EFTA01376151

TABLE OF CONTENTS PAGE PRELIMINARY STATEMENT 1 GRANTING CLAUSES 1 ARTICLE I DEFINITIONS Section 1.1. Definitions 2 Section 1.2. Assumptions as to Collateral Obligations, Etc. 56 ARTICLE H THE SECURITIES Section 2.1. Forms Generally 59 Section 2.2. Authorized Amount: Interest Rate; Stated Maturity; Denominations 59 Section 2.3. Execution, Authentication, Delivery and Dating 61 Section 2.4. Registration, Registration of Transfer and Exchange 62 Section 2.5. Transfer and Exchange of Securities 64 Section 2.6. Mutilated, Defaced, Destroyed, Lost or Stolen Securities 76 Section 2.7. Payments in Respect of the Securities; Rights Reserved 77 Section 2.8. Cancellation 80 Section 2.9. Funds for Payments to be Held in Trust 80 Section 2.10. Definitive Securities In Event Depository No Longer Available 80 Section 2.11. Ineligible Holders 81 Section 2.12. Additional Securities 82 ARTICLE III CONDITIONS PRECEDENT; COLLATERAL DELIVERY; AND REPRESENTATIONS Section 3.1. General Provisions 84 Section 3.2. Security for Notes 86 Section 3.3. Effective Date; Purchase of Collateral Obligations During Initial Investment Period 88 Section 3.4. Delivery of Pledged Obligations 89 Section 3.5. Representations and Warranties Concerning Collateral 89 ARTICLE IV SATISFACTION AND DISCHARGE Section 4.1. Satisfaction and Discharge of Indenture 91 Section 4.2. Application of Trust Funds 93 Section 4.3. Repayment of Funds Held by Paying Agent 93 ARTICLE V REMEDIES Section 5.1. Events of Default 94 Section 5.2. Acceleration of Maturity; Rescission and Annulment 95 Section 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee 96 Section 5.4. Remedies 97 Section 5.5. Preservation of Collateral 99 Section 5.6. Trustee May Enforce Claims Without Possession of Securities 101 Section 5.7. Application of Funds Collected 101 Section 5.8. Limitation on Suits 101 ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0072045 CONFIDENTIAL SDNY_GM_00218229 EFTA01376151