by Sections 5.15 (Undertaking for Costs). 6.1 (Certain Duties and Responsibilities), 7.15 (Calculation Agent). 8.1 (Supplemental Indentures without Consent of Holders). 8.2 (Supplemental Indentures with Consent of Holders). 8.4 (Effect of Supplemental Indentures), 9.1 (Optional Redemption: Election to Redeem). 13

ICLE VIII SUPPLEMENTAL INDENTURES Section 8.1. Supplemental Indentures without Consent of Holders 129 Section 8.2. Supplemental Indentures with Consent of Holders 131 ii ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0056078 CONFIDENTIAL SDNY GM_00202262 EFTA01365363

ICLE VIII SUPPLEMENTAL INDENTURES Section 8.1. Supplemental Indentures without Consent of Holders 129 Section 8.2. Supplemental Indentures with Consent of Holders 131 ii ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0072046 CONFIDENTIAL SDNY_GM_00218230 EFTA01376152

ARTICLE VIII SUPPLEMENTAL INDENTURES Section 8.1. Supplemental Indentures without Consent of Holders. The Co-Issuers, when authorized by Board Resolutions, and the Trustee, at any time and from time to time may, but will not be required to, enter i

by Sections 5.15 (Undertaking for Costs). 6.1 (Certain Duties and Responsibilities), 7.15 (Calculation Agent). 8.1 (Supplemental Indentures without Consent of Holders). 8.2 (Supplemental Indentures with Consent of Holders). 8.4 (Effect of Supplemental Indentures), 9.1 (Optional Redemption: Election to Redeem). 13