Document:

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                                                                     EXHIBIT 4.1

                            STANDARD INDENTURE TERMS

                                 WITH RESPECT TO

                          ING USA GLOBAL FUNDING TRUSTS

                          SECURED MEDIUM-TERM NOTES AND

                            ING(SM) USA CORENOTES(R)

                            DATED AS OF MAY 17, 2005

"ING(SM)" is a service mark of ING Groep N.V. and is used under license.
"CoreNotes(R)" is a registered service mark of Merrill Lynch & Co., Inc.
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                                TABLE OF CONTENTS

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<S>              <C>                                                               <C>
                                    ARTICLE 1
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.01.    Definitions....................................................    1
SECTION 1.02.    Compliance Certificates and Opinions...........................   11
SECTION 1.03.    Form of Documents Delivered to Indenture Trustee...............   11
SECTION 1.04.    Acts of Holders................................................   13
SECTION 1.05.    Notices........................................................   14
SECTION 1.06.    Notice to Holders; Waiver......................................   16
SECTION 1.07.    Severability...................................................   16
SECTION 1.08.    Successors and Assigns.........................................   16
SECTION 1.09.    Benefits of Indenture..........................................   16
SECTION 1.10.    Language of Notices............................................   16
SECTION 1.11.    Governing Law..................................................   16
SECTION 1.12.    Waiver of Jury Trial...........................................   17
SECTION 1.13.    Counterparts...................................................   17
SECTION 1.14.    Third Party Beneficiaries......................................   18
SECTION 1.15.    Conflict with Trust Indenture Act..............................   18

                                    ARTICLE 2
                                    THE NOTES

SECTION 2.01.    Forms Generally................................................   18
SECTION 2.02.    No Limitation on Aggregate Principal Amount of Notes...........   20
SECTION 2.03.    Listing........................................................   21
SECTION 2.04.    Redemption and Repayment.......................................   21
SECTION 2.05.    Execution, Authentication and Delivery Generally...............   23
SECTION 2.06.    Registration...................................................   25
SECTION 2.07.    Transfer.......................................................   26
SECTION 2.08.    Mutilated, Destroyed, Lost and Stolen Notes....................   26
SECTION 2.09.    Payment of Interest; Rights To Interest Preserved..............   27
SECTION 2.10.    Cancellation...................................................   28
SECTION 2.11.    Persons Deemed Owners..........................................   28
SECTION 2.12.    Tax Treatment; Tax Returns and Reports.........................   28
SECTION 2.13.    No Association.................................................   29
SECTION 2.14.    Administrative Procedures......................................   29

                                    ARTICLE 3
                    COVENANTS, REPRESENTATIONS AND WARRANTIES

SECTION 3.01.    Payment of Principal and any Premium, Interest and
                    Additional Amounts..........................................   29
SECTION 3.02.    Collection Account.............................................   29
SECTION 3.03.    Agreements of the Paying Agent.................................   30
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<S>              <C>                                                               <C>
SECTION 3.04.    Maintenance of Office or Agency................................   32
SECTION 3.05.    Duties of the Agents...........................................   33
SECTION 3.06.    Duties of the Transfer Agent...................................   34
SECTION 3.07.    Duties of the Registrar........................................   34
SECTION 3.08.    Unclaimed Monies...............................................   36
SECTION 3.09.    Protection of Collateral.......................................   36
SECTION 3.10.    Opinions as to Collateral; Annual Statement as to Compliance...   37
SECTION 3.11.    Performance of Obligations.....................................   39
SECTION 3.12.    Existence......................................................   39
SECTION 3.13.    Reports; Financial Information; Notices of Defaults............   40
SECTION 3.14.    Payment of Taxes and Other Claims..............................   41
SECTION 3.15.    Negative Covenants.............................................   41
SECTION 3.16.    Non-Petition...................................................   43
SECTION 3.17.    Title to the Collateral........................................   44
SECTION 3.18.    Withholding and Payment of Additional Amounts..................   44
SECTION 3.19.    Additional Representations and Warranties......................   46
SECTION 3.20.    Ancillary Documents............................................   47

                                    ARTICLE 4
      GRANTING OF SECURITY INTEREST AND ASSIGNMENT FOR COLLATERAL PURPOSES

SECTION 4.01.    Creation.......................................................   47
SECTION 4.02.    Scope..........................................................   48
SECTION 4.03.    Termination of Security Interest...............................   49

                                    ARTICLE 5
                     SATISFACTION AND DISCHARGE; SUBROGATION

SECTION 5.01.    Satisfaction and Discharge of Indenture........................   49
SECTION 5.02.    Application of Trust Money.....................................   50

                                    ARTICLE 6
                              DEFAULTS AND REMEDIES

SECTION 6.01.    Events of Default..............................................   51
SECTION 6.02.    Acceleration of Maturity Date; Rescission and Annulment........   52
SECTION 6.03.    Collection of Indebtedness and Suits for Enforcement...........   53
SECTION 6.04.    Indenture Trustee May File Proofs of Claim.....................   54
SECTION 6.05.    Indenture Trustee May Enforce Claims Without Possession of
                    Notes.......................................................   55
SECTION 6.06.    Application of Money Collected.................................   55
SECTION 6.07.    Limitation on Suits............................................   56
SECTION 6.08.    Unconditional Rights of Holders to Receive Payments............   56
SECTION 6.09.    Restoration of Rights and Remedies.............................   56
SECTION 6.10.    Rights and Remedies Cumulative.................................   57
SECTION 6.11.    Delay or Omission Not Waiver...................................   57
SECTION 6.12.    Control by Holders.............................................   57
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<S>              <C>                                                               <C>
SECTION 6.13.    Waiver of Past Defaults........................................   57
SECTION 6.14.    Undertaking for Costs..........................................   58
SECTION 6.15.    Waiver of Stay or Extension Laws...............................   58

                                    ARTICLE 7
                     THE INDENTURE TRUSTEE AND OTHER AGENTS

SECTION 7.01.    Duties of Indenture Trustee....................................   58
SECTION 7.02.    No Liability to Invest.........................................   60
SECTION 7.03.    Performance Upon Default.......................................   60
SECTION 7.04.    No Assumption by Paying Agent, Transfer Agent, Calculation
                    Agent or Registrar..........................................   60
SECTION 7.05.    Notice of Default..............................................   60
SECTION 7.06.    Rights of Indenture Trustee....................................   61
SECTION 7.07.    Not Responsible for Recitals or Issuance of Notes..............   62
SECTION 7.08.    Indenture Trustee May Hold Notes...............................   63
SECTION 7.09.    Money Held in Trust............................................   63
SECTION 7.10.    Compensation and Reimbursement.................................   63
SECTION 7.11.    Eligibility....................................................   64
SECTION 7.12.    Resignation and Removal; Appointment of Successor..............   64
SECTION 7.13.    Acceptance of Appointment by Successor.........................   65
SECTION 7.14.    Merger, Conversion, Consolidation or Succession to Business
                    of Indenture Trustee........................................   66
SECTION 7.15.    Co-trustees....................................................   66
SECTION 7.16.    Appointment and Duties of the Calculation Agent................   68
SECTION 7.17.    Changes in Agents..............................................   68
SECTION 7.18.    Limitation of Trustee Liability................................   70

                                    ARTICLE 8
                             SUPPLEMENTAL INDENTURES

SECTION 8.01.    Supplemental Indentures Without Consent of Holders.............   71
SECTION 8.02.    Supplemental Indenture With Consent of Holders.................   72
SECTION 8.03.    Execution of Supplemental Indentures...........................   73
SECTION 8.04.    Effect of Supplemental Indenture...............................   73
SECTION 8.05.    Reference in Notes to Supplemental Indentures..................   73
SECTION 8.06.    Conformity with Trust Indenture Act............................   74

                                    ARTICLE 9
                             NON-RECOURSE PROVISIONS

SECTION 9.01.    Nonrecourse Enforcement........................................   74

                                   ARTICLE 10
                          MEETINGS OF HOLDERS OF NOTES

SECTION 10.01.   Purposes for Which Meetings May be Called......................   74
SECTION 10.02.   Call, Notice and Place of Meetings.............................   75
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<S>              <C>                                                               <C>
SECTION 10.03.   Persons Entitled to Vote at Meetings...........................   75
SECTION 10.04.   Quorum; Action.................................................   75
SECTION 10.05.   Determination of Voting Rights; Conduct and Adjournment
                    of Meetings.................................................   76
SECTION 10.06.   Counting Votes and Recording Action of Meetings................   77

                                   ARTICLE 11
                           NOTES IN FOREIGN CURRENCIES

SECTION 11.01.   Notes in Foreign Currencies....................................   77
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                            STANDARD INDENTURE TERMS

     This document constitutes the Standard Indenture Terms, dated as of May 17,
2005, which are incorporated by reference in the Indenture (specified in Section
B of the Omnibus Instrument, as defined below), by and among the Trust named in
the Omnibus Instrument and the Indenture Trustee, Registrar, Transfer Agent,
Paying Agent and Calculation Agent for such Trust, in connection with the
Program (all as defined in the Indenture).

     These Standard Indenture Terms shall be of no force and effect unless and
until incorporated by reference into, and then only to the extent not modified
by, such Indenture.

     The following terms and provisions shall govern the Notes subject to
contrary terms and provisions expressly adopted in such Indenture, any
supplemental indenture or the Notes, which contrary terms shall be controlling.

                                   ARTICLE 1
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

     SECTION 1.01. Definitions. For all purposes of the Indenture, of all
indentures supplemental to the Indenture and of all Notes issued under the
Indenture, except as otherwise expressly provided or unless the context
otherwise requires:

          (a) the terms defined in the Indenture have the meanings assigned to
them in this Article 1, and include the plural as well as the singular;

          (b) all accounting terms not otherwise defined in the Indenture have
the meanings assigned to them in accordance with generally accepted accounting
principles in the United States, and, except as otherwise expressly provided in
the Indenture, the term "generally accepted accounting principles" with respect
to any computation required or permitted under the Indenture shall mean such
accounting principles as are generally accepted at the date of such computation
in the United States;

          (c) the word "including" shall be construed to be followed by the
words "without limitation";

          (d) Article and Section headings are for the convenience of the reader
and shall not be considered in interpreting the Indenture or the intent of the
parties to the Indenture;

          (e) the words "hereby," "herein," "hereof" and "hereunder" and other
words of similar import refer to the Indenture as a whole and not to any
particular Article, Section, Exhibit or other subdivision; and

          (f) references in the Indenture to Articles, Sections, Exhibits and
Schedules shall refer respectively to Articles, Sections, Exhibits and Schedules
of these Standard Indenture Terms, unless otherwise expressly provided.

     "ACT", with respect to any Holder, has the meaning set forth in Section
1.04.

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     "ADDITIONAL AMOUNTS" means additional amounts that are required by the
Indenture or the Notes to be paid by the Trust to Holders pursuant to Section
3.18 or additional amounts that are required pursuant to the Funding Agreement,
under circumstances specified therein, to be paid by ING USA to the Funding
Agreement Holder, to compensate for any withholding or deduction for or on the
account of any present or future taxes, duties, levies, assessments or other
governmental charges of whatever nature imposed or levied on payments in respect
of such Notes or Funding Agreement, as applicable, by or on behalf of any
governmental authority in the United States having the power to tax, so that the
net amount received by the Holders or the Funding Agreement Holder will equal
the amount that would have been received under such Notes or Funding Agreement,
as applicable, had no such deduction or withholding been required.

     "AFFILIATE" means, as applied to any Person, any other Person directly or
indirectly controlling, controlled by, or under direct or indirect common
control with, that Person and, in the case of an individual, any spouse or other
member of that individual's immediate family. For the purposes of this
definition, "control" (including with correlative meanings, the terms
"controlling", "controlled by" and "under common control with"), as applied to
any Person, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of that Person, whether
through the ownership of voting securities or by contract or otherwise.

     "AGENT" means any of the Registrar, Transfer Agent, Paying Agent or
Calculation Agent.

     "AUTHORIZED NEWSPAPER" means a newspaper, in an official language of the
place of publication or in the English language, customarily published on each
day that is a business day in the place of publication, whether or not published
on days that are not business days in the place of publication, and of general
circulation in each place in connection with which the term is used or in the
financial community of each such place. Where successive publications are
required to be made in Authorized Newspapers, the successive publications may be
made in the same or in different newspapers in the same city meeting the
foregoing requirements and, in each case, on any day that is a business day in
the place of publication.

     "AUTHORIZED SIGNATORIES" mean Responsible Officers authorized to execute
documents on behalf of the Trust.

     "BANKING DAY" means a day (other than a Saturday or Sunday) on which
commercial banks are generally open for business (including dealings in foreign
exchange and foreign currency deposits) in the place where the specified office
of the Paying Agent or, as the case may be, the Registrar is located.

     "BUSINESS DAY" means (i) for any Note, 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, (ii) for LIBOR Notes only, any day on which commercial banks
are open for business (including dealings in the LIBOR Currency) in London,
England, (iii) for Notes that have a Specified Currency other than U.S. Dollars
only, and other than Notes denominated in euros, any day that is not a day on
which commercial banks are authorized or required by law, regulation or
executive order to close in the

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Principal Financial Center of the country issuing the Specified Currency, and
(iv) for Notes that have euros as the Specified Currency only a day on which the
TARGET System is open.

     "CALCULATION AGENT" means the institution appointed as calculation agent
for the Notes and named as such in the relevant Pricing Supplement or its
successors or assigns. For such purpose, the Paying Agent accepts its
appointment as the initial Calculation Agent pursuant to Section 7.16.

     "CLEARING SYSTEM" means DTC and any other clearing system specified in the
relevant Pricing Supplement.

     "CODE" means the Internal Revenue Code of 1986, as amended, including any
successor or amendatory statutes and any applicable rules, regulations, notices
or orders promulgated thereunder.

     "COLLATERAL" means the right, title, benefits, remedies and interests of
the Trust in, to and under (i) the Funding Agreement, (ii) all Proceeds of the
Funding Agreement and all amounts and instruments on deposit from time to time
in the Collection Account, (iii) all books and records pertaining to the Funding
Agreement, and (iv) all rights of the Trust pertaining to the foregoing.

     "COLLECTION ACCOUNT" means a non-interest bearing account with the
Indenture Trustee in the name of the Trust or such other account with a
depositary institution that is rated at least AA- or Aa3 by a nationally
recognized statistical rating organization as may be designated by the Trustee,
which account shall be segregated from other accounts held by the Indenture
Trustee or such other depositary institution.

     "COMMISSION" means the Securities and Exchange Commission or any successor
body performing such duties of the Commission.

     "CONTINGENT OBLIGATION" means, as applied to any Person, without
duplication, any direct or indirect liability, contingent or otherwise, of that
Person (i) with respect to any Indebtedness, lease, dividend, letter of credit
or other obligation of another if the primary purpose or intent thereof by the
Person incurring the Contingent Obligation is to provide assurance to the
obligee of such obligation of another that such obligation of another will be
paid or discharged, or that any agreements relating thereto will be complied
with, or that the holders of such obligation will be protected (in whole or in
part) against loss in respect thereof, (ii) under any letter of credit issued
for the account of or for which that Person is otherwise liable for
reimbursement thereof, (iii) under agreements providing for the hedging or
limitation of interest rate or currency risk, (iv) under any performance bond or
other surety arrangement, (v) under any direct or indirect guaranty, endorsement
(otherwise than for collection or deposit in the ordinary course of business),
co-making, discounting with recourse or sale with recourse by such Person of the
obligation of another, or (vi) for the obligations of another through any
agreement (contingent or otherwise).

     "CORPORATE TRUST OFFICE" means the principal office of the Indenture
Trustee at which its corporate trust business shall, at any particular time, be
administered, which office at the date hereof is located as indicated in Section
1.05, or such other address as the Indenture Trustee may

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designate from time to time by notice to the Holders and ING USA, or the
principal corporate trust office of any successor Indenture Trustee (or such
other address as such successor Indenture Trustee may designate from time to
time by notice to the Holders and ING USA).

     "CUSTODIAN" means U.S. Bank National Association and its permitted
successors and assigns under that certain custodial agreement, by and among the
     Custodian, the Trustee and the Indenture Trustee, dated as of May 19, 2005.

     "DEFAULT" means any occurrence that is, or with notice or the lapse of time
or both would become, an Event of Default.

     "DEFAULTED INTEREST" has the meaning set forth in Section 2.9.

     "DEFINITIVE NOTE" means a Note issued in certificated and registered form.

     "DEPOSITARY" means the Person designated as Depositary by the Trust
pursuant to the Indenture, which Person, if required by any applicable law,
regulation or exchange requirement, must be a clearing agency registered under
the Securities Exchange Act and, if so provided with respect to any Note, any
successor to such Person. Initially, the Depositary shall be DTC.

     "DISTRIBUTION AGREEMENT" means that certain Distribution Agreement, dated
May 19, 2005, by and among ING USA and the agents named therein and acknowledged
and agreed to by the Trust, relating to the issuance and sale of the Notes under
the Program, as the same may be amended, modified or supplemented from time to
time.

     "DOLLARS", "$", "U.S. $", "UNITED STATES DOLLARS" and "U.S. DOLLARS" mean
such coin or currency of the United States as at the time shall be legal tender
for the payment of public or private debts.

     "DTC" means The Depository Trust Company, New York, New York, and its
successors and assigns.

     "EUROPEAN UNION DIRECTIVE" means any law, regulation, directive or any
interpretation by the European Union or a member nation of the European Union
which requires the withholding or deduction of any amounts payable under the
Notes, the Indenture or the Funding Agreement.

     "EVENT OF DEFAULT" has the meaning set forth in Section 6.01.

     "EXPENSE AND INDEMNITY AGREEMENT" means, as applicable, (i) that certain
Expense and Indemnity Agreement, dated May 19, 2005, by and between ING USA and
the Trustee, on behalf of itself and each trust organized under the Program,
including the Trust, (ii) that certain Expense and Indemnity Agreement, dated
May 19, 2005, by and between ING USA and the Custodian, (iii) that certain
Expense and Indemnity Agreement, dated May 19, 2005, by and between ING USA and
the Indenture Trustee, and (iv) that certain Expense and Indemnity Agreement,
dated May 19, 2005, by and between ING USA and the Trust Beneficial Owner, as
each may be amended, modified or supplemented from time to time.

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     "FUNDING AGREEMENT" means each funding agreement designated in the
Indenture, entered into by and between ING USA and the Trust, as it may be
modified, restated, replaced, supplemented or otherwise amended from time to
time in accordance with the terms thereof.

     "FUNDING AGREEMENT HOLDER" means, with respect to the Notes, the "Owner" as
specified in the Funding Agreement.

     "GLOBAL NOTE" means a Note issued in book-entry and registered form.

     "HOLDER" means the Person in whose name a Note or Notes is registered in
the Register.

     "INDEBTEDNESS" means, as applied to any Person, (i) all indebtedness for
borrowed money or for the deferred purchase price of property or services in
respect of which such Person is liable, contingent or otherwise, or in respect
of which such Person otherwise assures a creditor against loss (excluding trade
accounts payable and accrued expenses arising in the ordinary course of business
as determined in good faith by such Person), (ii) that portion of obligations
with respect to capital leases which is properly classified as a liability on a
balance sheet in conformity with generally accepted accounting principles, (iii)
obligations evidenced by bonds, notes, debentures or similar instruments of such
Person, and notes payable by such Person and drafts accepted by such Person
representing extensions of credit whether or not representing obligations for
borrowed money, (iv) the face amount of all drafts drawn thereunder, and (v) all
indebtedness secured by any Lien on any property or asset owned or held by that
Person regardless of whether the indebtedness secured thereby shall have been
assumed by that Person or is non-recourse to the credit of that Person.

     "INDENTURE" means that certain Indenture, contained in, and dated as of the
date specified in the Omnibus Instrument, by and among the Indenture Trustee,
Registrar, Transfer Agent, Paying Agent and Calculation Agent and the Trust, as
may be amended, modified or supplemented from time to time, which incorporates
by reference these Standard Indenture Terms, and shall include the terms of the
Notes established as contemplated hereunder and thereunder.

     "INDENTURE TRUSTEE" means, unless otherwise specified in the Indenture,
Citibank, N.A. and, subject to the provisions of Article 7, shall also include
its successors and assigns as Indenture Trustee under the Indenture.

     "ING USA" means ING USA Annuity and Life Insurance Company, an Iowa
insurance company, or any successor thereto.

     "INTEREST PAYMENT DATE" means each date on which interest is paid to the
Holders of the Notes as specified in the Indenture.

     "INVESTMENT COMPANY ACT" means the Investment Company Act of 1940, as it
may be amended or supplemented from time to time, and any successor statute
thereto, and the rules, regulations and published interpretations of the
Commission promulgated thereunder from time to time.

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     "LIBOR CURRENCY" means the currency specified in the Pricing Supplement as
to which LIBOR (as defined in the Notes) shall be calculated or, if no currency
is specified in the Pricing Supplement, United States Dollars.

     "LIBOR NOTES" means Notes that bear interest based on LIBOR (as defined in
the Notes).

     "LICENSE AGREEMENT" means that certain Trademark License Agreement by and
between the Trustee, on behalf of each Trust, and ING Groep N.V., dated as of
May 19, 2005, as the same may be amended, modified or supplemented from time to
time.

     "LIEN" means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), or preference, priority or
other security agreement or preferential arrangement of any kind or nature
whatsoever (including without limitation any conditional sale or other title
retention agreement, any financing lease having substantially the same economic
effect as any of the foregoing, and the filing of any financing statement under
the UCC or comparable law of any jurisdiction).

     "MATURITY DATE" means the date on which the principal of the Notes becomes
due and payable as provided therein or in the Indenture, whether at the Stated
Maturity Date thereof, by declaration of acceleration, notice of redemption of
the Trust, notice of the Holder's option to elect repayment or otherwise.

     "NONRECOURSE PARTIES" has the meaning set forth in Section 9.01.

     "NOTE" means any secured note of the Trust designated in the Indenture and
authenticated and delivered under the Indenture, which is in registered form and
may be represented by a Global Note or a Definitive Note, and which shall be
substantially in the forms attached as Exhibit A-1, Exhibit A-2 and Exhibit A-3
to the Indenture and "NOTES" means the secured notes of the Trust represented by
such Note.

     "NOTICE OF DEFAULT" has the meaning set forth in Section 6.01.

     "OFFICE OR AGENCY" means an office or agency of the Trust, the Indenture
Trustee, the Paying Agent or the Registrar, as the case may be, maintained or
designated as the Place of Payment for the Notes pursuant to Section 3.04 or any
other office or agency of the Trust, Indenture Trustee, Paying Agent or
Registrar, as the case may be, maintained or designated for such Notes pursuant
to Section 3.04.

     "OMNIBUS INSTRUMENT" means the omnibus instrument pursuant to which certain
Program Documents are executed.

     "OPINION OF COUNSEL" means a written opinion addressed to the Indenture
Trustee (among other addressees) by legal counsel, who may be internal legal
counsel to ING USA, who may, except as otherwise expressly provided in the
Indenture, be counsel for the Trust or ING USA or other counsel and who shall be
reasonably satisfactory to the Indenture Trustee.

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     "ORIGINAL ISSUE DATE" with respect to the Notes means the original issue
date of the Notes, as specified in the Pricing Supplement.

     "OUTSTANDING" means, as of any date of determination, all of the Notes
theretofore authenticated and delivered under the Indenture or in one or more
indentures supplemental to the Indenture, except:

                    (i) Notes theretofore cancelled by the Indenture Trustee or
          delivered to the Indenture Trustee for cancellation;

                    (ii) Notes or portions thereof for the payment or redemption
          of which money in the necessary amount has been theretofore deposited
          with the Indenture Trustee or any Paying Agent in trust for the
          Holders of the Notes, provided that, if the Notes are to be redeemed,
          notice of such redemption has been duly given pursuant to the
          Indenture or provision therefor satisfactory to the Indenture Trustee
          has been made;

                    (iii) Notes in exchange for or in lieu of which other Notes
          have been authenticated and delivered pursuant to the Indenture unless
          proof satisfactory to the Indenture Trustee is presented that any such
          Notes are held by a holder in due course;

                    (iv) Notes alleged to have been destroyed, lost, stolen or
          mutilated and surrendered to the Indenture Trustee for which either
          replacement Notes have been issued or payment has been made as
          provided for in Section 2.08 unless proof satisfactory to the
          Indenture Trustee is presented that any such Notes are held by a
          holder in due course; and

                    (v) Notes represented by Global Notes to the extent that
          they shall have been duly exchanged for Definitive Notes pursuant to
          the Indenture unless proof satisfactory to the Indenture Trustee is
          presented that any such Notes are held by a holder in due course;

provided further, however, that in determining whether the Holders of the
requisite percentage of the principal amount of the Outstanding Notes have given
any request, demand, authorization, direction, notice, consent or waiver under
the Indenture, Notes owned by the Trust or any Affiliate of the Trust shall be
disregarded and deemed not to be Outstanding, except that in determining whether
the Indenture Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes that the
Indenture Trustee actually knows to be so owned shall be so disregarded. Notes
so owned that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Indenture Trustee that the
pledgee is entitled so to act with respect to such Notes and that the pledgee is
not the Trust or any Affiliate of the Trust.

     "PARTICIPANT" means, with respect to the Depositary or any other Clearing
System, a Person who has an account with the Depositary or such other Clearing
System, respectively.

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     "PAYING AGENT" means, unless otherwise specified in the Indenture or a
supplemental indenture, the Indenture Trustee, in its capacity as paying agent
under the Indenture or its successors or assigns.

     "PERSON" means any natural person, corporation, limited partnership,
general partnership, joint stock company, joint venture, association, company,
limited liability company, trust (including any beneficiary thereof), bank,
trust company, land trust, business trust or other organization, whether or not
a legal entity, and governments and agencies and political subdivisions thereof.

     "PLACE OF PAYMENT" means the place where the principal of, premium, if any,
and interest on the Notes are payable which, unless otherwise specified in the
Indenture, shall be the address specified in Section 1.05 for the Indenture
Trustee.

     "PRICING SUPPLEMENT" means the pricing supplement attached to the Omnibus
Instrument as Exhibit C as prepared by the Trust in connection with the issuance
and sale by the Trust of the Notes and agreed to by ING USA, the Trust and the
Relevant Agents appointed under the Distribution Agreement, as such Pricing
Supplement may be amended, modified, supplemented or replaced from time to time.

     "PRINCIPAL FINANCIAL CENTER" means, as applicable, the capital city of the
country issuing the Specified Currency or the capital city of the country to
which the LIBOR Currency relates; provided, however, that with respect to United
States Dollars, Australian dollars, Canadian dollars, the euro, South African
rand and Swiss francs, the "Principal Financial Center" shall be The City of New
York, Sydney, Toronto, London (solely in the case of the LIBOR Currency),
Johannesburg and Zurich, respectively.

     "PROCEEDS" means all of the proceeds of, and all other profits, products,
rents, principal payments, interest payments or other receipts, in whatever
form, arising from the collection, sale, lease, exchange, assignment, licensing
or other disposition or maturity of, or other realization upon, the Funding
Agreement, including without limitation all claims of the Trust against third
parties for loss of, damage to or destruction of, or for proceeds payable under,
the Funding Agreement, whether now existing or hereafter arising.

     "PROGRAM" means, collectively, the Secured Medium-Term Notes Program and
the ING(sm) USA CoreNotes(R) Program, in each case, of the ING USA Global
Funding Trusts.

     "PROGRAM DOCUMENTS" means the Indenture, the Notes, the Trust Agreement,
the Funding Agreement, the Distribution Agreement, the License Agreement and
each Expense and Indemnity Agreement and any other documents or instruments
entered into by, with respect to, or on behalf of, the Trust.

     "RATING AGENCY" means any rating agency that has rated the Program or the
Notes.

     "REDEMPTION PRICE" means the price at which the Notes are to be redeemed
pursuant to Section 2.04, as set forth in the applicable Pricing Supplement or a
supplemental indenture.

     "REGISTER" has the meaning set forth in Section 2.06.

                                       8
<PAGE>
     "REGISTRAR" means, unless otherwise specified in the Indenture or a
supplemental indenture, the Indenture Trustee, in its capacity as registrar
under the Indenture, or its successors or assigns.

     "REGISTRATION STATEMENT" means (a) a registration statement on Form S-3 or
other appropriate form, including the prospectus, prospectus supplements and the
exhibits included therein and including any documents or filings incorporated by
reference therein, any pre-effective or post-effective amendments thereto and
any registration statements filed subsequent thereto under rules promulgated
under the Securities Act, relating to the registration under the Securities Act
of the Notes and the Funding Agreement, (b) any preliminary prospectus or
prospectus supplements thereto relating to the Notes whether or not required to
be filed pursuant to the Securities Act and any documents or filings
incorporated therein by reference, and (c) a registration statement and such
other documents, forms or filings as may be required by the Securities Act or
the Trust Indenture Act or other securities laws, in each case relating to the
Notes.

     "REGULAR RECORD DATE" for the interest payable on any Interest Payment Date
means the date specified for that purpose in the Notes or the Indenture.

     "RELEVANT AGENTS" means the agent or agents (in a firm commitment offering
of Notes or in a best efforts offering of Notes) appointed pursuant to the
Distribution Agreement.

     "RESPONSIBLE OFFICER" means, with respect to the Indenture Trustee or the
Trustee, any vice president, any assistant vice president, any assistant
treasurer, any trust officer or assistant trust officer, or any other officer of
the Indenture Trustee or the Trustee, as the case may be, customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of his or her knowledge of and familiarity
with the particular subject, and also, with respect to the Trustee, having
direct responsibility for the administration of the Trust, or with respect to
the Indenture Trustee, having direct responsibility for the administration of
the Indenture.

     "SECURED OBLIGATIONS" means the obligations of the Trust secured under the
Notes and the Indenture, including (i) all principal of, premium, if any, and
interest (including, without limitation, any interest which accrues after the
commencement of any case, proceeding or other action relating to the bankruptcy,
insolvency or reorganization of the Trust, whether or not allowed or allowable
as a claim in any such proceeding) on such Notes or pursuant to the Indenture,
(ii) all other amounts payable by the Trust under the Indenture or under such
Notes including all Additional Amounts (if applicable) and all costs and
expenses (including without limitation attorneys' fees) incurred by each of the
Indenture Trustee, the Trustee and the Custodian (to the extent not paid
pursuant to the applicable Expense and Indemnity Agreement) and (iii) any
renewals or extensions of the foregoing.

     "SECURITIES ACT" means the Securities Act of 1933, as it may be amended or
supplemented from time to time, and any successor statute thereto, and the
rules, regulations and published interpretations of the Commission promulgated
thereunder from time to time.

                                       9
<PAGE>
     "SECURITIES EXCHANGE ACT" means the Securities Exchange Act of 1934, as it
may be amended or supplemented from time to time, and any successor statute
thereto, and the rules, regulations and published interpretations of the
Commission promulgated thereunder from time to time.

     "SPECIAL RECORD DATE" means a date fixed by the Indenture Trustee pursuant
to Section 2.9 for the payment of any Defaulted Interest on any Note.

     "SPECIFIED CURRENCY" means the currency in which the Notes are denominated
(or, if such currency is no longer legal tender for the payment of public and
private debts in the country issuing such currency or, in the case of the euro,
in the 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, such currency which is then such legal tender).

     "STANDARD INDENTURE TERMS" means these Standard Indenture Terms, dated as
of May 17, 2005.

     "STATED MATURITY DATE" means the date specified in the Notes, as the fixed
date on which the principal of such Notes is due and payable, which date will be
a day between nine months and thirty years from the date of original issuance of
the Notes and be on the last scheduled Interest Payment Date.

     "STERLING" means such coin or currency of the United Kingdom as at the time
shall be legal tender for the payment of public or private debts.

     "TARGET SYSTEM" means the Trans-European Automated Real-Time Gross
Settlement Express Transfer System.

     "TRANSFER AGENT" means, unless otherwise specified in the Indenture or a
supplemental indenture, the Indenture Trustee, in its capacity as transfer agent
under the Indenture or its successors or assigns.

     "TREASURY REGULATIONS" means the regulations promulgated by the United
States Treasury Department pursuant to the Code.

     "TRUST" means the ING USA Global Funding Trust named in the Omnibus
Instrument, which shall be a trust, formed under the laws of the jurisdiction
specified in the Trust Agreement, together with its permitted successors and
assigns; provided, however, unless the context requires otherwise, all
references in the Indenture to the "Trust" shall also include the Trustee, on
behalf of the Trust.

     "TRUST AGREEMENT" means that certain Trust Agreement, contained in, and
dated as of the date specified in, the Omnibus Instrument, by and between the
Trustee and the Trust Beneficial Owner, declaring and establishing the Trust, as
may be amended, modified or supplemented from time to time.

     "TRUST BENEFICIAL INTEREST" has the meaning set forth in the Trust
Agreement.

                                       10
<PAGE>
     "TRUST BENEFICIAL OWNER" means the beneficial owner of the Trust Beneficial
Interest.

     "TRUST CERTIFICATE" means a certificate signed by one or more Responsible
Officers of the Trustee on behalf of the Trust and delivered to the Indenture
Trustee.

     "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, as it may be
amended or supplemented from time to time, and any successor statute thereto,
and the rules, regulations and published interpretations of the Commission
promulgated thereunder from time to time.

     "TRUST ORDER" or "TRUST REQUEST" means a written statement, request or
order of the Trust signed in its name by one or more Responsible Officers of the
Trustee and delivered to the Indenture Trustee.

     "TRUSTEE" means, unless otherwise specified in the Trust Agreement, U.S.
Bank National Association, not in its individual capacity, but solely as the
Trustee under the Trust Agreement, and shall also include its permitted
successors and assigns under the Trust Agreement.

     "UCC" means the Uniform Commercial Code, as from time to time in effect in
the State of New York; provided that, with respect to the perfection, effect of
perfection or non-perfection, or priority of any security interest in the
Collateral, "UCC" shall mean the Uniform Commercial Code, as from time to time
in effect in the applicable jurisdiction whose law governs such perfection,
non-perfection or priority.

     "UNITED STATES" means the United States of America (including the States
and the District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction.

     SECTION 1.02. Compliance Certificates and Opinions. Upon any application or
request by the Trust to the Indenture Trustee to take any action under any
provision of the Indenture, the Trust shall furnish to the Indenture Trustee a
Trust Certificate stating that all conditions precedent, if any, provided for in
the Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of the Indenture, no additional
certificate or opinion need be furnished.

     SECTION 1.03. Form of Documents Delivered to Indenture Trustee.

          (a) In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

          (b) Any certificate or opinion of the Trust may be based, insofar as
it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless the Trustee knows that the certificate or
opinion or representations with respect to the matters upon which its
certificate or opinion is based are erroneous. Any such certificate or opinion
or any

                                       11
<PAGE>
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, the Trustee stating that the
information with respect to such factual matters is in the possession of the
Trustee, unless such counsel knows that the certificate or opinion or
representations with respect to such matters are erroneous. Any Opinion of
Counsel may be based on the written opinion of other counsel, in which event
such Opinion of Counsel shall be accompanied by a copy of such other counsel's
opinion and shall include a statement to the effect that such counsel believes
that such counsel and the Indenture Trustee may reasonably rely upon the opinion
of such other counsel. Any certificate or opinion of the Trust or of counsel may
be based, insofar as it relates to accounting matters, upon a certificate or
opinion of or representations by an accountant or firm of accountants in the
employ of ING USA or the Trust, unless the Trustee knows that the certificate or
opinion or representations with respect to the accounting matters upon which its
certificate or opinion is based are erroneous.

          (c) Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under the Indenture, they may, but need not, be consolidated and
form one instrument.

          (d) Wherever in the Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Trust
shall deliver any document as a condition of the granting of such application,
or as evidence of compliance with any term of the Indenture, it is intended that
the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Trust to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to limit the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Section 7.01.

          (e) Every certificate or opinion with respect to compliance with a
condition or covenant provided for in the Indenture (including one furnished
pursuant to specific requirements of the Indenture relating to a particular
application or request) shall substantially include:

                    (i) a statement that each individual signing such
          certificate or opinion has read such covenant or condition and the
          definitions in the Indenture relating thereto;

                    (ii) a brief statement as to the nature and scope of the
          examination or investigation upon which the statements or opinions
          contained in such certificate or opinion are based;

                    (iii) a statement that, in the opinion of each such
          individual, he or she has made such examination or investigation as is
          necessary to enable him or her to express an informed opinion as to
          whether or not such covenant or condition has been complied with; and

                                       12
<PAGE>
                    (iv) a statement as to whether, in the opinion of each such
          individual, such condition or covenant has been complied with.

     SECTION 1.04. Acts of Holders.

          (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by the Indenture to be given or taken by any
Holder may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holder in person or by one or more
agents duly appointed in writing. Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by the Indenture to be given or
taken by Holders may, alternatively, be embodied in and evidenced by the record
of Holders of Notes voting in favor thereof, either in person or by proxies duly
appointed in writing, at any meeting of Holders of Notes duly called and held in
accordance with the provisions of Article 10, or a combination of such
instruments and any such record. Except as otherwise expressly provided in the
Indenture, such action shall become effective when such instrument or
instruments or record or both are delivered to the Indenture Trustee. Such
instrument or instruments and any such record (and the action embodied therein
and evidenced thereby) are sometimes referred to in the Indenture as the "ACT"
of the Holders signing such instrument or instruments or so voting at any
meeting. Proof of execution of any such instrument or of writing appointing any
such agent, or of the holding by any Person of a Note, shall be sufficient for
any purpose of the Indenture and (subject to Section 7.01) conclusive in favor
of the Indenture Trustee, and the Trust, if made in the manner provided in this
Section 1.04. The record of any meeting of Holders of Notes shall be proved in
the manner provided in Section 10.06. Without limiting the generality of this
Section 1.04, unless otherwise provided in or pursuant to the Indenture, a
Clearing System that is or whose nominee is a Holder of a Global Note may allow
its account holders who have beneficial interests in such Global Note credited
to accounts with such Clearing System to direct such Clearing System in taking
such action through such Clearing System's standing instructions and customary
practices. The Clearing System shall report only one result of its solicitation
of proxies to the Indenture Trustee.

          (b) Subject to Section 7.01, the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of a notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him or her the execution thereof.
Whenever such execution is by a signer acting in a capacity other than his or
her individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his or her authority. The fact and date of the execution of
any such instrument or writing, or the authority of the Person executing the
same, may be proved in any other manner that the Indenture Trustee deems
sufficient.

          (c) The ownership, principal amount and serial numbers of Notes held
by any Person, and the date of the commencement and the date of the termination
of holding the same, shall be proved by the Register.

          (d) Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Note shall bind every future Holder of
the same Note and the Holder of every Note issued upon the registration of
transfer thereof or in exchange therefor or in

                                       13
<PAGE>
lieu thereof in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Trust in reliance thereon, whether or not notation of
such action is made upon such Note.

          (e) Except as provided in Section 1.04(f), if the Trust shall solicit
from the Holders of Notes any Act referred to in Section 1.04(a), the Trust may,
at its option, fix in advance a record date for the determination of Holders
entitled to vote or consent in connection with any such Act, but the Trust shall
have no obligation to do so. If such record date is fixed, such Act may be given
after such record date, but only the Holders of record at the close of business
on such record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of Outstanding Notes
have authorized or agreed or consented to such Act, and for that purpose the
Outstanding Notes shall be computed as of such record date; provided, that no
such Act by Holders on such record date shall be deemed effective unless it
shall become effective pursuant to the provisions of the Indenture not later
than six months after the record date. Nothing in this Section 1.04(e) shall be
construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Notes on the date such action is taken. Promptly
after any record date is set pursuant to this Section 1.04(e), the Trust shall
cause notice of such record date and the proposed action by Holders to be given
to the Indenture Trustee in writing and to each Holder of the Notes in the
manner set forth in Section 1.06.

          (f) The Indenture Trustee may set any day as a record date for the
purpose of determining the Holders entitled to join in the giving or making of
(i) any notice delivered pursuant to Section 6.01(d), (ii) any declaration of
acceleration referred to in Section 6.02, (iii) any request to institute
proceedings referred to in Section 6.07(b) or (iv) any direction referred to in
Section 6.12. If such a record date is fixed pursuant to this Section 1.04(f),
the relevant action may be taken or given after such record date, but only the
Holders of record at the close of business on such record date shall be deemed
to be Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Notes have authorized or agreed or consented to such
action, and for that purpose the Outstanding Notes shall be computed as of such
record date; provided, that no such action by Holders on such record date shall
be deemed effective unless it shall become effective pursuant to the provisions
of the Indenture not later than six months after the record date. Nothing in
this Section 1.04(f) shall be construed to prevent the Indenture Trustee from
setting a new record date for any action for which a record date has previously
been set pursuant to this Section 1.04(f) (whereupon the record date previously
set shall automatically and with no action by any Person be cancelled and of no
effect), and nothing in this Section 1.04(f) shall be construed to render
ineffective any action taken by Holders of the requisite principal amount of
Outstanding Notes on the date such action is taken. Promptly after any record
date is set pursuant to this Section 1.04(f), the Indenture Trustee shall cause
notice of such record date and the proposed action by Holders to be given to the
Trust in writing and to each Holder of the Notes in the manner set forth in
Section 1.06.

     SECTION 1.05. Notices. Any request, demand, authorization, direction,
notice, consent, waiver or other action required or permitted by the Indenture
to be made upon, given or furnished to, or filed with, the Indenture Trustee,
the Registrar, the Transfer Agent, the Paying Agent, the Calculation Agent, the
Trust and the Rating Agencies shall be sufficient for every purpose under the
Indenture (unless otherwise expressly provided in the Indenture) if in writing
and sent by fax or mailed, first-class mail or overnight courier, in each case
postage prepaid, at

                                       14
<PAGE>
the address specified in this Section 1.05 or at any other address previously
furnished in writing by one party to the other. Notices to the Indenture Trustee
shall be effective upon receipt.

               Such notices shall be addressed

               if to the Indenture Trustee, to:

               Citibank, N.A.
               Agency & Trust
               388 Greenwich Street, 14th Floor
               New York, New York 10013
               Facsimile: (212) 816-5527
               Attention: Nancy Forte

               if to the Registrar, Transfer Agent, Paying Agent and Calculation
               Agent, to:

               Citibank, N.A.
               Agency & Trust
               388 Greenwich Street, 14th Floor
               New York, New York 10013
               Facsimile: (212) 816-5527
               Attention: Nancy Forte

               if to the Trust, to:

               ING USA Global Funding Trust (followed by the number of the Trust
               Designated in the Omnibus Instrument)
               c/o U.S. Bank National Association
               Corporate Trust Services
               209 S. La Salle Street, Suite 300
               Chicago, IL 60604
               Telephone: (312) 325-8902
               Facsimile: (312) 325-8905
               Attention: Patricia Child, VP

               if to the Rating Agencies, to:

               Standard & Poor's Rating Services
               55 Water Street
               33rd Floor
               New York, New York 10041
               Facsimile: (212) 438-5215
               Attention: Capital Markets

               Moody's Investors Service, Inc.
               Life Insurance Group
               99 Church Street

                                       15
<PAGE>
               New York, New York 10007
               Facsimile: (212) 553-4805
               Attention: ING USA Global Funding Trust

               A.M. Best Company
               Ambest Road
               Oldwick, New Jersey 08858
               Facsimile: (908) 439-2237
               Attention: Life/Health Division

     SECTION 1.06. Notice to Holders; Waiver.

          (a) Except as otherwise expressly provided in or pursuant to the
Indenture, notices to Holders required under the Notes shall be sufficiently
given upon the mailing by overnight courier or first-class mail (or equivalent),
or (if posted to an overseas address) by airmail, postage prepaid, of such
notices to each Holder of the Notes at their registered addresses as recorded in
the Register.

          (b) Where the Indenture provides for notice in any manner, such notice
may be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Indenture Trustee,
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver. In any case, neither the failure to give
such notice, nor any defect in any notice to any particular Holder shall affect
the sufficiency of such notice with respect to other Holders, and any notice
which is mailed in the manner provided in the Indenture shall be conclusively
presumed to have been duly given.

          (c) In the case by reason of the suspension of regular mail service or
by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the Indenture
Trustee shall constitute a sufficient notification for every purpose under the
Indenture.

     SECTION 1.07. Severability. In case any provision in or obligation under
the Indenture or the Notes shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining
provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby to the
fullest extent permitted under applicable law.

     SECTION 1.08. Successors and Assigns. All covenants, stipulations, promises
and agreements in the Indenture by the Trust shall bind its successors and
assigns, whether so expressed or not.

     SECTION 1.09. Benefits of Indenture. Nothing in the Indenture or in any
Note, expressed or implied, shall give to any Person other than the parties
under the Indenture and their successors and the Holders, any legal or equitable
right, remedy or claim under the Indenture.

     SECTION 1.10. Language of Notices. Any request, demand, authorization,
direction, notice, consent, election or waiver required or permitted under the
Indenture shall be in the English language, except that, if the Trust so elects,
any published notice may also be in an official language of the country of
publication.

     SECTION 1.11. Governing Law.

                                       16
<PAGE>
          (a) The Indenture and the Notes (unless otherwise specified in the
Pricing Supplement) shall be governed by, and construed in accordance with, the
laws of the State of New York without regard to conflict of law principles,
except as required by mandatory provisions of law and except to the extent that
the validity or perfection of the Trust's ownership of the Funding Agreement,
the perfection of the Indenture Trustee's security interest therein, or remedies
under the Indenture in respect thereof may be governed by laws of a jurisdiction
other than the State of New York.

          (b) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST THE TRUST, THE ASSETS OF
THE TRUST, THE INDENTURE TRUSTEE, REGISTRAR, TRANSFER AGENT OR PAYING AGENT OR
ANY OTHER AGENT, ARISING OUT OF OR RELATING TO THE INDENTURE, ANY NOTE OR ANY
PORTION OF THE COLLATERAL MAY BE BROUGHT IN A UNITED STATES FEDERAL COURT OF
COMPETENT JURISDICTION LOCATED IN NEW YORK CITY, THE BOROUGH OF MANHATTAN, AND
BY EXECUTION AND DELIVERY OF THE INDENTURE EACH OF THE TRUST, THE INDENTURE
TRUSTEE, THE REGISTRAR, THE TRANSFER AGENT, THE PAYING AGENT AND ANY OTHER AGENT
(IN SUCH CAPACITIES) ACCEPT (AND WITH RESPECT TO THE TRUST, IN CONNECTION WITH
ITS PROPERTY ACCEPTS), GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE
JURISDICTION OF THE AFORESAID COURT AND WAIVE ANY DEFENSE OF FORUM NON
CONVENIENS (EXCEPT TO THE EXTENT A UNITED STATES FEDERAL COURT RAISES SUCH ISSUE
ON ITS OWN MOTION) AND IRREVOCABLY AGREE TO BE BOUND BY ANY JUDGMENT RENDERED
THEREBY IN CONNECTION WITH THE INDENTURE, ANY NOTE OR ANY PORTION OF THE
COLLATERAL.

     SECTION 1.12. Waiver of Jury Trial. EACH OF THE PARTIES TO THE INDENTURE
HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF THE INDENTURE, THE NOTES OR ANY
DEALINGS AMONG THEM RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION. The
scope of this waiver is intended to encompass any and all disputes that may be
filed in any court and that relate to the subject matter of this transaction
including without limitation contract claims, tort claims, breach of duty
claims, and all other common law and statutory claims. Each party under the
Indenture acknowledges that this waiver is a material inducement to enter into a
business relationship, that such party has already relied on the waiver in
entering into the Indenture, and that such party will continue to rely on the
waiver in its related future dealings. Each party under the Indenture further
warrants and represents that it has reviewed this waiver with its legal counsel,
and that it knowingly and voluntarily waives its jury trial rights following
consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY
NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THE INDENTURE
OR ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE INDENTURE. In the event of
litigation, the Indenture may be filed as a written consent to a trial by the
court.

     SECTION 1.13. Counterparts. The Indenture and any amendments, waivers,
consents or supplements to the Indenture may be executed in any number of
counterparts, and by different

                                       17
<PAGE>
parties to the Indenture in separate counterparts, and each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. The Indenture shall
become effective upon the execution of a counterpart of the Indenture by each of
the parties to the Indenture.

     SECTION 1.14. Third Party Beneficiaries. The Indenture will inure to the
benefit of and be binding upon the parties to the Indenture, and the Trustee and
their respective successors and permitted assigns.

     SECTION 1.15. Conflict with Trust Indenture Act. If any provision of the
Indenture limits, qualifies or conflicts with any duties imposed by any of
Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of
Section 318(c) thereof, such imposed duties shall control.

                                   ARTICLE 2
                                   THE NOTES

     SECTION 2.01. Forms Generally.

          (a) The Notes constitute direct, unconditional, unsubordinated and
secured non-recourse obligations of the Trust and rank equally among themselves.
The Notes shall be in substantially the form set forth in Exhibit A-1, Exhibit
A-2 and Exhibit A-3 attached to the Indenture, as applicable, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required by the Indenture or as may in the Trust's judgment be necessary,
appropriate or convenient to permit such Notes to be issued and sold, or to
comply, or facilitate compliance, with applicable laws, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange on which such Notes may be listed, or as may, consistently
with the Indenture, be determined by the Trustee (based conclusively on the
advice of counsel) as evidenced by its execution thereof. Any portion of the
text of any Note may be set forth on the reverse thereof with an appropriate
reference on the face of the Note.

          (b) The terms and provisions contained in the Notes shall constitute,
and are hereby expressly made a part of the Indenture, and, to the extent
applicable, the Indenture Trustee, by its execution and delivery of the
Indenture, and the Trust by its execution and delivery of the Indenture,
expressly agree to such terms and provisions and to be bound thereby.

          (c) Except as described in this Section 2.01(c), no Global Note
evidencing any of the Notes and deposited with or on behalf of any Clearing
System shall be exchangeable for Definitive Notes. Subject to the foregoing
sentence, if (i) such Clearing System notifies ING USA that it is unwilling or
unable to continue as Depositary or ING USA becomes aware that the Clearing
System has ceased to be a clearing agency registered under the Securities
Exchange Act and in any such case ING USA fails to appoint a successor
depositary within sixty (60) calendar days after receiving the notice from such
Clearing System or becoming aware that such Clearing System is no longer
registered under the Securities Exchange Act, (ii) an Event of Default shall
have occurred and is continuing with respect to the Notes or (iii) the Trust
shall have decided in its sole discretion that the Notes should no longer be
evidenced solely by one or more Global

                                       18
<PAGE>
Notes, then, pursuant to written instructions by ING USA to the Indenture
Trustee (in the case of clause (i)), or upon written request of the Holder (or
Participant in such Clearing System with an interest in the Notes) (in the case
of clause (ii)), or pursuant to written instructions by the Trust to the
Indenture Trustee and Clearing System (in the case of clause (iii)):

     (A)  with respect to each Global Note evidencing such Notes, the Trust
          shall execute, and the Indenture Trustee shall authenticate and
          deliver, Definitive Notes in authorized denominations in exchange for
          the Global Note, in an aggregate principal amount equal to the
          Outstanding principal amount of the related Global Note. Upon the
          exchange of the Global Note for the Definitive Notes, such Global Note
          shall be cancelled by the Registrar. Definitive Notes issued in
          exchange for a Global Note pursuant to this Section 2.01(c) shall be
          registered in the Register in such names and in such denominations as
          the Clearing System for such Global Note, pursuant to the instructions
          from its direct or indirect Participants or otherwise, shall instruct
          the Indenture Trustee, serving as custodian, on behalf of the nominee
          of the Depositary, of the Global Note. The Indenture Trustee shall
          promptly provide the information to the Registrar. Promptly after the
          authentication of the Definitive Notes by the Indenture Trustee, the
          Indenture Trustee shall deliver such Definitive Notes to the Holders
          of such Notes;

     (B)  if Definitive Notes are issued in exchange for any portion of a Global
          Note after the close of business at the Office or Agency for such Note
          where such exchange occurs on (1) any Regular Record Date for such
          Notes and before the opening of business at such Office or Agency on
          the next Interest Payment Date, or (2) any Special Record Date for
          such Notes and before the opening of business at such Office or Agency
          on the related proposed date for payment of interest or Defaulted
          Interest, as the case may be, interest shall not be payable on such
          Interest Payment Date or proposed date for payment, as the case may
          be, in respect of such Definitive Notes, but shall be payable on such
          Interest Payment Date or proposed date for payment, as the case may
          be, only to the Person to whom interest in respect of such portion of
          such Global Note shall be payable in accordance with the provisions of
          the Indenture; and

     (C)  if for any reason Definitive Notes are not issued, authenticated and
          delivered to the Holders in accordance with paragraph (A) of this
          Section 2.01(c), then:

                    (1) the Clearing System or its successors may provide to
               each of its Participants a statement of such Participant's
               interest in the Notes evidenced by each Global Note held by such
               Clearing System or its successors, together with a copy of such
               Global Note; and

                    (2) subject to the limitations on individual Holder action
               contained in the Notes or the Indenture, each such Participant or
               its successors and assigns (x) shall have a claim, directly
               against the Trust, for the payment of any amount due or to become
               due in respect of such Participant's interest in the Notes
               evidenced by such Global Note, and

                                       19
<PAGE>
               shall be empowered to bring any claim, to the extent of such
               Participant's interest in the Notes evidenced by such Global Note
               and to the exclusion of such Clearing System or its successors,
               that as a matter of law could be brought by the Holder of such
               Global Note and the Person in whose name the Notes are registered
               and (y) may, without the consent and to the exclusion of such
               Clearing System or its successors, file any claim, take any
               action or institute any proceeding, directly against the Trust,
               to compel the payment of such amount or enforce any such rights,
               as fully as though the interest of such Participant in the Notes
               evidenced by such Global Note were evidenced by a Definitive Note
               in such Participant's actual possession and as if an amount of
               Notes equal to such Participant's stated interest were registered
               in such Participant's name and without the need to produce such
               Global Note in its original form.

          Notwithstanding anything in this paragraph (C) to the contrary, the
          Indenture Trustee shall not be required to recognize any account
          holder or any of its successors and assigns referred to in said
          paragraph as a Holder for any purpose of the Indenture or the Notes
          and shall be entitled to treat the Person in whose name the Global
          Note is registered as a Holder for all purposes of the Indenture and
          the Notes if and until Definitive Notes are issued to and registered
          in the names of such Participants or their successors and assigns.

The account records of any Clearing System or its successor shall, in the
absence of manifest error, be conclusive evidence of the identity of each
Participant that has any interest in the Notes evidenced by the Global Note held
by such Clearing System or its successor and the amount of such interest.
Definitive Notes shall be issued only in denominations as specified in the
relevant Pricing Supplement.

          (d) Subject to the other provisions of the Indenture, if any Global
Note is exchanged for Definitive Notes, then:

                    (i) the Trust, the Indenture Trustee and any Paying Agent
          will have the right to treat each Holder of Definitive Notes as the
          Person exclusively entitled to receive interest and other payments or
          property in respect of or in exchange for the Notes, and otherwise to
          exercise all the rights and powers with respect to any Note (subject
          to the record date provisions of the Indenture and of the Notes); and

                    (ii) the obligation of the Trust to make payments of
          principal, premium, if any, interest and other amounts with respect to
          the Notes shall be discharged at the time payment in the appropriate
          amount is made in accordance with the Indenture to each Holder.

     SECTION 2.02. No Limitation on Aggregate Principal Amount of Notes. The
aggregate principal amount of Notes which may be authenticated and delivered
under the Indenture is unlimited. Unless otherwise specified in the applicable
Pricing Supplement, the Notes shall be issued in denominations of $1,000 and any
larger amount that is a multiple of $1,000; the

                                       20
<PAGE>
authorized denominations of Notes that have a Specified Currency other than U.S.
Dollars will be the appropriate equivalent in such Specified Currency. The
specific terms and conditions of the Notes shall be set out in a Pricing
Supplement and, if applicable, a supplemental indenture entered into pursuant to
Section 8.01(e).

     SECTION 2.03. Listing. If specified in the Pricing Supplement, the Notes
will be listed on the securities exchange set forth in such Pricing Supplement.

     SECTION 2.04. Redemption and Repayment.

          (a) Except as otherwise provided in the Pricing Supplement, a
supplemental indenture and the Notes or in Section 6.02, the Trust will redeem
the Notes only if ING USA redeems the Funding Agreement securing such Notes in
an amount equal to the amount of the related Notes to be redeemed in accordance
with the terms of the Indenture and the Notes, and the Trust will not redeem the
Notes if ING USA does not redeem the Funding Agreement securing such Notes in an
amount equal to the amount of the Notes to be redeemed in accordance with the
Indenture and the Notes. Unless otherwise specified in the relevant Pricing
Supplement and a supplemental indenture or the Notes, the Trust may not redeem
the Notes after the date that is thirty (30) calendar days prior to the Stated
Maturity Date.

          (b) If, but only if, specified in the Pricing Supplement and a
supplemental indenture or the Notes, such Notes will be repayable at the option
of the Holders thereof in accordance with the repayment provisions included in
the Pricing Supplement and supplemental indenture or the Notes.

          (c) In connection with the redemption by the Trust of the Notes under
Section 2.04(a), upon receipt by the Trust of notice of redemption of the
Funding Agreement from ING USA, the Trust will promptly give written notice of
such redemption to the Indenture Trustee and the Indenture Trustee will give
written notice to the Holders in accordance with Section 1.06 not less than
thirty (30) calendar days and no more than sixty (60) calendar days prior to the
date set for such redemption. All notices of redemption shall identify the Notes
to be redeemed (including the CUSIP numbers) and shall state:

                    (i) the redemption date;

                    (ii) the Redemption Price or, if not then ascertainable, the
          manner of calculation thereof;

                    (iii) that on the redemption date the Redemption Price will
          become due and payable on the Notes to be redeemed and that interest
          thereon will cease to accrue on and after said date; and

                    (iv) the place or places where the Notes to be redeemed are
          to be surrendered for payment of the Redemption Price.

          (d) Prior to 10:00 a.m. New York City time on the redemption date, the
Trust shall deposit with the Paying Agent an amount of money sufficient to pay
the Redemption Price of and accrued and unpaid interest on all Notes which are
to be redeemed on that date.

                                       21
<PAGE>
          (e) Upon notice of redemption having been given pursuant to Section
2.04(c), the Notes to be so redeemed shall, on the redemption date, become due
and payable at the Redemption Price therein specified, and from and after such
date (unless the Trust shall default in the payment of the Redemption Price and
accrued interest, if any) such Notes shall cease to bear or accrue any interest.
Upon surrender of the Notes for redemption in accordance with said notice, such
Notes shall be paid by the Trust at the Redemption Price, together with any
accrued but unpaid interest to but not including the redemption date.

          (f) The election of the Trust to redeem any Notes shall be evidenced
by a Trust Certificate. In case of any redemption at the election of the Trust,
the Trust shall, at least forty-five (45) calendar days prior to the redemption
date fixed by the Trust (unless a shorter notice shall be satisfactory to the
Indenture Trustee), notify the Indenture Trustee of such redemption date, and of
the principal amount of Notes to be redeemed. In the case of any redemption of
Notes (i) prior to the expiration of any restriction on such redemption provided
in the terms of such Notes or elsewhere in the Indenture, or (ii) pursuant to an
election of the Trust which is subject to a condition specified in the terms of
such Notes or elsewhere in the Indenture, the Trust shall furnish the Indenture
Trustee with a Trust Certificate evidencing compliance with such restriction or
condition.

          (g) If less than all of the Notes are to be redeemed (unless such
redemption affects only a single Note), the particular Notes to be redeemed
shall be selected not more than sixty (60) calendar days prior to the redemption
date by the Indenture Trustee, from the Outstanding Notes not previously called
for redemption, by lot or pro rata, in its reasonable discretion, in accordance
with the customary procedures of the Indenture Trustee; provided that the
unredeemed portion of the principal amount of any Note shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination)
for such Note; provided further, that if at the time of redemption such Notes
are registered as Global Notes, the Depositary shall determine, in accordance
with its procedures, the principal amount of such Notes to be redeemed by each
of the Depositary's Participants.

     The Indenture Trustee shall promptly notify the Trust in writing of the
Notes selected for redemption as aforesaid and, in the case of any Notes
selected for partial redemption as aforesaid, the principal amount thereof to be
redeemed.

     For all purposes of the Indenture, unless the context otherwise requires,
all provisions relating to the redemption of Notes shall relate, in the case of
any Notes redeemed or to be redeemed only in part, to the portion of the
principal amount of such Notes which has been or is to be redeemed.

          (h) Any Note which is to be redeemed only in part shall be surrendered
at a Place of Payment therefor (with, if the Trust or the Indenture Trustee so
requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Trust and the Indenture Trustee duly executed by, the Holder
thereof or its attorney-in-fact duly authorized in writing), and the Trust shall
execute, and the Indenture Trustee shall authenticate and deliver to the Holder
of such Note without service charge, a new Note or Notes, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Note so
surrendered.

                                       22
<PAGE>
          (i) The Notes will not be subject to, or entitled to the benefit of,
any sinking fund or repayment at the option of the Holders, unless otherwise
specified in the Pricing Supplement and a supplemental indenture of the Notes.

     SECTION 2.05. Execution, Authentication and Delivery Generally.

          (a) Upon the execution of any Terms Agreement (as defined in the
Distribution Agreement) pursuant to the Distribution Agreement (if the Relevant
Agents agree to purchase the Notes on a principal basis), the acceptance of an
offer to purchase Notes solicited by the Relevant Agents on an agency basis, or
the acceptance of a direct offer of Notes for sale by the Trust, the Trust
shall, as soon as practicable but in any event (unless otherwise agreed by the
parties) not later than 11:00 a.m. New York City time on the second Business Day
following the date of ING USA's acceptance of the offer for the purchase of
Notes:

                    (i) confirm by fax to the Indenture Trustee, the Paying
          Agent and the Registrar, all such information as the Indenture
          Trustee, the Paying Agent or the Registrar may reasonably require to
          carry out their respective functions under the Indenture, including,
          in particular, the settlement and payment procedures that will apply
          to the relevant Notes and, if applicable, the account of the Trust to
          which payment should be made;

                    (ii) deliver a copy of the Pricing Supplement or duly
          executed supplemental indenture in relation to the relevant Notes to
          the Indenture Trustee, the Paying Agent and the Registrar; and

                    (iii) unless a Global Note is to be used and the Trust shall
          have provided such Global Note to the Registrar pursuant to Section
          2.05(c), ensure that there is delivered to the Registrar a stock of
          Definitive Notes (in unauthenticated form and with the names of the
          registered Holders left blank but duly executed on behalf of the Trust
          and otherwise complete) in relation to the relevant Notes.

          (b) The Trust will deliver to the Indenture Trustee on the Original
Issue Date for the Notes a duly executed original of the Funding Agreement and
Trust Agreement (unless previously delivered) and all documentation relating to
the foregoing for the Notes.

          (c) The Trust may, at its option, and shall, at the request of the
Registrar, deliver from time to time to the Registrar a stock of Global Notes
(in unauthenticated form but duly executed on behalf of the Trust).

          (d) The Registrar shall, having been advised in accordance with
Section 2.05(a) on behalf of the Trust, on which securities exchange, if any,
the Notes are to be listed, deliver a copy of the Pricing Supplement or
supplemental indenture in relation to each relevant Notes to such exchange or
the relevant listing agent for such exchange as soon as practicable but in any
event no later than two (2) Business Days prior to the proposed Original Issue
Date therefor.

                                       23
<PAGE>
          (e) Having received from the Trust the documents referred to in
Section 2.05(a), (b) and (c) (to the extent applicable) (such documents
constituting for all purposes of the Indenture a Trust Order for the
authentication and delivery of the applicable Notes), on or before 10:00 a.m.
New York City time on the Original Issue Date in relation to the Notes (unless
otherwise agreed by the parties), the Indenture Trustee shall authenticate and
deliver the relevant Global Note to the relevant custodian for DTC and/or any
other relevant Clearing System or otherwise in accordance with such Clearing
System's procedures. The Indenture Trustee shall give instructions to DTC and/or
any other relevant Clearing System to credit Notes represented by a Global Note
registered in the name of a nominee for such Clearing System, to the Indenture
Trustee's distribution account and to hold each such Note to the order of the
Trust pending delivery to the Relevant Agent(s) on a delivery against payment
basis (or on such other basis as shall have been agreed between the Trust and
the Relevant Agent(s) and which the Indenture Trustee has been notified) in
accordance with the normal procedures of DTC or such other Clearing System, as
the case may be and, following payment (unless otherwise agreed), to debit the
Notes represented by such Global Note to such securities account(s) as shall
have been notified in writing to the Indenture Trustee by the Trust. The
Indenture Trustee shall on the Original Issue Date in respect of the relevant
Notes, and upon receipt of funds from the Relevant Agent(s), transfer, or cause
to be transferred, the proceeds of issue (net of any applicable commissions,
fees or like amounts specified in writing by ING USA) to or as directed by ING
USA on behalf of the Trust to satisfy the deposit requirement pursuant to the
Funding Agreement (as specified by ING USA in such direction).

          If no such securities account(s) shall have been specified, or the
relevant Notes are not intended to be cleared through any Clearing System, the
Indenture Trustee shall authenticate and make available at its specified office
on the Original Issue Date in respect of the relevant Notes the relevant Global
Note or the relevant Definitive Notes, as the case may be, duly executed and
made available to the Indenture Trustee by the Trust.

          (f) The Indenture Trustee shall not have an obligation or a duty to
make advances or risk funds hereunder. If the Indenture Trustee should pay an
amount (an "advance") to the Trust in the belief that a payment has been or will
be received from the Relevant Agents, and if such payment is not received by the
Indenture Trustee on the date that the Indenture Trustee pays the Trust, the
Trust shall forthwith repay the advance (unless prior to such repayment the
payment is received from the Relevant Agents) and shall pay interest on such
amount which shall accrue (after as well as before judgment) on the basis of a
year of 360 days (365 days (366 days in the case of a leap year) in the case of
an advance paid in Sterling) and the actual number of days elapsed from the date
of payment of such advance until the earlier of (i) repayment of the advance or
(ii) receipt by the Indenture Trustee of the payment from the Relevant Agents,
and at the rate per annum which is the aggregate of one percent per annum and
the rate determined and certified by the Indenture Trustee and expressed as a
rate per annum as reflecting its cost of funds for the time being in relation to
the unpaid amount.

          (g) The Notes shall be executed on behalf of the Trust by a
Responsible Officer of the Trustee. The signature of any of these officers on
the Notes may be manual or facsimile.

                                       24
<PAGE>
          Notes bearing the manual or facsimile signatures of individuals who
were at any time Responsible Officers of the Trustee shall bind the Trust,
notwithstanding that any such individuals have ceased to hold such offices prior
to the authentication and delivery of such Notes or did not hold such offices at
the date of such Notes.

          Each Note shall be dated the date of its authentication.

          No Note shall be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for in the
Indenture executed by the Indenture Trustee by manual signature of an authorized
officer, and such certificate upon any Note shall be conclusive evidence, and
the only evidence, that such Note has been duly authenticated and delivered
under the Indenture.

          The Indenture Trustee's certificate of authentication shall be in
substantially the following form:

          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

                                        By:
                                            ------------------------------------
                                                    Authorized Signatory

          Notes bearing the manual signatures of individuals who were at any
time authorized officers of the Indenture Trustee shall bind the Trust,
notwithstanding that any such individuals have ceased to hold such offices prior
to the delivery of such Notes or did not hold such offices at the date of such
Notes.

          In authenticating Notes under the Indenture, the Indenture Trustee
shall be entitled to conclusively assume that any Note authenticated by it has
been duly executed on behalf of, and is a legal, valid, binding and enforceable
obligation of, the Trust and is entitled to the benefits of the Indenture, and
that the Trust Agreement and the Funding Agreement have been duly executed by,
and are the legal, valid, binding and enforceable obligations of, the parties
thereto.

          (h) The Trust undertakes to notify the Paying Agent, the Registrar
and, if different, the Indenture Trustee, in writing, of any changes in the
identity of the agents appointed generally in respect of the Program.

     SECTION 2.06. Registration. All Notes shall be registered and may be
represented either as Global Notes or Definitive Notes. Unless otherwise
specified in the relevant Pricing Supplement, Global Notes will be registered in
the name of a nominee for, and deposited with, a custodian for DTC. The
Registrar shall maintain a register (in the Indenture sometimes referred to as
the "REGISTER") in which, subject to such reasonable regulations as it may
prescribe, the

                                       25
<PAGE>
Registrar shall provide for the registration of the Notes and registration of
transfer of the Notes. The Register shall be in written form in English or in
any other form capable of being converted into such form within a reasonable
time. The Indenture Trustee is hereby initially appointed as the Registrar. In
the event that the Indenture Trustee shall not be the Registrar, it shall have
the right to examine the Register at all reasonable times. Subject to the
definition of "Outstanding" in Section 1.01, the Trust, the Indenture Trustee,
the Registrar or the Paying Agent or any other Agent may become the owner or
pledgee of Notes and may deal with such Notes with the same rights of any other
Holder of such Notes.

     SECTION 2.07. Transfer.

          (a) Subject to Section 2.01(c) and (d), (A) upon surrender for
registration of transfer of any Note in accordance with its terms, the Trustee,
on behalf of the Trust, shall execute, and the Indenture Trustee shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Notes denominated as authorized in or pursuant to
the Indenture, of a like aggregate principal amount bearing a number not
contemporaneously outstanding and containing identical terms and provisions and
(B) at the option of the Holder, Notes may be exchanged, in accordance with
their terms, for other Notes containing identical terms and provisions, in any
authorized denominations, and of a like aggregate principal amount, upon
surrender of the Notes to be exchanged at the Office or Agency of the Indenture
Trustee. Whenever any Notes are surrendered for exchange as contemplated by this
Section 2.07(a), the Trust shall execute, and the Indenture Trustee shall
authenticate and deliver, the Notes which the Holder making the exchange is
entitled to receive. Definitive Notes shall not be exchanged for Global Notes.
Beneficial interests in Global Notes may be transferred or exchanged only
through the Depositary. No Global Note may be transferred except as a whole by a
nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or another nominee of the Depositary to a
successor of the Depositary or a nominee of a successor to the Depositary. With
respect to any Global Note, the Depositary or its nominee is the Holder of such
Global Note for the purposes of the Indenture. Except as set forth in Section
2.01(c), the beneficial owners of any Global Note will not be entitled to
receive Definitive Notes and shall not be considered "Holders" under the
Indenture.

          (b) All Notes issued upon a registration of transfer or exchange of
Notes shall be the valid obligations of the Trust evidencing the same debt and
entitling the Holders thereof to the same benefits under the Indenture as the
Notes surrendered upon such registration of transfer or exchange.

          (c) No service charge shall be made for any registration of transfer
or exchange of Notes, but the Indenture Trustee may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes (other than
certain exchanges not involving any transfer).

     SECTION 2.08. Mutilated, Destroyed, Lost and Stolen Notes.

          (a) If (i) any mutilated Note is surrendered to the Indenture Trustee
directly or through any Paying Agent or (ii) in the case of an alleged
destroyed, lost or stolen Note, the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of the Note

                                       26
<PAGE>
and there is delivered to the Indenture Trustee, the Registrar and the Trust
such security or indemnity as may be required by the Indenture Trustee, the
Registrar and the Trust to save the Indenture Trustee, the Registrar and the
Trust harmless, then in either case the Trust shall execute and the Indenture
Trustee shall authenticate and deliver, in exchange for or in lieu of such
mutilated, destroyed, lost or stolen Note, a new Note, of the same maturity,
tenor and principal amount as such mutilated, destroyed, lost or stolen Note,
bearing a number not contemporaneously outstanding; provided, however, that if
any such mutilated, destroyed, lost or stolen Note shall have become or shall be
about to become due and payable, instead of issuing a new Note, the Trust may
pay such Note without surrender of such Note, except that any mutilated Note
shall be surrendered.

          (b) Upon the issuance of any new Note under this Section 2.08, the
Indenture Trustee or the Trust may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of
the Indenture Trustee, Registrar or any Paying Agent) in connection therewith.

          (c) Every new Note issued pursuant to this Section 2.08 in lieu of any
destroyed, lost or stolen Note shall constitute a separate obligation of the
Trust, whether or not the destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of the
Indenture equally and proportionately with any and all other Notes duly issued
under the Indenture. The provisions of this Section 2.08 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes.

     SECTION 2.09. Payment of Interest; Rights To Interest Preserved.

          (a) The Notes shall bear interest at a rate and on terms stated on the
Notes.

          (b) Any interest on any Note which is payable, and is punctually paid
or duly provided for, on any Interest Payment Date, shall be paid to the Person
in whose name that Note is registered at the close of business on the Regular
Record Date for such interest payment (except that interest, if any, on any Note
due on the Maturity Date will be paid to the Person to whom the principal of the
Note is paid).

          (c) Any interest on any Note which is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date (in the Indenture called
"DEFAULTED INTEREST") shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest shall be paid by the Trust to the Persons in whose names such
Notes (or their respective predecessor Notes) are registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Trust shall notify the
Indenture Trustee in writing of the amount of Defaulted Interest proposed to be
paid on each Note and the date of the proposed payment. Thereupon the Trust
shall fix a date for the payment of such Defaulted Interest which shall be not
more than fifteen (15) days and not less than ten (10) days prior to the date of
the proposed payment and not less than ten (10) days after the receipt by the
Indenture Trustee of the notice of the proposed payment (the "SPECIAL RECORD
DATE"). The Indenture Trustee shall

                                       27
<PAGE>
promptly notify the Trust of such Special Record Date and, in the name of the
Trust, shall cause notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor to be given to each Holder in accordance with
Section 1.06. The Trust may make payment of any Defaulted Interest on the Notes
in any other lawful manner not inconsistent with the requirements of any
securities exchange, if any, on which such Notes may be listed, and upon such
notice as may be required by such exchange, if, after notice given by the Trust
to the Indenture Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the Indenture Trustee. Subject
to the foregoing provisions of this Section 2.10, each Note delivered under the
Indenture upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Note.

     SECTION 2.10. Cancellation. All Notes surrendered for payment, registration
of transfer or exchange shall, if surrendered to any Person other than the
Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly
cancelled by it. ING USA or any Affiliate thereof shall promptly deliver to the
Indenture Trustee for cancellation any Note previously authenticated and
delivered under the Indenture that ING USA or such Affiliate may have acquired
in any manner whatsoever, and all Notes so delivered shall be promptly cancelled
by the Indenture Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes cancelled as provided in this Section 2.10, except as
expressly permitted by the Indenture. All cancelled Notes held by the Indenture
Trustee shall be disposed of by the Indenture Trustee in accordance with its
customary procedures, unless the Trust shall otherwise direct by a Trust Order.

     SECTION 2.11. Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Trust, the Indenture Trustee, the
Registrar, the Paying Agent, any other Agent, and any other agent of the Trust
or the Indenture Trustee may treat the Person in whose name any Note is
registered as the absolute and sole owner of such Note for the purpose of
receiving payment of the principal of, any premium or interest on or any
Additional Amounts with respect to such Note and for all other purposes
whatsoever, whether or not such Note shall be overdue, and, except as otherwise
required by applicable law, none of the Trust, the Indenture Trustee, the
Registrar, the Paying Agent, any other Agent, or any other agent of the Trust or
the Indenture Trustee shall be affected by notice to the contrary.

     SECTION 2.12. Tax Treatment; Tax Returns and Reports.

          (a) The Trust and the Trust Beneficial Owner agree, and by acceptance
of a beneficial interest in a Note, each holder of a beneficial interest in a
Note agrees, for U.S. federal, state and local income and franchise tax
purposes, to (i) disregard the Trust and (ii) treat such Note as debt of ING
USA. The Trust covenants that it shall take no action inconsistent with such
treatment (including under Treasury Regulations Section 301.7701-2 or
301.7701-3). To the extent the Trust cannot be disregarded for United States
federal, state and local income or franchise tax purposes, the Trust and Trust
Beneficial Owner agree, and by acceptance of a beneficial interest in a Note
each holder of a beneficial interest in a Note agrees, to treat (i) the Trust as
a "grantor trust" under Subpart E of Part I of Subchapter J of the Code (or the
state or local equivalent), owned by the holders of beneficial interests in the
Notes and the Trust Beneficial Owner and (ii) the Funding Agreement as debt of
ING USA.

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<PAGE>
          (b) The Trust Agreement provides that the Trustee shall prepare and
file or cause to be prepared or filed, consistent with the treatment of the
Trust as disregarded, all federal, state and local income tax and information
returns and reports required to be filed with respect to the Trust and the Notes
under any applicable federal, state or local tax statute or any rule or
regulation under any of them. The Trust Agreement provides that the Trustee
shall keep copies or cause copies to be kept of any such tax and information
returns and reports required to be filed. The Indenture Trustee agrees to
provide to the Trustee such information within its possession and control, upon
receipt of written request from the Trust, as is necessary for the Trustee to
fulfill its obligations under this Section 2.12.

     SECTION 2.13. No Association. Nothing set forth in the Indenture shall be
construed to constitute the Holders of Notes, from time to time, as members of
an association.

     SECTION 2.14. Administrative Procedures. The Indenture Trustee shall comply
with the Procedures (as defined in the Distribution Agreement), as they may be
amended from time to time in accordance with the terms of the Distribution
Agreement.

                                    ARTICLE 3
                    COVENANTS, REPRESENTATIONS AND WARRANTIES

     SECTION 3.01. Payment of Principal and any Premium, Interest and Additional
Amounts. The Trust covenants and agrees, for the benefit of the Holders of the
Notes, that it will:

          (a) Pay or cause to be paid to the Paying Agent on or before the date
on which any payment becomes due, an amount equal to the amount of principal
(and premium, if any) and interest and any Additional Amount (if applicable)
payable in respect of the Notes then becoming due in respect of the Notes.

          (b) Pay or cause to be paid each amount payable to the Paying Agent
under Section 3.01(a) by transfer of immediately available funds denominated in
the Specified Currency not later than 10:00 a.m. (at the Place of Payment) on
the date when such amounts are due and payable in respect of the Notes.

          (c) Confirm or cause to be confirmed, before 10:00 a.m. (at the Place
of Payment) on the second Business Day before the due date of each payment by it
under Section 3.01(a) to the Paying Agent by confirmed facsimile, that
irrevocable instructions have been given by it or on its behalf, for the
transfer of the relevant funds to the Paying Agent and the name and the account
of the bank through which such payment is being made.

For purposes of this Section 3.01, an installment of principal, premium, if any,
or interest and any other amount payable in respect of the Notes shall be
considered paid on the date it is due if the Trust has deposited, or caused to
be deposited, with the Paying Agent by 10:00 a.m. New York City time on such
date money designated for, and capable of being applied towards, and sufficient
to pay such installment.

     SECTION 3.02. Collection Account. ING USA shall, on or prior to the initial
Original Issue Date, establish a non-interest bearing account with the Indenture
Trustee or such other

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<PAGE>
depository institution that is rated at least AA- or Aa3 by a nationally
recognized statistical rating organization as may be designated by the Trustee,
in the name of the Trust, which account shall collect payments received under
the applicable Funding Agreement and shall be segregated from other accounts
held by the Indenture Trustee or such other depositary institution.

     SECTION 3.03. Agreements of the Paying Agent. The Paying Agent agrees that:

          (a) The Paying Agent shall be entitled to deal with each amount paid
to it under the Indenture in the same manner as other amounts paid to it as a
banker by its customers provided that:

                    (i) the Paying Agent shall not, against the Trust or any
          Holder of a Note, exercise any lien, right of set-off or similar claim
          in respect thereof (except as otherwise provided or permitted under
          the Indenture);

                    (ii) the Paying Agent shall not be liable to any Person for
          interest thereon;

                    (iii) the Paying Agent need not segregate any money held by
          it except as required by law or as otherwise provided under the
          Indenture; and

                    (iv) the Paying Agent shall comply with the provisions of
          Section 317(b) of the Trust Indenture Act and agrees that it will,
          during the continuance of any default by the Trust (or any other
          obligor upon the Notes) in the making of any payment in respect of the
          Notes, upon the written request of the Indenture Trustee, forthwith
          pay to the Indenture Trustee all sums held in trust by such Paying
          Agent for payment in respect of the Notes.

          (b) The Paying Agent shall pay or cause to be paid by transfer of
immediately available funds denominated in the Specified Currency to the Holders
all moneys received by the Paying Agent for such purpose from the Trust pursuant
to Section 3.01. In the event a Note is issued between a Regular Record Date or
Special Record Date and the related Interest Payment Date, interest for the
period beginning on the Original Issue Date for such Note or the previous
Interest Payment Date, as the case may be, and ending on the subject Interest
Payment Date will be paid on the immediately following Interest Payment Date to
the Person who was the registered Holder of such Note as of the immediately
preceding Regular Record Date. With respect to Global Notes, the Paying Agent
shall pay principal, premium, if any, interest and any other amounts due on such
Global Notes in accordance with the Notes and the arrangements established by
and between the Paying Agent and the Depositary. Notwithstanding anything in the
Indenture to the contrary, payments of principal and premium, if any, in respect
of Definitive Notes on the Maturity Date shall be made as provided in or
pursuant to the Indenture in immediately available funds against presentation
and surrender of the relevant Definitive Notes at the designated office of the
Registrar in The City of New York, as provided in the Indenture or in the
applicable Definitive Note. Payments of interest and other amounts due and
owing, if any, on the Maturity Date of Definitive Notes shall be made to the
Person to whom payment of the principal thereof and premium, if any, thereon
shall be made. Notwithstanding anything in the Indenture to the contrary,
interest on Definitive Notes other than on the Maturity Date shall be

                                       30
<PAGE>
paid to the person shown in the applicable Register at the close of business on
the Regular Record Date or Special Record Date, as applicable, as provided in or
pursuant to the Indenture before the due date for payment thereof.
Notwithstanding anything in the Indenture to the contrary, payments of interest
and other amounts due and owing on each Definitive Note other than the Maturity
Date shall be made in the currency in which such payments are due by check drawn
on a bank in the Principal Financial Center of the country of the Specified
Currency and mailed to the holder (or to the first named of joint holders) of
such Definitive Note at its address appearing in the applicable Register.
Notwithstanding the foregoing, the Paying Agent shall make, or cause to be made,
payments of interest and other amounts due and owing, if any, on a Definitive
Note on any Interest Payment Date other than the Maturity Date to each Holder of
$10,000,000 (or, if the Specified Currency is other than United States Dollars,
the equivalent thereof in the particular Specified Currency) or more in
aggregate principal amount of Definitive Notes by wire transfer of immediately
available funds if the applicable Holder has delivered appropriate wire transfer
instructions in writing to the Paying Agent not less than fifteen (15) calendar
days prior to the particular Interest Payment Date. Any such wire transfer
instructions received by the Paying Agent shall remain in effect until revoked
by the applicable Holder. All moneys paid to the Paying Agent by the Trust in
respect of any Note shall be held by the Paying Agent from the moment when such
moneys are received until the time of actual payment thereof, for the persons
entitled thereto, and shall be applied in accordance with Section 3.03(c)
through (g); provided, that the obligation of the Paying Agent to hold such
moneys shall be subject to the provisions of Section 3.08.

          (c) The Paying Agent acting through its specified office shall make
payments of interest and Additional Amounts (if applicable) or, as the case may
be, principal in respect of the Notes in accordance with the terms thereof and
of the Indenture, provided that such Paying Agent shall not make such payments
if it is not able to establish that it has received (whether or not at the due
time) the full amount of the relevant payment due to it under Section 3.01(a).
Payment of any Note redemption amount (together with accrued interest) due in
respect of Notes will be made against presentation and surrender of the relevant
Notes at the specified office of the Paying Agent, subject to Section 2.04(h).
Payment of amounts (whether principal, interest or otherwise) due in respect of
Notes will be paid by the Paying Agent to the Holder thereof (or, in the case of
joint Holders, the first named) which shall be the person appearing as Holder in
the register kept by the Registrar as at the close of business (local time in
the place of the specified office of the Registrar) on the Regular Record Date.

          (d) If a Paying Agent makes any payment in accordance with paragraph
(c), it shall be entitled to appropriate for its own account out of the funds
received by it under Section 3.01(a) an amount equal to the amount so paid by
it.

          (e) If a Paying Agent makes a payment in respect of Notes at a time at
which it has not received the full amount of the relevant payment due to it
under Section 3.01(a) and is not able to reimburse itself out of funds received
by it under Section 3.01(a) therefor by appropriation under this Section
3.03(e), the Trust shall from time to time on demand pay or cause to be paid to
the Paying Agent for its own account:

                    (i) the amount so paid out by such Paying Agent and not so
          reimbursed to it; and

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<PAGE>
                    (ii) interest on such amount from the date on which such
          Paying Agent made such payment until the date of reimbursement of such
          amount;

          provided that any payment made under clause (i) above shall satisfy
          pro tanto the Trust's obligations under Section 3.01(a).

          (f) Interest shall accrue for the purpose of Section 3.03(e)(ii) (as
well after as before judgment) on the basis of a year of 360 days (365 days (366
days in the case of a leap year) in the case of an amount in Sterling) and the
actual number of days elapsed and at the rate per annum which is the aggregate
of one percent per annum and the rate per annum specified by the Paying Agent as
reflecting its cost of funds for the time being in relation to the unpaid
amount.

          (g) If at any time and for any reason a Paying Agent makes a partial
payment in respect of any Note surrendered for payment to it, such Paying Agent
shall endorse thereon and in the Register a statement indicating the amount and
date of such payment.

     SECTION 3.04. Maintenance of Office or Agency.

          (a) The Trust will maintain in the Place of Payment an Office or
Agency where Notes may be presented or surrendered for payment, where Notes may
be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Trust in respect of the Notes and the Indenture may be
served; provided, however, that if the Notes are listed on any stock exchange
and the rules of such stock exchange shall so require, the Trust shall maintain
an Office or Agency in any other required city so long as the Notes are listed
on such exchange. The Trust will give prompt written notice to the Indenture
Trustee of the location, and any change in the location, of such Office or
Agency. If at any time the Trust shall fail to maintain any such required Office
or Agency or shall fail to furnish the Indenture Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Indenture Trustee and the Trust
hereby appoints the Indenture Trustee as its agent to receive such respective
presentations, surrenders, notices and demands. The Trust shall promptly notify
the Indenture Trustee of the name and address of each Paying Agent (if different
than the Indenture Trustee) appointed by it and will notify the Indenture
Trustee of the resignation or termination of any Paying Agent.

          (b) The Trust may also from time to time designate one or more other
Offices or Agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the
Trust of its obligation to maintain the Offices or Agencies for Notes in the
Place of Payment for the foregoing purposes. The Trust shall give prompt written
notice to the Indenture Trustee of any such designation or rescission and of any
change in the location of any such Office or Agency.

          (c) Unless otherwise provided in or pursuant to the Indenture, the
Trust hereby appoints the Indenture Trustee as Paying Agent, Registrar and
Transfer Agent.

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<PAGE>
     SECTION 3.05. Duties of the Agents.

          (a) The Trust shall provide to the Paying Agent sufficient copies of
all documents required to be available for inspection as provided in the
Registration Statement or the Pricing Supplement in respect of the Notes.

          (b) To the extent permitted by applicable law, the Paying Agent shall
make available for inspection during normal business hours at its specified
office such documents as may be specified as so available at the specified
office of the Paying Agent in respect of the Notes, or as may be required by any
stock exchange on which the Notes may be listed.

          (c) Notwithstanding anything to the contrary, the Trust, in reliance
on the advice of counsel, shall be solely responsible for ensuring that each
Note to be issued or other transactions to be effected under the Indenture shall
comply with all applicable laws and regulations of any governmental or other
regulatory authority in connection with any Note and that all necessary consents
and approvals of, notifications to and registrations and filings with, any such
authority in connection therewith are effected, obtained and maintained in full
force and effect.

          (d) The Paying Agent shall collect all forms from Holders or, in the
case of Notes held in a Clearing System, from the relevant Clearing System, that
are required to exempt payments under the Notes, and/or the related Funding
Agreement, from United States federal income tax withholding. The Paying Agent
shall (i) withhold from each payment under the Indenture or under any Note any
and all United States federal or state withholding taxes applicable thereto as
required by law and (ii) file any information reports as it may be required to
file under applicable law.

          (e) Each Agent shall be obligated to perform such duties and only such
duties as are set out in the Indenture and no implied duties or obligations
shall be read into the Indenture against such Agent.

          (f) Each Agent shall be protected and shall incur no liability for or
in respect of any action taken, omitted or suffered in reliance upon any
instruction, request or order from the Trust or any notice, resolution,
direction, consent, certificate, affidavit, statement, facsimile, telex or other
paper or document (duly signed or which it believes in good faith to have been
duly signed, where applicable) which it believes in good faith to be genuine and
to have been delivered, signed or sent by the proper party or parties.

          (g) Each Agent and any of its officers, directors, employees or
controlling persons may become the owner of, or acquire any interest in, any
Note, with the same rights that it or he would have if it or he were not
appointed under the Indenture, and may engage or be interested in, any financial
or other transaction with the Trust or ING USA, or any Affiliate thereof, or may
act as depositary, trustee or agent for any committee or body of Holders, as
freely as if it or he were not appointed under the Indenture.

          (h) Each Agent may consult with legal and other professional advisers
of its selection and the opinion of the advisers shall be full and complete
protection in respect of action

                                       33
<PAGE>
taken, omitted or suffered under the Indenture in good faith and in accordance
with the opinion of the advisers.

          (i) Under no circumstances will the Paying Agent or any other Agent be
liable to the Trust or any other party to the Indenture for any consequential
loss (being loss of business, goodwill, opportunity or profit), punitive damages
or indirect loss even if advised of the possibility of such loss.

          (j) In no event shall any Agent be responsible or liable for any
failure or delay in the performance of its obligations hereunder directly
arising out of or caused by forces beyond its control, including, without
limitation, strikes, acts of war or terrorism, nuclear or natural catastrophes,
acts of God or interruptions, losses or malfunctions of utilities,
communications or computer (software and hardware) services, it being understood
that such Agent shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable
under the circumstances.

     SECTION 3.06. Duties of the Transfer Agent. If and to the extent specified
in the terms and conditions of the Notes or if otherwise requested by the Trust
or Indenture Trustee, the Transfer Agent shall in compliance with the Notes and
the Indenture:

          (a) Receive requests from Holders of Notes for the transfer of
Definitive Notes, inform the Registrar in writing of the receipt of such
requests, forward the deposited Definitive Note(s) to or to the order of the
Registrar and assist in the issuance of a new Definitive Note and in particular,
without limitation, notify the Registrar in writing of (i) the name and address
of the Holder of the Definitive Note, (ii) the serial number and principal
amount of the Definitive Note, (iii) in the case of a transfer of a portion of
the Note only, the principal amount of the Definitive Note to be so transferred
and (iv) the name and address of the transferee to be entered on the Register;

          (b) Make available for collection by each relevant Holder new
Definitive Notes;

          (c) Accept surrender of Definitive Notes and assist in effecting final
payment of the Notes on the due date for payment;

          (d) Keep the Registrar informed of all transfers; and

          (e) Carry out such other acts as may reasonably be necessary to give
effect to the Notes and the Indenture.

     SECTION 3.07. Duties of the Registrar.

          (a) The Registrar shall maintain a Register which shall show the
aggregate principal amount and date of issue of the Notes, the names and
addresses of the initial Holders thereof and the dates of all transfers to, and
the names and addresses of, all subsequent Holders thereof.

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<PAGE>
          (b) The Registrar shall by the issue of new Notes, the cancellation of
old Notes and the making of entries in the Register give effect to transfers of
Notes in accordance with the Indenture.

          (c) The Trust may from time to time deliver to the Registrar Notes of
which it is the Holder for cancellation, whereupon the Registrar shall cancel
the same and shall make the corresponding entries in the Register.

          (d) As soon as reasonably practicable but in any event within ninety
(90) calendar days after each date on which Notes fall due for redemption, the
Registrar shall notify the Trust of the serial numbers of any Notes against
surrender of which payment has been made and of the serial numbers of any Notes
(and the names and addresses of the Holders thereof) which have not yet been
surrendered for payment.

          (e) The Registrar shall, upon and in accordance with the instructions
of the Trust but not otherwise, arrange for the delivery in accordance with the
Indenture of any notice which is to be given to the Holders of Notes and shall
supply a copy thereof to the Indenture Trustee and the Paying Agent.

          (f) The Trust shall ensure that the Registrar has available to it
supplies of such Notes as shall be necessary in connection with the transfer of
Notes and the exchange of Global Notes for Definitive Notes.

          (g) The Registrar shall make available, at the request of the Holder
of any Note, forms of proxy in a form and manner which comply with the
provisions of the Indenture and shall perform and comply with the provisions of
the Indenture.

          (h) The Trust shall provide to the Registrar:

                    (i) specimen Notes in definitive form; and

                    (ii) sufficient copies of all documents required to be
          available for inspection as provided in the Registration Statement or
          the Pricing Supplement in respect of the Notes, as may be required by
          any securities exchange on which the Notes may be listed, or as may be
          required by applicable law.

          (i) The Registrar shall make available for inspection during normal
business hours at its specified office such documents as may be specified as so
available at the specified office of such Registrar, as may be required by any
securities exchange on which the Notes may be listed, or as may be required by
applicable law.

          (j) The Registrar shall provide the Paying Agent and/or the Indenture
Trustee with all such information in the Registrar's possession with respect to
the Notes as the Paying Agent or the Indenture Trustee, as the case may be, may
reasonably require in order to perform the obligations set out in the Indenture.

                                       35
<PAGE>
          (k) The Registrar shall ensure that in no event shall Definitive Notes
be exchanged for Global Notes.

     SECTION 3.08. Unclaimed Monies. Any money deposited with the Indenture
Trustee, Registrar or the Paying Agent for the payment of the principal of,
premium, if any, or interest on any Note and remaining unclaimed for two years
after such principal or any such premium or interest had become due and payable
shall, unless otherwise required by mandatory provisions of applicable escheat
or abandoned or unclaimed property law, be paid to ING USA pursuant to a Trust
Request and pursuant to the applicable Funding Agreement; and the Holder of such
Note shall thereafter, as an unsecured general creditor, look only to ING USA
for payment thereof, and all liability of the Indenture Trustee, Registrar or
the Paying Agent with respect to such trust money shall thereupon cease;
provided, however, that the Indenture Trustee, Registrar or Paying Agent, before
being required to make any such repayment, may cause to be published once, in an
Authorized Newspaper, at the expense of the Trust, in each Place of Payment or
to be mailed to Holders, or both, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than thirty (30)
calendar days from the date of such publication or mailing, any unclaimed
balance of such money then remaining will be repaid to ING USA.

     SECTION 3.09. Protection of Collateral.

          (a) The Trust shall, from time to time, execute and deliver all such
supplements and amendments to the Indenture and all such financing statements,
continuation statements, instruments of further assurance, and other
instruments, and take such other action as may be necessary or advisable to:

                    (i) create, perfect or maintain a perfected security
          interest in, grant, or make or maintain a valid and effective
          assignment for collateral purposes of, all or any portion of the
          Collateral (including without limitation the Funding Agreement
          included therein);

                    (ii) maintain or preserve the Funding Agreement or any Lien
          in favor of the Indenture Trustee on the Funding Agreement;

                    (iii) perfect, publish notice of, or protect the validity
          of, any security interest or assignment for collateral purposes made
          pursuant to the Indenture or the Funding Agreement;

                    (iv) enforce any portion, or obtain the full benefits, of
          the Collateral (including without limitation the Funding Agreement
          included therein); and

                    (v) preserve and defend title to the Collateral and the
          rights of the Indenture Trustee and of the Holders in the Collateral
          held for the benefit and security of the Holders or other instrument
          against the claims of all Persons.

          (b) The Trust will pay or cause to be paid all taxes and fees
incidental to such filing, registration and recording, and all expenses
incidental to the preparation, execution and acknowledgment of any instrument of
further assurance, and all Federal or state or jurisdiction of

                                       36
<PAGE>
organization of the Trust stamp taxes or other similar taxes, duties and charges
arising out of or in connection with the execution and delivery of such
instruments; provided, however, that the Trust shall not be required to pay or
discharge or cause to be paid or discharged any Lien affecting the Collateral to
the extent such Lien is being contested in good faith by appropriate
proceedings. The Trust will at all times preserve, warrant and defend the
Indenture Trustee's title and right in and to the property included in the
Collateral against the claims of all Persons.

          (c) The Trust will faithfully observe and perform, or cause to be
observed and performed, all its covenants, agreements, conditions and
requirements contained in the Funding Agreement in accordance with the terms
thereof and will maintain the validity and effectiveness of the Funding
Agreement and the security interest therein or the assignment for collateral
purposes thereof to the Indenture Trustee. The Trust will take no action, nor
permit any action to be taken, which will release any party to the Funding
Agreement from any of its obligations or liabilities thereunder, or will result
in the termination, modification or amendment, or will impair the validity, of
the Funding Agreement except as expressly provided for in the Indenture and
therein. The Trust will give the Indenture Trustee written notice of any default
by any party to the Funding Agreement promptly after it becomes known to the
Trust.

          (d) At the written request of the Indenture Trustee and also following
the occurrence of an "Event of Default" under the Funding Agreement, the Trust
will, subject to the written direction and control of the Indenture Trustee,
take such action, or at the Indenture Trustee's written request furnish funds
sufficient to enable the Indenture Trustee to take such action, as necessary or
as the Indenture Trustee may deem necessary or advisable for enforcing payment
when due, subject to applicable notice and grace periods, under or pursuant to
the Indenture or the Funding Agreement.

          (e) Subject to Section 7.01(c) of this Indenture or except as
otherwise specifically provided in this Indenture, the Indenture Trustee shall
have no duty as to any Collateral in its possession or control or in the
possession or control of any agent or bailee or any income thereon or as to
preservation of rights against prior parties or any other rights pertaining
thereto, and the Indenture Trustee shall not be responsible for preparing or
filing any financing or continuation statements or recording any documents or
instruments in any public office at any time or times or otherwise perfecting or
maintaining the perfection of any security interest in the Collateral.

     SECTION 3.10. Opinions as to Collateral; Annual Statement as to Compliance.

          (a) On or before the 15th day of April of each calendar year,
commencing April 15, 2006, the Trust shall furnish or cause to be furnished to
the Indenture Trustee an Opinion of Counsel stating that, in the opinion of such
counsel, either (i) such action has been taken with respect to the recording,
filing, re-recording and re-filing of the Indenture, any indentures supplemental
to the Indenture and any other requisite documents and with respect to the
execution and filing of any financing statements and continuation statements as
is necessary to perfect and/or maintain the perfection of liens, security
interests and assignments for collateral purposes created or effected pursuant
to the Indenture with respect to the Funding Agreement that is part of any
Collateral and reciting the details of such action or (ii) in the opinion of
such counsel no such action is necessary to perfect and/or maintain the
perfection of such lien,

                                       37
<PAGE>
security interest and/or assignment for collateral purposes. Such Opinion of
Counsel shall also describe the recording, filing, re-recording and re-filing of
the Indenture, any indentures supplemental to the Indenture and any other
requisite documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to perfect and/or maintain the perfection of the liens, security interests and
assignments for collateral purposes created or effected pursuant to the
Indenture with respect to the Funding Agreement that is part of any Collateral
until the 15th day of April in the following calendar year.

          (b) On or before the 15th day of April in each calendar year,
commencing April 15, 2005, the Trust shall deliver to the Indenture Trustee a
Trust Certificate stating, as to each signer thereof, that in the course of the
performance by each signer of such Trust Certificate of his or her present
duties as a Responsible Officer of the Trustee, such signer would normally
obtain knowledge as to the existence of any condition or event which would
constitute a Default or an Event of Default and that to the best of such
signer's knowledge:

                    (i) a review of the fulfillment by the Trust during such
          year of its obligations under the Indenture has been made under the
          supervision of such signer; and

                    (ii) the Trust has fulfilled in all material respects its
          obligations under the Indenture throughout such year, or, if there has
          been a Default or an Event of Default in the fulfillment of any such
          obligation, specifying each such Default or Event of Default known to
          such signer and the nature and status thereof.

          (c) The Trust, pursuant to Section 314(a) of the Trust Indenture Act,
shall:

                    (i) file, or cause to be filed, with the Indenture Trustee,
          within fifteen (15) days after the Trust or ING USA is required to
          file the same with the Commission and to the extent available to the
          Trust, copies of the annual reports and of the information, documents
          and other reports (or copies of such portions of any of the foregoing
          as the Commission may from time to time by rules and regulations
          prescribe) which the Trust or ING USA may be required to file with the
          Commission in connection with the Program pursuant to Section 13 or
          Section 15(d) of the Securities Exchange Act; or, if the Trust or ING
          USA is not required to file information, documents or reports pursuant
          to either of said Sections, then it shall file, or cause to be filed,
          with the Indenture Trustee and the Commission, in accordance with
          rules and regulations prescribed from time to time by the Commission,
          such of the supplementary and periodic information, documents and
          reports which may be required pursuant to Section 13 of the Securities
          Exchange Act in respect of a security listed and registered on a
          national securities exchange as may be prescribed from time to time in
          such rules and regulations; provided that if, pursuant to any publicly
          available interpretations of the Commission, the Trust or ING USA
          would not be required to make such filings in connection with the
          Program under Section 314(a) of the Trust Indenture Act, then the
          Trust or ING USA shall not be required to make such filings;

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<PAGE>
                    (ii) file, or cause to be filed, with the Indenture Trustee
          and the Commission, in accordance with rules and regulations
          prescribed from time to time by the Commission, such additional
          information, documents and reports with respect to compliance by the
          Trust, with the conditions and covenants of the Indenture as may be
          required from time to time by such rules and regulations; and

                    (iii) transmit, or cause to be transmitted, within thirty
          (30) days after the filing thereof with the Indenture Trustee, in the
          manner and to the extent provided in Section 313(c) of the Trust
          Indenture Act, such summaries of any information, documents and
          reports required to be filed by the Trust pursuant to paragraphs (i)
          and (ii) of this Section 3.10(c) as may be required by rules and
          regulations prescribed from time to time by the Commission.

          (d) Delivery of such reports, information and documents to the
Indenture Trustee is for informational purposes only and the Indenture Trustee's
receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Trust's compliance with any of its covenants hereunder (as to which the
Indenture Trustee is entitled to rely exclusively on Trust Certificates).

          (e) The Trust shall comply with the provisions of Section 314(d) of
the Trust Indenture Act.

     SECTION 3.11. Performance of Obligations. The Trust may contract with other
Persons for the performance of the Trust's obligations under the Indenture
(other than the execution and delivery of Trust Requests, Trust Orders and Trust
Certificates) and the performance of such obligations by such other Persons
shall be deemed to be the performance thereof by the Trust, as applicable.

     SECTION 3.12. Existence.

          (a) The Trust will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights (charter and
statutory) and franchises as a trust formed under the jurisdiction set forth in
the Omnibus Instrument, as applicable, and, upon the advice of counsel, will
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of the Indenture, the Notes or any portion of the Collateral. The
Trust will, promptly after any amendment or modification of the Trust Agreement,
send copies thereof to the Indenture Trustee and the Rating Agencies.

          (b) The Trust will (i) maintain books and records and bank accounts
separate from those of any other Person and any other trust organized under the
Program, (ii) at all times hold itself out to the public as separate and
distinct from any Affiliates and each other trust organized under the Program
and (iii) file or cause to be filed its own tax returns.

          (c) The Trust shall maintain its assets and transactions separately
from those of any Affiliates and any other trust organized under the Program,
reflect such assets and transactions in financial statements separate and
distinct from those of any Affiliates and any other trust organized under the
Program and evidence such assets and transactions by appropriate

                                       39
<PAGE>
entries in books and records separate and distinct from those of any Affiliates
(including any other trust organized under the Program).

     SECTION 3.13. Reports; Financial Information; Notices of Defaults.

          (a) The Trust shall promptly deliver to the Indenture Trustee copies
of all reports, statements and information received by it pursuant to the
Funding Agreement or otherwise in respect of the Collateral. Delivery of such
reports, information and documents to the Indenture Trustee is for informational
purposes only and the Indenture Trustee's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Trust's compliance with any of its
covenants hereunder (as to which the Indenture Trustee is entitled to rely
exclusively on Trust Certificates).

          (b) The Trust shall promptly inform the Indenture Trustee in writing
of the occurrence of any Default or Event of Default which is continuing of
which it has actual knowledge. Each notice given pursuant to this Section
3.13(b) shall be accompanied by a Trust Certificate setting forth details of the
occurrence referred to therein and stating what action, if any, the Trust has
taken or proposes to take with respect thereto.

          (c) The Trust shall collect all forms (or, if applicable, copies of
such forms), if any, from the Paying Agent or Registrar (or from such other
persons as are relevant) that are required to exempt payments under the Notes or
the Funding Agreement from United States federal income tax withholding. In
addition, the Trust shall execute and file such forms and take such actions for
United States federal income tax purposes as shall be reasonable and necessary
to ensure that payments of interest, principal, premium and Additional Amounts,
if applicable, in respect of the Notes or the Funding Agreement are not subject
to United States federal withholding or backup withholding tax.

          (d) In accordance with Section 312(a) of the Trust Indenture Act, the
Trust shall furnish or cause to be furnished to the Indenture Trustee:

                    (i) semi-annually with respect to Notes not later than the
          15th day of April and the 15th day of October of each year or upon
          such other dates as are set forth in or pursuant to a Trust Order or
          indenture supplemental to the Indenture a list, in each case in such
          form as the Indenture Trustee may reasonably require, of the names and
          addresses of Holders as of the applicable date, and

                    (ii) at such other times as the Indenture Trustee may
          request in writing, within thirty (30) days after the receipt by the
          Trust of any such request, a list of similar form and content as of a
          date not more than fifteen (15) days prior to the time such list is
          furnished,

provided, however, that so long as the Indenture Trustee is the Registrar no
such list shall be required to be furnished.

          (e) The Indenture Trustee shall comply with the obligations imposed
upon it pursuant to Section 312 of the Trust Indenture Act.

                                       40
<PAGE>
          Every Holder, by receiving and holding Notes, agrees with the Trust
and the Indenture Trustee that none of the Trust, the Indenture Trustee, the
Paying Agent or the Registrar shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the Holders
in accordance with Section 312(c) of the Trust Indenture Act, regardless of the
source from which such information was derived, and that the Indenture Trustee
shall not be held accountable by reason of mailing any material pursuant to a
request made under Section 312(b) of the Trust Indenture Act.

          (f) (i) Within sixty (60) days after the 15th day of April of each
year commencing with the first such date following the first issuance of Notes,
if required by Section 313(a) of the Trust Indenture Act, the Indenture Trustee
shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief
report dated as of the 15th day of March of such year with respect to any of the
events specified in said Section 313(a) of the Trust Indenture Act which may
have occurred since the later of the immediately preceding 15th day of March and
the date of the Indenture.

                    (ii) The Indenture Trustee shall transmit, pursuant to
          Section 313(c) of the Trust Indenture Act, the reports required by
          Section 313(b) of the Trust Indenture Act at the time specified
          therein.

                    (iii) Reports pursuant to this Section 3.13 shall be
          transmitted in the manner and to the Persons required by Sections
          313(c) and 313(d) of the Trust Indenture Act.

          (g) Within ten (10) days following any distribution made or scheduled
to be made on the Notes, including any Interest Payment Date or the Maturity
Date, the Indenture Trustee will deliver to ING USA and the Holders a report
substantially in the form of Exhibit B attached to the Indenture.

     SECTION 3.14. Payment of Taxes and Other Claims. The Trust will pay or
discharge or cause to be paid or discharged, before the same shall become
delinquent, (1) all taxes, assessments and governmental charges levied or
imposed upon the Trust or upon the income, profits or property of the Trust, and
(2) all lawful claims for labor, materials and supplies which, if unpaid, might
by law become a Lien upon the property of the Trust; provided, however, that the
Trust shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability
or validity is being contested in good faith by appropriate proceedings. The
Trust, upon the advice of counsel, shall comply with the requirements of all
other applicable laws, the non-compliance with which would, individually or in
the aggregate, materially and adversely affect the condition (financial or
otherwise) of the Trust or which would impair in any material respect the
ability of the Trust to perform its obligations under the Notes or the
Indenture.

     SECTION 3.15. Negative Covenants. So long as any Notes are Outstanding, the
Trust will not take any of the following actions, except as otherwise permitted
under the Indenture:

          (a) sell, transfer, exchange, assign, lease, convey or otherwise
dispose of any assets held by the Trust (owned as of the date of the Trust
Agreement or thereafter acquired),

                                       41
<PAGE>
including, without limitation, any portion of the Collateral, except as
expressly permitted by the Indenture;

          (b) incur or otherwise become liable, directly or indirectly, for any
Indebtedness or Contingent Obligation except for the Notes issued pursuant to
the Indenture and the transactions contemplated thereby;

          (c) engage in any business or activity other than in connection with,
or relating to, (i) the performance of the Trust Agreement and the execution,
delivery and performance of any documents (other than the Trust Agreement),
including the Program Documents, relating to the Notes issued under the
Indenture and the transactions contemplated thereby, and (ii) the issuance of
the Notes pursuant to the Indenture;

          (d) (i) permit the validity or effectiveness of the Indenture or any
grant of security interest in or assignment for collateral purposes of the
Collateral to be impaired, or permit a Lien created under the Indenture to be
amended, hypothecated, subordinated, terminated or discharged, or permit any
Person to be released from any covenants or obligations under any document or
agreement assigned to the Indenture Trustee, except as may be expressly
permitted by the Indenture, (ii) create, incur, assume or permit any Lien or
other encumbrance (other than the Lien created by the Indenture) on any of its
properties or assets owned or thereafter acquired, or any interest therein or
the proceeds thereof, or (iii) permit a Lien created under the Indenture not to
constitute a valid first priority perfected security interest in the Collateral;

          (e) amend, modify or fail to comply with any material provision of the
Trust Agreement except for any amendment or modification of the Trust Agreement
expressly permitted thereunder;

          (f) own any subsidiary or lend or advance any funds to, or make any
investment in, any Person, except for an investment in the Funding Agreement or
the investment of any funds held by the Indenture Trustee, the Paying Agent or
the Trustee as provided in the Indenture or the Trust Agreement;

          (g) directly or indirectly declare or make any distribution or other
payment to, or redeem or otherwise acquire or retire for value the interest of,
the Trust Beneficial Owner if any amount under the Notes is due and unpaid, or
directly or indirectly redeem or otherwise acquire or retire for value any
Indebtedness or Contingent Obligation other than the Notes;

          (h) cause or, to the fullest extent permitted by law, permit the sale
or other transfer of all or a portion of the Trust Beneficial Interest, or cause
or, to the fullest extent permitted by law, permit the creation, incurrence,
assumption or existence of any Lien on, all or a portion of any of the Trust
Beneficial Interest;

          (i) exercise any rights with respect to the Collateral except at the
written direction of, or with the prior written approval of, the Indenture
Trustee;

          (j) become an "investment company", or come under the "control" of an
"investment company," as such terms are defined in the Investment Company Act;

                                       42
<PAGE>
          (k) enter into any transaction of merger or consolidation or liquidate
or dissolve itself (or, to the fullest extent permitted by law, suffer any
liquidation or dissolution), or acquire by purchase or otherwise all or
substantially all the business or assets of, or any stock or other evidence of
beneficial ownership of, any other Person;

          (l) take any action that would cause it not to be disregarded or
treated as a grantor trust (assuming it were not disregarded) for United States
federal income tax purposes;

          (m) have any subsidiaries, employees or agents other than the Trustee
and other persons necessary to conduct its activities and enter into
transactions contemplated under the Program Documents;

          (n) have an interest in any bank account other than those accounts
required under the Program Documents; provided that any such further accounts or
the Trust's interest therein shall be charged or otherwise secured in favor of
the Indenture Trustee;

          (o) issue Notes under the Indenture unless (i) the Trust has purchased
or will simultaneously purchase the Funding Agreement from ING USA to secure
such Notes, (ii) ING USA has affirmed in writing to the Trust that it has made
or simultaneously will make changes to its books and records to reflect the
granting of a security interest in, and the making of an assignment for
collateral purposes of, the Funding Agreement by the Trust to the Indenture
Trustee, and (iii) the Trust has taken such other steps as may be necessary to
cause the grant of security interest in, and assignment for collateral purposes
of, the Collateral to the Indenture Trustee to be perfected for purposes of the
UCC or effective against the Trust's creditors and subsequent purchasers of the
Collateral pursuant to insurance or other applicable law;

          (p) permit any Affiliate, employee or officer of ING USA or any agent
under the Distribution Agreement to be a trustee of the Trust;

          (q) commingle the assets of the Trust with assets of any Affiliates
(including any other trust organized under the Program), or guarantee any
obligation of any Affiliates (including any other trust organized under the
Program); or

          (r) maintain any joint account with any Person, become a party,
whether as co-obligor or otherwise, to any agreement to which any Person is a
party (other than in respect of the Program Documents), or become liable as a
guarantor or otherwise with respect to any Indebtedness or contractual
obligation of any Person.

     SECTION 3.16. Non-Petition. Each of the Indenture Trustee, each Holder of a
Note, each Agent and the Trustee covenants and agrees that, for a period of one
year plus one day after payment in full of all amounts payable under or in
respect of the Indenture and the Notes, it will not institute against, or join
any other Person in instituting against, the Trust any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any federal or state bankruptcy or similar law. The
immediately preceding sentence shall survive any termination of the Indenture.

     Notwithstanding the foregoing, each of the Indenture Trustee and each Agent
covenants and agrees that it will not institute against, or join any other
Person in instituting against, the

                                       43
<PAGE>
Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any federal or state bankruptcy or
similar law, as a result of the failure to pay fees or expenses pursuant to
Section 7.10 to any party entitled thereto.

     Moreover, each of the Indenture Trustee, the Paying Agent, the Transfer
Agent, the Calculation Agent and the Registrar covenants and agrees that it will
not cause an Event of Default as a result of the Trust's failure to pay any fees
or expenses pursuant to Section 7.10 to any party entitled thereto.

     SECTION 3.17. Title to the Collateral. The Trust covenants and agrees that
the Trust owns, or prior to the issuance of the Notes will own, the Funding
Agreement and all of the rest of the Collateral, free and clear of any Liens
other than the security interests or assignments for collateral purposes made
pursuant to Article 4; and that the Trust is not and will not become a party to
or otherwise be bound by any agreement, other than the Indenture, which
restricts in any manner the rights of any present or future holder of any of the
Collateral with respect thereto.

     The Trust shall notify in writing the Indenture Trustee and any Rating
Agencies as promptly as practicable upon a Responsible Officer of the Trustee
becoming aware of any change in the law of the State of Iowa following the date
of the Indenture with respect to the priority status of the Funding Agreement in
a liquidation of, or other delinquency proceeding against, ING USA.

     SECTION 3.18. Withholding and Payment of Additional Amounts.

          (a) All payments due in respect of the Notes will be made without
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 so required by law. Unless otherwise specified in
the applicable Pricing Supplement and a supplemental indenture or the Notes, the
Trust will not pay any Additional Amounts to Holders in respect of any such
withholding or deduction and any such withholding or deduction will not give
rise to a Default or an Event of Default or any independent right or obligation
to redeem the Notes. Unless the Funding Agreement specifies that ING USA will
pay Additional Amounts to the Trust in the event that any amount due with
respect to the Funding Agreement is subject to 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, the Trust will be deemed for all purposes of the Program
Documents to have received cash in an amount equal to the amount of any such
withholding or deduction, and each Holder will be deemed for all purposes of the
Program Documents 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
the Notes as equitably determined by the Trust.

          (b) Subject to the final sentence of this Section 3.18(b), and only to
the extent specified in the applicable Pricing Supplement and a supplemental
indenture or the Notes, the Trust shall pay to a Holder of any Note who is not a
"United States person" within the meaning of Section 7701(a)(30) of the Code,
Additional Amounts to compensate for any withholding or deduction for or on
account of any present or future taxes, duties, levies, assessments or other

                                       44
<PAGE>
governmental charges of whatever nature imposed or levied on payments in respect
of such Note, by or on behalf of any governmental authority in the United States
having the power to tax, so that the net amount received by the Holder under
that Note, after giving effect to such withholding or deduction, will equal the
amount that would have been received under such Note were no such deduction or
withholding required; provided that the Trust shall not, unless otherwise
specified in the applicable Pricing Supplement and a supplemental indenture or
the Notes, be required to make any payment of any Additional Amount for or on
account of: (i) any tax, duty, levy, assessment or other governmental charge
imposed which would have not been imposed but for (A) the existence of any
present or former connection between the Holder or beneficial owner (as
determined for United States federal income tax purposes) of the Note or the
Funding Agreement (any such Holder or beneficial owner, the "Owner") and such
governmental authority, including without limitation, being or having been a
citizen or resident thereof, or being or having been present therein,
incorporated therein, engaged in a trade or business therein or having (or
having had) a permanent establishment or principal office therein, (B) such
Owner being or having been a controlled foreign corporation within the meaning
of Section 957(a) of the Code, related within the meaning of Section 864(d)(4)
of the Code to ING USA or a private foundation or other tax-exempt organization,
(C) such Owner being or having been an actual or constructive owner of ten
percent (10%) or more of the total combined voting power of all the outstanding
stock of ING USA, (D) such Owner being a bank for United States federal income
tax purposes whose receipt of interest on the Note or Funding Agreement is
described in Section 881(c)(3)(A) of the Code or (E) such Owner being subject to
backup withholding as of the date of becoming an Owner; (ii) any tax, duty,
levy, assessment or other governmental charge which would not have been imposed
but for the presentation of the Note or other evidence of beneficial ownership
thereof (where presentation is required) for payment on a date more than thirty
(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 that the Owner would have been entitled to Additional Amounts had the
Note been presented on the last day of such thirty (30) day period; (iii) any
tax, duty, levy, assessment or other governmental charge which is imposed or
withheld by reason of the failure of an Owner to comply with certification,
identification or information reporting requirements concerning the nationality,
residence, identity or connection with the United States of an Owner (including,
without limitation, failure to provide IRS Form W-8BEN or W-8ECI), if compliance
is required by statute, by regulation of the United States Treasury Department,
judicial or administrative interpretation, other law or by an applicable income
tax treaty to which the United States is a party as a condition to exemption
from such tax, duty, levy, assessment or other governmental charge; (iv) any
inheritance, gift, estate, personal property, sales, transfer or similar tax,
duty, levy, assessment or similar governmental charge; (v) any tax, duty, levy,
assessment or other governmental charge that is payable otherwise than by
withholding from payments in respect of the Notes; (vi) any tax, duty, levy,
assessment or other governmental charge that would not have been imposed or
withheld but for the treatment of payments in respect of the Notes or the
Funding Agreement as contingent interest described in Section 871(h)(4) of the
Code; (vii) any tax, duty, levy, assessment or other governmental charge that
would not have been imposed or withheld but for an election by the Owner the
effect of which is to make payment in respect of the Notes subject to United
States federal income tax; (viii) any tax, duty, levy, assessment or other
governmental charge resulting from a European Union Directive; or (ix) any
combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) or (viii). The
obligation to pay Additional Amounts

                                       45
<PAGE>
under this Section 3.18 shall not apply unless ING USA is obligated to pay
additional amounts under the Funding Agreement (1) to compensate for any
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 on payments in respect of the Funding Agreement by or on
behalf of any governmental authority in the United States having the power to
tax and (2) to reimburse the Trust for any Additional Amounts due to Holders.

          (c) If the applicable Pricing Supplement and a supplemental indenture
or the Notes indicate that the Trust will pay any Additional Amounts to Holders
as described in Section 3.18(b) and any such Additional Amounts actually become
due and payable the Trust shall deliver to the Indenture Trustee a Trust
Certificate that indicates the amount of such Additional Amounts and the dates
of the payment of such Additional Amounts. The Indenture Trustee may
conclusively rely on such Trust Certificate in making the payment of such
Additional Amounts.

          (d) Whenever in the Indenture or in any Note there is mentioned, in
any context, the payment of the principal of or any premium or interest on, or
in respect of, any Note or the net proceeds received on the sale or exchange of
any Note, such mention shall be deemed to include mention of the payment of
Additional Amounts if so specified in the applicable Pricing Supplement.
Further, express mention of the payment of Additional Amounts (if applicable) in
any provision of the Indenture or in any Note shall not be construed as
excluding Additional Amounts in those provisions of the Indenture or in such
Note where such express mention is not made.

     SECTION 3.19. Additional Representations and Warranties.

          (a) The Trust hereby represents and warrants that:

                    (i) to the extent the creation of a security interest in the
          Funding Agreement is governed by the UCC, the Indenture will create a
          valid security interest (as defined in the UCC) in the Funding
          Agreement in favor of the Indenture Trustee for the benefit and
          security of the Holders, which security interest will be prior to all
          other Liens;

                    (ii) the Funding Agreement will constitute a "general
          intangible" or "instrument" within the meaning of the UCC;

                    (iii) subject to the grant of security interest, pledge and
          collateral assignment of the Trust's right, title and interest in the
          Funding Agreement, the Trust will be a party to and will be the person
          entitled to payment under the Funding Agreement on the dates specified
          therein free and clear of any Lien, claim or encumbrance of any
          Person, other than the Lien created under the Indenture or any Lien
          otherwise permitted under the Indenture;

                    (iv) to the extent the UCC applies, the Trust has caused or
          will have caused, within ten (10) days of the issuance of the Notes,
          the filing of all appropriate financing statements in the proper
          filing office in the appropriate jurisdictions under applicable law in
          order to perfect the security interest in the

                                       46
<PAGE>
          Funding Agreement granted to the Indenture Trustee for the benefit and
          security of the Holders;

                    (v) other than the security interests granted to the
          Indenture Trustee for the benefit and security of the Holders pursuant
          to the Indenture, the Trust will not pledge, assign, sell, grant a
          security interest in, or otherwise convey any interest in the Funding
          Agreement;

                    (vi) the Trust will not authorize the filing of and is not
          aware of any financing statements against the Trust that include a
          description of collateral covering the Funding Agreement other than
          any financing statement relating to the security interests granted to
          the Indenture Trustee for the benefit and security of the Holders;

                    (vii) the Trust is not aware of any judgment or tax lien
          filings against the Trust;

                    (viii) all original executed copies of each instrument that
          constitutes or evidences the Funding Agreement have been delivered to
          the Indenture Trustee or a custodian for the Indenture Trustee (the
          "Custodian");

                    (ix) where all original executed copies of each instrument
          that constitutes or evidences the Funding Agreement have been
          delivered to the Custodian, the Issuer has received a written
          acknowledgment from the Custodian that the Custodian is holding the
          instruments that constitute or evidence the Funding Agreement solely
          on behalf of the Indenture Trustee; and

                    (x) none of the instruments that constitute or evidence the
          Funding Agreement has any marks or notations indicating that it has
          been pledged, assigned or otherwise conveyed to any Person other than
          the Indenture Trustee for the benefit and security of the Holders.

          (b) The foregoing representations and warranties will survive the
execution and delivery of the Notes. No party will waive any of the foregoing
representations and warranties. The Trust will maintain the perfection and
priority of the security interest in the Funding Agreement.

     SECTION 3.20. Ancillary Documents. The Trust hereby expressly authorizes
and directs the Indenture Trustee to execute and deliver each of the documents,
instruments and agreements attached as Exhibits or otherwise expressly
contemplated by the terms of the Indenture with respect to the Notes from time
to time.

                                   ARTICLE 4
      GRANTING OF SECURITY INTEREST AND ASSIGNMENT FOR COLLATERAL PURPOSES

     SECTION 4.01. Creation. To secure the full and punctual payment of the
Secured Obligations in accordance with the terms thereof and to secure the
performance of the Trust's obligations under the Notes and the Indenture, the
Trust, with respect to the Funding Agreement, hereby assigns and pledges to and
with the Indenture Trustee for the ratable benefit of each Holder and, with
respect to all of the Collateral, grants to the Indenture Trustee for the
ratable benefit of each Holder security interests in the Collateral, and all of
its rights and privileges with respect to the Collateral, and all income and
profits thereon, and all interest, dividends and other payments and
distributions with respect thereto, and all Proceeds of the foregoing.
Contemporaneously with the issuance of the Notes, the Trust will deliver the
Funding Agreement to the Indenture Trustee or its agent (including any
custodian) in pledge under the Indenture and make such filings, cause ING USA as
the issuer of the Funding Agreement to register and acknowledge the Indenture
Trustee or its agent or the Holders as having the rights of an assignee for
collateral purposes of the Funding Agreement and take such other action as may
be necessary

                                       47
<PAGE>
to cause the Indenture Trustee for the ratable benefit of each Holder to have a
perfected security interest in or be the recipient of a valid assignment for
collateral purposes of the Funding Agreement and the rest of the Collateral that
is effective against the Trust's creditors and subsequent purchasers thereof.

     SECTION 4.02. Scope.

          (a) The security interest or assignment for collateral purposes
granted or made pursuant to Section 4.01 is granted or made in trust to secure
the full and punctual payment of the Secured Obligations equally and ratably
among the Holders, without prejudice, priority or distinction, except as
expressly provided in the Indenture, in the following order of priority:

               first, to the payment of the amounts then due and unpaid upon the
     Notes for principal and interest and all other amounts in respect of which
     or for the benefit of which such amount has been collected, ratably,
     without preference or priority of any kind, according to the aggregate
     amounts due and payable on the Notes; and

               second, any remaining balance shall be paid to the Trust and such
     remaining balance shall be distributed by the Trustee in accordance with
     the Trust Agreement.

          (b) The Trust does hereby constitute and irrevocably appoint the
Indenture Trustee the true and lawful attorney of the Trust, with full power (in
the name of the Trust or otherwise), upon the occurrence and during the
continuance of an Event of Default, to exercise all rights of the Trust with
respect to the Collateral and to ask, require, demand, receive, settle,
compromise, compound and give acquittance for any and all monies and claims for
monies due and to become due under or arising out of any of the Collateral, to
endorse any checks or other instruments or orders in connection therewith and to
file any claims or take any action or institute any proceedings that the
Indenture Trustee may deem to be necessary or advisable in the circumstances.
The power of attorney granted pursuant to the Indenture and all authority
conferred by the Indenture are granted and conferred solely to protect the
Indenture Trustee's interest in the Collateral held for the benefit and security
of the Holders and shall not impose any duty upon the Indenture Trustee to
exercise any power. This power of attorney shall be irrevocable as one coupled
with an interest prior to the payment in full of all the Notes.

          (c) The Indenture shall constitute a security agreement and an
agreement to assign the Collateral for collateral purposes under the laws of the
State of New York applicable to agreements made and to be performed therein.
Upon the occurrence of any Event of Default with respect to the Notes, and in
addition to any other rights available under the Indenture and the Funding
Agreement or otherwise available at law or in equity, the Indenture Trustee
shall have all rights and remedies of a secured party or an assignee for
collateral purposes on default under the laws of the State of New York and other
applicable law to enforce the assignments and security interests contained in
the Indenture and, in addition, shall have the right, subject to compliance with
any mandatory requirements of applicable law, to sell or apply the Funding
Agreement and any other rights and other interests assigned or pledged by the
Indenture in accordance with the terms of the Indenture at public or private
sale. All amounts received under

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the Indenture shall be applied first to all costs and expenses incurred by the
Indenture Trustee in connection with such collection and enforcement and
thereafter as provided in the Indenture.

          (d) It is expressly agreed that anything in the Indenture or therein
contained to the contrary notwithstanding, the Trust shall remain liable under
the Funding Agreement to perform all the obligations of it thereunder, all in
accordance with and pursuant to the terms and provisions thereof, and the
Indenture Trustee shall not have any obligations or liabilities with respect to
the Funding Agreement by reason of or arising out of the Indenture, nor shall
the Indenture Trustee be required or obligated in any manner to perform or
fulfill any obligations of the Trust under or pursuant to the Funding Agreement
or, other than as provided in the Indenture, to make any payment, to make any
inquiry as to the nature or sufficiency of any payment received by it, or, prior
to the occurrence and continuance of an Event of Default, to present or file any
claim, or to take any action to collect or enforce the payment of any amounts
that may have been assigned to it or to which it may be entitled at any time or
times.

          (e) The Trust hereby directs and instructs the Indenture Trustee to
enter into a custodial arrangement with U.S. Bank National Association, a
national banking association, to hold the Funding Agreement in safe custody for
the benefit of the Indenture Trustee within the State of Colorado.

          (f) The Indenture Trustee acknowledges the granting of such security
interests and the making of such assignments for collateral purposes, accepts
the terms under the Indenture in accordance with the provisions of the Indenture
and agrees to perform its duties in the Indenture subject to and in accordance
with the provisions of the Indenture.

     SECTION 4.03. Termination of Security Interest. Upon the payment in full of
all Secured Obligations relating to the Notes, the security interest shall
terminate and all rights to the Collateral shall revert to the Trust. Upon
termination of the security interest, the Indenture Trustee will execute and
deliver to the Trust such documents as the Trust shall reasonably request to
evidence the termination of such security interest.

                                   ARTICLE 5
                     SATISFACTION AND DISCHARGE; SUBROGATION

     SECTION 5.01. Satisfaction and Discharge of Indenture. The Indenture shall
cease to be of further effect with respect to the Notes (except that Section
7.10 shall survive and except as to any surviving rights of registration of
transfer or exchange of Notes expressly provided for in the Indenture) and the
Indenture Trustee, on written demand of the Trust, shall execute proper
instruments acknowledging satisfaction and discharge of the Indenture with
respect to the Notes, when

          (a) either:

                    (i) all Notes theretofore authenticated and delivered (other
          than Notes which have been mutilated, destroyed, lost or stolen and
          which have been replaced or paid as provided in Section 2.08) have
          been delivered to the Indenture Trustee for cancellation; or

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<PAGE>
                    (ii) all Notes

                         (A) have become due and payable,

                         (B) will become due and payable at their Stated
                    Maturity Date within one year, or

                         (C) are to be called for redemption within one year
                    under arrangements satisfactory to the Indenture Trustee for
                    the giving of notice of redemption by the Indenture Trustee
                    in the name, and at the expense, of the Trust,

          and the Trust, in the case of (A), (B) or (C) above, has irrevocably
          deposited or caused to be deposited with the Indenture Trustee as
          trust funds in trust for such purpose, an amount sufficient to pay and
          discharge the entire indebtedness on the Notes not theretofore
          delivered to the Indenture Trustee for cancellation, for principal of,
          premium, if any, or any interest on, the Notes to the date of such
          deposit (in the case of Notes which have become due and payable) or to
          the Stated Maturity Date, as the case may be;

          (b) the Trust has paid or caused to be paid in full all other sums
payable under the Indenture by the Trust with respect to the Secured
Obligations, together with all sums payable in connection with Section 7.10, to
the extent not otherwise paid; and

          (c) the Trust has delivered to the Indenture Trustee a Trust
Certificate and an Opinion of Counsel each stating that all conditions precedent
in the Indenture providing for the satisfaction and discharge of the Indenture
with respect to the Notes have been complied with.

     Notwithstanding the satisfaction and discharge of the Indenture with
respect to the Notes, the obligations of the Indenture Trustee under Section
5.02 shall survive.

     SECTION 5.02. Application of Trust Money. All money deposited with the
Indenture Trustee pursuant to the Indenture shall be held in trust in the
Collection Account and applied by it, in accordance with the provisions of the
Notes and the Indenture, to the payment through any Paying Agent, to the Persons
entitled thereto, of the principal, premium, if any, interest and Additional
Amounts, if any, for whose payment such money has been deposited with or
received by the Indenture Trustee.

If no Event of Default with respect to the Notes exists, the following priority
of payments shall apply:

               first, to the payment of the amounts then due and unpaid upon the
     Notes for principal and interest and all other amounts in respect of which
     or for the benefit of which such amount has been collected, ratably,
     without preference or priority of any kind, according to the aggregate
     principal amounts due and payable on the Notes; and

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<PAGE>
               second, any remaining balance shall be paid to the Trust and such
     remaining balance shall be distributed by the Trustee in accordance with
     the Trust Agreement.

                                   ARTICLE 6
                              DEFAULTS AND REMEDIES

     SECTION 6.01. Events of Default.

     "EVENT OF DEFAULT" means any one of the following events with respect to
the Notes (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

          (a) failure to pay the principal (other than any installment payment),
when due and payable, of any Note and the continuance of such failure for a
period of one (1) Business Day;

          (b) failure to pay any interest, premium (if applicable), installment
payments (if applicable) or any other amounts, when due and payable, on any Note
and a continuance of such failure for a period of seven (7) Business Days;

          (c) an "Event of Default" (as defined in the Funding Agreement) by ING
USA under the Funding Agreement securing the Notes;

          (d) failure to observe or perform in any material respect any one or
more of the other covenants in the Indenture (other than a covenant or default
or breach of which is specifically set forth in Section 6.01(a), (b) and, if
applicable (h)) or the Notes, and continuance of such failure for a period of
sixty (60) days after the date on which there shall have been given written
notice by registered or certified mail, return receipt requested, specifying
such failure thereof to the Trust by the Indenture Trustee or to the Trust and
the Indenture Trustee by Holders of Notes representing at least twenty-five
percent (25%) of the aggregate principal amount of the Outstanding Notes, which
written notice shall specify such failure and require such failure to be
remedied and which notice shall state that it is a "NOTICE OF DEFAULT" under the
Indenture;

          (e) the Indenture for any reason shall cease to be in full force and
effect (other than in accordance with its terms) or shall be declared null and
void, or the Indenture Trustee fails to have or maintain a validly created and
perfected security interest subject to no prior Liens or security interests in
the Collateral and proceeds thereof except as expressly permitted by the
Indenture; or any Person shall successfully claim as finally determined by a
court of competent jurisdiction that any of the Liens granted to the Indenture
Trustee with respect to any of the Collateral are void or that the enforcement
thereof or any other recourse by the Indenture Trustee against any of the
Collateral is materially limited because of any preference, fraudulent transfer,
conveyance or similar law;

          (f) either (i) a court having jurisdiction in the premises shall enter
a decree or order for relief in respect of the Trust or the Collateral in an
involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect in the

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<PAGE>
applicable jurisdiction, which decree or order is not stayed; or any other
similar relief shall be granted under any applicable law; or (ii) an involuntary
case shall be commenced against the Trust or the Collateral under any applicable
bankruptcy, insolvency or other similar law of the 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 Trust or the Collateral, or over all or a
substantial part of its property, shall have been entered; or there shall have
occurred the involuntary appointment of an interim receiver, trustee or other
custodian of the Trust or the Collateral for all or a substantial part of its
property; or a court having jurisdiction in the premises shall enter a decree or
order declaring the dissolution of the Trust; or a warrant of attachment,
execution or similar process shall have been issued against any substantial part
of the property of the Trust and any such event described in this clause (ii)
shall continue for sixty (60) days unless dismissed, bonded or discharged;

          (g) either (i) the Trust shall have an order for relief entered with
respect to it or shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law of the applicable jurisdiction, or
shall consent 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 shall consent 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
Trust shall make any assignment for the benefit of creditors; or (ii) the Trust
shall fail or be unable, or the Trust admits in writing its inability, to pay
its debts as such debts become due; or the trustee of the Trust shall adopt any
resolution or otherwise authorize any action to approve or for the purpose of
effecting any of the actions referred to in this paragraph (g); or

          (h) any other Event of Default provided in (i) the applicable Pricing
Supplement and (ii) the Notes or any supplemental indenture.

     SECTION 6.02. Acceleration of Maturity Date; Rescission and Annulment. If
an Event of Default specified in any of Section 6.01(a), (b), (c), (f) or (g)
occurs and is continuing, the principal of and all accrued and unpaid interest
and any other amounts payable on the Notes or, if such Notes are non-interest
bearing, the amortized face amount of such Notes or other redemption amount as
may be specified in the Pricing Supplement, shall automatically be and become
due and payable immediately, without any declaration or other act whatsoever on
the part of the Trust, the Indenture Trustee or any Holder. If any Event of
Default other than those specified in Section 6.01(a), (b), (c), (f) or (g)
occurs and is continuing, then in every such case the Indenture Trustee or the
Holders of more than twenty-five percent (25%) in aggregate principal amount of
the Outstanding Notes, by a notice in writing to the Trust (and to the Indenture
Trustee if given by the Holders of the Notes), may (but are not required to)
declare the sum of (a) the principal amount of all the Outstanding Notes and (b)
any other amounts, including accrued and unpaid interest, payable to the Holders
to the extent such amounts are permitted by law to be paid, to be due and
payable immediately, and upon any such declaration such amount shall become due
and payable on the date the written declaration is received by the Trust;
provided, however, that with respect to any Note issued with original issue
discount the amount of principal due and payable for such Note will be the
amount determined as set forth in the Pricing Supplement or, if not so set
forth, by multiplying (i) the then outstanding aggregate principal amount of
such Note by (ii) the sum of (A) the original issue price of the Note (expressed
as a percentage of the then outstanding aggregate principal amount of such Note)
plus

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<PAGE>
(B) the original issue discount (expressed as a percentage) amortized from the
Original Issue Date of such Note to the date of declaration of acceleration of
maturity of such Note (calculated using the interest method in accordance with
generally accepted accounting principles in effect on the date of
determination).

     At any time after such a declaration of acceleration of maturity of the
Notes has been made pursuant to the second sentence of this Section 6.02 and
before a judgment or decree for payment of the money due has been obtained by
the Indenture Trustee as provided in this Article 6, the Holders of Notes
representing at least sixty-six and two-thirds percent (66-2/3%) of the
aggregate principal amount of the Outstanding Notes, by written notice to the
Trust and the Indenture Trustee, may rescind and annul such declaration and its
consequences if:

          (a) the Trust has paid, deposited or cause to be paid or deposited
with the Indenture Trustee a sum sufficient to pay:

                    (i) all overdue installments of interest and Additional
          Amounts, if applicable, on all Notes,

                    (ii) the principal and premium, if any, of any Notes which
          have become due otherwise than by such declaration of acceleration and
          interest thereon with respect thereto at the rate borne by the Notes,
          and

                    (iii) all amounts due under the Expense and Indemnity
          Agreement; and

          (b) all Events of Default, other than the nonpayment of the principal
of or interest on the Notes which have become due solely as a result of such
acceleration, have been cured or waived as provided in Section 6.13.

     No such rescission shall affect any subsequent Default or Event of Default
or impair any right consequent thereon.

     SECTION 6.03. Collection of Indebtedness and Suits for Enforcement. The
Trust covenants that if:

          (a) default is made in the payment of any installment of interest on
any Note when such interest becomes due and payable (after the expiration of any
applicable cure period), or

          (b) default is made in the payment of the principal or premium, if
any, of any Note when such principal or premium, if any, becomes due and
payable,

the Trust will upon demand of the Indenture Trustee (which the Indenture Trustee
may make, but is not required to make) pay to the Indenture Trustee, for the
benefit of all the Holders of the Notes, the whole amount then due and payable
on the Notes (together, as applicable, with interest upon the overdue principal
and any premium and (to the extent that payment of such interest is enforceable
under applicable law) upon the overdue installments of interest at the rate
borne by the Notes or, if the Notes are non-interest bearing, the rate for such
interest set forth in

                                       53
<PAGE>
the Notes or the Indenture, if applicable) and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Indenture Trustee, its agents and counsel.

     If the Trust fails to pay such amounts it is required to pay the Indenture
Trustee pursuant to the preceding paragraph, then forthwith upon the demand of
the Indenture Trustee, in its own name and as trustee of an express trust, the
Indenture Trustee may (but is not required to) institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding
to judgment or final decree and may enforce the same against the Trust or any
other obligor upon any of the Notes and collect the monies adjudged or decreed
to be payable in the manner provided by law out of the property of the Trust or
any other obligor upon the Notes, including the Collateral, wherever situated.

     If an Event of Default with respect to the Notes occurs and is continuing,
the Indenture Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Notes by such appropriate judicial
proceedings as the Indenture Trustee shall deem most effectual to protect and
enforce any such rights, whether for the specific enforcement of any covenant or
agreement in the Indenture or in aid of the exercise of any power granted in the
Indenture, or to enforce any other proper remedy.

     SECTION 6.04. Indenture Trustee May File Proofs of Claim. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, composition or other judicial proceeding relative
to the Trust or any other obligor upon the Notes or the property held in the
Trust or of such other obligor or their creditors, the Indenture Trustee
(irrespective of whether the Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the
Indenture Trustee shall have made any demand on the Trust for the payment of any
overdue principal, premium or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise,

          (a) to file and prove a claim for the whole amount of principal of,
and any premium and interest owing and unpaid in respect of, the Notes and to
file such other papers or documents as may be necessary or advisable in order to
have the claims of the Indenture Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee, its
agents and counsel) and of the Holders allowed in such proceeding; and

          (b) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same, and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent, to make such payments directly to the Holders, and to pay to the
Indenture Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee, its agents and
counsel, and any other amounts due to the Indenture Trustee under Section 7.10.

     Nothing contained in the Indenture shall be deemed to authorize the
Indenture Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment, or composition
affecting any of the Notes or the rights of any Holder

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<PAGE>
thereof, or to authorize the Indenture Trustee to vote in respect of the claim
of any Holder in any such proceeding.

     SECTION 6.05. Indenture Trustee May Enforce Claims Without Possession of
Notes. All rights of action and claims under the Indenture or any of the Notes
may be prosecuted and enforced by the Indenture Trustee without the possession
of any of the Notes or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Indenture Trustee in
accordance with the terms of the Indenture shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and
advances of the Indenture Trustee, its agents and counsel, be for the ratable
benefit of the Holders of Notes in respect of which such judgment has been
recovered.

     SECTION 6.06. Application of Money Collected. Notwithstanding anything in
the Indenture to the contrary, any money collected by the Indenture Trustee
following an Event of Default and during the continuance thereof pursuant to
Article 6 or otherwise under the Indenture or any supplements to the Indenture,
and any moneys that may then be held or thereafter received by the Indenture
Trustee as security with respect to the Notes shall be held in the Collection
Account and be applied in the following order, at the date or dates fixed by the
Indenture Trustee and, in case of the distribution on account of principal or
interest, upon presentation of the Notes, or both, and the notation thereon of
the payment if only partially paid and upon surrender thereof if fully paid:

               first, to the (i) Indenture Trustee and any Agent, their agents
     and counsel, for all amounts due them under Section 7.10 hereof, to be
     shared pro rata amongst them, in an aggregate amount of no more than
     $250,000 for all series of notes issued by all Trusts outstanding, to the
     extent not previously paid and (ii) Trustee and Custodian, their agents and
     counsel, for all amounts due them under Section 7.10 hereof, to be shared
     pro rata amongst them, in an aggregate amount of no more than $250,000 for
     all series of notes issued by all Trusts outstanding, to the extent not
     previously paid; provided, however, that such amounts described in clauses
     (i) and (ii) above shall rank pari passu;

               second, to the payment of the amounts then due and unpaid upon
     the Notes for principal and interest and all other amounts in respect of
     which, or for the benefit of which, such amount has been collected,
     ratably, without preference or priority of any kind, according to the
     aggregate principal amounts due and payable on the Notes; and

               third, any remaining balance shall be paid to the Trust and such
     remaining balance shall be distributed by the Trustee in accordance with
     the Trust Agreement.

     Except as expressly set forth in this Section 6.06 and Section 7.10, none
of the Indenture Trustee, Paying Agent, Registrar or any other Agent or any of
their successors, employees, officers, directors, affiliates or agents shall
have any claim or rights of any nature in or to the Collateral, whether as a
result of set-off, banker's lien or otherwise, and the Indenture Trustee

                                       55
<PAGE>
hereby waives, and each of the Paying Agent and Registrar appointed under the
Indenture shall be deemed to have waived, by its acceptance of the duties under
the Indenture, on behalf of itself and each such other Person, any such claim or
rights in or to the Collateral.

     SECTION 6.07. Limitation on Suits. Except as otherwise provided in Section
6.08, no Holder shall have any right to institute any proceedings, judicial or
otherwise, with respect to the Indenture or any agreement or instrument included
in the Collateral for the Notes or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:

          (a) such Holder has previously given written notice to the Indenture
Trustee of a continuing Event of Default with respect to the Notes;

          (b) the Holder or Holders of Notes representing not less than
twenty-five percent (25%) of the aggregate principal amount of the Outstanding
Notes shall have made written request to the Indenture Trustee to institute
proceedings in respect of such Event of Default in its own name as Indenture
Trustee under the Indenture;

          (c) such Holder or Holders have offered to the Indenture Trustee
reasonable indemnity or security satisfactory to it against the costs, expenses
and liabilities to be incurred in compliance with such request;

          (d) the Indenture Trustee for sixty (60) days after its receipt of
such notice, request and offer of indemnity has failed to institute any such
proceeding; and

          (e) no direction inconsistent with such written request has been given
to the Indenture Trustee during such sixty (60) day period by the Holder or
Holders of Notes representing at least 66 2/3% in aggregate principal amount of
the Outstanding Notes;

it being understood and intended that no one or more Holders of Notes shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of the Indenture to affect, disturb or prejudice the rights of any other Holder
of any Note or to obtain or to seek to obtain priority or preference over any
other Holder of any Note or to enforce any right under the Indenture, except in
the manner provided in the Indenture and for the equal and ratable benefit of
all the Holders of the Notes.

     SECTION 6.08. Unconditional Rights of Holders to Receive Payments.
Notwithstanding any other provision in the Indenture, each Holder of any Note
shall have the right, which is absolute and unconditional, to receive payment of
the principal of, 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 6.09. Restoration of Rights and Remedies. If the Indenture Trustee
or any Holder has instituted any proceeding to enforce any right or remedy under
the Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Indenture Trustee or to such
Holder, then and in every such case the Trust, the Indenture Trustee and each
such Holder shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions under the Indenture, and

                                       56
<PAGE>
thereafter all rights and remedies of the Indenture Trustee and each such Holder
shall continue as though no such proceeding had been instituted.

     SECTION 6.10. Rights and Remedies Cumulative. Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Notes in Section 2.08, no right or remedy in the Indenture conferred upon
or reserved to the Indenture Trustee or to each and every Holder is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given under the Indenture or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy under
the Indenture, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     SECTION 6.11. Delay or Omission Not Waiver. No delay or omission of the
Indenture Trustee or of any Holder to exercise any right or remedy accruing upon
any Event of Default shall impair any such right or remedy or constitute a
waiver of any such right or remedy accruing upon any Event of Default or an
acquiescence therein. Every right and remedy given by this Article 6 or by law
to the Indenture Trustee or to any Holder may be exercised from time to time,
and as often as may be deemed expedient, by the Indenture Trustee or by such
Holder, as the case may be.

     SECTION 6.12. Control by Holders. Holders, representing a majority of the
aggregate principal amount of the Outstanding Notes, who provide the Indenture
Trustee with indemnification satisfactory to the Indenture Trustee, shall have
the right to direct the time, method and place of conducting any proceedings for
exercising any remedy available to the Indenture Trustee or exercising any trust
or power conferred on the Indenture Trustee with respect to the Notes, including
with respect to the Collateral; provided, however, that (a) such direction shall
not be in conflict with any rule of law or with the Indenture, (b) the Indenture
Trustee may take any other action deemed proper by the Indenture Trustee that is
not inconsistent with such direction and (c) the Indenture Trustee need not take
any action which in its reasonable judgment would result in personal liability
for the Indenture Trustee.

     SECTION 6.13. Waiver of Past Defaults. Notwithstanding anything in the
Indenture to the contrary, only Holders representing a majority of the aggregate
principal amount of the Outstanding Notes may on behalf of the Holders of all
the Notes waive any past Default with respect thereto and its consequences,
except a Default:

          (a) in the payment of any principal of, any interest on, or premium,
if any, on any Note, or

          (b) in respect of a covenant or provision of the Indenture that cannot
be modified or amended without the consent of the Holder of each Outstanding
Note.

Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose
of the Indenture with respect to the Notes; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereon.

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<PAGE>
     SECTION 6.14. Undertaking for Costs. All parties to the Indenture agree,
and each Holder, by acceptance of a Note, shall be deemed to have agreed that,
in any suit for the enforcement of any right or remedy under the Indenture, or
in any suit against the Indenture Trustee for any action taken, suffered or
omitted by it as Indenture Trustee, any court may in its discretion require the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section 6.14 shall not apply to
any suit instituted by the Indenture Trustee or any Agent, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate Notes
representing more than ten percent (10%) of the aggregate principal amount of
the Outstanding Notes, or to any suit instituted by any Holder for the
enforcement of the payment of any installment of interest on any Note on or
after the Stated Maturity Date thereof expressed in such Note or for the
enforcement of the payment of any principal of such Note at the Stated Maturity
Date therefor.

     SECTION 6.15. Waiver of Stay or Extension Laws. The Trust covenants that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any law wherever enacted, now or at any time
hereafter in force, providing for any appraisement, valuation, stay, extension
or redemption, which may affect the covenants in, or the performance of, the
Indenture; and the Trust hereby expressly waives all benefit or advantage of any
such law, and covenants that it will not hinder, delay or impede the execution
of any power granted in the Indenture to the Indenture Trustee, but will suffer
and permit the execution of every such power as though no such law had been
enacted.

                                   ARTICLE 7
                     THE INDENTURE TRUSTEE AND OTHER AGENTS

     SECTION 7.01. Duties of Indenture Trustee.

          (a) If an Event of Default has occurred and is continuing, the
Indenture Trustee shall exercise such of the rights and powers vested in it by
the Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

          (b) Except during the continuance of an Event of Default, (i) the
Indenture Trustee undertakes to perform only those duties that are specifically
set forth in the Indenture and no others, and no implied covenants or
obligations of the Indenture Trustee shall be read into this Indenture, and (ii)
in the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Indenture Trustee, the Indenture Trustee shall
be under a duty to examine the same to determine whether or not they conform to
the requirements of the Indenture.

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          (c) No provision of the Indenture shall be construed to relieve the
Indenture Trustee or any Agent from liability for its own negligent action, its
own negligent failure to act, or its own bad faith or willful misconduct, except
that:

                    (i) this Section 7.01(c) does not limit the effect of
          Section 7.01(b);

                    (ii) each of the Indenture Trustee and each Agent shall not
          be liable for any error of judgment made in good faith by a
          Responsible Officer, unless it is proved that the Indenture Trustee or
          Agent, as the case may be, was negligent in ascertaining the pertinent
          facts;

                    (iii) the Indenture Trustee shall not be liable with respect
          to any action it takes or omits to take in good faith in accordance
          with the direction of Holders representing a majority of the aggregate
          principal amount of the Outstanding Notes or pursuant to Section 6.07
          for actions or omissions relating to the time, method and place of
          conducting any proceeding for any remedy available to the Indenture
          Trustee, or exercising any trust or power conferred upon the Indenture
          Trustee, under the Indenture with respect to the Notes; and

                    (iv) no provision of the Indenture shall require the
          Indenture Trustee or any Agent to expend or risk its own funds or
          otherwise incur any financial liability in the performance of any of
          its duties under the Indenture, or in the exercise of any of its
          rights or powers, if it shall have reasonable grounds for believing
          that repayment of such funds or adequate indemnity against such risk
          or liability is not reasonably assured to it.

          (d) Whether or not therein expressly so provided, every provision of
the Indenture relating to the conduct or affecting the liability of or affording
protection to the Indenture Trustee shall be subject to the provisions of this
Section 7.01.

          (e) The Indenture Trustee shall promptly upon its receipt thereof
deliver to each Rating Agency copies of each of the following:

                    (i) any notice of any Event of Default by any party under
          the Funding Agreement delivered by the Trust to the Indenture Trustee
          pursuant to paragraph (b) of Section 3.13;

                    (ii) any amendment or modification of the Trust Agreement
          delivered by the Trust to the Indenture Trustee pursuant to paragraph
          (a) of Section 3.12;

                    (iii) any notice of any Default or Event of Default,
          together with any relevant Trust Certificate relating thereto,
          delivered by the Trust to the Indenture Trustee pursuant to paragraph
          (b) of Section 3.13;

                    (iv) any supplemental indenture referred to in Section 8.01
          or 8.02;

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                    (v) any other information reasonably requested by any Rating
          Agency;

                    (vi) any notice of change in the identity of the Trust;

                    (vii) any notice of change in the identity of the Indenture
          Trustee;

                    (viii) any notice of adverse change in the priority status
          of the Funding Agreement as a matter of the laws of the State of Iowa;
          and

                    (ix) any notice of redemption delivered to the Indenture
          Trustee under Section 2.04.

          (f) The Indenture Trustee shall, on behalf of the Trust, and to the
extent that the relevant information shall be reasonably available to it, submit
such reports or information as may be required from time to time in relation to
the issue of the Notes by applicable law, regulations and guidelines by
governmental regulatory authorities as may be subsequently requested by the
Trust and agreed to in writing between the Trust and the Indenture Trustee.

     SECTION 7.02. No Liability to Invest. Neither the Indenture Trustee nor the
Agents shall be under any liability for interest on, or have any responsibility
to invest, any monies received by it pursuant to any of the provisions of the
Indenture or the Notes.

     SECTION 7.03. Performance Upon Default. None of the Agents shall have any
duty or responsibility in case of any default by the Trust in the performance of
its obligations (including, without limiting the generality of the foregoing,
any duty or responsibility to accelerate all or any of the Notes or to initiate
or to attempt to initiate any proceedings at law or otherwise or to make any
demand for the payment thereof upon the Trust).

     SECTION 7.04. No Assumption by Paying Agent, Transfer Agent, Calculation
Agent or Registrar. In acting under the Indenture and in connection with the
Notes, the Paying Agent, the Transfer Agent, the Calculation Agent and the
Registrar shall act solely as agents of the Trust and will not thereby assume
any obligations towards, or relationship of agency or trust for, any of the
Holders.

     SECTION 7.05. Notice of Default. Within ninety (90) days after a
Responsible Officer of the Indenture Trustee becomes aware of the occurrence of
any Default or Event of Default which is continuing, the Indenture Trustee shall
transmit to the Trustee and ING USA and all Holders of Notes notice of each such
Default or Event of Default known to the Indenture Trustee, unless such Default
or Event of Default shall have been cured or waived; provided, however, that,
except in the case of a Default of the kind described in Section 6.01(a), (b),
(c), (f) or (g) the Indenture Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Indenture
Trustee in good faith determine that the withholding of such notice is in the
interests of the Holders.

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     SECTION 7.06. Rights of Indenture Trustee. Subject to the provisions of
Section 7.01(c):

          (a) The Indenture Trustee may conclusively rely and shall be protected
in acting or refraining from acting on any document believed by it in good faith
to be genuine and to have been signed or presented by the proper Person. The
Indenture Trustee need not investigate any fact or matter stated in the
document.

          (b) Before the Indenture Trustee acts or refrains from acting,
including in connection with the issuance of the Notes pursuant to Section 2.02,
it may require a Trust Certificate or an Opinion of Counsel or both, and the
Indenture Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on any such Trust Certificate or Opinion of Counsel,
or upon any Trust Order, Trust Request or advice from financial or other
advisors or consultants appointed with due care.

          (c) The Indenture Trustee shall not be liable for any action it takes
or omits to take in good faith that it believes to be authorized or within its
rights or powers.

          (d) (i) The Indenture Trustee may employ or consult with counsel,
accountants, appraisers, agents or other experts or advisers of its selection
and as it may reasonably require for the purpose of determining and discharging
its rights and duties under the Indenture and shall not be responsible for
misconduct on the part of any such person appointed with due care.

                    (ii) The Indenture Trustee may conclusively act and rely and
          shall be fully protected in acting and relying in good faith on the
          opinion or advice of or information obtained from any counsel,
          accountant, appraiser, agents or other expert or adviser, whether
          retained or employed by the Trust or by the Indenture Trustee, in
          relation to any matter arising in the administration of the trusts of
          the Indenture.

          (e) The Indenture Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by the Indenture at the request or
direction of any of the Holders pursuant to the Indenture, unless such Holders
shall have offered to the Indenture Trustee security or indemnity satisfactory
to it against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction.

          (f) The Indenture Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document, but
the Indenture Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the
Indenture Trustee shall determine to make such further inquiry or investigation,
it shall be entitled to examine the books, records and premises of the Trust,
personally or by agent or attorney, with any reasonable costs related thereto to
be paid by ING USA pursuant to the applicable Expense and Indemnity Agreement,
and shall incur no liability or additional liability of any kind by reason of
such inquiry or investigation.

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          (g) The Indenture Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Responsible Officer of the Indenture
Trustee has actual knowledge thereof or unless written notice of any event which
is in fact such a default is received by a Responsible Officer of the Indenture
Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice
references the Notes and the Indenture and states that a Default or Event of
Default has occurred.

          (h) Permissive powers granted to the Indenture Trustee under the
Indenture shall not be construed to be mandatory duties on its part.

          (i) The rights and protections afforded to the Indenture Trustee
pursuant to this Article 7 shall also be afforded to the Paying Agent,
Calculation Agent, Registrar or Transfer Agent, or any successor or agent
thereof.

          (j) The Indenture Trustee shall have no liability for the actions or
omissions of the Paying Agent, Registrar, Calculation Agent or Transfer Agent,
provided that such action or omission is not caused by the Indenture Trustee's
own negligence, bad faith or willful misconduct.

          (k) The Indenture Trustee may execute any of the trusts or powers
under the Indenture or perform any duties under the Indenture either directly or
by or through delegates, agents, attorneys, custodians or nominees, and the
Indenture Trustee shall not be responsible for any misconduct or negligence on
the part, or the supervision, of any agent, attorney, custodian or nominee
appointed with due care.

          (l) The Indenture Trustee may request that the Trust deliver an
officer's certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to the
Indenture, which officer's certificate may be signed by any person authorized to
sign an officer's certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded.

          (m) In no event shall the Indenture Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes,
acts of God or interruptions, losses or malfunctions of utilities,
communications or computer (software and hardware) services, it being understood
that the Indenture Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.

          (n) In no event shall the Indenture Trustee be responsible or liable
for special, indirect or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the
Indenture Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

     SECTION 7.07. Not Responsible for Recitals or Issuance of Notes. The
recitals contained in the Indenture and in the Notes, except the certificates of
authentication on the Notes, shall be taken as the statements of the Trust and
neither the Indenture Trustee nor any

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Agent assumes any responsibility for their correctness. Neither the Indenture
Trustee nor any Agent makes any representations with respect to any Collateral
or as to the validity, enforceability or sufficiency of the Indenture or of the
Notes or of any security interest created under the Indenture. Neither the
Indenture Trustee nor any Agent shall be accountable for the use or application
by the Trust of the Notes or the proceeds thereof or any money paid to the Trust
or upon Trust Order pursuant to the provisions of the Indenture.

     SECTION 7.08. Indenture Trustee May Hold Notes. The Indenture Trustee, in
its individual or any other capacity, may become the owner or pledgee of Notes
and, subject to Section 7.11 and Section 311(a) of the Trust Indenture Act, may
otherwise deal with the Trust with the same rights it would have if it were not
Indenture Trustee.

     SECTION 7.09. Money Held in Trust. Money held by the Indenture Trustee in
trust under the Indenture need not be segregated from other funds except to the
extent required by the Indenture or by law. The Indenture Trustee shall be under
no liability for interest on any money received by it under the Indenture and
shall not invest such money, unless otherwise agreed to in writing and permitted
by law.

     SECTION 7.10. Compensation and Reimbursement. The Trust shall or, pursuant
to the Expense and Indemnity Agreement, cooperate with ING USA in order to:

          (a) pay the Indenture Trustee, the Trustee, the Custodian and the
Agents from time to time such compensation as shall be agreed upon in writing
with the Indenture Trustee, the Trustee, the Custodian and the Agents for all
services rendered by them hereunder and under the other Program Documents (which
compensation shall not be limited by provision of law in regard to the
compensation of a trustee of an express trust);

          (b) except as otherwise expressly provided herein, reimburse the
Indenture Trustee, the Trustee, the Custodian and the Agents upon their request
for all reasonable expenses, disbursements and advances incurred or made by them
in accordance with any provision of this Indenture or the other Program
Documents (including the compensation and the expenses and disbursements of
their agents and counsel), except any such expense, disbursement or advance as
may be attributable to their negligence or bad faith; and

          (c) indemnify each of the Indenture Trustee, the Trustee, the
Custodian and the Agents and their agents for, and to hold them harmless
against, any and all loss, damage, claims, liability or expense, including taxes
(other than taxes based upon, measured by or determined by their income),
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses of defending itself
against any claims or liability in connection with the exercise or performance
of any of its powers or duties hereunder, or in connection with enforcing the
provisions of this Section, except to the extent that such loss, damage, claim,
liability or expense is due to its own negligence or bad faith.

     The obligations of the Trust under this Section 7.10 shall survive the
resignation or removal of the Indenture Trustee, the Trustee or the Custodian,
as well as the satisfaction and discharge of this Indenture and the termination
of this Indenture.

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     To secure the Trust's obligations under this Section 7.10, each of the
Indenture Trustee, the Trustee and the Custodian shall have a lien prior to the
Notes on all money or property held or collected by the Indenture Trustee,
except that held in trust to pay principal or interest on particular Notes. Such
lien shall survive the resignation or removal of the Indenture Trustee, the
Trustee or the Custodian, as well as the satisfaction and discharge of this
Indenture and the termination of this Indenture.

     When any of the Indenture Trustee, the Trustee or the Custodian incurs
expenses or renders services after an Event of Default specified in Section
6.01(f) or (g) occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any bankruptcy law.

     SECTION 7.11. Eligibility. The Trust agrees, for the benefit of the
Holders, that there shall at all times be an Indenture Trustee under the
Indenture which shall be a corporation or national banking association organized
and doing business under the laws of the United States, any state thereof or the
District of Columbia, authorized under such law to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000 subject to
supervision or examination by federal or state authority and having a credit
rating of BBB- or better by Standard & Poor's Ratings Service, a Division of the
McGraw-Hill Companies or a credit rating of Baa3 or better by Moody's Investors
Service, Inc. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section 7.11, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition as
published. If at any time the Indenture Trustee shall cease to be eligible in
accordance with the provisions of this Section 7.11, it shall resign immediately
in the manner and with the effect specified in this Article 7.

     In addition, the Indenture Trustee, each successor Indenture Trustee and
each Person appointed to act as co-trustee pursuant to Section 7.15 must be a
"United States person" within the meaning of Section 7701(a)(30) of the Code.

     SECTION 7.12. Resignation and Removal; Appointment of Successor.

          (a) No resignation or removal of the Indenture Trustee and no
appointment of a successor Indenture Trustee pursuant to this Section 7.12 shall
become effective until the acceptance of appointment by the successor Indenture
Trustee under Section 7.13.

          (b) The Indenture Trustee may resign at any time by giving not less
than sixty (60) days' prior written notice thereof to the Trust and the Holders
of the Notes. If an instrument of acceptance by a successor Indenture Trustee
shall not have been delivered to the Indenture Trustee within thirty (30) days
after the giving of such notice of resignation, the resigning Indenture Trustee
may petition any court of competent jurisdiction at the expense of the Trust for
the appointment of a successor Indenture Trustee and any and all amounts then
due and owing to the retiring Indenture Trustee shall be paid in full.

          (c) The Indenture Trustee may be removed at any time by an Act of
Holders of Notes representing a majority of the aggregate principal amount of
the Outstanding Notes,

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delivered to the Indenture Trustee and to the Trust. If an instrument of
acceptance by a successor Indenture Trustee shall not have been delivered to the
Indenture Trustee within thirty (30) days after the giving of such notice of
removal, the Indenture Trustee being removed may petition, at the expense of the
Trust, any court of competent jurisdiction for the appointment of a successor
Indenture Trustee with respect to the Notes.

          (d) If at any time (i) the Indenture Trustee shall cease to be
eligible under Section 7.11 and shall fail to resign after written request by
the Trust or any Holder (who has been a bona fide Holder of a Note for at least
six months), (ii) shall become incapable of acting or shall be adjudged as
bankrupt or insolvent, or a receiver or liquidator of the Indenture Trustee or
of its property shall be appointed, or any public officer shall take charge or
control of the Indenture Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation or (iii) the Indenture Trustee
shall fail to comply with the obligations imposed upon it under Section 310(b)
of the Trust Indenture Act with respect to the Notes after written request
therefor by the Trust or any Holder who has been a bona fide Holder of a Note
for at least six months, then (x) the Trust (except during the existence of an
Event of Default) by a Trust Order may remove the Indenture Trustee, or (y)
subject to Section 6.14, any Holder who has been a bona fide Holder for at least
six months may, on behalf of himself, herself or itself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee.

          (e) If the Indenture Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of the Indenture
Trustee for any reason, the Trust, by a Trust Order, shall promptly appoint a
successor Indenture Trustee and shall comply with the applicable requirements of
Section 7.13. If, within one year after such resignation, removal or
incapability or the occurrence of such vacancy, a successor Indenture Trustee
shall be appointed by Act of Holders of Notes representing a majority of the
aggregate principal amount of the Outstanding Notes delivered to the Trust and
the retiring Indenture Trustee, the successor Trustee so appointed shall, upon
its acceptance of such appointment in accordance with the applicable
requirements of Section 7.13, become the successor Indenture Trustee and
supersede the successor Indenture Trustee appointed by the Trust. If no
successor Indenture Trustee shall have been so appointed by the Trust or Holders
and shall have accepted appointment in the manner provided in the Indenture, any
Holder who has been a Holder for at least six months may (subject to Section
6.14), on behalf of himself, herself or itself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee.

          (f) The Trust shall give notice of each resignation and each removal
of the Indenture Trustee and each appointment of a successor Indenture Trustee
by mailing written notice of such event by first-class mail, postage prepaid, to
the Holders of the Notes, if any, as their names and addresses appear in the
Register. Each notice shall include the name of the successor Indenture Trustee
and the address of its Corporate Trust Office.

          (g) Any successor Indenture Trustee shall satisfy all applicable
requirements under the Indenture.

     SECTION 7.13. Acceptance of Appointment by Successor.

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          (a) Every successor Indenture Trustee appointed under the Indenture
shall execute, acknowledge and deliver to the Trust and the retiring Indenture
Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Indenture Trustee shall become effective and such
successor Indenture Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Indenture Trustee. Notwithstanding the foregoing, on request of the Trust or the
successor Indenture Trustee, such retiring Indenture Trustee shall, upon payment
of all amounts owed to it, execute and deliver an instrument transferring to
such successor Indenture Trustee all the rights, powers and trusts of the
retiring Indenture Trustee, and shall duly assign, transfer and deliver to such
successor Indenture Trustee all property and money held by such retiring
Indenture Trustee under the Indenture.

          (b) Upon request of any such successor Indenture Trustee, the Trust
shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Indenture Trustee all such rights, powers and
trusts referred to in this Section 7.13, as the case may be.

          (c) No successor Indenture Trustee shall accept its appointment unless
at the time of such acceptance such successor Indenture Trustee shall be
qualified and eligible under this Article 7.

     SECTION 7.14. Merger, Conversion, Consolidation or Succession to Business
of Indenture Trustee. Any corporation or national banking association into which
the Indenture Trustee may be merged or converted or with which it may be
consolidated, or any corporation or national banking association resulting from
any merger, conversion or consolidation to which the Indenture Trustee shall be
a party, or any corporation or national banking association succeeding to all or
substantially all of the corporate trust business of the Indenture Trustee,
shall be the successor of the Indenture Trustee under the Indenture, without the
execution or filing of any paper or any further act on the part of any of the
parties to the Indenture; provided, however, that such corporation or national
banking association shall be otherwise qualified and eligible under this Article
7. In case any Notes have been authenticated, but not delivered, by the
Indenture Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Indenture Trustee may adopt such
authentication and deliver the Notes so authenticated with the same effect as if
such successor Indenture Trustee had authenticated such Notes.

     SECTION 7.15. Co-trustees.

          (a) At any time or times, for the purpose of meeting the legal or
regulatory requirements of any jurisdiction in which any portion of any
Collateral may at the time be located, the Trust and the Indenture Trustee shall
have power to appoint, and, upon the written request of the Holders of Notes
representing a majority of the aggregate principal amount of the Outstanding
Notes, the Trust shall for such purpose join with the Indenture Trustee in the
execution, delivery and performance of all instruments and agreements necessary
or proper to appoint one or more Persons approved by the Indenture Trustee to
act as co-trustee, jointly with the Indenture Trustee, of all or any part of the
Collateral, with such powers as may be provided in the instrument of
appointment, and to vest in such Person or Persons in the capacity aforesaid,

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any property, title, right or power deemed necessary or desirable, subject to
the other provisions of this Section 7.15. If the Trust does not join in such
appointment within fifteen (15) days after the receipt by it of a request so to
do, or in case an Event of Default has occurred and is continuing, the Indenture
Trustee alone shall have power to make such appointment.

          (b) Should any written instrument from the Trust be required by any
co-trustee so appointed for more fully confirming to such co-trustee such
property, title, right or power, any and all such instruments shall, on request,
be executed, acknowledged and delivered by the Trust.

          (c) Every co-trustee shall, to the extent permitted by law, but to
such extent only, be appointed subject to the following terms:

                    (i) the Notes shall be authenticated and delivered and all
          rights, powers, duties and obligations under the Indenture in respect
          of the custody of securities, cash and other personal property held
          by, or required to be deposited or pledged with, the Indenture Trustee
          under the Indenture, shall be exercised solely by the Indenture
          Trustee;

                    (ii) the rights, powers, duties and obligations conferred by
          the Indenture or imposed upon the Indenture Trustee shall be conferred
          or imposed upon and exercised or performed by the Indenture Trustee or
          by the Indenture Trustee and such co-trustee jointly, as shall be
          provided in the instrument appointing such co-trustee, except to the
          extent that, under any law of any jurisdiction in which any particular
          act is to be performed, the Indenture Trustee shall be incompetent or
          unqualified to perform such act, in which event such rights, powers,
          duties and obligations shall be exercised and performed by such
          co-trustee;

                    (iii) the Indenture Trustee at any time, by an instrument in
          writing executed by it, with the concurrence of the Trust evidenced by
          a Trust Request, may accept the resignation of or remove any
          co-trustee appointed under this Section 7.15, and, in case an Event of
          Default has occurred and is continuing, the Indenture Trustee shall
          have power to accept the resignation of, or remove, any such
          co-trustee without the concurrence of the Trust. Upon the written
          request of the Indenture Trustee, the Trust shall join with the
          Indenture Trustee in the execution, delivery and performance of all
          instruments and agreements necessary or proper to effectuate such
          resignation or removal. A successor to any co-trustee so resigned or
          removed may be appointed in the manner provided in this Section 7.15;

                    (iv) no co-trustee under the Indenture shall be personally
          liable by reason of any act or omission of the Indenture Trustee or
          any other such trustee under the Indenture and the Indenture Trustee
          shall not be personally liable by reason of any act or omission of any
          co-trustee under the Indenture; and

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                    (v) any Act of Holders delivered to the Indenture Trustee
          shall be deemed to have been delivered to each such co-trustee.

     SECTION 7.16. Appointment and Duties of the Calculation Agent.

          (a) Unless the Paying Agent advises the Trust that it is unable to act
as Calculation Agent, the Trust appoints the Paying Agent at its specified
office as Calculation Agent in relation to the Notes in respect of which it is
named as such in the relevant Pricing Supplement for the purposes specified in
the Indenture and all matters incidental thereto.

          (b) The Paying Agent accepts its appointment as Calculation Agent in
relation to the Notes in respect of which it is named as such in the relevant
Pricing Supplement and shall perform all matters expressly to be performed by it
in, and otherwise comply with, the terms and conditions of the Notes and the
provisions of the Indenture and, in connection therewith, shall take all such
action as may be incidental thereto. The Paying Agent acknowledges and agrees
that it shall be named in the relevant Pricing Supplement as Calculation Agent
in respect of the Notes unless the Relevant Agents (or one of the Relevant
Agents) through whom the Notes are issued has agreed with the Trust to act as
Calculation Agent (in which case such Relevant Agent or Agents shall be named as
Calculation Agent in the related Pricing Supplement). If the Calculation Agent
is incapable or unwilling to perform its duties under the Indenture, the Trust
will appoint the Paying Agent or another leading commercial bank to serve as
Calculation Agent. Any resignation by or termination of a Calculation Agent
shall not be effective until a successor Calculation Agent has been appointed.

          (c) The Calculation Agent shall:

                    (i) obtain such quotes and rates and/or make such
          determinations, calculations and adjustments as may be required under
          the Notes and provide notice of any applicable interest rate
          calculations or determinations or periods with respect to the Notes to
          the Holders of the Notes upon their request and to the Indenture
          Trustee, the Paying Agent, the Trust and ING USA and if the Notes are
          listed on a stock exchange, and the rules of such exchange so require,
          such exchange as soon as possible after the Calculation Agent's
          determination or calculation of such interest rates or interest rate
          periods, but in no event later than the fourth (4th) Banking Day
          thereafter, or earlier in the case of notification to a stock
          exchange, if the rules of such exchange so require; and

                    (ii) maintain a record of all quotations obtained by it and
          of all amounts, rates and other items determined or calculated by it
          and make such record available for inspection at all reasonable times
          by the Trust, the Indenture Trustee, ING USA and the Paying Agent.

          (d) All determinations, calculations, quotes or rates of interest made
or obtained by the Calculation Agent shall, in the absence of manifest errors,
be conclusive for all purposes and binding on the Holders of the Notes.

     SECTION 7.17. Changes in Agents.

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          (a) Any Agent may resign its appointment under the Indenture upon the
expiration of not less than thirty (30) days' notice to that effect to the Trust
(with a copy to the Indenture Trustee); provided, however, that any such notice
which would otherwise expire within thirty (30) days before or after the
Maturity Date or any interest or other payment date of the Notes shall be deemed
to expire on the thirtieth (30th) day following the Maturity Date or, as the
case may be, such interest or other payment date.

          (b) The Trust may revoke its appointment of any Agent under the
Indenture by giving not less than thirty (30) days' notice to the applicable
Agent and the Indenture Trustee to that effect.

          (c) The appointment of any Agent under the Indenture shall terminate
forthwith if any of the following events or circumstances shall occur or arise,
namely: such Agent becomes incapable of acting; such Agent is adjudged bankrupt
or insolvent; such Agent files a voluntary petition in bankruptcy or makes an
assignment for the benefit of its creditors or consents to the appointment of a
receiver, administrator or other similar official of all or any substantial part
of its property or admits in writing its inability to pay or meet its debts as
they mature or suspends payment thereof; a resolution is passed or an order is
made for the winding-up or dissolution of such Agent; a receiver, administrator
or other similar official of such Agent or of all or any substantial part of its
property is appointed; an order of any court is entered approving any petition
filed by or against such Agent under the provisions of any applicable bankruptcy
or insolvency law; or any public officer takes charge or control of such Agent
or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation.

          (d) The Trust may (and shall where necessary to comply with the terms
and conditions of the Notes) appoint substitute or additional agents in relation
to the Notes and shall forthwith notify the other parties to the Indenture,
whereupon the parties to the Indenture and such substitute or additional agents
shall thereafter have the same rights and obligations among them as would have
been the case had they then entered into an agreement in the form mutatis
mutandis of the Indenture.

          (e) If any Agent gives notice of its resignation in accordance with
this Section 7.17, the provisions of paragraph (d) of Section 7.17 apply and by
the tenth (10th) day before the expiration of such notice a successor to such
Agent in relation to such Notes has not been appointed by the Trust, such Agent
may itself (but shall not be obligated to), following such consultation with the
Trust as may be practicable in the circumstances, appoint as its successor any
reputable and experienced bank or financial institution (which will ensure
compliance with the terms and conditions of the Notes) and give notice of such
appointment in accordance with the terms and conditions of the Notes, whereupon
the parties to the Indenture and such successor agent shall thereafter have the
same rights and obligations among them as would have been the case had they then
entered into an agreement in the form mutatis mutandis of the Indenture.

          (f) Upon any resignation or revocation becoming effective under this
Section 7.17, the relevant Agent shall:

                    (i) be released and discharged from its obligations under
          the Indenture;

                                       69
<PAGE>
                    (ii) repay, in accordance with the applicable Expense and
          Indemnity Agreement, to ING USA such part of any fee paid to it as may
          be agreed between the relevant Agent and ING USA;

                    (iii) in the case of the Paying Agent, deliver to the Trust
          and to the successor Paying Agent a copy, certified as true and
          up-to-date by an officer of the Paying Agent, of the records
          maintained by it in accordance with Section 3.04;

                    (iv) in the case of the Registrar, deliver to the Trust and
          to the successor Registrar a copy, certified as true and up-to-date by
          an officer of such Registrar, of each of the Registers and other
          records maintained by it in accordance with Section 2.06;

                    (v) in the case of a Calculation Agent, deliver to the Trust
          and to the successor Calculation Agent a copy, certified as true and
          up-to-date by an officer of such Calculation Agent, of the records
          maintained by it in accordance with Section 7.16; and

                    (vi) upon payment to it by ING USA of all amounts owed to
          it, forthwith transfer all moneys and papers (including any unissued
          Global Notes or Definitive Notes) held by it under the Indenture to
          its successor in that capacity and, upon appropriate notice, provide
          reasonable assistance to such successor for the discharge by it of its
          duties and responsibilities under the Indenture.

          (g) Any corporation into which any Agent may be merged or converted,
any corporation with which any Agent may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which any Agent shall
be a party or any corporation succeeding to all or substantially all the
corporate agency business of such Agent, shall, to the extent permitted by
applicable law, be the successor to such Agent under the Indenture and in
relation to the Notes without any further formality, whereupon the parties to
the Indenture and such successor agent shall thereafter have the same rights and
obligations among them as would have been the case had they then entered into an
agreement in the form mutatis mutandis of the Indenture. Notice of any such
merger, conversion, consolidation or asset transfer shall forthwith be given by
such successor to the Trust and the other parties to the Indenture.

          (h) If any Agent decides to change its specified office (which may
only be effected within the same city) it shall give notice to the Trust (with a
copy to the Indenture Trustee) of the address of the new specified office
stating the date on which such change is to take effect, which date shall be not
less than thirty (30) days after the date of such notice.

          Upon the execution of the Indenture and thereafter forthwith upon any
change of the same, the Trust shall deliver to the Indenture Trustee (with a
copy to the Paying Agent) a list of the Authorized Signatories of the Trust
together with certified specimen signatures of the same.

     SECTION 7.18. Limitation of Trustee Liability. It is expressly understood
and agreed by the parties that (a) the Indenture is executed and delivered by
U.S. Bank National Association,

                                       70
<PAGE>
not individually or personally, but solely as trustee of the Trust, in the
exercise of the powers and authority conferred and vested in it, pursuant to the
Trust Agreement, (b) each of the representations, undertakings and agreements in
the Indenture made on the part of the Trust 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
contained in the Indenture shall be construed as creating any liability on the
part of U.S. Bank National Association, individually or personally, to perform
any covenant either expressed or implied contained in the Indenture, all such
liability, if any, being expressly waived by the parties to the Indenture and by
any person claiming by, through or under the parties to the Indenture, and (d)
under no circumstances shall U.S. Bank National Association be personally liable
for the payment of any indebtedness or expenses of the Trust or be liable for
the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Trust under the Indenture or any other related
documents.

          Each Holder, by accepting a Note, hereby authorizes and directs the
Indenture Trustee to enter into the Custodial Agreement and to appoint the
Custodian for the benefit of the Indenture Trustee and the Holders.

                                   ARTICLE 8
                             SUPPLEMENTAL INDENTURES

     SECTION 8.01. Supplemental Indentures Without Consent of Holders. Without
notice to, or the consent of, any Holder, the Trust and the Indenture Trustee,
at any time and from time to time, may enter into one or more indentures
supplemental to the Indenture, in form satisfactory to the Indenture Trustee,
for the purpose of:

          (a) curing any ambiguity or correcting or supplementing any provision
contained in the Indenture, in the Notes or in any supplemental indenture which
may be defective or inconsistent with any other provision contained in the
Indenture, the Notes, the Funding Agreement or any other Program Documents,
which shall not materially adversely affect the interests of any Holder of the
Notes (as evidenced by an Opinion of Counsel);

          (b) evidencing and providing for the acceptance of appointment under
the Indenture of a successor Indenture Trustee and to add or to change any of
the provisions of the Indenture as shall be necessary to provide for or
facilitate the administration of the Trust or of the Notes under the Indenture
by more than one trustee;

          (c) adding to the covenants of the Trust or the Indenture Trustee for
the benefit of the Holders of the Notes or to surrender any right or power
conferred in the Indenture on the Trust;

          (d) adding any additional Events of Default;

          (e) providing for the issuance of and establish the form and terms and
conditions of Notes as provided in Section 2.02; or

          (f) establishing the form of any certifications required to be
furnished pursuant to the terms of the Indenture or of the Notes.

                                       71
<PAGE>
     Notwithstanding any other provision, the Trust will not enter into any
supplemental indenture with the Indenture Trustee or permit the Indenture to be
amended or modified if such supplemental indenture, amendment or modification
would cause the Trust not to be disregarded or treated as a grantor trust
(assuming the Trust were not disregarded) for United States federal income tax
purposes, as evidenced by an Opinion of Counsel.

     SECTION 8.02. Supplemental Indenture With Consent of Holders.

          (a) With the consent of the Holders of Notes representing a majority
in aggregate principal amount of all Outstanding Notes affected by such
supplemental indenture, by Act of said Holders delivered to the Trust and the
Indenture Trustee, the Trust and the Indenture Trustee may enter one or more
indentures supplemental to the Indenture 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 the Holders of the
Notes under the Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Note affected
thereby:

                    (i) change the Stated Maturity Date of the principal of, or
          the time of payment of interest on, any Note;

                    (ii) reduce the principal amount of, or the interest on, any
          Note;

                    (iii) change any Place of Payment where, or the coin or
          currency in which the principal of, or interest on, any Note is
          payable;

                    (iv) impair or affect the right of any Holder to institute
          suit for the enforcement of any payment on or with respect to the
          Notes;

                    (v) reduce the percentage of the aggregate principal amount
          of the Outstanding Notes, the consent of the Holders of which is
          required for any such supplemental indenture, or the consent of the
          Holders of which is required for any waiver of compliance with
          provisions of the Indenture or defaults thereunder and their
          consequences provided for in the Indenture;

                    (vi) modify any of the provisions of this Section 8.02 or
          similar provisions, except to increase any percentage specified in the
          Indenture or to provide that additional provisions of the Indenture
          cannot be modified or waived without the consent of the Holder of each
          Outstanding Note affected thereby;

                    (vii) modify or alter the provisions of the definition of
          the term "Outstanding";

                    (viii) modify or affect in any manner adverse to the
          interest of any Holder the terms and conditions of the obligations of
          the Trust regarding the due and punctual payment of the principal of
          or interest on, or any other amounts due with respect to, the Notes;
          or

                                       72
<PAGE>
                    (ix) permit the creation of any Lien ranking prior to or on
          a parity with the Lien of the Indenture with respect to any part of
          any Collateral or terminate the Lien of the Indenture on any property
          held for the benefit and security of Holders at any time subject to
          the Indenture or deprive any Holder of the security afforded by the
          Lien of the Indenture.

          (b) The Indenture Trustee may receive and conclusively rely upon an
Opinion of Counsel stating whether or not any Notes would be affected by any
supplemental indenture and any such opinion shall be conclusive upon all of the
Holders, whether theretofore or thereafter authenticated and delivered under the
Indenture. It shall not be necessary for any Act of Holders under this Section
8.02 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof. Promptly
after the execution by the Trust and the Indenture Trustee of any supplemental
indenture pursuant to this Section 8.02, the Indenture Trustee shall mail to the
Holders of the Notes a notice setting forth in general terms the substance of
such supplemental indenture. Any failure of the Trust to mail such notice, or
any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

          (c) Notwithstanding any other provision, the Trust will not enter into
any supplemental indenture with the Indenture Trustee or permit the Indenture to
be amended or modified if such supplemental indenture, amendment or modification
would cause the Trust not to be disregarded or treated as a grantor trust
(assuming it were not disregarded) for United States federal income tax
purposes, as evidenced by an Opinion of Counsel.

     SECTION 8.03. Execution of Supplemental Indentures. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article 8 or the modifications thereby of the trusts created by the
Indenture, the Indenture Trustee shall be entitled to receive, and (subject to
Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel
and Trust Certificate stating that the execution of such supplemental indenture
is authorized or permitted by the Indenture and that all conditions precedent to
the execution of such supplemental indenture have been complied with. The
Indenture Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Indenture Trustee's own rights, duties,
indemnities or immunities under the Indenture or otherwise.

     SECTION 8.04. Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture under this Article 8, the Indenture shall be modified in
accordance therewith, and such supplemental indenture shall form a part of the
Indenture for all purposes; and every Holder of a Note which has theretofore
been or thereafter authenticated and delivered under the Indenture shall be
bound thereby. Further, the Trust shall be bound by any such supplemental
indenture.

     SECTION 8.05. Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article 8 may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Trust shall so determine,
new Notes so modified as to conform, in the opinion of the Indenture Trustee and
the

                                       73
<PAGE>
Trust, to any such supplemental indenture may be prepared and executed by the
Trust and authenticated by the Indenture Trustee and delivered by the Indenture
Trustee in exchange for Outstanding Notes.

     SECTION 8.06. Conformity with Trust Indenture Act. Every supplemental
indenture executed pursuant to this Article 8 shall conform to the requirements
of the Trust Indenture Act as then in effect.

                                   ARTICLE 9
                             NON-RECOURSE PROVISIONS

     SECTION 9.01. Nonrecourse Enforcement. Notwithstanding anything to the
contrary contained in the Indenture or any Notes, none of ING USA, its officers,
directors, Affiliates, employees or agents, or the Trust or any of the Trustee,
the Trust Beneficial Owner, the Agents or any of their respective officers,
directors, Affiliates, employees or agents (the "NONRECOURSE PARTIES") will be
personally liable for the payment of any principal, interest or any other sums
at any time owing under the terms of the Notes. If any Event of Default shall
occur with respect to the Notes, the right of the Holders of the Notes and the
Indenture Trustee on behalf of such Holders in connection with a claim on such
Notes shall be limited solely to a proceeding against the Collateral. Neither
such Holders nor the Indenture Trustee on behalf of such Holders will have the
right to proceed against the Nonrecourse Parties or the assets held in any other
trust organized under the Program or otherwise, to enforce the Notes (except
that to the extent they exercise their rights, if any, to seize the Funding
Agreement, they may enforce the Funding Agreement against ING USA, its
successors or assigns) or for any deficiency judgment remaining after
foreclosure of any property included in the Collateral.

     It is expressly understood and agreed that nothing contained in this
Section 9.01 shall in any manner or way constitute or be deemed a release of the
debt or other obligations evidenced by the Notes or otherwise affect or impair
the enforceability against the Trust of the liens, assignments, rights and
security interests created by the Indenture, the Collateral or any other
instrument or agreement evidencing, securing or relating to the indebtedness or
the obligations evidenced by the Notes. Nothing in this Section 9.01 shall
preclude the Holders from foreclosing upon any property included in the
Collateral.

     Holders may not seek to enforce rights against the Trust (a) by commencing
any recovery or enforcement proceedings against the Trust, (b) by applying to
wind up the Trust, (c) otherwise than through the Indenture Trustee in its
exercise of powers to petition a court to appoint a receiver or administrator to
the Trust or for the Collateral, (d) by making any statutory demand upon the
Trust under applicable corporation law, or (e) in any other manner except as may
be provided in the Indenture or in the Notes.

                                   ARTICLE 10
                          MEETINGS OF HOLDERS OF NOTES

     SECTION 10.01. Purposes for Which Meetings May be Called. A meeting of
Holders of Notes may be called at any time and from time to time pursuant to
this Article 10 to make, give

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<PAGE>
or take any request, demand, authorization, direction, notice, consent, waiver
or other action provided by the Indenture to be made, given or taken by the
Holders of Notes.

     SECTION 10.02. Call, Notice and Place of Meetings.

          (a) Unless otherwise provided in the Notes, the Indenture Trustee may
at any time call a meeting of Holders of the Notes for any purpose specified in
Section 10.01, to be held at such time and at such place in The City of New York
or such other place as the Indenture Trustee shall determine. Notice of every
meeting of Holders, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given,
in the manner provided in Section 1.06, not less than twenty-one (21) nor more
than 180 days prior to the date fixed for the meeting.

          (b) In case at any time the Trust or the Holders of at least ten
percent (10%) in principal amount of the Outstanding Notes shall have requested
the Indenture Trustee to call a meeting of Holders for any purpose specified in
Section 10.01, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Indenture Trustee shall not have
made the first publication or mailing of the notice of such meeting within
twenty-one (21) days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided in the Indenture, then the
Trust or the Holders of Notes in the amount above specified, as the case may be,
may determine the time and the place in The City of New York and may call such
meeting for such purposes by giving notice thereof as provided in paragraph (a)
of this Section 10.02.

     SECTION 10.03. Persons Entitled to Vote at Meetings. To be entitled to vote
at any meeting of Holders, a Person shall be (a) a Holder of one or more
Outstanding Notes or (b) a Person appointed by an instrument in writing as proxy
for a Holder or Holders of one or more Outstanding Notes by such Holder or
Holders. The only Persons who shall be entitled to be present or to speak at any
meeting of Holders shall be the Persons entitled to vote at such meeting and
their counsel, any representatives of the Indenture Trustee and its counsel and
any representatives of the Trust and its counsel.

     SECTION 10.04. Quorum; Action. The Persons entitled to vote a majority in
principal amount of the Outstanding Notes shall constitute a quorum for a
meeting of Holders; provided, however, that if any action is to be taken at such
meeting with respect to a consent or waiver which the Indenture expressly
provides may be given by the Holders of a majority in principal amount of the
Outstanding Notes, the Persons entitled to vote a majority in principal amount
of the Outstanding Notes shall constitute a quorum. In the absence of a quorum
within thirty (30) minutes after the time appointed for any such meeting, the
meeting shall, if convened at the request of Holders, be dissolved. In any other
case the meeting may be adjourned for a period of not less than ten (10) days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than ten
(10) days as determined by the chairman of the meeting prior to the adjournment
of such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 10.02(a), except that such notice need be
given only once not less than five (5) days prior to the date on which the
meeting is scheduled to be reconvened. Notice of the reconvening of an

                                       75
<PAGE>
adjourned meeting shall state expressly the percentage, as provided above, of
the principal amount of the Outstanding Notes which shall constitute a quorum.

     Except as limited by Section 8.02(a) and Section 6.02, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted only by the affirmative vote of the Holders
of a majority in principal amount of the Outstanding Notes; provided, however,
that, except as limited by Section 8.02(a) and Section 6.02, any resolution with
respect to any consent or waiver which the Indenture expressly provides may be
given by the Holders of a majority in principal amount of the Outstanding Notes
may be adopted at a meeting or an adjourned meeting duly convened and at which a
quorum is present as aforesaid only by the affirmative vote of the Holders of a
majority in principal amount of the Outstanding Notes; and provided, further,
that, except as limited by Section 8.02(a) and Section 6.02, any resolution with
respect to any request, demand, authorization, direction, notice, consent,
waiver or other action which the Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage, which is less than a majority
in principal amount of the Outstanding Notes, may be adopted at a meeting or an
adjourned meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of such specified percentage in principal
amount of the Outstanding Notes.

     Notwithstanding the preceding two paragraphs, any request, demand,
authorization, direction, notice, consent, waiver or other action of Holders
under the Indenture or the Notes may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing; and, except as otherwise expressly
provided in the Indenture, such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee and, when it is
expressly required, to the Trust. The percentage of principal amount of the
Outstanding Notes held by the Holders delivering such instruments which is
required to approve any such action shall be the same as the percentage required
for approval at a duly convened meeting of Holders.

     Any resolution passed or decision taken at any meeting of Holders duly held
or by duly executed instrument in accordance with this Section 10.04 shall be
binding on all Holders of the Notes, whether or not such Holders were present or
represented at the meeting.

     SECTION 10.05. Determination of Voting Rights; Conduct and Adjournment of
Meetings.

          (a) Notwithstanding any other provisions of the Indenture, the
Indenture Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders in regard to proof of the holding of Notes and of the
appointment of proxies and in regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of
the meeting as it shall deem appropriate. Except as otherwise permitted or
required by any such regulations, the holding of Notes shall be proved in the
manner specified in Section 1.04 and the appointment of any proxy shall be
proved in the manner specified in Section 1.04. Such regulations may provide
that written instruments appointing proxies, regular on their face, may be
presumed valid and genuine without the proof specified in Section 1.04 or other
proof.

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<PAGE>
          (b) The Indenture Trustee shall, by an instrument in writing, appoint
a temporary chairman of the meeting, unless the meeting shall have been called
by the Trust or by Holders as provided in Section 10.02(b), in which case the
Trust or the Holders calling the meeting, as the case may be, shall in like
manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons entitled to
vote a majority in principal amount of the Outstanding Notes represented at the
meeting.

          (c) At any meeting, each Holder or proxy shall be entitled to one vote
for each $1,000 of principal amount of Notes held or represented by him, her or
it; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Note challenged as not Outstanding and ruled by the chairman of
the meeting to be not Outstanding. The chairman of the meeting shall have no
right to vote, except as a Holder or proxy.

          (d) Notwithstanding any other provision in the Indenture to the
contrary, any meeting of Holders duly called pursuant to Section 10.02 at which
a quorum is present may be adjourned from time to time by Persons entitled to
vote a majority in principal amount of the Outstanding Notes represented at the
meeting; and the meeting may be held as so adjourned without further notice.

     SECTION 10.06. Counting Votes and Recording Action of Meetings. The vote
upon any resolution submitted to any meeting of Holders shall be by written
ballots on which shall be subscribed the signatures of the Holders or of their
representatives by proxy and the principal amounts and serial numbers of the
Outstanding Notes held or represented by them. The permanent chairman of the
meeting shall appoint two inspectors of votes who shall count all votes cast at
the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in triplicate of all
votes cast at the meeting. A record, at least in triplicate, of the proceedings
of each meeting of Holders shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons
having knowledge of the facts setting forth a copy of the notice of the meeting
and showing that said notice was given as provided in Section 10.02 and, if
applicable, Section 10.04. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Trust, and another to the Indenture Trustee to be
preserved by the Indenture Trustee, the latter to have attached thereto the
ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

                                   ARTICLE 11
                           NOTES IN FOREIGN CURRENCIES

     SECTION 11.01. Notes in Foreign Currencies. In the absence of any provision
to the contrary in the form of Notes, whenever the Indenture provides for (a)
any action by, or the determination of any of the rights of, the Holders of
Notes if not all of the Notes are denominated in the same currency, or (b) any
distribution to the Holders of Notes of any amount in respect of any Note
denominated in a currency other than Dollars, then all foreign denominated Notes
shall be treated for any such action, determination of rights or distribution as
that amount of Dollars

                                       77
<PAGE>
that could be obtained for such amount on such reasonable basis of exchange and
as of the Regular Record Date with respect to such Notes for such action,
determination of rights or distribution (or, if there shall be no applicable
Regular Record Date, such other date reasonably proximate to the date of such
action, determination of rights or distribution) as the Trust may specify in a
written notice to the Indenture Trustee or, in the absence of such written
notice, as the Indenture Trustee may determine.

                                       78
<PAGE>
                                                                     EXHIBIT A-1

                           FORM OF RETAIL GLOBAL NOTE

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.

REGISTERED NO.: _____       CUSIP NO.: _____      PRINCIPAL AMOUNT: U.S. $ _____

                         ING USA GLOBAL FUNDING TRUST _
                            ING(SM) USA CORENOTES(R)

<TABLE>
<S>                                                       <C>
Original Issue Date:                                      Floating Rate Note: [ ] Yes [ ] No. If yes,
Issue Price:                                                 Regular Floating Rate Notes [ ]
Stated Maturity Date:                                        Floating Rate/Fixed Rate Notes [ ]
Settlement Date:                                             Fixed Rate/Floating Rate Notes [ ]
Securities Exchange Listing: [ ] Yes [ ] No. If yes,         Interest Rate:
   indicate name(s) of Securities Exchange(s):               Interest Rate Basis(es):
   __________________________________________.               LIBOR [ ]
Depositary:                                                  [ ] LIBOR Reuters Page:
Authorized Denominations:                                    [ ] LIBOR Moneyline Telerate Page:
Collateral held in the Trust: ING USA Annuity and Life       LIBOR Currency:
   Insurance Company Funding Agreement No. _, all            CMT Rate [ ]
   proceeds of the Funding Agreement and all rights and
</TABLE>

                                      A-1-1
<PAGE>
<TABLE>
<S>                                                       <C>
   books and records pertaining to the foregoing.            Designated CMT Moneyline Telerate Page:
Interest Rate or Formula:                                 If Telerate Page 7052:
Fixed Rate Note: [ ] Yes [ ] 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 [ ]
Discount Note: [ ] Yes [ ] No. If yes,                       Prime Rate [ ]
   Total Amount of Discount:                                 Treasury Rate [ ]
   Initial Accrual Period of Discount:                       Index Maturity:
   Interest Payment Dates:                                   Spread and/or Spread Multiplier:
   Additional/Other Terms:                                   Initial Interest Rate, if any:
Redemption Provisions: [ ] Yes  [ ] No. If yes,              Initial Interest Reset Date:
   Initial Redemption Date:                                  Interest Reset Dates:
   Additional/Other Terms:                                   Interest Determination Date(s):
Repayment Provisions: [ ] Yes  [ ] No. If yes,               Interest Payment Dates:
   Repayment Date(s):                                        Maximum Interest Rate, if any:
   Repayment Price:                                          Minimum Interest Rate, if any:
   Additional/Other Terms:                                   Fixed Rate Commencement Date, if any:
                                                             Floating Rate Commencement Date, if any:
                                                             Fixed Interest Rate, if any:
                                                             Day Count Convention:
                                                             Additional/Other Terms:
                                                          Regular Record Date(s):
                                                          Sinking Fund:
                                                          Calculation Agent:
                                                          Additional/Other Terms:
                                                          Survivor's Option: [ ] Yes [ ] No.
                                                             If yes, the attached Survivor's Option
                                                             Rider is incorporated into this Note.
                                                          Trust Put Limitation:
</TABLE>

     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 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. 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"). 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

                                      A-1-2
<PAGE>
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.

     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.

                                      A-1-3
<PAGE>
     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:
                                            ------------------------------------
                                            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:
                                            ------------------------------------
                                            Authorized Signatory

                                      A-1-4
<PAGE>
                             [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. This Note is denominated in, and payments of principal,
premium, if any, and/or interest, if any, will be made in U.S. Dollars.

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":

          (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:

<TABLE>
<CAPTION>
          INTEREST PAYMENT FREQUENCY   INTEREST PAYMENT DATES
          --------------------------   ----------------------
<S>                                    <C>
          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.
</TABLE>

          (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":

                                     A-1-5
<PAGE>
          (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, LIBOR, 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 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 or a Fixed
          Rate/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.

                                     A-1-6
<PAGE>
          (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 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) 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; (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.

          (viii) 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
          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 Business Day preceding the related Interest Reset
          Date; (3) with respect to LIBOR--the second London Banking Day (as
          defined below) preceding the related Interest Reset Date; and (4) 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

                                     A-1-7
<PAGE>
          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.

          (ix) 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,
          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.

          (x) 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 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.

          (xi) 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

                                     A-1-8
<PAGE>
          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.

          (xii) 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 to the nearest cent.

          (xiii) 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, LIBOR 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 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.

          (xiv) 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

                                     A-1-9
<PAGE>
               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:

                    (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 is
                              displayed on 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

                                     A-1-10
<PAGE>
                              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 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

                                     A-1-11
<PAGE>
                    (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 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

                                     A-1-12
<PAGE>
                         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
                              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 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

                                     A-1-13
<PAGE>
               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:

                                            D x 360
                    Money Market Yield = ------------- 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) 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 Moneyline Telerate" is
               specified on the face hereof or if neither "LIBOR Reuters" nor
               "LIBOR Moneyline 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, 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

                                     A-1-14
<PAGE>
               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 Moneyline
               Telerate" is specified on the face hereof or neither "LIBOR
               Reuters" nor "LIBOR Moneyline Telerate" is specified on the face
               hereof as the method for calculating LIBOR, the display on
               Moneyline 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.

               (E) 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 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

                                     A-1-15
<PAGE>
               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.

               (F) 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 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

                                     A-1-16
<PAGE>
               (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:

                                           D x N
               Bond Equivalent Yield = ------------- 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 (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 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.

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

                                     A-1-17
<PAGE>
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 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. Notice must be given not more than sixty (60)
nor less than thirty (30) calendar days prior 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. Unless specified on the face hereof, this Note will
not be subject to, or entitled to the benefit of, any sinking fund.

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. In the event of a repayment of this Note
in part only, a new Note for the portion hereof not repaid shall be issued in
the name of the Holder hereof upon the surrender hereof.

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

                                     A-1-18
<PAGE>
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 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; NO ADDITIONAL AMOUNTS; 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 2.04 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

                                     A-1-19
<PAGE>
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 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.

                                     A-1-20
<PAGE>
     (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.

                                     A-1-21
<PAGE>
                            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       Fill in for registration of Notes if to
amount to be repaid is less than the    be issued otherwise than to the
Principal Amount of this Note           registered Holder:
(Principal Amount remaining must be
an authorized denomination)

                                        Name:
                                              ----------------------------------
$                                       Address:
 ------------------------------------            -------------------------------

                                        ----------------------------------------
                                        (Please print name and
                                        address including zip code)

SOCIAL SECURITY OR OTHER TAXPAYER ID NUMBER: _________________

                                     A-1-22
<PAGE>
                             SURVIVOR'S OPTION RIDER

     (a) Unless this Note, on its face, has been declared due and payable prior
to the Maturity Date by reason of any Event of Default under the Indenture, or
has been previously redeemed or otherwise repaid, the authorized Representative
(as defined below) of a deceased Beneficial Owner (as defined below) of this
Note shall have the option to elect repayment by the Trust in whole or in part
prior to the Maturity Date following the death of the Beneficial Owner (a
"Survivor's Option"). The Survivor's Option may not be exercised unless this
Note was held by the Beneficial Owner or the estate of that Beneficial Owner for
a period beginning at least 6 months immediately prior to the death of such
Beneficial Owner. "Beneficial Owner" as used in this Survivor's Option Rider
means, with respect to this Note, the person who has the right, immediately
prior to such person's death, to receive the proceeds from the disposition of
this Note, as well as the right to receive payments on this Note.

     (b) Upon (1) the valid exercise of the Survivor's Option and the proper
tender of this Note by or on behalf of a person that has authority to act on
behalf of the deceased Beneficial Owner of this Note under the laws of the
appropriate jurisdiction (including, without limitation, the personal
representative or executor of the deceased Beneficial Owner or the surviving
joint owner of the deceased Beneficial Owner) (the "Representative") and (2) the
tender and acceptance of that portion of the Funding Agreement equal to the
amount of the portion of this Note to be redeemed, the Trust shall repay this
Note (or portion thereof) at a price equal to 100% of the unpaid Principal
Amount of the deceased Beneficial Owner's beneficial interest in this Note plus
accrued and unpaid interest to, but excluding, the date of such repayment.
However, the Trust shall not be obligated to repay:

          (i) beneficial ownership interests in Notes exceeding the greater of
          $2,000,000 or 2% (or such other amounts, as specified in the Pricing
          Supplement) in aggregate principal amount for all notes then
          outstanding under the ING(SM) USA CoreNotes(R) program as of the end
          of the most recent calendar year (the "Annual Put Limitation");

          (ii) on behalf of an individual deceased Beneficial Owner, any
          beneficial ownership interest in all notes issued under the ING(SM)
          USA CoreNotes(R) program that exceeds $250,000 (or such other amounts,
          as specified in the Pricing Supplement) in any calendar year (the
          "Individual Put Limitation"); or

          (iii) beneficial ownership interests in Notes exceeding the amount
          specified on the face hereof and in the Pricing Supplement (the "Trust
          Put Limitation").

     (c) The Trust shall not make principal repayments pursuant to exercise of
the Survivor's Option in amounts that are less than $1,000, and, in the event
that the limitations described in the preceding sentence would result in the
partial repayment of this Note, the Principal Amount remaining Outstanding after
repayment must be at least $1,000 (the minimum authorized denomination of the
Notes).

     (d) An otherwise valid election to exercise the Survivor's Option may not
be withdrawn.

                                     A-1-23
<PAGE>
     (e) Election to exercise the Survivor's Option will be accepted in the
order that elections are received by the Trustee, except for any Notes (or
portion thereof) the acceptance of which would contravene (1) the Annual Put
Limitation, (2) the Individual Put Limitation or (3) the Trust Put Limitation.
Any Note (or portion thereof) accepted for repayment pursuant to exercise of the
Survivor's Option shall be repaid on the first Interest Payment Date that occurs
20 or more calendar days after the date of such acceptance. If, as of the end of
any calendar year, the aggregate principal amount of all notes (or portions
thereof) issued under the ING(SM) USA CoreNotes(R) program that have been
tendered pursuant to the valid exercise of the Survivor's Option during such
year has exceeded the Annual Put Limitation, the Individual Put Limitation or
the Trust Put Limitation, for such year, any exercise(s) of the Survivor's
Option with respect to Notes (or portions thereof) not accepted during such
calendar year, because such acceptance would have contravened any such
limitation, shall be deemed to be tendered on the first day of the following
calendar year in the order all such notes (or portions thereof) were originally
tendered. In the event that this Note (or any portion hereof) tendered for
repayment pursuant to valid exercise of the Survivor's Option is not accepted or
is to be delayed, the Trustee shall deliver a notice by first-class mail to the
Depositary that states the reason such Note (or portion thereof) has not been
accepted for payment or is to be delayed.

     (f) In order to obtain repayment through exercise of the Survivor's Option
with respect to this Note (or portion hereof), the Representative must provide
the following items to the broker or other entity through which the beneficial
interest in this Note is held by the deceased Beneficial Owner: (1) a written
instruction to such broker or other entity in the form of Annex A attached
hereto to notify the Depositary of the Representative's desire to obtain
repayment through the exercise of the Survivor's Option; (2) appropriate
evidence satisfactory to the Trustee that (i) the deceased was the Beneficial
Owner of this Note at the time of death and the interest in this Note was owned
by the deceased Beneficial Owner or his or her estate for a period beginning at
least six months immediately prior to the death of such Beneficial Owner, (ii)
the death of such Beneficial Owner has occurred, and the date of such death, and
(iii) the Representative has authority to act on behalf of the deceased
Beneficial Owner; (3) if the interest in this Note is held by a nominee of the
deceased Beneficial Owner, a certificate satisfactory to the Trustee from such
nominee attesting to the deceased's beneficial ownership of this Note; (4) a
written request for repayment signed by the Representative, with the signature
guaranteed by a member firm of a registered national securities exchange or of
the National Association of Securities Dealers, Inc. or a commercial bank or
trust company having an office or correspondent in the United States; (5) if
applicable, a properly executed assignment or endorsement; (6) tax waivers and
such other instruments or documents that the Trustee reasonably requires in
order to establish the validity of the beneficial ownership of this Note and the
claimant's entitlement to payment; and (7) any additional information the
Trustee reasonably requires to evidence satisfaction of any conditions to the
exercise of such Survivor's Option or to document beneficial ownership or
authority to make the election and to cause the repayment of this Note. Such
broker or other entity shall then deliver each of these items to the direct
Participant of the Depositary, such direct Participant being the entity that
holds the beneficial interest in this Note on behalf of the deceased Beneficial
Owner, together with evidence satisfactory to the Indenture Trustee from the
broker or other entity stating that it represents the deceased Beneficial Owner.
Such direct Participant shall then deliver such items to the Indenture Trustee.
The Indenture Trustee will then deliver these items to the Trustee and will
provide the Trustee with any additional information (after receipt from such
direct Participant) the Trustee may request in

                                     A-1-24
<PAGE>
connection with such exercise. Such direct Participant shall be responsible for
disbursing any payments it receives from the Depositary pursuant to exercise of
the Survivor's Option to the appropriate Representative. All questions, other
than with respect to the right to limit the aggregate Principal Amount of Notes
as to which exercises of the Survivor's Option shall be accepted in any one
calendar year or as to the Notes, regarding the eligibility or validity of any
exercise of the Survivor's Option will be determined by the Trustee, in its sole
discretion, which determination shall be final and binding on all parties.

     (g) The death of a person holding a beneficial interest in this Note as a
joint tenant or tenant by the entirety with another person, or as a tenant in
common with the deceased owner's spouse, will be deemed the death of the
Beneficial Owner of this Note, and the entire Principal Amount of this Note so
held shall be subject to repayment by the Trust upon request in accordance with
the terms and provisions hereof. However, the death of a person holding a
beneficial interest in this Note as tenant in common with a person other than
such deceased owner's spouse will be deemed the death of a Beneficial Owner only
with respect to such deceased person's ownership interest in this Note.

     (h) The death of a person who was a lifetime beneficiary of a trust holding
a beneficial interest in this Note will be treated as the death of the
Beneficial Owner of this Note to the extent of that person's interest in the
trust. The death of a person who was a tenant by the entirety or joint tenant in
a tenancy which is the beneficiary of a trust holding a beneficial interest in
this Note will be treated as the death of the Beneficial Owner of this Note. The
death of an individual who was a tenant in common in a tenancy which is the
beneficiary of a trust holding a beneficial interest in this Note will be
treated as the death of the Beneficial Owner of this Note only with respect to
the deceased person's beneficial interest in this Note, unless a husband and
wife are the tenants in common, in which case the death of either will be
treated as the death of the owner of this Note.

     (i) The death of a person who, during his or her lifetime, was entitled to
substantially all of the beneficial ownership interests in this Note will be
deemed the death of the Beneficial Owner of this Note for purposes of the
Survivor's Option, regardless of whether that Beneficial Owner was the
registered holder of this Note, if such beneficial ownership interest can be
established to the satisfaction of the Trustee. A beneficial ownership interest
will be deemed to exist in typical cases of nominee ownership, such as ownership
under the Uniform Transfers of Gifts to Minors Act, community property or other
joint ownership arrangements between a husband and wife and lifetime custodial
and trust arrangements.

                                     A-1-25
<PAGE>
                                                                         ANNEX A

                             REPAYMENT ELECTION FORM

                   ING USA ANNUITY AND LIFE INSURANCE COMPANY

                            ING(SM) USA CORENOTES(R)

                              CUSIP NUMBER ________

To: [Name of Issuing Trust] (the "TRUST")

The undersigned financial institution (the "FINANCIAL INSTITUTION") represents
the following:

     -    The Financial Institution has received a request for repayment from
          the executor or other authorized representative (the "AUTHORIZED
          REPRESENTATIVE") of the deceased beneficial owner listed below (the
          "DECEASED BENEFICIAL OWNER") of ING(SM) USA CoreNotes(R) (CUSIP No.
          ____________) (the "NOTES").

     -    At the time of his or her death, the Deceased Beneficial Owner owned
          Notes in the principal amount listed below.

     -    The Deceased Beneficial Owner acquired the Notes at least six (6)
          months before the date of death of such Deceased Beneficial Owner.

     -    The Financial Institution currently holds such notes as a direct or
          indirect Participant in The Depository Trust Company (the
          "DEPOSITARY").

The Financial Institution agrees to the following terms:

     -    The Financial Institution shall follow the instructions (the
          "INSTRUCTIONS") accompanying this Repayment Election Form (this
          "FORM").

     -    The Financial Institution shall make all records specified in the
          Instructions supporting the above representations available to U.S.
          Bank National Association (the "TRUSTEE") or the Trust for inspection
          and review within five business days of the Trustee's or the Trust's
          request.

     -    If the Financial Institution, the Trustee or the Trust, in any such
          party's reasonable discretion, deems any of the records specified in
          the Instructions supporting the above representations unsatisfactory
          to substantiate a claim for repayment, the Financial Institution shall
          not be obligated to submit this Form, and the Trustee or Trust may
          deny repayment. If the Financial Institution cannot substantiate a
          claim for repayment, it shall notify the Trustee immediately.

                                     A-1-26
<PAGE>
     -    Repayment elections may not be withdrawn.

     -    The Financial Institution agrees to indemnify and hold harmless the
          Trustee and the Trust against and from any and all claims,
          liabilities, costs, losses, expenses, suits and damages resulting from
          the Financial Institution's above representations and request for
          repayment on behalf of the Authorized Representative.

     -    The Notes will be repaid on the first Interest Payment Date to occur
          at least 20 calendar days after the date of acceptance of the notes
          for repayment, unless such date is not a business day, in which case
          the date of repayment shall be the next succeeding business day.

     -    Subject to the Trust's rights to limit the aggregate principal amount
          of Notes as to which exercises of the Survivor's Option shall be
          accepted in any one calendar year, all questions as to the eligibility
          or validity of any exercise of the Survivor's Option will be
          determined by the Trustee, in its sole discretion, which determination
          shall be final and binding on all parties.

"ING(SM)" is a service mark of ING Groep N.V. and is used under license.

CoreNotes(R) is a registered service mark of Merrill Lynch & Co., Inc.

                                     A-1-27
<PAGE>
                             REPAYMENT ELECTION FORM

(1)
--------------------------------------------------------------------------------
                        Name of Deceased Beneficial Owner
(2)
--------------------------------------------------------------------------------
                                  Date of Death
(3)
--------------------------------------------------------------------------------
             Name of Authorized Representative Requesting Repayment
(4)
--------------------------------------------------------------------------------
               Name of Financial Institution Requesting Repayment
(5)
--------------------------------------------------------------------------------
         Signature of Authorized Representative of Financial Institution
                              Requesting Repayment
(6)
--------------------------------------------------------------------------------
                     Principal Amount of Requested Repayment
(7)
--------------------------------------------------------------------------------
                                Date of Election

(8)   Financial Institution             (9)   Wire instructions for payment:
      Representative Name:                    Bank Name:
      Phone Number:                           ABA Number:
      Fax Number:                             Account Name:
      Mailing Address (no P.O. Boxes):        Account Number:
                                              Reference (optional):

--------------------------------------------------------------------------------
TO BE COMPLETED BY THE TRUSTEE:

(A)  ELECTION NUMBER*:

(B)  DELIVERY AND PAYMENT DATE:

(C)  PRINCIPAL AMOUNT:

(D)  ACCRUED INTEREST:

(E)  DATE OF RECEIPT OF FORM BY THE TRUSTEE: (F) DATE OF ACKNOWLEDGMENT BY THE
     TRUSTEE:

----------
*    To be assigned by the Trustee upon receipt of this Form. An
     acknowledgement, in the form of a copy of this document with the assigned
     Election Number, will be returned to the party and location designated in
     item (8) above.

                                     A-1-28
<PAGE>
             INSTRUCTIONS FOR COMPLETING REPAYMENT ELECTION FORM AND
                                   EXERCISING
                                REPAYMENT OPTION

     Capitalized terms used and not defined herein have the meanings defined in
the accompanying Repayment Election Form.

1.   Collect and retain for a period of at least three years (1) satisfactory
     evidence of the authority of the Authorized Representative, (2)
     satisfactory evidence of death of the Deceased Beneficial Owner, (3)
     satisfactory evidence that the Deceased Beneficial Owner beneficially
     owned, at the time of his or her death, the notes being submitted for
     repayment, (4) satisfactory evidence that the notes being submitted for
     repayment were acquired by the Deceased Beneficial Owner at least six (6)
     months before the date of the death of such Deceased Beneficial Owner, and
     (5) any necessary tax waivers. For purposes of determining whether the
     notes will be deemed beneficially owned by an individual at any given time,
     the following rules shall apply:

     -    If a note (or a portion thereof) is beneficially owned by tenants by
          the entirety or joint tenants, the note (or relevant portion thereof)
          will be regarded as beneficially owned by a single owner. Accordingly,
          the death of a tenant by the entirety or joint tenant will be deemed
          the death of the beneficial owner and the entire principal amount so
          owned will become eligible for repayment.

     -    The death of a person beneficially owning a note (or a portion
          thereof) by tenancy in common will be deemed the death of the
          beneficial owner only with respect to the deceased owner's interest in
          the note (or relevant portion thereof) so owned, unless a husband and
          wife are the tenants in common, in which case the death of either will
          be deemed the death of the beneficial owner and the entire principal
          amount so owned will be eligible for repayment.

     -    A note (or a portion thereof) beneficially owned by a trust will be
          regarded as beneficially owned by each beneficiary of the trust to the
          extent of that beneficiary's interest in the trust (however, a trust's
          beneficiaries collectively cannot be beneficial owners of more notes
          than are owned by the trust). The death of a beneficiary of a trust
          will be deemed the death of the beneficial owner of the notes (or
          relevant portion thereof) beneficially owned by the trust to the
          extent of that beneficiary's interest in the trust. The death of an
          individual who was a tenant by the entirety or joint tenant in a
          tenancy which is the beneficiary of a trust will be deemed the death
          of the beneficiary of the trust. The death of an individual who was a
          tenant in common in a tenancy which is the beneficiary of a trust will
          be deemed the death of the beneficiary of the trust only with respect
          to the deceased holder's beneficial interest in the note, unless a
          husband and wife are the tenants in common, in which case the death of
          either will be deemed the death of the beneficiary of the trust.

     -    The death of a person who, during his or her lifetime, was entitled to
          substantially all of the beneficial interest in a note (or a portion
          thereof) will be deemed the death of the beneficial owner of that note
          (or relevant portion thereof), regardless of the registration of

                                     A-1-29
<PAGE>
          ownership, if such beneficial interest can be established to the
          satisfaction of the Trustee. Such beneficial interest will exist in
          many cases of street name or nominee ownership, custodial
          arrangements, ownership by a trustee, ownership under the Uniform
          Transfers of Gifts to Minors Act and community property or other joint
          ownership arrangements between spouses. Beneficial interest will be
          evidenced by such factors as the power to sell or otherwise dispose of
          a note, the right to receive the proceeds of sale or disposition and
          the right to receive interest and principal payments on a note.

2.   Indicate the name of the Deceased Beneficial Owner on line (1).

3.   Indicate the date of death of the Deceased Beneficial Owner on line (2).

4.   Indicate the name of the Authorized Representative requesting repayment on
     line (3).

5.   Indicate the name of the Financial Institution requesting repayment on line
     (4).

6.   Affix the authorized signature of the Financial Institution's
     representative on line (5). THE SIGNATURE MUST BE MEDALLION SIGNATURE
     GUARANTEED.

7.   Indicate the principal amount of notes to be repaid on line (6).

8.   Indicate the date this Form was completed on line (7).

9.   Indicate the name, mailing address (no P.O. boxes, please), telephone
     number and facsimile-transmission number of the party to whom the
     acknowledgment of this election may be sent in item (8).

10.  Indicate the wire instruction for payment on line (9).

11.  Leave lines (A), (B), (C), (D), (E) and (F) blank.

12.  Mail or otherwise deliver an original copy of the completed Form to:

                                 Citibank, N.A.
                           111 Wall Street, 15th Floor
                            New York, New York 10005
                            Facsimile: (212) 657-1020
                   Attention: Agency & Trust Customer Service

13.  FACSIMILE TRANSMISSIONS OF THE REPAYMENT ELECTION FORM WILL NOT BE
     ACCEPTED.

14.  If the acknowledgement of the Trustee's receipt of this Form, including the
     assigned Election Number, is not received within ten days of the date such
     information is sent to Citibank, N.A., contact the Trustee at 209 S.
     LaSalle Street, Suite 300, Chicago, IL 60604 attention: Corporate Trust
     Services, telephone number: (312) 325-8902.

                                     A-1-30
<PAGE>
15.  For assistance with this Form or any questions relating thereto, please
     contact U.S. Bank National Association at 209 S. LaSalle Street, Suite 300,
     Chicago, IL 60604 attention: Corporate Trust Services, telephone number:
     (312) 325-8902.

                                     A-1-31
<PAGE>
                                                                     EXHIBIT A-2

                        FORM OF INSTITUTIONAL GLOBAL NOTE

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.

REGISTERED NO.: ____           CUSIP NO.: ____      PRINCIPAL AMOUNT: U.S. $____

                         ING USA GLOBAL FUNDING TRUST _

                            SECURED MEDIUM-TERM NOTES

<TABLE>
<S>                                                       <C>
Original Issue Date:                                      Floating Rate Note: [ ] Yes [ ] No. If yes,
Issue Price:                                                 Regular Floating Rate Notes [ ]
Stated Maturity Date:                                        Inverse Floating Rate Notes [ ]
Settlement Date:                                             Floating Rate/Fixed Rate Notes [ ]
Securities Exchange Listing: [ ] Yes [ ] No. If yes,         Fixed Rate/Floating Rate Notes [ ]
   indicate name(s) of Securities Exchange(s):               Interest Rate:
   __________________________________.                       Interest Rate Basis(es):
Depositary:                                                  LIBOR [ ]
Authorized Denominations:                                    [ ] LIBOR Reuters Page:
Collateral held in the Trust: ING USA Annuity and Life       [ ] LIBOR Moneyline Telerate Page:
   Insurance Company Funding Agreement No. _, all            LIBOR Currency:
   proceeds of the Funding Agreement and all rights and
   books and records pertaining to the foregoing.            EURIBOR [ ]
</TABLE>

                                      A-2-1
<PAGE>
<TABLE>
<S>                                                       <C>
Additional Amounts to be Paid: [ ] Yes [ ] No                CMT Rate [ ]
Interest Rate or Formula:                                          Designated CMT Moneyline
Fixed Rate Note: [ ] Yes [ ] No. If yes,                           Telerate Page:
   Interest Rate:                                                     If Telerate Page 7052:
   Interest Payment Frequency:                                        [ ] Weekly Average
   Day Count Convention:                                              [ ] Monthly Average
   Additional/Other Terms:                                         Designated CMT Maturity Index:
Amortizing Note: [ ] Yes [ ] No. If yes,                        CD Rate [ ]
   Amortization schedule or formula:                            Commercial Paper Rate [ ]
   Additional/Other Terms:                                      Eleventh District Cost of Funds Rate [ ]
Discount Note: [ ] Yes [ ] No. If yes,                          Federal Funds Rate [ ]
   Total Amount of Discount:                                    Prime Rate [ ]
   Initial Accrual Period of Discount:                          Treasury Rate [ ]
   Interest Payment Dates:                                      Index Maturity:
   Additional/Other Terms:                                      Spread and/or Spread Multiplier:
Redemption Provisions: [ ] Yes [ ] No. If yes,                  Initial Interest Rate, if any:
   Initial Redemption Date:                                     Initial Interest Reset Date:
   Initial Redemption Percentage:                               Interest Reset Dates:
   Annual Redemption Percentage Reduction,                      Interest Determination Date(s):
      if any:                                                   Interest Payment Dates:
   Additional/Other Terms:                                      Maximum Interest Rate, if any:
Repayment Provisions: [ ] Yes [ ] No. If yes,                   Minimum Interest Rate, if any:
   Repayment Date(s):                                           Fixed Rate Commencement Date, if any:
   Repayment Price:                                             Floating Rate Commencement Date, if any
   Additional/Other Terms:                                      Fixed Interest Rate, if any:
                                                                Day Count Convention:
                                                                Additional/Other Terms:
                                                             Regular Record Date(s):
                                                             Sinking Fund:
                                                             Specified Currency:
                                                             Exchange Rate Agent:
                                                             Calculation Agent:
                                                             Additional/Other Terms:
</TABLE>

     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 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)

                                      A-2-2
<PAGE>
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.

     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.

                                     A-2-3
<PAGE>
     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.

                                     A-2-4
<PAGE>
     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:
                                            ------------------------------------
                                            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:
                                            ------------------------------------
                                            Authorized Signatory

                                     A-2-5
<PAGE>
                             [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 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

                                     A-2-6
<PAGE>
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":

          (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.

                                     A-2-7
<PAGE>
          (ii) Unless otherwise specified on the face hereof, the Interest
          Payment Dates for this Note will be as follows:

<TABLE>
<CAPTION>
          INTEREST PAYMENT FREQUENCY   INTEREST PAYMENT DATES
          --------------------------   ----------------------
<S>                                    <C>
          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.
</TABLE>

          (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 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

                                     A-2-8
<PAGE>
          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 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

                                     A-2-9
<PAGE>
          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 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

                                     A-2-10
<PAGE>
          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 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,

                                     A-2-11
<PAGE>
          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 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

                                     A-2-12
<PAGE>
               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:

                    (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 is
                              displayed on 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

                                     A-2-13
<PAGE>
                              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 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

                                     A-2-14
<PAGE>
                              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 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

                                     A-2-15
<PAGE>
                              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 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.

                                     A-2-16
<PAGE>
               (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 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:

                                            D x 360
                    Money Market Yield = ------------- 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

                                     A-2-17
<PAGE>
               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 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 Moneyline Telerate" is
               specified on the face hereof or if neither "LIBOR Reuters" nor
               "LIBOR Moneyline 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, or no

                                     A-2-18
<PAGE>
               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 Moneyline Telerate" is specified
               on the face hereof or neither "LIBOR Reuters" nor "LIBOR
               Moneyline Telerate" is specified on the face hereof as the method
               for calculating LIBOR, the display on Moneyline 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, 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")

                                     A-2-19
<PAGE>
               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 as the

                                     A-2-20
<PAGE>
               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 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

                                     A-2-21
<PAGE>
               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:

                                                D x N
                    Bond Equivalent Yield = ------------- 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 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.

                                     A-2-22
<PAGE>
     (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 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,

                                     A-2-23
<PAGE>
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 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 2.04 of the
Indenture, at the Tax Event Redemption Price

                                     A-2-24
<PAGE>
(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 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

                                     A-2-25
<PAGE>
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.

                                     A-2-26
<PAGE>
                            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       Fill in for registration of Notes
amount to be repaid is less than        if to be issued otherwise than
the Principal Amount of this Note       to the registered Holder:
(Principal  Amount remaining must be
an authorized denomination)

                                        Name:
                                              ----------------------------------
$                                       Address:
  -----------------------------------            -------------------------------
                                        ----------------------------------------
                                        (Please print name and
                                        address including zip code)

SOCIAL SECURITY OR OTHER TAXPAYER ID NUMBER: ______________________

                                     A-2-27
<PAGE>
                                   SCHEDULE I

                          AMORTIZATION TABLE OR FORMULA

                                     A-2-28
<PAGE>
                                                                     EXHIBIT A-3

                      FORM OF INSTITUTIONAL DEFINITIVE NOTE

THIS NOTE IS A DEFINITIVE NOTE WITHIN THE MEANING OF THE INDENTURE (HEREINAFTER
DEFINED) AND IS REGISTERED IN THE NAME OF THE HOLDER (AS DEFINED IN THE
INDENTURE) HEREOF. THIS NOTE IS NOT EXCHANGEABLE FOR A GLOBAL NOTE (AS DEFINED
IN THE INDENTURE).

UNLESS THIS NOTE IS PRESENTED BY THE HOLDER OR AN AUTHORIZED REPRESENTATIVE OF
THE HOLDER TO THE TRUST (HEREINAFTER DEFINED) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
HOLDER HEREOF HAS AN INTEREST HEREIN.

REGISTERED NO.:                CUSIP NO.:               PRINCIPAL AMOUNT: U.S. $

                         ING USA GLOBAL FUNDING TRUST _

                            SECURED MEDIUM-TERM NOTES

<TABLE>
<S>                                                       <C>
Original Issue Date:                                      Floating Rate Note: [ ] Yes [ ] No. If yes,
Issue Price:                                                 Regular Floating Rate Notes [ ]
Stated Maturity Date:                                        Inverse Floating Rate Notes [ ]
Settlement Date:                                             Floating Rate/ Fixed Rate Notes [ ]
Securities Exchange Listing: [ ] Yes [ ] No. If yes,         Fixed Rate/Floating Rate Notes [ ]
      indicate name(s) of Securities Exchange(s):            Interest Rate:
      __________________________________.                    Interest Rate Basis(es):
Authorized Denominations:                                    LIBOR [ ]
Collateral held in the Trust: ING USA Annuity and Life       [ ] LIBOR Reuters Page:
   Insurance Company Funding Agreement No. _, all            [ ] LIBOR Moneyline Telerate Page:
   proceeds of the Funding Agreement and all rights and      LIBOR Currency:
   books and records pertaining to the foregoing.            EURIBOR [ ]
Additional Amounts to be Paid: [ ] Yes [ ] No                CMT Rate [ ]
Interest Rate or Formula:                                       Designated CMT Moneyline
Fixed Rate Note: [ ] Yes [ ] No. If yes,                        Telerate Page:
      Interest Rate:                                               If Telerate Page 7052:
      Interest Payment Frequency:                                  [ ] Weekly Average
      Day Count Convention:                                        [ ] Monthly Average
      Additional/Other Terms:                                   Designated CMT Maturity Index:
Amortizing Note: [ ] Yes [ ] No. If yes,                     CD Rate [ ]
      Amortization schedule or formula:                      Commercial Paper Rate [ ]
      Additional/Other Terms:                                Eleventh District Cost of Funds Rate [ ]
Discount Note: [ ] Yes [ ] No. If yes,                       Federal Funds Rate [ ]
      Total Amount of Discount:
</TABLE>

                                      A-3-1
<PAGE>
<TABLE>
<S>                                                       <C>
      Initial Accrual Period of Discount:                    Prime Rate [ ]
      Interest Payment Dates:                                Treasury Rate [ ]
      Additional/Other Terms:                                Index Maturity:
Redemption Provisions: [ ] Yes [ ] No. If yes,               Spread and/or Spread Multiplier:
      Initial Redemption Date:                               Initial Interest Rate, if any:
      Initial Redemption Percentage:                         Initial Interest Reset Date:
      Annual Redemption Percentage Reduction,                Interest Reset Dates:
if any:                                                      Interest Determination Date(s):
      Additional/Other Terms:                                Interest Payment Dates:
Repayment Provisions: [ ] Yes [ ] 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:
                                                             Additional/Other Terms:
                                                          Regular Record Date(s):
                                                          Sinking Fund:
                                                          Specified Currency:
                                                          Exchange Rate Agent:
                                                          Calculation Agent:
                                                          Additional/Other Terms:
</TABLE>

     The ING USA Global Funding Trust designated above (the "Trust"), for value
received, hereby promises to pay to _____________, 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 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

                                     A-3-2
<PAGE>
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.

     The Trust will make payments of principal of, and premium, if any, on the
Maturity Date of this Note in immediately available funds against presentation
and surrender hereof (and, in the case of any repayment on a Repayment Date (as
hereinafter defined), upon submission of a duly completed election form if and
as required by the provisions described on the reverse hereof) at the office or
agency maintained by the Trust for this purpose in the Borough of Manhattan, The
City of New York. The Trust will make payments of interest and other amounts due
and owing, if any, on the Maturity Date of this Note to the Person to whom
payment of the principal hereof and premium, if any, hereon shall be made. The
Trust will make payments of interest and other amounts due and owing, if any, on
this Note on any Interest Payment Date other than the Maturity Date by check
mailed to the Holder hereof. Notwithstanding the foregoing, the Paying Agent
will make, or cause to be made, payments of interest and other amounts due and
owing, if any, on this Note on any Interest Payment Date other than the Maturity
Date to any Holder hereof of $10,000,000 (or, if the Specified Currency is other
than U.S. Dollars, the equivalent thereof in the particular Specified Currency)
or more in aggregate principal amount of Notes (whether having identical or
different terms and provisions) by wire transfer of immediately available funds
if the Holder hereof has delivered appropriate wire transfer instructions in
writing to the Indenture Trustee not less than 15 calendar days prior to the
particular Interest Payment Date. Any wire transfer instructions received by the
Indenture Trustee shall remain in effect until revoked by the Holder hereof.

     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

                                     A-3-3
<PAGE>
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.

                                      A-3-4
<PAGE>
     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:
                                      ------------------------------------------
                                  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:
                                      ------------------------------------------
                                      Authorized Signatory

                                      A-3-5
<PAGE>
                             [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.

     (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

                                     A-3-6
<PAGE>
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":

          (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:

<TABLE>
<CAPTION>
          INTEREST PAYMENT FREQUENCY   INTEREST PAYMENT DATES
          --------------------------   ----------------------
<S>                                    <C>
          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.
</TABLE>

                                      A-3-7
<PAGE>
<TABLE>
<S>                                    <C>
          Annual                       Fifteenth day of every twelfth calendar
                                       month, beginning in the twelfth calendar
                                       month following the month this Note was
                                       issued.
</TABLE>

          (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 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.

                                     A-3-8
<PAGE>
          (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 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

                                     A-3-9
<PAGE>
          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.

          (xi) 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 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

                                     A-3-10
<PAGE>
          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 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).

                                     A-3-11
<PAGE>
          (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 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

                                     A-3-12
<PAGE>
               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:

                    (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 is
                              displayed on 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

                                     A-3-13
<PAGE>
                              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 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 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

                                     A-3-14
<PAGE>
                              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 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

                                     A-3-15
<PAGE>
                              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 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

                                     A-3-16
<PAGE>
               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:

                                               D x 360      x 100
                    Money Market Yield = ------------------
                                            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 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

                                     A-3-17
<PAGE>
               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 Moneyline Telerate" is
               specified on the face hereof or if neither "LIBOR Reuters" nor
               "LIBOR Moneyline 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, 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

                                     A-3-18
<PAGE>
               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 Moneyline Telerate" is specified
               on the face hereof or neither "LIBOR Reuters" nor "LIBOR
               Moneyline Telerate" is specified on the face hereof as the method
               for calculating LIBOR, the display on Moneyline 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, 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

                                     A-3-19
<PAGE>
               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 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

                                     A-3-20
<PAGE>
               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 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:

                                                  D x N      x 100
                    Bond Equivalent Yield = ----------------
                                              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":

                                     A-3-21
<PAGE>
          (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 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

                                     A-3-22
<PAGE>
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 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

                                     A-3-23
<PAGE>
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 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 2.04 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.

                                     A-3-24
<PAGE>
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 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 physical distribution of Notes
to be made as provided in the Indenture. The Register maintained by the
Registrar will evidence ownership of the Notes, with transfers of ownership
effected on the Register and through the Transfer Agent. Transfer of principal,
premium (if any) and interest (if any) to the Holder will be the responsibility
of the Paying Agent. The selection of any Notes to be redeemed or repaid will be
determined by the Indenture Trustee pursuant to the Indenture.

     (d) This Note or portion hereof may not be exchanged for Global Notes. 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.

                                     A-3-25
<PAGE>
                            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       Fill in for registration of Notes if to
amount to be repaid is less than the    be issued otherwise than to the
Principal Amount of this Note           registered Holder:
(Principal Amount remaining must be
an authorized denomination)

                                        Name:
$                                             ----------------------------------
  -----------------------------------   Address:
                                                 -------------------------------

                                        ----------------------------------------
                                        (Please print name and address including
                                        zip code)

SOCIAL SECURITY OR OTHER TAXPAYER ID NUMBER: _________________

                                     A-3-26
<PAGE>
                                   SCHEDULE I

                          AMORTIZATION TABLE OR FORMULA

                                     A-3-27
<PAGE>
                                                                       EXHIBIT B

                                     Form of

                            Indenture Trustee Report
                                       for
                 ING USA Global Funding Trust [_] (the "Trust")

                                  Payment Date
                                  [_], 20[____]
                                CUSIP Number [_]

(i) the amount received by the Indenture Trustee as of the last statement in
respect of the principal, interest and premium, if any, on Funding Agreement No.
[RMTN XXX] (the "Funding Agreement") issued by ING USA Annuity and Life
Insurance Company ("ING USA").

     Interest: [_]
     Principal: [_]
     Premium, if any: [_]

(ii) the amounts of compensation received by the Indenture Trustee during the
period relating to such Payment Date.

     Paid by the Trust: [_]
     Paid by ING USA: [_] in program fees were paid to the Indenture
     Trustee on [_].

(iii) the amount of payment on such Payment Date to holders allocable to
principal of and premium, if any, and interest on the notes of the Trust and the
amount of aggregate unpaid interest accrued on such notes as of such Payment
Date.

     Interest: [_]
     Principal: [_]
     Premium, if any: [_]
     Unpaid Interest Accrued: [_]

(iv) the aggregate stated principal amount of the Funding Agreement, the current
interest rate or rates thereon at the close of business on such Payment Date,
and the current rating assigned to the Funding Agreement.

     Principal Amount: [_]
     Interest Rates: [_]
     Ratings:

          Moody's Investors Service, Inc.: [_]
          Standard & Poor's Ratings Services: [_]

                                       B-1
<PAGE>
(v) the aggregate principal balance of the notes at the close of business on
such Payment Date and the current rating assigned to the notes.

          Initial Principal Amount: [_]
          Reduction: [_]
          Principal Amount on the Payment Date: [_]
          Ratings:

     Moody's Investors Service, Inc.: [_]
     Standard & Poor's Ratings Services: [_]
     A.M. Best Company, Inc.: [_]

                                       B-2<PAGE>

                                                                     EXHIBIT 4.6

                              STANDARD TRUST TERMS

                                 WITH RESPECT TO

                          ING USA GLOBAL FUNDING TRUST

                            DATED AS OF MAY 17, 2005

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                           Page
                                                                           ----
<S>                                                                        <C>
                                    ARTICLE 1
                                   DEFINITIONS
Section 1.01.  Definitions...............................................    1
Section 1.02.  Usage of Terms............................................    3
Section 1.03.  Section References........................................    3

                                    ARTICLE 2
                                CREATION OF TRUST

Section 2.01.  Name of the Trust.........................................    3
Section 2.02.  Office of the Trustee; Principal Place of Business........    3
Section 2.03.  Appointment of Trustee....................................    3
Section 2.04.  Trust Beneficial Interest.................................    3
Section 2.05.  Issuance of the Notes.....................................    4
Section 2.06.  Acquisition of Funding Agreement..........................    4
Section 2.07.  Security Interest in the Collateral.......................    4
Section 2.08.  Purposes of the Trust.....................................    4
Section 2.09.  Title to Collateral.......................................    4
Section 2.10.  Allocation of Trust Expenses..............................    4
Section 2.11.  Liability.................................................    4
Section 2.12.  Income Tax Treatment; Tax Returns and Reports.............    4
Section 2.13.  Situs of Trust............................................    5

                                    ARTICLE 3
                                 PAYMENT ACCOUNT

Section 3.01.  Payment Account...........................................    5

                                    ARTICLE 4
                                TRUST SECURITIES

Section 4.01.  Initial Ownership.........................................    6
Section 4.02.  Notes.....................................................    6
Section 4.03.  Registration of Transfer of Trust Beneficial Interest.....    6
Section 4.04.  Persons Deemed Holders of Trust Securities................    7
Section 4.05.  Maintenance of Office.....................................    7
Section 4.06.  Ownership of the Trust Beneficial Interest................    7
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                                   (Continued)

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                                    ARTICLE 5
                         REPRESENTATIONS AND WARRANTIES

Section 5.01.  Trustee...................................................    7
Section 5.02.  Trust Beneficial Owner....................................    8

                                    ARTICLE 6
                                     TRUSTEE

Section 6.01.  General Authority.........................................    8
Section 6.02.  General Duties............................................   14
Section 6.03.  Specific Duties...........................................   14
Section 6.04.  Acceptance of Trust and Duties; Limitation on Liability...   14
Section 6.05.  Reliance; Advice of Counsel...............................   17
Section 6.06.  Delegation of Authorities and Duties......................   18

                                    ARTICLE 7
                           LIQUIDATION AND TERMINATION

Section 7.01.  Termination Upon the Trust Expiration Date................   18
Section 7.02.  Termination of Agreement..................................   18
Section 7.03.  Liquidation...............................................   19

                                    ARTICLE 8
                        SUCCESSOR AND ADDITIONAL TRUSTEES

Section 8.01.  Eligibility Requirements for the Trustee..................   19
Section 8.02.  Resignation or Removal of the Trustee.....................   20
Section 8.03.  Successor Trustee.........................................   20
Section 8.04.  Merger or Consolidation of Trustee........................   21
Section 8.05.  Appointment of Co-Trustee or Separate Trustee.............   21
Section 8.06.  Trustee May Own Notes.....................................   22

                                    ARTICLE 9
                    VOTING; ACTS OF SECURITYHOLDERS; MEETINGS

Section 9.01.  Limitations on Voting Rights..............................   23
Section 9.02.  Meetings of the Trust Beneficial Owner....................   23

                                   ARTICLE 10
                            MISCELLANEOUS PROVISIONS

Section 10.01. Limitation on Rights of Securityholders...................   23
Section 10.02. Amendment.................................................   24
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Section 10.03. Notice....................................................   25
Section 10.04. No Recourse...............................................   26
Section 10.05. No Petition...............................................   26
Section 10.06. Governing Law.............................................   26
Section 10.07. Severability..............................................   26
Section 10.08. Trust Securities Nonassessable and Fully Paid.............   26
Section 10.09. Third-Party Beneficiaries.................................   26
Section 10.10. Acknowledgment of Multiple Roles..........................   26
</TABLE>

                                      iii
<PAGE>

                              STANDARD TRUST TERMS

      This document constitutes the Standard Trust Terms, dated as of May 17,
2005, which will be incorporated by reference in the Trust Agreement (specified
in Section A of the Omnibus Instrument, as defined in the Indenture (as defined
below)) between U.S. Bank National Association, a national banking association,
as trustee (the "Trustee"), and GSS Holdings II, Inc., a Delaware corporation,
as trust beneficial owner (the "Trust Beneficial Owner").

      These Standard Trust Terms shall be of no force and effect unless and
until incorporated by reference in, and then only to the extent not modified by,
such Trust Agreement.

      The following terms and provisions shall govern the activities of the
Trust (as defined in the Indenture) subject to contrary terms and provisions
expressly adopted in such Trust Agreement, which contrary terms shall be
controlling.

                                   WITNESSETH:

      WHEREAS, the Trustee and the Trust Beneficial Owner desire to establish a
trust for the purpose of issuing Notes (as defined in the Indenture) to
investors which will be secured, and payments with respect to which will be
funded, solely by the assets held in the Trust, and the proceeds of which will
be used to purchase the Funding Agreement (as defined in the Indenture) issued
by ING USA (as defined in the Indenture).

      NOW, THEREFORE, it being the intention of the parties hereto that the
Trust Agreement (as defined below) constitutes the governing instrument of the
Trust, the Trustee and the Trust Beneficial Owner agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

      Section 1.01. Definitions. All capitalized terms not otherwise defined
herein will have the meanings set forth in the Indenture. The following terms
have the meanings set forth below:

      "Corporate Trust Office" means the office of the Trustee located at 209 S.
LaSalle Street, Suite 300, Chicago, Illinois, 60604.

      "Funding Agreement Event of Default" means an "Event of Default" as
defined in the Funding Agreement.

      "Indenture" means that certain Indenture dated as of the date specified in
the Omnibus Instrument, by and among the Trust and the Indenture Trustee, Trust
Registrar,

                                       1
<PAGE>

Transfer Agent, Paying Agent and Calculation Agent, as may be amended, modified
or supplemented from time to time.

      "Licensed Marks" has the meaning specified in the License Agreement.

      "Payment Account" means each segregated non-interest-bearing corporate
trust account for the Trust maintained by the Trustee in its trust department in
which all amounts paid to the Trustee in respect of the Collateral will be held
and from which the Trustee shall make payments pursuant to Section 3.01(b) and
Article 7, to the extent such amounts are paid to the Trustee and deposited in
the Payment Account.

      "Securities Register" has the meaning specified in Section 4.03.

      "Securityholder" means each Person in whose name any Trust Security is
registered in the Securities Register or Register.

      "Standard Trust Terms" means these Standard Trust Terms, dated as of
May 17, 2005.

      "Standing Order" has the meaning set forth in Section 3.01(d).

      "Trust Agreement" means that certain Trust Agreement dated as of the date
specified in the Omnibus Instrument, by and between the Trustee and the Trust
Beneficial Owner, as may be amended, modified or supplemented from time to time,
which incorporates by reference these Standard Trust Terms.

      "Trust Beneficial Interest" means the undivided beneficial interest in the
assets held in the Trust, having such rights as provided for in the Trust
Agreement.

      "Trust Beneficial Owner" means the Person identified as the "Trust
Beneficial Owner" in the preamble to the Trust Agreement, in its capacity as the
sole beneficial owner of the Trust.

      "Trust Expenses" means any liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to the Trust.

      "Trust Expiration Date" means the date specified in the Pricing Supplement
or such earlier date as all of the outstanding Notes are redeemed or repaid in
full by the Trust.

      "Trust Registrar" has the meaning specified in Section 4.03.

      "Trust Security" means a Note or the Trust Beneficial Interest.

                                       2
<PAGE>

      "Trustee" means the party named as such in the preamble to the Trust
Agreement and shall also include its permitted successors and assigns, or any
successor Trustee appointed, acting not in its individual capacity but solely as
Trustee under the Trust Agreement. If there shall be at any time more than one
Trustee hereunder, "Trustee" shall mean each such Trustee.

      Section 1.02. Usage of Terms. With respect to all terms used in these
Standard Trust Terms, the singular includes the plural and the plural the
singular; words importing any gender include the other genders; references to
"writing" include printing, typing, lithography, facsimile, electronic
transmissions and other means of reproducing words in a visible form; references
to agreements and other contractual instruments include all subsequent
amendments hereto or changes herein entered into in accordance with their
respective terms and not prohibited by the Trust Agreement; references to
Persons include their permitted successors and assigns; and the terms "include"
or "including" mean "include without limitation" or "including without
limitation."

      Section 1.03. Section References. All references to Articles, Sections,
paragraphs, subsections, exhibits and schedules shall be to such portions of
these Standard Trust Terms unless otherwise expressly provided.

                                    ARTICLE 2
                                CREATION OF TRUST

      Section 2.01. Name of the Trust. The Trust created under the Trust
Agreement shall have the name specified in the Omnibus Instrument. The Trust's
activities shall be conducted under the name of the Trust.

      Section 2.02. Office of the Trustee; Principal Place of Business. The
principal office of the Trust shall be in care of the Trustee at the Corporate
Trust Office, or such other address in the State of Illinois as the Trustee may
designate by written notice to the Trust Beneficial Owner, the Indenture Trustee
and the Rating Agencies.

      Section 2.03. Appointment of Trustee. The parties to the Trust Agreement
hereby appoint the Trustee as trustee of the Trust, to have all rights, powers
and duties set forth in the Trust Agreement and in accordance with the
applicable law with respect to accomplishing the purposes of the Trust.

      Section 2.04. Trust Beneficial Interest. Contemporaneously with the
execution and delivery of the Trust Agreement, the Trustee, on behalf of the
Trust, shall cause the Trust Beneficial Owner to be recorded as the registered
owner of the Trust Beneficial Interest on the Securities Register, against
payment of $15 (or, if the Trust issues Notes at a discount, the product of $15
and the issue price (expressed as a percentage of the original principal amount
of the Notes)) by the Trust Beneficial Owner to, or to an account at the
direction of, the Trustee.

                                       3
<PAGE>

      Section 2.05. Issuance of the Notes. Promptly following the execution and
delivery of the Trust Agreement, the Trust shall, in accordance with the
Indenture, issue and deliver or cause to be issued and delivered the aggregate
principal amount of the Notes specified in the Pricing Supplement or supplement
to the Indenture against payment therefor. The Holders of the Notes shall only
have a right to receive payments from the Collateral as described in the
Indenture and shall have no right to receive payments under the assets held in
any other trust organized under the Program.

      Section 2.06. Acquisition of Funding Agreement. Contemporaneously with the
issuance and delivery of the Notes, the Trust shall acquire the Funding
Agreement.

      Section 2.07. Security Interest in the Collateral. Contemporaneously with
the issuance and delivery of the Notes, pursuant to the Indenture, the Trust
shall collaterally assign the Funding Agreement to the Indenture Trustee, for
the benefit of the Holders of the Notes, and grant to the Indenture Trustee, for
the benefit of the Holders of the Notes, a first priority perfected security
interest in and to the Collateral, including, without limitation, the Funding
Agreement purchased by the Trust.

      Section 2.08. Purposes of the Trust. The exclusive purposes and functions
of the Trust are (a) to issue and sell the Notes and the Trust Beneficial
Interest, (b) to use the proceeds of the sale of the Notes and the Trust
Beneficial Interest to acquire the Funding Agreement, (c) to collaterally assign
and grant a security interest in the Funding Agreement in favor of the Indenture
Trustee, (d) to pay amounts due in respect of the Notes and the Trust Beneficial
Interest, (e) to enter into the agreements and to take such actions as the
Trustee has the power and authority to take pursuant to Section 6.01, as
applicable, and (f) to engage in those activities necessary, advisable or
incidental thereto (such as registering the transfer of the Trust Securities).

      Section 2.09. Title to Collateral. Legal title to the Collateral shall be
vested at all times in the Trust as a separate legal entity and shall be held
and administered by the Trustee for the benefit of the Trust and each
Securityholder, except that, with respect to the Funding Agreement collaterally
assigned to the Indenture Trustee, legal title to the Funding Agreement shall be
recorded at all times in the books and records of ING USA in the name of the
Indenture Trustee, for the benefit of the Holders.

      Section 2.10. Allocation of Trust Expenses. Any costs and expenses of the
Trust shall be paid by ING USA pursuant to the applicable Expense and Indemnity
Agreement to the extent provided therein.

      Section 2.11. Liability. None of the Trustee or the Securityholders shall
have any personal liability for any liability or obligation of the Trust.

      Section 2.12. Income Tax Treatment; Tax Returns and Reports.

                                       4
<PAGE>

      (a) The Trust and the Trust Beneficial Owner agree, and by acceptance of a
beneficial interest in a Note each holder of a beneficial interest in a Note
agrees, for U.S. federal, state and local income and franchise tax purposes, to
(i) disregard the Trust and (ii) treat such Note as debt of ING USA. The Trust
covenants that it shall take no action inconsistent with such treatment
(including under Treasury Regulations Section 301.7701-2 or 301.7701-3). To the
extent the Trust cannot be disregarded for United States federal, state and
local income or franchise tax purposes, the Trust and Trust Beneficial Owner
agree, and by acceptance of a beneficial interest in a Note each holder of a
beneficial interest in a Note agrees, to treat (i) the Trust as a "grantor
trust" under Subpart E of Part I of Subchapter J of the Code (or the state or
local equivalent), owned by the holders of beneficial interests in the Notes and
the Trust Beneficial Owner and (ii) the Funding Agreement as debt of ING USA.

      (b) The Trustee shall prepare, file and sign or cause to be prepared,
filed and signed, consistent with the treatment of the Trust as disregarded, all
federal, state and local income tax and information returns and reports required
to be filed with respect to the Trust and the Notes under any applicable
federal, state or local tax statute or any rule or regulation under any of them.
The Trustee shall keep copies or cause copies to be kept of any such tax and
information returns and reports required to be filed.

      Section 2.13. Situs of Trust. The Trust shall be located in the
jurisdiction set forth in the Trust Agreement. All bank accounts maintained by
the Trustee on behalf of the Trust shall be located in such jurisdiction except
that those accounts established under the Indenture shall be maintained with the
Indenture Trustee in accordance with the Indenture. The Trust shall not have any
employees in any jurisdiction other than in such jurisdiction. Except as
otherwise set forth in the Program Documents, payments will be received by the
Trust only in such jurisdiction and payments will be made by the Trust only from
such jurisdiction.

                                    ARTICLE 3
                                 PAYMENT ACCOUNT

      Section 3.01. Payment Account.

      (a) On the Original Issue Date, the Trustee shall establish a Payment
Account. The Trustee and any agent of the Trustee shall have exclusive control
and sole right of withdrawal with respect to the Payment Account for the purpose
of making deposits in and withdrawals from the Payment Account in accordance
with the Trust Agreement and the Indenture. Subject to the Indenture, all monies
or other property received by the Trustee on behalf of the Trust in respect of
the Collateral will be deposited in the Payment Account. All monies and other
property deposited or held from time to time in the Payment Account shall be
held by the Trustee in the Payment Account for the exclusive benefit of the
Trust Beneficial Owner, subject to the security interest in the Collateral in
favor of the Indenture Trustee on behalf of the Holders of the Notes, and for
distribution by the Trustee as provided in the Trust Agreement, including (and
subject to) any priority of payments provided for in the Trust Agreement.

      (b) Except for payments made on the Trust Expiration Date or otherwise
pursuant to Section 7.03 and subject to Section 3.01(a), all monies and other
property deposited into the Payment Account shall be distributed by the Trust as
follows:

                                       5
<PAGE>

      first, to the Indenture Trustee for the payment of all amounts then due
and unpaid upon the Notes, if any, in accordance with the Indenture; and

      second, to the Trust Beneficial Owner all of the amounts that would be
payable under the first clause of Section 5.02 of the Indenture to the Trust
Beneficial Owner (as if the Trust Beneficial Owner held a Note with an original
principal amount of $15 (multiplied by the issue price of the Notes in the case
of Notes that are discount notes)).

      Any remaining monies and other property deposited into the Payment Account
shall be distributed ratably in proportion to their original principal amounts
to the Holders last noted in the Register as the Holders of the Notes and the
Trust Beneficial Owner (as if the Trust Beneficial Owner held a Note with an
original principal amount of $15 (multiplied by the issue price of the Notes in
the case of Notes that are discount notes)).

      (c) The Trustee shall deposit in the Payment Account, promptly upon
receipt, any payments received with respect to the Collateral. Amounts held in
the Payment Account shall not be invested by the Trustee pending the
distribution of such amounts to cover the Trust's obligations on the Notes or
the Trust Beneficial Interest.

      (d) Notwithstanding anything herein to the contrary, the Trustee, on
behalf of the Trust, shall issue a standing order (the "Standing Order") to the
Indenture Trustee pursuant to which the Indenture Trustee shall distribute all
amounts due and unpaid under Section 3.01(b). For so long as (i) the Trustee, on
behalf of the Trust, has not rescinded the Standing Order and (ii) the Indenture
Trustee is able to, and does, comply with the Standing Order, the Trustee will
not be required to establish a Payment Account in accordance with Section 3.01.

                                    ARTICLE 4
                                TRUST SECURITIES

      Section 4.01. Initial Ownership. Upon the creation of the Trust, the Trust
Beneficial Owner shall be the sole beneficial owner of such Trust.

      Section 4.02. Notes. The Notes will be issued pursuant to and be governed
by the Indenture.

      Section 4.03. Registration of Transfer of Trust Beneficial Interest.

      (a) The Trustee or its agent (in this capacity, the "Trust Registrar")
shall maintain a register or registers for the Trust for the purpose, subject to
Section 4.06, of registering the transfer of the Trust Beneficial Interest (a
"Securities Register"). Pursuant to the Indenture, the Trust will appoint a
registrar to maintain the Register.

      (b) The Trust Registrar shall not be required to register the transfer of
the Trust

                                       6
<PAGE>

Beneficial Interest in any manner inconsistent with the terms of the Trust
Agreement or the Indenture.

      Section 4.04. Persons Deemed Holders of Trust Securities. The Trustee and
the Trust Registrar shall treat the Person in whose name any Trust Beneficial
Interest is registered as the owner of such Trust Beneficial Interest for all
purposes whatsoever, and none of the Trustee and the Trust Registrar shall be
bound by any notice to the contrary. The Trustee shall treat the Person
determined in accordance with Section 2.11 of the Indenture as the owner of the
applicable Note(s) for all purposes whatsoever, and the Trustee shall not be
bound by any notice to the contrary.

      Section 4.05. Maintenance of Office. Subject to the provisions of the
Indenture, the Trustee shall maintain an office or offices where notices and
demands to or upon the Trustee in respect of the Trust Securities may be served.
The Trustee initially designates its Corporate Trust Office as the office for
such purposes. The Trustee shall give prompt written notice to the Trust
Beneficial Owner and the Indenture Trustee of any change in the location of the
register or any office or agency.

      Section 4.06. Ownership of the Trust Beneficial Interest. On the Original
Issue Date, the Trust Beneficial Owner shall acquire and, thereafter, retain
beneficial and record ownership of the Trust Beneficial Interest. The Trust
Beneficial Interest shall not be certificated. To the fullest extent permitted
by law, any attempted transfer of the Trust Beneficial Interest shall be void.

                                    ARTICLE 5
                         REPRESENTATIONS AND WARRANTIES

      Section 5.01. Trustee. The Trustee represents and warrants for the benefit
of the Securityholders as follows:

      (a) it is a national banking association duly organized, validly existing
and in good standing under the laws of the United States and it is a "bank"
within the meaning of Section 581 of the Code;

      (b) it is a "United States person" within the meaning of Section
7701(a)(30) of the Code;

      (c) it has full corporate or other power, authority and legal right to
execute, deliver and perform its obligations under the Trust Agreement and has
taken all necessary action to authorize the execution, delivery and performance
by it of the Trust Agreement;

      (d) the Trust Agreement has been duly authorized, executed and delivered
by it and constitutes the valid and legally binding agreement of it enforceable
against it in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer,

                                       7
<PAGE>

reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors' rights and to general principles of equity;

      (e) neither the execution or delivery by it of the Trust Agreement, nor
the performance by it of its obligations under the Trust Agreement, will (i)
violate its organizational documents, (ii) violate any provision of, or
constitute, with or without notice or lapse of time, a default under, or result
in the creation or imposition of any Lien on any properties or assets held in
the Trust pursuant to the provisions of, any indenture, mortgage, credit
agreement, license or other agreement or instrument to which it is a party or by
which it is bound which would materially and adversely affect the Trust, or
(iii) violate any law, governmental rule or regulation of the United States
governing the banking, trust or general powers of it or any order, judgment or
decree applicable to it;

      (f) the authorization, execution or delivery by it of the Trust Agreement
and the consummation of any of the transactions by it contemplated by the Trust
Agreement do not require the consent or approval of, the giving of notice to,
the registration with or the taking of any other action with respect to any
governmental authority or agency; and

      (g) there are no proceedings pending or, to the best of its knowledge,
threatened against or affecting it in any court or before any governmental
authority, agency or arbitration board or tribunal which, individually or in the
aggregate, would materially and adversely affect the Trust or would question the
right, power and authority of it to enter into or perform its obligations under
the Trust Agreement.

      Section 5.02. Trust Beneficial Owner. The Trust Beneficial Owner hereby
represents and warrants that, to the fullest extent permitted by law, it has
irrevocably waived any right or interest it may have under the Trust Agreement,
by operation of law or equity, to direct or otherwise require the Trustee to
initiate or consent to any bankruptcy, insolvency or receivership proceedings,
it being expressly understood that any such action by the Trustee shall be
undertaken or refrained from, in the Trustee's sole and absolute discretion,
without regard to any rights or interests of the Trust Beneficial Owner.

                                    ARTICLE 6
                                     TRUSTEE

      Section 6.01. General Authority.

      (a) The Trustee shall conduct the affairs of the Trust in accordance with
the terms of the Trust Agreement. Subject to the limitations set forth in
Section 6.01(b), the Trustee shall have the power and authority to act on behalf
of the Trust, with respect to the following matters:

                                       8
<PAGE>

      (i) to execute and deliver the Notes and the Trust Beneficial Interest in
accordance with the Trust Agreement and the Indenture;

      (ii) to cause the Trust to perform the Trust Agreement and to enter into,
and to execute, deliver and perform on behalf of itself, the Program Documents
to which it is or may become a party and such other certificates, amendments or
other documents or agreements as may be necessary, contemplated by or desirable
in connection with the purposes and function of the Trust or any of such Program
Documents;

      (iii) subject to the Indenture, to purchase, receive and maintain custody
of the Funding Agreement and to exercise all of the rights, powers and
privileges of an owner or policyholder of the Funding Agreement;

      (iv) to grant to the Indenture Trustee a first priority perfected security
interest in the Collateral and to collaterally assign the rights, title and
interest of the Trust in such Collateral to the Indenture Trustee for the
benefit of the Holders and to seek release of such security interest upon
payment in full of all amounts required to be paid with respect to the Notes
pursuant to the terms and conditions of the Notes or the Indenture;

      (v) to establish the Payment Account;

      (vi) subject to Section 4.06, to cause any transfer of the Trust
Beneficial Interest to be registered in accordance with the Trust Agreement;

      (vii) to send notices regarding the Trust Securities and the Funding
Agreement to ING USA, the Indenture Trustee, the Rating Agencies, the Trust
Beneficial Owner and the Relevant Agents in accordance with the Funding
Agreement, the Distribution Agreement and the Trust Agreement;

      (viii) to take all actions necessary or appropriate to enable the Trust to
comply with Section 2.12 regarding income tax treatment, tax returns and
information reporting;

      (ix) after the occurrence of a Funding Agreement Event of Default actually
known to a Responsible Officer of the Trustee, subject to the Indenture, to take
any action as it may from time to time determine (based solely upon the advice
of counsel) is necessary or advisable to give effect to the terms of the Trust
Agreement and to protect and conserve the Collateral for the benefit of each
Securityholder (without consideration of the effect of any such action on any
particular Securityholder) and, within five Business Days after the occurrence
of a Funding Agreement Event of Default actually known to a Responsible Officer
of

                                       9
<PAGE>

the Trustee, to give notice thereof to the Trust Beneficial Owner and the
Indenture Trustee;

      (x) to cause to be paid, on behalf of the Trust generally or with respect
to any Trust Securities, any amounts due and owing by the Trust under any of the
Program Documents or any other documents or instruments to which the Trust is a
party, in all cases in accordance with the Program Documents; provided, that
such amounts shall be paid by the Trustee only to the extent the Trustee has
access to sufficient assets of the Trust to make such payments;

      (xi) to the extent permitted by the Trust Agreement, to participate in the
winding up of the affairs of and liquidation of the Trust;

      (xii) subject to the Indenture, to take any action and to execute any
documents on behalf of the Trust incidental to the foregoing as the Trustee may
from time to time determine (based on the advice of counsel) is necessary or
advisable to give effect to the terms of the Trust Agreement for the benefit of
each Securityholder (without consideration of the effect of any such action on
any particular Securityholder);

      (xiii) to hold, maintain and preserve copies of the executed Program
Documents and copies of other documents or instruments executed by the Trust;
and

      (xiv) to enter into agreements with accountants so that such accountants,
subject to the receipt of all necessary information, will provide all clerical,
bookkeeping and other administrative services necessary and appropriate for the
administration of the Trust, including, without limitation, maintenance of all
books and records of the Trust relating to the fees, costs and expenses of the
Trust, which books and records shall be maintained separately from books and
records of the Trustee, maintenance of records of cash payments and
disbursements (excluding principal and interest on any Funding Agreement) of the
Trust in accordance with generally accepted accounting principles, preparation
for audit of such periodic financial statements as may be necessary or
appropriate and taking such other administrative or ministerial actions as may
be incidental or reasonably necessary to the accomplishment of the actions of
the Trustee authorized in this Trust Agreement or to the accomplishment of the
purposes, duties and responsibilities of the Trust under any of the Program
Documents and any other document or instrument to which the Trust is a party to
the extent not otherwise the responsibility of the Indenture Trustee, a Paying
Agent or a Trust Registrar.

                                       10
<PAGE>

      It is expressly understood and agreed that the Trustee shall be entitled
to engage outside counsel, independent accountants and other experts appointed
with due care to assist the Trustee in connection with the performance of its
duties and powers set forth in this Section 6.01(a), including, without
limitation, the preparation of all tax reports and returns, certificates,
reports, opinions, notices or any other documents. The Trustee shall be entitled
to rely conclusively on the advice of such counsel, accountants and other
experts in the performance of all its duties under the Trust Agreement and shall
have no liability for any documents prepared by such counsel, accountants or
experts or any action or inaction taken pursuant to the advice of such counsel,
accountants or experts. Any expenses of such counsel, accountants and experts
shall be paid by ING USA in accordance with the applicable Expense and Indemnity
Agreement to the extent provided therein.

      (b) So long as the Trust Agreement remains in effect, the Trust (and the
Trustee acting on behalf of the Trust) shall not undertake any business,
activity or transaction except as expressly provided for or contemplated by the
Trust Agreement or the Indenture. In particular, the Trust shall not, except as
otherwise contemplated by the Indenture:

            (i) sell, transfer, exchange, assign, lease, convey or otherwise
      dispose of any assets held by the Trust (owned as of the date of the Trust
      Agreement or thereafter acquired), including, without limitation, any
      portion of the Collateral, except as expressly permitted under the
      Indenture;

            (ii) incur or otherwise become liable, directly or indirectly, for
      any Indebtedness or Contingent Obligation except for the Notes issued
      pursuant to the Indenture and the transactions contemplated under the
      Indenture;

            (iii) engage in any business or activity other than in connection
      with, or relating to, (a) the performance of the Trust Agreement and the
      execution, delivery and performance of any documents (other than the Trust
      Agreement), including the Program Documents, relating to the Notes issued
      under the Indenture and the transactions contemplated thereby, and (b) the
      issuance of the Notes pursuant to the Indenture;

            (iv) (a) permit the validity or effectiveness of the Indenture or
      any grant of security - interest in or assignment for collateral purposes
      of the Collateral to be impaired, or permit a Lien created under the
      Indenture to be amended, hypothecated, subordinated, terminated or
      discharged, or permit any Person to be released from any covenants or
      obligations under any document or agreement assigned to the Indenture
      Trustee, except as may be expressly permitted under the Indenture, (b)
      create, incur, - assume or permit any Lien or other encumbrance (other
      than a Lien created under the Indenture) on any of its properties or
      assets

                                       11
<PAGE>

      owned or thereafter acquired, or any interest therein or the proceeds
      thereof, or (c) permit a Lien created under the - Indenture not to
      constitute a valid first priority perfected security interest in the
      Collateral;

            (v) amend, modify or fail to comply with any material provision of
      the Trust Agreement except for any amendment or modification of the Trust
      Agreement expressly permitted thereunder;

            (vi) own any subsidiary or lend or advance any funds to, or make any
      investment in, any Person, except for an investment in the Funding
      Agreement or the investment of any funds held by the Indenture Trustee,
      the Paying Agent or the Trustee as provided in the Indenture or the Trust
      Agreement;

            (vii) directly or indirectly declare or make any distribution or
      other payment to, or redeem or otherwise acquire or retire for value the
      interests of, the Trust Beneficial Owner if any amount under the Notes is
      due and unpaid, or directly or indirectly redeem or otherwise acquire or
      retire for value any Indebtedness or Contingent Obligation other than the
      Notes;

            (viii) exercise any rights with respect to the Collateral except at
      the written direction of, or with the prior written approval of, the
      Indenture Trustee;

            (ix) cause or, to the fullest extent permitted by law, permit the
      sale or other transfer of all or a portion of the Trust Beneficial
      Interest, or cause or, to the fullest extent permitted by law, permit the
      creation, incurrence, assumption or existence of any Lien on all or a
      portion of the Trust Beneficial Interest;

            (x) become an "investment company" or come under the "control" of an
      "investment company," as such terms are defined in the Investment Company
      Act;

            (xi) enter into any transaction of merger or consolidation or
      liquidate or dissolve itself (or, to the fullest extent permitted by law,
      suffer any liquidation or dissolution), or acquire by purchase or
      otherwise all or substantially all the business or assets of, or any stock
      or other evidence of beneficial ownership of, any other Person;

            (xii) take any action that would cause it not to be disregarded or
      treated as a grantor trust (assuming it were not disregarded) for United
      States federal income tax purposes;

            (xiii) have any subsidiaries, employees or agents other than the
      Trustee and other persons necessary to conduct its business and enter into
      transactions contemplated under the Program Documents;

                                       12
<PAGE>

            (xiv) have an interest in any bank account other than (a) those
      accounts required under the Program Documents, and (b) those accounts
      expressly permitted by the Indenture Trustee; provided that any interest
      therein shall be charged or otherwise secured in favor of the Indenture
      Trustee;

            (xv) permit any Affiliate, employee or officer of ING USA or any
      agent appointed under the Distribution Agreement to be a trustee of the
      Trust;

            (xvi) issue Notes under the Indenture unless (a) the Trust has
      purchased or will - simultaneously purchase the Funding Agreement from ING
      USA to secure such Notes, (b) - ING USA has affirmed in writing to the
      Trust that it has made or simultaneously will make changes to its books
      and records to reflect the granting of a security interest in, and the
      making of an assignment for collateral purposes of, the Funding Agreement
      by the Trust to the Indenture Trustee, and (c) the Trust has taken such
      other steps - as may be necessary to cause the grant of a security
      interest in, and assignment for collateral purposes of, the Collateral to
      the Indenture Trustee to be perfected for purposes of the UCC or effective
      against the Trust's creditors and subsequent purchasers of the Collateral
      pursuant to insurance or other applicable law;

            (xvii) commingle the assets of the Trust with assets of any
      Affiliates (including any other trust organized under the Program), or
      guarantee any obligation of any Affiliates (including any other trust
      organized under the Program); or

            (xviii) maintain any joint account with any Person, become a party,
      whether as co-obligor or otherwise, to any agreement to which any Person
      is a party (other than in respect of the Program Documents), or become
      liable as a guarantor or otherwise with respect to any Indebtedness or
      contractual obligation of any Person.

      (c) The Trustee shall, based on the advice of counsel, defend against all
claims and demands of all Persons at any time claiming any Lien on any of the
assets of the Trust adverse to the interest of the Trust or any Securityholder,
other than the security interests in the Collateral granted in favor of the
Indenture Trustee for the benefit of each Holder of the Notes pursuant to the
Indenture.

      (d) If and for so long as the Funding Agreement is held by the Trustee for
the benefit of the Trust, the Trustee shall not (i) waive any default under the
Funding Agreement or (ii) consent to any amendment, modification or termination
of the Funding Agreement, without, in each case, obtaining the prior approval of
the Indenture Trustee in accordance with the Indenture and an opinion of counsel
experienced in such matters to the effect that any such action shall not cause
the Trust not to be disregarded or treated as

                                       13
<PAGE>

a grantor trust (assuming it were not disregarded) for U.S. federal income tax
purposes.

      (e) The Trustee is authorized and directed to conduct the affairs of the
Trust and to operate the Trust (i) so that the Trust will not become required to
register as an "investment company" under the Investment Company Act, and (ii)
so that the Trust will not fail to be disregarded or treated as a grantor trust
(assuming it were not disregarded) for U.S. federal income tax purposes. In
connection with the preceding sentence, the Trustee shall have no duty to
determine whether any action it takes complies with the preceding sentence and
shall be entitled to rely conclusively on an opinion of counsel with respect to
any such matters.

      Section 6.02. General Duties. It shall be the duty of the Trustee to
discharge, or cause to be discharged, all of its responsibilities pursuant to
the terms of the Trust Agreement or any other documents or instruments to which
it is a party and to administer the Trust in accordance with the provisions of
the Trust Agreement and the other Program Documents and any other documents or
instruments to which the Trust is a party.

      Section 6.03. Specific Duties.

      (a) The Trustee undertakes to perform only such duties (i) as are
specifically set forth in the Trust Agreement, (ii) on behalf of the Trust, as
are specifically set forth in the Program Documents to which the Trust is a
party, and (iii) as it may be directed from time to time by the Trust Beneficial
Owner and the Indenture Trustee in accordance with the terms of the Trust
Agreement and the Indenture.

      (b) The Trustee agrees that it will not manage, control, use, sell,
dispose of or otherwise deal with the Collateral or the Licensed Marks except as
expressly required or permitted by the terms of the Trust Agreement, the
Indenture and the License Agreement, as applicable.

      Section 6.04. Acceptance of Trust and Duties; Limitation on Liability. The
Trustee accepts the trust created by the Trust Agreement and agrees to perform
its duties under the Trust Agreement with respect to the same, but only upon the
terms of the Trust Agreement. No implied covenants or obligations shall be read
into the Trust Agreement. The Trustee shall not be liable under the Trust
Agreement or any other Program Document under any circumstances or for any
action or failure to act, except for (i) its own willful misconduct, bad faith
or negligence, including, without limitation, its own willful misconduct, bad
faith or negligence that results in a breach of the Trust's obligations under
any of the Program Documents, or (ii) the inaccuracy of any representation or
warranty contained in the Trust Agreement expressly made by it. In particular
(but without limitation):

                                       14
<PAGE>

      (a) the Trustee shall not be liable for any error of judgment made in good
faith by any of its responsible officers, unless such error of judgment
constitutes negligence;

      (b) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the written
instructions of the Trust Beneficial Owner or the Indenture Trustee or pursuant
to the advice of counsel, accountants or other experts selected by it in good
faith;

      (c) no provision of the Trust Agreement shall require the Trustee to
expend or risk personal funds or otherwise incur any financial liability in the
performance of any of its rights or powers hereunder if the Trustee has
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided
to it;

      (d) under no circumstances shall the Trustee be liable for indebtedness or
other obligations evidenced by or arising under the Trust Agreement, the Funding
Agreement or any related document, including the principal of and interest on
the Notes and payments on the Trust Beneficial Interest;

      (e) the Trustee shall not be responsible for, or in respect of, the
validity or sufficiency of the Trust Agreement or any related document or for
the due execution of the Trust Agreement by any party (except by the Trustee
itself) or for the form, character, genuineness, sufficiency, value or validity
of any of the Collateral, other than, in the case of the Trustee, the execution
of any certificate;

      (f) the Trustee shall not be liable for any action, inaction, default or
misconduct of the Indenture Trustee or any Paying Agent under the Indenture, the
Notes or any related documents or otherwise, and the Trustee shall not have any
obligation or liability to perform the obligations of the Trust under the Trust
Agreement or any related document or under any federal, state, foreign or local
tax or securities law, in each case, that are required to be performed by other
Persons, including the Indenture Trustee under the Indenture;

      (g) the Trustee shall not be liable for any action, inaction, default or
misconduct of ING USA and the Trustee shall not have any obligation or liability
to perform the obligations of ING USA under the Funding Agreement or any related
documents;

      (h) the Trustee shall not be under any obligation to exercise any of the
rights or powers vested in it by the Trust Agreement, or to institute, conduct
or defend any litigation under the Trust Agreement or otherwise or in relation
to the Trust Agreement or any related document, at the request, order or
direction of any Person unless such Person has offered to the Trustee security
or indemnity satisfactory to it against the costs, expenses and liabilities that
may be incurred by the Trustee. The right of the Trustee to

                                       15
<PAGE>

perform any discretionary act enumerated in the Trust Agreement or in any
related document shall not be construed as a duty, and the Trustee shall not be
answerable for other than its negligence or willful misconduct in the
performance of any such act;

      (i) except as expressly provided in the Trust Agreement in accepting the
trusts created by the Trust Agreement, the Trustee acts solely as trustee under
the Trust Agreement and not in its individual capacity, and all persons having
any claim against the Trustee by reason of the transactions contemplated by the
Trust Agreement shall look only to the Trust's property for payment or
satisfaction thereof;

      (j) the Trustee shall not have any responsibility or liability for or with
respect to the genuineness, value, sufficiency or validity of any Collateral,
and the Trustee shall in no event assume or incur any liability, duty or
obligation to the Trust Beneficial Owner or any other Person other than as
expressly provided for in the Trust Agreement;

      (k) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note or other paper or document;

      (l) every provision of the Trust Agreement relating to the Trustee shall
be subject to the provisions of this Article 6;

      (m) the Trustee shall have no duty (i) except in accordance with the
written instructions furnished by the Trust Beneficial Owner or as provided in
the Trust Agreement, to see to any recording or filing of any document, (ii) to
confirm or verify any financial statements of the Trust Beneficial Owner or the
Indenture Trustee, (iii) to inspect the Trust Beneficial Owner's or the
Indenture Trustee's books and records at any time or (iv) to see to the payment
or discharge of any tax, assessment or other governmental charge or any lien or
encumbrance of any kind owing with respect to, assessed or levied against any
part of the Trust, except to the extent the Trustee has received funds, on
behalf of the Trust, pursuant to the applicable Expense and Indemnity Agreement
from ING USA in satisfaction of any such tax, assessment or other governmental
charge or any lien or encumbrance of any kind and in accordance with payment or
transfer instructions provided by ING USA;

      (n) the Trustee shall have no duty or obligation to manage, control, use,
sell, dispose of or otherwise deal with the Trust or to otherwise take or
refrain from taking any action under the Trust Agreement, except as expressly
required by the terms of the Trust Agreement, or as expressly provided in
written instructions from the Trust Beneficial Owner, and in no event shall the
Trustee have any implied duties or obligations under the Trust Agreement; the
Trustee nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any liens on any part of the
property of the Trust which result from claims against the Trustee personally
that are not

                                       16
<PAGE>

related to the ownership or the administration of the property of the Trust or
the transactions contemplated by the Program Documents;

      (o) the Trustee shall not be required to take any action under the Trust
Agreement if the Trustee shall reasonably determine or shall have been advised
by counsel that such action is contrary to the terms of the Trust Agreement or
is otherwise contrary to law;

      (p) the Trustee may fully rely upon and shall have no liability in
connection with calculations or instructions forwarded to the Trustee by the
Trust Beneficial Owner or the Indenture Trustee, nor shall the Trustee have any
obligation to furnish information to any Trust Beneficial Owner or other Person
if it has not received such information as it may need from the Trust Beneficial
Owner, the Indenture Trustee or any other Person;

      (q) the Trustee shall not be liable with respect to any act or omission in
good faith in accordance with the advice or direction of the Trust Beneficial
Owner or the Indenture Trustee. Whenever the Trustee is unable to decide between
alternative courses of action permitted or required by the terms of the Trust
Agreement, or is unsure as to the application, intent, interpretation or meaning
of any provision hereof, the Trustee may give notice (in such form as shall be
appropriate under the circumstances) to the Trust Beneficial Owner requesting
instructions as to the course of action to be adopted, and, to the extent the
Trustee acts in good faith in accordance with any such instruction received, the
Trustee shall not be liable on account of such action to any Person. If the
Trustee shall not have received appropriate instructions within ten days of such
notice (or within such shorter period of time as reasonably may be specified in
such notice or may be necessary under the circumstances), it may, but shall be
under no duty to, take or refrain from taking such action which is consistent,
in its view, with the Trust Agreement and as it shall deem to be in the best
interest of the relevant Trust Beneficial Owner, and the Trustee shall have no
liability to any Person for such action or inaction;

      (r) in no event whatsoever shall the Trustee be personally liable for any
representation, warranty, covenant, agreement, indebtedness or other obligation
of the Trust; and

      (s) the Trustee shall incur no liability if, by reason of any provision of
any present or future law or regulation thereunder, or by any force majeure
event, including but not limited to natural disaster, war or other circumstances
beyond its control, the Trustee shall be prevented or forbidden from doing or
performing any act or thing which the terms of the Trust Agreement provide shall
or may be done or performed.

      Section 6.05. Reliance; Advice of Counsel.

      (a) The Trustee shall incur no liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond or

                                       17
<PAGE>

other document or paper reasonably believed by it in good faith to be genuine
and signed by the proper party or parties. The Trustee may accept a certified
copy of a resolution of the board of directors or other governing body of any
corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any
fact or matter the manner of ascertainment of which is not specifically
prescribed in the Trust Agreement, the Trustee may for all purposes of the Trust
Agreement rely on a certificate, signed by the president or any vice president
or by the treasurer or any assistant treasurer or the secretary or any assistant
secretary of the relevant party, as to such fact or matter, and such certificate
shall constitute full protection to the Trustee for any action taken or omitted
to be taken by it in good faith in reliance thereon.

      (b) In the exercise or administration of the Trust, the Trustee (i) may
act directly or, at the expense of the Trust, through agents or attorneys
pursuant to agreements entered into with any of them, and the Trustee shall not
be liable for the action, inaction, default or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Trustee in
good faith and with reasonable care, and (ii) may consult with counsel,
accountants and other skilled persons to be selected in good faith and with
reasonable care and employed by it, and it shall not be liable for anything
done, suffered or omitted to be done in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants or other skilled
persons.

      Section 6.06. Delegation of Authorities and Duties. The Trustee delegates
to the Indenture Trustee all duties required to be performed by the Indenture
Trustee pursuant to the terms of the Trust Agreement and the Indenture. The
Trustee undertakes no responsibility for the performance, or non-performance, of
any duties delegated to the Indenture Trustee under the Trust Agreement.

      Section 6.07. Acknowledgment of the Trustee. Notwithstanding anything to
the contrary contained in these Standard Trust Terms, the Trustee, acting on its
own behalf, acknowledges that any license, right or privilege granted to any
Trustee pursuant to the License Agreement is an exclusive license, right or
privilege of any such Trust and is not a license, right or privilege of the
Trustee in its individual capacity.

                                   ARTICLE 7
                           LIQUIDATION AND TERMINATION

      Section 7.01. Termination Upon the Trust Expiration Date. Unless earlier
terminated, the Trust shall terminate on the Trust Expiration Date.

      Section 7.02. Termination of Agreement. The Trust Agreement and the Trust
created and continued thereby shall terminate upon the latest to occur of the
following: (a) a distribution by the Trustee to Securityholders upon the
liquidation of the Trust

                                       18
<PAGE>

pursuant to Section 7.03 of all amounts required to be distributed under the
Trust Agreement upon the final payment of the Trust Securities; (b) the payment
of, or reasonable provision for payment of, all expenses and other liabilities
owed by the Trust; and (c) the discharge of all administrative duties of the
Trustee including the performance of any tax reporting obligations with respect
to the Trust or the Securityholders.

      Section 7.03. Liquidation. On the Trust Expiration Date, the remaining
Collateral and any other assets held in the Trust shall be liquidated and
distributed as follows: (i) the Trust shall first pay all amounts due and unpaid
on the Notes, if any, in accordance with the Indenture, (ii) the Trust shall
then pay any other claims, including expenses relating to such liquidation to
the extent not paid, or reasonably provided for, pursuant to the applicable
Expense and Indemnity Agreement, and (iii) the Trust shall then pay to the Trust
Beneficial Owner all of the amounts that would be payable under clause first of
Section 5.02 of the Indenture to the Trust Beneficial Owner as if the Trust
Beneficial Owner held a Note with an original principal amount of $15
(multiplied by the issue price of the Notes in the case of Notes that are
discount notes). Any remaining monies and other property shall be paid ratably
in proportion to their original principal amounts to the Holders last noted in
the Register as the Holders of the Notes and the Trust Beneficial Owner (as if
the Trust Beneficial Owner held a Note with an original principal amount of $15
(multiplied by the issue price of the Notes in the case of Notes that are
discount notes) and as if each such Holder continued to hold its Notes after all
amounts due on such Notes under the Indenture have been paid).

                                   ARTICLE 8
                        SUCCESSOR AND ADDITIONAL TRUSTEES

      Section 8.01. Eligibility Requirements for the Trustee. The Trustee shall
at all times (a) be a Person organized and doing business under the laws of the
United States or the State of Illinois, (b) be authorized to exercise corporate
trust powers, (c) have a combined capital and surplus of at least $50,000,000
and be subject to supervision or examination by Federal or State authorities,
(d) have (or have a parent which has) a rating of at least Baa3 by Moody's
Investors Service, Inc. or BBB- by Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., (e) be a "bank" within the meaning
of Section 581 of the Code and (f) be a "United States person" within the
meaning of Section 7701(a)(30) of the Code. In addition, the Trustee shall be an
entity with its Corporate Trust Office in the State of Illinois. If the Trustee
shall publish reports of condition at least annually, pursuant to applicable law
or to the requirements of the aforesaid supervising or examining authority,
then, for the purpose of this Section 8.01, the combined capital and surplus of
the Trustee shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section
8.01, the Trustee shall resign immediately in the manner and with the effect
specified in Section 8.02.

                                       19
<PAGE>

      Section 8.02. Resignation or Removal of the Trustee. The Trustee may at
any time resign and be discharged from its duties under the Trust Agreement and
the Trust created by the Trust Agreement by giving written notice thereof to the
Trust Beneficial Owner and the Indenture Trustee at least 90 days before the
date specified in such instrument. Upon receiving such notice of resignation,
the Trust Beneficial Owner shall promptly appoint a successor Trustee meeting
the qualifications set forth in Section 8.01 by written instrument, in
duplicate, one copy of which instrument shall be delivered to each of the
resigning Trustee, the successor Trustee, any remaining Trustees, the Indenture
Trustee and ING USA. If no successor Trustee shall have been so appointed and
have accepted appointment within 90 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

      If at any time the Trustee shall cease to be eligible in accordance with
the provisions of Section 8.01 and shall fail to resign after written request
therefor by the Trust Beneficial Owner and the Indenture Trustee, or if at any
time the Trustee shall be legally unable to act or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Trust Beneficial Owner and the Indenture Trustee may
remove such Trustee. If the Trust Beneficial Owner and the Indenture Trustee
shall remove the Trustee under the authority of the immediately preceding
sentence, the Trust Beneficial Owner shall promptly appoint a successor Trustee
meeting the qualification requirements of Section 8.01 by (i) the execution of a
written instrument, one copy of which instrument shall be delivered to each of
the outgoing Trustee so removed, the successor Trustee, the Indenture Trustee
and ING USA and (ii) the payment of all fees and expenses owed to the outgoing
Trustee.

      Any resignation or removal of the Trustee and appointment of a successor
Trustee pursuant to any of the provisions of this Section 8.02 shall not become
effective until all fees and expenses, including any indemnity payments, due to
the outgoing Trustee have been paid and until acceptance of appointment by the
successor Trustee pursuant to Section 8.03.

      Section 8.03. Successor Trustee. Any successor Trustee appointed pursuant
to Section 8.02 shall execute, acknowledge and deliver to the Trust Beneficial
Owner, the Indenture Trustee and the predecessor Trustee an instrument accepting
such appointment under the Trust Agreement, and thereupon the resignation or
removal of the predecessor Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor under the
Trust Agreement, with like effect as if originally named as Trustee. The
predecessor Trustee shall deliver to the successor Trustee all documents and
statements and monies held by it under the Trust Agreement; and the

                                       20
<PAGE>

predecessor Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and
confirming in the successor Trustee all such rights, powers, duties and
obligations.

      No successor Trustee shall accept appointment as provided in this Section
8.03 unless at the time of such acceptance such successor Trustee shall be
eligible pursuant to Section 8.01.

      Section 8.04. Merger or Consolidation of Trustee. Any Person into which
the Trustee may be merged or converted or with which it may be consolidated, or
any Person resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any Person succeeding to all or substantially all
of the corporate trust business of the Trustee, shall, without the execution or
filing of any instrument or any further act on the part of any of the parties to
the Trust Agreement, anything in the Trust Agreement to the contrary
notwithstanding, be the successor of the Trustee under the Trust Agreement;
provided, such Person shall be eligible pursuant to Section 8.01; provided,
further, that the notice of such merger, conversion or consolidation shall be
mailed to each of the Trust Beneficial Owner and the Indenture Trustee not less
than ten (10) days prior to the closing date thereof.

      Section 8.05. Appointment of Co-Trustee or Separate Trustee.

      (a) Notwithstanding any other provisions of the Trust Agreement, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of any Collateral may at the time be located, the Trustee shall
have the power and shall execute and deliver all instruments to appoint one or
more Persons approved by the Trustee to act as co-trustee, jointly with it, or
as separate trustee or separate trustees, of all or any part of any Collateral,
and subject to Section 2.08 to vest in such Person, in such capacity, such title
to any Collateral, or any part thereof, and, subject to the other provisions of
this Section 8.05, such powers, duties, obligations, rights and trusts as the
Trustee may consider necessary or desirable. No co-trustee or separate trustee
under the Trust Agreement shall be required to meet the terms of eligibility as
a successor Trustee pursuant to Section 8.03 and no notice of the appointment of
any co-trustee or separate trustee shall be required; provided, however, that
any co-trustee or separate trustee must be a "United States person" within the
meaning of Section 7701(a)(30) of the Code and a "bank" within the meaning of
Section 581 of the Code.

      (b) Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

            (i) all rights, powers, duties and obligations conferred or imposed
      upon the Trustee shall be conferred upon and exercised or performed by the
      Trustee and such separate trustee or co-trustee jointly (it being
      understood that

                                       21
<PAGE>

      such separate trustee or co-trustee is not authorized to act separately
      without the Trustee joining in such act), except to the extent that under
      any law of any jurisdiction in which any particular act or acts are to be
      performed, the Trustee shall be incompetent or unqualified to perform such
      act or acts, in which event such rights, powers, duties and obligations
      (including the holding of title to the Trust or any portion thereof in any
      such jurisdiction) shall be exercised and performed singly by such
      separate trustee or co-trustee, but solely at the discretion of the
      Trustee;

            (ii) the Trustee may at any time accept the resignation of or remove
      any separate trustee or co-trustee; and

            (iii) no trustee shall be personally liable by reason of the act or
      omission of any other trustee under the Trust Agreement.

      (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustee and co-trustee,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Section 8.05 and the
conditions of this Article 8. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instruments of appointment, either jointly with the Trustee or
separately, as may be provided therein, subject to all the provisions of the
Trust Agreement, specifically including every provision of the Trust Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee. Each such instrument shall be filed with the Trustee.

      (d) Any separate trustee or co-trustee may at any time appoint the Trustee
as its agent or attorney-in-fact with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of the Trust
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor Trustee.

      Section 8.06. Trustee May Own Notes. Except to the extent prohibited under
the terms of the Notes, the Trustee, in its individual or any other capacity,
may become the beneficial owner or pledgee of Notes, to the extent that such
ownership does not inhibit the Trust from relying on Rule 3a-7 promulgated under
the Investment Company Act, with the same rights as it would have if it were not
the Trustee; provided, that any Notes so owned or pledged shall not be entitled
to participate in any decisions made or instructions given to the Trustee or the
Indenture Trustee by the Holders as a group. The Trustee may deal with the Trust
and the Trust Beneficial Owner in banking and trustee transactions with the same
rights as it would have if it were not the Trustee.

                                       22
<PAGE>

                                   ARTICLE 9
                    VOTING; ACTS OF SECURITYHOLDERS; MEETINGS

      Section 9.01. Limitations on Voting Rights. Except as provided in the
Trust Agreement or in the Indenture or as otherwise required by law, no Holder
of Trust Securities shall have any right to vote or in any manner otherwise
control the administration, operation and management of the Trust or the
obligations of the parties to the Trust Agreement, nor shall anything in the
Trust Agreement set forth, or contained in the terms of the Trust Securities, be
construed so as to constitute the Securityholders from time to time as members
of an association.

      Section 9.02. Meetings of the Trust Beneficial Owner. No annual or other
meeting of the Trust Beneficial Owner is required to be held.

                                   ARTICLE 10
                            MISCELLANEOUS PROVISIONS

      Section 10.01. Limitation on Rights of Securityholders.

      (a) The death, bankruptcy, termination, dissolution or incapacity of any
Person having an interest, beneficial or otherwise, in Trust Securities or the
Trust shall not operate to terminate the Trust Agreement, nor to annul, dissolve
or terminate the Trust, nor to entitle the legal successors, representatives or
heirs of such Person or any Securityholder for such Person, to claim an
accounting, take any action or bring any proceeding in any court for a partition
or winding up of the arrangements contemplated by the Trust Agreement, nor
otherwise affect the rights, obligations and liabilities of the parties to the
Trust Agreement or any of them.

      (b) Except as provided in the Indenture, no Securityholder shall have any
right by virtue of any provision of the Trust Agreement to institute any suit,
action or proceeding in equity or at law with respect to the Trust Agreement,
unless (i) the Securityholders shall have made written request upon the Trustee
to institute such suit, action or proceeding in the name of the Trust and shall
have offered to the Trustee and the Trust such reasonable indemnity as they may
require against the costs, expenses and liabilities to be incurred thereby and
(ii) the Trustee, for 30 days after its receipt of such notice, request and
offer of indemnity, shall have neglected or refused to institute any such suit,
action or proceeding. It is expressly understood and covenanted by each
Securityholder with every other Securityholder, the Trust and the Trustee, that
no one or more Securityholder shall have any right in any manner whatever by
availing itself or themselves of any provision of the Trust Agreement to affect,
disturb or prejudice the

                                       23
<PAGE>

rights of any other Securityholder, or to obtain or seek to obtain priority over
or preference to any other such Securityholder, or to enforce any right under
the Trust Agreement, except in the manner provided in the Trust Agreement.

      Section 10.02. Amendment.

      (a) The Trust Agreement may be amended from time to time by the Trustee
and the Trust Beneficial Owner, by, and only by, a written instrument executed
by the Trustee and the Trust Beneficial Owner, in any way that is not
inconsistent with the intent of the Trust Agreement, including, without
limitation, (i) to cure any ambiguity, (ii) to correct, supplement or modify any
provision in the Trust Agreement that is inconsistent with another provision in
the Trust Agreement or (iii) to modify, eliminate or add to any provisions of
the Trust Agreement to the extent necessary to ensure that the Trust will be
classified for U.S. federal income tax purposes as disregarded or treated as a
grantor trust (assuming that the Trust were not disregarded) at all times or to
ensure that the Trust will not be required to register as an investment company
under the Investment Company Act and no such amendment shall require the consent
of any other Securityholder, except to the extent specified in Sections 10.02(b)
and 10.02(c).

      (b) For so long as any Trust Securities remain outstanding, except as
provided in Section 10.02(c), any amendment to the Trust Agreement that would
adversely affect, in any material respect, the terms of any Notes, other than
any amendment of the type contemplated by clause (iii) of Section 10.02(a),
shall require the prior consent of the Holders of a majority of the outstanding
principal amount of the Notes.

      (c) For so long as any Trust Securities remain outstanding, the Trust
Agreement may not be amended to (i) change the amount or timing of any payment
of any Trust Securities or (ii) impair the right of any Securityholder to
institute suit for the enforcement of any right for principal and interest or
other distribution without the consent of each affected Securityholder.

      (d) The Trustee shall not be required to enter into any amendment to the
Trust Agreement which affects its own rights, duties or immunities under the
Trust Agreement.

      (e) Prior to execution of any amendment to the Trust Agreement, the
Trustee shall be entitled to an opinion of counsel as to whether such amendment
is permitted by the terms of the Trust Agreement and whether all conditions
precedent to such amendment have been met.

      (f) Promptly after the execution of any such amendment or consent, the
Trustee shall furnish a copy of such amendment or consent (including those
obtained or effected hereby) to the Indenture Trustee, the Trust Beneficial
Owner, the agents under the Distribution Agreement and the Rating Agencies.

                                       24
<PAGE>

      (g) Notwithstanding any other provision of the Trust Agreement, (i) no
amendment to the Trust Agreement may be made if such amendment would cause the
Trust not to be disregarded or treated as a grantor trust (assuming that the
Trust were not disregarded) for U.S. federal income tax purposes and (ii) no
amendment to the Trust Agreement may be made without the prior consent of ING
USA.

      Section 10.03. Notice. All demands, notices, instructions and other
communications shall be in writing (including telecopied or telegraphic
communications) and shall be personally delivered, mailed or transmitted by
telecopy or telegraph, respectively, addressed as set forth below:

      If to the Trustee:

      U.S. Bank National Association
      Corporate Trust Services
      209 S. LaSalle Street, Suite 300
      Chicago, Illinois 60604
      Attention: Patricia Child, VP
      Facsimile: (312) 325-8905

      If to the Trust Beneficial Owner:

      GSS Holdings II, Inc.
      445 Broad Hollow Road, Suite 239
      Melville, New York  11747
      Attention:  Andy Stidd
      Facsimile:  (212) 302-8767

      If to the Indenture Trustee:

      Citibank, N.A.
      Agency & Trust
      388 Greenwich Street, 14th Floor
      New York, New York 10013
      Attention:  Nancy Forte
      Facsimile:  (212) 816-5527

or at such other address as shall be designated by any such party in a written
notice to the other parties. Notwithstanding the foregoing, any notice required
or permitted to be mailed to the Trust Beneficial Owner shall be given by first
class mail, postage prepaid, at the address of the Trust Beneficial Owner as
shown in the Securities Register, and any notices mailed within the time
prescribed in the Trust Agreement shall be conclusively presumed to have been
duly given, whether or not the Trust Beneficial Owner received

                                       25
<PAGE>

such notice. Any notice required or permitted to be mailed to any Holder of a
Note shall be given as specified in the Indenture.

      Section 10.04. No Recourse. The Trust Beneficial Owner acknowledges that
the Trust Beneficial Interest represents a beneficial interest in the Trust only
and does not represent an obligation of ING USA, the Trustee, the Indenture
Trustee or any Affiliate of any of the foregoing and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated in the Trust Agreement or the Indenture.

      Section 10.05. No Petition. To the extent permitted by applicable law,
each of the Trustee and the Trust Beneficial Owner covenants and agrees that it
will not institute against, or join with any other Person in instituting
against, the Trust any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under the laws of any
jurisdiction. This Section 10.05 shall survive termination of the Trust
Agreement.

      Section 10.06. Governing Law. The Trust Agreement shall be governed by and
construed in accordance with the laws of the jurisdiction specified in the Trust
Agreement without regard to the principles of conflicts of laws thereof and the
obligations, rights and remedies of the parties under the Trust Agreement shall
be determined in accordance with such laws.

      Section 10.07. Severability. If any provision in the Trust Agreement shall
be invalid, illegal or unenforceable, such provisions shall be deemed severable
from the remaining provisions of the Trust Agreement and shall in no way affect
the validity or enforceability of such other provisions of the Trust Agreement.

      Section 10.08. Trust Securities Nonassessable and Fully Paid.
Securityholders shall not be personally liable for the obligations of the Trust.
The fractional undivided beneficial interest in the assets held in the Trust
represented by the Trust Beneficial Interest shall be nonassessable for any
losses or expenses related to the Trust or for any reason whatsoever. The Notes,
upon execution thereof by the Trustee pursuant to the Indenture and upon receipt
of payment therefor, are and shall be deemed fully paid.

      Section 10.09. Third-Party Beneficiaries. The Trust Agreement shall inure
to the benefit of and be binding upon the parties thereto and their respective
successors and permitted assigns. Except as otherwise provided in the Trust
Agreement, no other Person shall have any right or obligation thereunder.

      Section 10.10. Acknowledgment of Multiple Roles. The parties expressly
acknowledge and consent to U.S. Bank National Association acting in the capacity
of Trustee of the Trust and in the capacity of Custodian with respect to the
Funding

                                       26
<PAGE>

Agreement being pledged and assigned by the Trust to the Indenture Trustee. U.S.
Bank National Association may, in such dual capacities, discharge its separate
functions fully, without hindrance or regard to conflict of interest principles,
duty of loyalty principles or other breach of fiduciary duties to the extent
that any such conflict or breach arises from the performance by U.S. Bank
National Association of any of its respective duties in its capacities as
Custodian and/or Trustee. The parties hereto waive all defenses, claims or
assertions against U.S. Bank National Association which are based on the
foregoing.

                                       27

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