contemplated by this Deed, save only to the extent expressly otherwise set out in this Deed.

		
	1.6.
	This Deed will become effective as per the Deed of Assignment Effective Time, except for Clause 1 (Definitions and interpretations), Clause 6 (Notices) up to and including Clause II (Governing law and jurisdiction), which will have immediate effect.

		
	2.
	Assignment of the IABF Receivables

		
	2.1.
	The Assignor wishes to assign and hereby, subject to the occurrence of the Deed of Assignment Effective Time, assigns in advance ("bij  voorhaat") and the Assignee wishes to accept and hereby, subject to the occurrence of the Deed of Assignment Effective Time, accepts in advance ("bij voorhaat"), the assignment of the IABF Receivables in accordance with Article 3:94 (l) Dutch Civil Code.

		
	2.2.
	To the extent possible under applicable law, the IABF Receivables are assigned to the Assignee with all rights relating thereto, including, without limitation, all accessory rights ("afhankelijke rechten") and all ancillary rights ("nevenrechten").

		
	2.3.
	The assignment of the IABF Receivables shall be effected by notification to the State. By signing this Deed, the State agrees to such assignment subject to and in accordance with this Deed and each of the Assignor and the State confirms that notification of this Deed and assignment of the IABF Receivables has been made in accordance with section 3:94(1) Dutch Civil Code. To the extent required to execute and deliver a valid assignment of the IABF Receivables, the assignment thereof will be established each time (any part of) the IABF Receivables come into existence.

		
	2.4.
	The Assignee hereby explicitly acknowledges and agrees that (a) the IABF Receivables shall exclusively be governed by and construed in accordance with Dutch law, (b) the Courts of the Netherlands shall have exclusive jurisdiction in respect of matters relating to the IABF Receivables and the assignment thereof pursuant to this Deed and (c), consequently, the IABF Receivables are subject to Dutch law limitations and defences, including but not limited to any and all statutory and/or contractual suspension of payment rights and set-off rights that the State has or may in the future obtain towards the Assignee under the Facility Agreement, except only if and to the extent explicitly contractually restricted in the Facility Agreement. The provisions of 

7

clauses 13 (Conditions to Payment) and 14 (Set-off and Suspension Rights) of the Facility Agreement apply to such rights. In addition, the Assignee acknowledges and agrees that the IABF Receivables are subject to restrictions on the transferability pursuant to clause 19 (Changes to the Parties) of the Facility Agreement. 

		
	3.
	Representations and warranties relating to the IABF Receivables 

The Assignor represents and warrants to the Assignee with respect  to the IABF Receivables that as per the Deed of Assignment Effective Time:

		
	a.
	the Assignor has not taken any action or omitted to take any action as a result of which any of the IABF Receivables is no longer duly and validly existing; 

		
	b.
	the Assignor has full right and title ("titel") to the IABF Receivables and, after the consent of the State pursuant to this Deed, no restrictions on the assignment of the IABF Receivables are in effect and the IABF Receivables are capable of being assigned;

		
	c.
	the Assignor has, or as the case may be, will have the power to assign the IABF Receivables to the Assignee; 

		
	d.
	the IABF Receivables are free and clear of all encumbrances, limited property rights ("beperkte rechten") and attachments ('beslagen") and no option rights to acquire the IABF Receivables have been granted by the Assignor in favour of any third party with regard to the IABF Receivables and no offer has been made or agreement entered into to create encumbrances over the IABF Receivables, except as provided for in the Transaction Documents; and 

		
	e.
	it has not been notified and is not aware of anything affecting its title to the IABF Receivables.

		
	4.
	Consideration 

The Assignor, the Assignee and ING Bank agree that, on the date to which the Deed of Assignment Effective Time refers, the consideration for the assignment set forth in Clause 2 (Assignment of the IABF Receivables) hereof will be the consideration as agreed in the Valuation Letter and that amount (or the portion thereof due after set-off pursuant to the terms of the Valuation Letter) shall be paid on the date to which the Deed of Assignment Effective Time refers, by ING Bank on behalf of the Assignee.

		
	5.
	Termination of the 2009 Deed of Assignment

		
	5.1
	By signing this Deed, the Assignor, the Collection Foundation, the State and the Assignee agree that the 2009 Deed of Assignment shall be terminated from the date on which the Deed of Assignment Effective 

8

Time occurs and shall be without further effect, which includes any uncompleted assignment, or assignment in advance, of future receivables, if any, any covenants from the Assignee vis-a-vis the Assignor as provided for in clause 5 thereof and the arrangements regarding the Collection Foundation set forth in clause 5 thereof.

		
	5.2
	Each of the Parties, excluding the Assignee, hereby acknowledges and confirms that from the date on which the Deed of Assignment Effective Time occurs, it no longer has any claims or any rights nor shall any new claims or rights arise vis-a-vis any other party to the 2009 Deed of Assignment under or in connection with the 2009 Deed of Assignment.

		
	6.
	Notices

		
	6.1
	Any notice or other communication under or in connection with this Deed must be made in accordance with the Distribution Agreement, except that notices to ING Bank must be made to the following address:

ING Bank N.V.
Foppingadreef 7
1102 BD Amsterdam
Attention:  Jan Schreuder, Capital Management Department
Email:  jan.schreuder@ing.com

		
	6.2
	The provisions of this Clause 6 shall not apply in relation to the service of documents for the purpose of litigation.

		
	7.
	Transfer

None of the Parties may transfer or encumber its rights and/or obligations under this Agreement without the prior written consent of the other Parties.

		
	8.
	No nullification/dissolution

To the extent permitted by law, the Assignor hereby waives its rights under Articles 6:228 and section 6:265 Dutch Civil Code to rescind, or demand in legal proceedings the rescission of this Deed and the Assignee hereby accepts this waiver.

		
	9.
	Amendment and waiver

		
	9.1
	 Any term of this Deed may only be amended or waived in writing by means of a written agreement between all Parties hereto.

		
	9.2
	Where a Party does not exercise any right under this Deed (which includes the granting by a Party to any of the other Parties of an extension of time in which to perform its obligations under any of these provisions), this is not deemed to constitute a forfeiture of that Party's right under this Deed ("rechtsverwerking").

9

		
	10.
	Partial Invalidity

In the event that a provision (either in whole or in part) of this Deed is invalid, illegal, non binding, or unenforceable under the law of any jurisdiction, the remainder of this Deed continues to be effective to the extent that, in view of the Deed's substance and purpose, the remainder is not inextricably related to and therefore not severable from the invalid, illegal, non binding or unenforceable provision. The Parties will make every effort to reach agreement on a new clause which differs as little as possible from the invalid, illegal, non binding or unenforceable provision, taking into account the substance and purpose of this Deed.

		
	11.
	Governing law and jurisdiction

		
	11.1
	Governing Law

		
	a.
	This Deed and any non-contractual obligations arising out of or in relation to this Deed shall be governed by and construed in accordance with the laws of the Netherlands. 

		
	b.
	If a Party is represented by an attorney in connection with the signing and/or execution of this Deed or any other deed, agreement or document referred to in this Deed or made pursuant to this Deed and the relevant power of attorney is governed by the laws of the Netherlands, it is hereby expressly acknowledged and accepted by the other Parties that such laws shall govern the existence and the extent of such attorney's authority and the effects of the exercise thereof.

		
	11.2
	Jurisdiction 

		
	a.
	The courts of Amsterdam, the Netherlands have exclusive jurisdiction to settle any dispute including a dispute relating to any non-contractual obligation arising out of or in connection with this Deed. The Parties agree not to initiate any legal proceedings outside the Netherlands against the State arising out of or in connection with this Deed. The Parties agree that they shall not involve the State in any legal proceedings arising out of or in connection with this Deed, except only to claim performance of the obligations that are expressly imposed on the State in this Deed. The parties agree that they shall in any event not involve the State in any legal proceedings outside the Netherlands arising out of or in connection with this Deed, provided that (a) if legal proceedings are initiated outside of the Netherlands by the State itself against any Party such Party shall be entitled to act in respect of such proceedings, and (b) if any Party and the State are involved in legal proceedings outside of the Netherlands initiated by a third party, such Party shall be entitled to act in respect of such legal proceedings, but in each case without the right to expand such proceedings beyond the actual subject matter thereof, it being understood that the exclusive jurisdiction of the courts of Amsterdam, the Netherlands shall be preserved to the maximum extent possible.

10

		
	b.
	The courts of Amsterdam, the Netherlands are the most appropriate and convenient courts to settle any such dispute in connection with this Deed. The Assignor agrees not to argue to the contrary and waives objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with this Deed. If proceedings are initiated by a Party in conformity with this Clause 11.2, the State hereby waives any immunity from jurisdiction it may enjoy. In addition, if the State takes proceedings before a court outside the Netherlands, the other Parties shall preserve the right to bring proceedings over the same subject matter or body of facts, before the courts of Amsterdam.

IN WITNESS WHEREOF, the Parties hereto have executed this Deed as of the day and year first above written.

- Signature pages to follow -

11

	
			
	ING Bank N.V.

	/s/   J.D. Wolvius
	 
	/s/      P.G. van der Linde

	by:  J.D. Wolvius
	 
	by:     P.G. van der Linde

	title:
	 
	title:

	 
	 
	 

	ING Life Insurance and Annuity Company

	/s/     Boyd G. Combs
	 
	/s/     Gilbert E. Mathis   

	by:    Boyd G. Combs
	 
	by:    Gilbert E. Mathis   

	title:  SVP
	 
	title:  SVP

	 
	 
	 

	ING Support Holding B.V.

	/s/   J.D. Wolvius
	 
	/s/      P.G. van der Linde

	by:  J.D. Wolvius
	 
	by:     P.G. van der Linde

	title:
	 
	title:

	 
	 
	 

	Staat der Nederlanden
	 
	 

	/s/      E. Wilders
	 
	 

	by:     E. Wilders  
	 
	 

	title:   Agent
	 
	 

	 
	 
	 

	Stichting Derdengelden ING Support Holding

	/s/     R. Posthumus
	 
	/s/      L. F. van  der Sman

	by:    ATC Management B.V.
	 
	by:     ATC Management B.V.

	title:  managing director
	 
	title:   managing director

	 
	 
	 

	by:     R. Posthumus
	 
	by:     L.F. van der Sman

	title:   Managing Director
	 
	title:   Proxy Holder

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]