(h)(3)(xiii)
TWELFTH AMENDMENT TO FINANCIAL GUARANTY AGREEMENT
TWELFTH AMENDMENT, dated as of July 25, 2007 (the "Amendment"), to the
Financial Guaranty Agreement, dated as of July 3, 2001, as amended by the First
Amendment dated as of January 14, 2002, the Second Amendment dated as of
March 28, 2002, the Third Amendment dated as of August 20, 2002, the Fourth
Amendment dated October 30, 2002, the Fifth Amendment dated November 12, 2002,
the Sixth Amendment dated February 10, 2003, the Seventh Amendment dated
March 24, 2003, the Eighth Amendment dated September 26, 2003, the Ninth
Amendment dated January 31, 2004, the Tenth Amendment dated June 10, 2004, and
the Eleventh Amendment dated January 31, 2005 (the "Agreement"), among MBIA
INSURANCE CORPORATION (the "Insurer"), ING INVESTMENTS, LLC ("ING") (successor
to ING Pilgrim Investments, LLC), ING INVESTMENT MANAGEMENT CO. ("ING IM")
(formerly known as Aeltus Investment Management, Inc.) and ING EQUITY TRUST
(the "Fund") (formerly known as Pilgrim Equity Trust).
WITNESSETH:
WHEREAS, ING, ING IM and the Fund have requested, and upon this Amendment
becoming effected, the Insurer has agreed, that certain provisions of the
Agreement be amended in the manner provided for in this Amendment.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. Amendment to Section 3.4. Section 3.4(a) of the Agreement is hereby
deleted and replaced with the following:
(a) each PPF shall be invested in at least 350 of the 500 Index Equities;
provided that no investment in an Index Equity will be included for the
purposes of satisfying the requirements set forth in this paragraph
(a) unless the Fund Weight with respect to such PPF and such Index Equity
equals or exceeds 40% of the Index Weight for such Index Equity,
IN WITNESS WHEREOF, each of the undersigned have caused this Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.
ING INVESTMENT MBIA INSURANCE CORPORATION
MANAGEMENT CO.
Signature illegible /s/ Xxxxxxx Xxxxxxx
------------------------------------- ----------------------------------------
By: By: Xxxxxxx Xxxxxxx
Title: Title: MBIA Insurance Corporation
ING EQUITY TRUST ING INVESTMENTS, LLC
/s/ Xxxxxxxx X. Xxxxxxxx /s/ Xxxx Xxxxx
------------------------------------- ----------------------------------------
By: Xxxxxxxx X. Xxxxxxxx By: Xxxx Xxxxx
Title: Senior Vice President Title: Senior Vice President
