Document:

Exhibit 10.37

 

Life Reinsurance Agreement

 

 

made between

 

 

Financial Assurance Company Limited

 

 

(hereinafter called the “Ceding Office”

of the one part)

 

 

and

 

 

GE Pensions Limited

 

 

(hereinafter called the “Reinsurer”

of the other part)

 

 

CONTENTS

 

	
   

  	
   

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 1

  	
  -

  	
  Business Covered by the Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 2

  	
  -

  	
  Duration and Termination

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 3

  	
  -

  	
  Ceding Office’s Retention and Automatic
  Cover

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 4

  	
  -

  	
  Reinsurer’s Liability

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 5

  	
  -

  	
  Cancellations, Alterations and
  Reinstatements

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 6

  	
  -

  	
  Reinsurance Commissions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 7

  	
  -

  	
  Treaty Profit Commission

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 8

  	
  -

  	
  Claims

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 9

  	
  -

  	
  Documentation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 10

  	
  -

  	
  Currency

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 11

  	
  -

  	
  Statements of Account

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 12

  	
  -

  	
  Run-off

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 13

  	
  -

  	
  Right of Set-Off

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 14

  	
  -

  	
  Expenses

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 15

  	
  -

  	
  Errors and Omissions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 16

  	
  -

  	
  Inspection of Records

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 17

  	
  -

  	
  Conditions Precedent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 18

  	
  -

  	
  Arbitration

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 19

  	
  -

  	
  Governing Law

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 20

  	
  -

  	
  Alterations to the Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 21

  	
  -

  	
  Rights of Third Parties

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Article 22

  	
  -

  	
  Miscellaneous

  	
   

  

 

 

	
  Annex 1

  	
  -

  	
  Details of the Policies covered by the
  Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Annex 2

  	
  -

  	
  Example Policy wordings and Gross Written
  Premium rates

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Annex 3

  	
  -

  	
  Pro-forma Reinsurance Account

  	
   

  

 

3

 

THIS AGREEMENT is
made
the                                                                                                                   2002

 

BETWEEN:-

 

FINANCIAL ASSURANCE COMPANY LIMITED
whose registered office is at Vantage West, Great West Road, Brentford,
Middlesex TW8 9AG (the “Ceding Office”);
and

 

GE PENSIONS LIMITED
whose registered office is at Vantage West, Great West Road, Brentford,
Middlesex TW8 9AG (the “Reinsurer”).

 

Together
referred to jointly as “the Parties”
or singular as “the Party”.

 

Treaty Reference:  Quota Share Life Reassurance

 

It is hereby
expressly declared and agreed that the following Articles, together with the
Annexes attached hereto, constitute the Agreement.

 

Definitions

 

In this
Agreement, except where the context otherwise requires:

 

“Agency Agreements”
shall mean the Lloyds TSB Asset Finance Division Limited Agency Agreement
commencing 1st July 2001 and the GE Capital Bank Agency Agreement dated 1st
December 2001;

 

“Additional Reinsurance Commission”
means 2.5% of the Gross Written Premium;

 

“Business Covered”
shall mean the business as further described in Article 1;

 

“Gross Written Premium/s”  means the premiums paid under the Policies
less any refunds, cancellations or returned premiums as shown in Annex 2;

 

“Initial Commission”
means the commission payable by the Ceding Office under the Agency Agreement in
relation to Policies sold by such agents;

 

“Policy/Policies” means
the creditor life benefit under the policies underwritten by the Ceding Office
and issued under the schemes shown in Annex 1 hereto with example policy
wording attached as Annex 2;

 

“Reinsurance Commissions”
means 95% of the Gross Written Premiums paid by the Ceding Office in respect of
Business Covered;

 

“Reinsurance Premiums”
means 95% of the Initial Commission received in respect of the Business
Covered;

 

4

 

“Reserve” means the
mathematical reserves held on the books of the Reinsurer for the purposes of
complying with the Financial Services and Markets Act 2000, together with a
reserve for the Reinsurer’s share of outstanding claims calculated as the total
of all outstanding claims notified to the Ceding Office but not settled, both
as at the close of the period covered by the Account (as defined in Article 7).

 

Article 1 - Business Covered by the Agreement

 

This Agreement
applies to the Gross Written Premiums received under the Policies issued by the
Ceding Office with an inception date on or after 1st January 2002 (“the
Inception Date”).

 

The Ceding
Office will provide prior notice to the Reinsurer of its intention to alter the
Policy wordings or to increase or reduce the premium rates used to calculate
the Gross Written Premiums for the Policy.

 

This Agreement
will only apply to that portion of Business Covered which the Ceding Office
retains net for its own account, which for the avoidance of doubt, excludes
Policies where the Ceding Office is acting as a reinsurer.  The Reinsurer’s liability hereunder will not
be increased due to any error or omission that results from a failure of the
Ceding Office otherwise to reinsure in accordance with its established practices
or any inability of the Ceding Office to collect any amounts due from other
reinsurers, whether by reason of insolvency or otherwise.

 

Only the
portion of those Policies that are subject to the provisions of taxation under
the BLAGAB regime, as defined by Section 431D of the Taxes Act 1988, at the
time of issue will be reinsured hereunder.

 

The Reinsurer
will follow the settlements and agreements of the Ceding Office in every
respect save that the Ceding Office shall obtain the prior consent of the
Reinsurer (such consent not to be unreasonably withheld or delayed) for any
payments of damages, compensation, ex-gratia payments or legal action and
associated expenses.  The Reinsurer will
not accept liability for any fines or penalties incurred by the Ceding Office
as a result of the mis-selling of a Policy.

 

Article 2 - Duration and Termination

 

This Agreement
is unlimited as to its duration but may be cancelled by either Party giving
three months’ written notice to that effect. 
During the period of three months, the Reinsurer will continue to accept
cessions in accordance with the terms of the Agreement.

 

Each Party is
entitled to terminate the Agreement without giving prior notice if:

 

5

 

1.                             The fulfilment of the
Agreement becomes legally or practically impossible for reasons which are
beyond the responsibilities of the Parties (such as the country where either
Party is domiciled becomes involved in a war).

 

2.                             The other Party becomes
insolvent or goes into liquidation or has a receiver/administrator appointed or
has its licence to conduct insurance business revoked under rules made under
the Financial Services and Markets Act 2000.

 

3.                             The other Party loses more
than 50% of its paid up capital.

 

4.                             The other Party transfers
its business to a third party.

 

5.                             The other Party is
acquired by or merged with or comes under the control of another company except
in circumstances where the other company is part of the same group of companies
as the other Party.

 

6.                             The other Party does not
meet its obligations under the Agreement despite having received formal
reminders to do so.

 

In the event of termination Article 13 shall
apply

 

Article 3 - Ceding Office’s Retention and Automatic Cover

 

The Ceding Office is bound to cede and the Reinsurer is bound to accept
95% of the Gross Written Premium received from Business Covered with the Ceding
Office retaining the remaining 5%.

 

No overpayment of a Reinsurance Premium or acceptance thereof by the
Reinsurer shall constitute or create a liability or result in any additional
reinsurance. The Reinsurer will be liable only for the refund to the Ceding
Office of the overpayment.

 

Article 4 - Reinsurer’s Liability

 

The Reinsurer’s liability will be 95% of Claims (as defined in Article
8) paid by the Ceding Office in respect of 
Business Covered.

 

Article 5 - Cancellations, Alterations and Reinstatements

 

If a policy is cancelled, reduced, increased, made paid-up or altered
the reinsurance will be altered proportionately.  In the event of a lapsed policy being reinstated the reinsurance
thereunder shall automatically be reinstated. 
If a Policy is converted into a policy outside the scope of the
Agreement, the policy will cease to be reinsured under the Agreement.

 

6

 

Article 6 - Reinsurance Commissions

 

The Reinsurer will pay the Ceding Office the Reinsurance Commission and
Additional Reinsurance Commission ( for the avoidance of doubt, Reinsurance
Commission will not include any part of any profit share commission paid by the
Ceding Office under the Agency Agreement). No other commissions, taxes, stamp
duties or proportion of any procuration or renewal expenses will be paid by the
Reinsurer.

 

Article 7 - Treaty Profit Commission

 

As at the end of each calendar quarter after the commencement date of
the Agreement, the Ceding Office will prepare a Treaty Profit Commission
Account (referred to throughout the remainder of this Article as “the Account”)
setting out details of the experience under the Agreement. The Account will cover
the period since the date of the previous calculation or the commencement date
of the Agreement if no previous calculation has been carried out.

 

The Account will be prepared in the following form:

 

(A)                    INCOME

 

(1)                        The
Reserve brought forward from the previous period, equal to item (B) (4) for the
previous period.

 

(2)                        Reinsurance
Premiums due during the period covered by the Account.

 

(3)                        50%
of the interest earned by the Reinsurer on the Reserve (reduced by the reserve
for any outstanding claims and by any loss brought forward under the Account)
during the period covered by the Account, calculated at the rate of three
months LIBOR.

 

(B)                      EXPENSES

 

(1)                        Claims
and other amounts, as provided for in Article 8, paid during the period covered
by the Account.

 

(2)                        Reinsurance
Commission and Additional Reinsurance Commission due during the period covered
by the Account.

 

(3)                        25%
of the Additional Reinsurance Commission as the Reinsurer’s expense margin.

 

(4)                        The
Reserve at the close of the period covered by the Account.

 

(5)                        Any
loss brought forward from the previous Account.

 

7

 

If the total
Income (as set out in (A) above) exceeds the total Expenses (as set out in (B)
above) the Reinsurer will pay 100% of such excess to the Ceding Office as a
commission (“Treaty Profit Commission”).

 

If the total
Expenses exceeds the total Income, the Reinsurer will have the right to recover
this amount from Treaty Profit Commissions paid to the Ceding Office in
previous Accounts. If, after reducing the Expenses by the amount so recovered,
the total Expenses still exceeds the total Income such excess will be carried
forward to the next Account as item (B) (5).

 

If, after the
calculation and settlement of the Treaty Profit Commission for any period a
claim is admitted, denied or settled for an amount different to that shown in
the Account then the Account will be recalculated and any necessary adjustment
to the Treaty Profit Commission already paid will be settled as soon as
possible by the debtor party.

 

Article 8 - Claims

 

The Reinsurer
will pay 95% of the liability for death claims under the business covered
(“Claims”).  If a Claim is settled for
less than the full sum insured the Reinsurer’s liability will be reduced pro
rata.  The Claim shall be deemed to be
incurred on the date that the Ceding Office releases the reserve liability for
the Policy and sets up a claim liability on its books.

 

The Reinsurer
will be bound by the decision of the Ceding Office in respect of the admission of
a Claim under a Policy reinsured hereunder.

 

In the event of
a Claim occurring during the period allowed by the Ceding Office as days of
grace for payment of premiums, the Reinsurer will follow the practice of the
Ceding Office in paying the claim amount due. Where the Ceding Office pays
interest on a Claim hereunder the Reinsurer will be liable for a proportionate
share of such interest payments.

 

The Reinsurer
will not participate in any way in any policy loan the Ceding Office may make
under the Business Covered.

 

If a Policy is
discontinued in circumstances (other than on death)where the Ceding Office is
required to make a payment to the insured policyholder, the Reinsurer will pay
to the Ceding Office the mathematical reserves held in respect of the Policy on
the books of the Reinsurer for the purposes of complying with the Financial
Services and Markets Act 2000 as and when the payment falls due.

 

Article 9 - Documentation

 

The Ceding
Office agrees to provide, at the request of the Reinsurer, copies of proposals
and any supporting papers in respect of any risk reinsured.

 

8

 

Article 10 - Currency

 

All amounts
referred to and all Statements of Account under this Agreement shall be in
British Pounds.

 

The
introduction of the euro shall not have the effect of altering any term of the
Agreement or of discharging or excusing performance under the Agreement, nor
will it give a party the right unilaterally to alter or terminate the
Agreement.

 

Article 11 - Statements of Account

 

The Ceding
Office will prepare and submit to the Reinsurer statements of account setting
out details of all items due under the Agreement within 30 days of the close of
each calendar quarter in the form shown in Annex 3.  The balance due under such statement of account will be settled
by the debtor party within 30 days of receipt of such statement.

 

Should any
discrepancies be revealed in the account they will be investigated and any
necessary adjustments will be reflected in the next account.

 

In the event
that such account balance has not been paid by the debtor party in accordance
with the provisions of this Article 11 then interest will be due on the said
balance.  The interest will be payable
in respect of the period from the due date of the account balance to the date
of settlement and will be at an annual rate equal to the Barclays Bank Base
Lending Rate plus 3%.  Interest will
also be due at the same rate on any other amounts which remain unpaid for the
period from one month after the date on which the said amount became due up to
the date of settlement.

 

In the event
that the debtor party does not agree with such account, the debtor party shall
notify the other party immediately.  The
undisputed sum will be payable and shall accrue interest in accordance with the
above.  The party shall in good faith
seek to agree the disputed sum.  In the
event that the Parties fail to reach agreement the matter shall be dealt with
in accordance with Article 18.

 

Article 12 - Run-off

 

In the event that
the Agreement is terminated under Article 2, the Business Covered shall go into
Run-off from the effective date of termination.  The Reinsurer will remain liable for all cessions existing at the
date of termination ending when the Ceding Office certifies to the Reinsurer in
writing that all risks under the Policies have expired and all valid Claims
under the Policies have been finalised and that no further Reserves are
required.

 

Termination
will not affect the business previously ceded under this Agreement and the
obligations of the Parties shall continue hereunder in respect of such
business.

 

9

 

The Parties
will continue to comply with their duties and obligations under this Agreement
during the Run-off period. Articles 4 , 6, 7, 8, 11, 12, 18 and 19 shall
survive termination.

 

Article 13 - Right of Set-Off

 

Any and all
obligations, whether contingent or uncontingent, matured or unmatured, owed by
either the Reinsurer or Ceding Office to the other party, with respect to the
Agreement may be set off against any such obligations (which shall be deemed to
be mutual obligations) owed to the Reinsurer or Ceding Office, as the case may
be, by the other party, and only the net balance may be allowed or paid. However,
in the event of the insolvency of any party hereto, offset shall only be
allowed in accordance with applicable law.

 

Article 14 - Expenses

 

All postal and
other similar expenses will be paid by the sender.

 

Article 15 - Errors and Omissions

 

Errors and
inadvertent omissions shall not affect the rights and obligations of either
party under the Agreement, however, they shall be rectified as soon as
reasonably practicable upon discovery. 
No failure to exercise and no delay on the part of any party in exercising
any right, remedy, or power under the Agreement and no course of dealing
between the parties shall be construed or operate as a waiver thereof, nor
shall any single or partial exercise of any other right, remedy or power.

 

Any waiver of a
breach of any of the terms of the Agreement or of any default hereunder shall
not be deemed to be a waiver of any subsequent breach or default and shall in
no way affect the other terms of the Agreement.

 

Article 16 - Inspection of Records

 

The Reinsurer
will have the right to inspect the records of the Ceding Office in respect of
the Business Covered.  For as long as
either party remains under any liability hereunder, the Ceding Office shall,
upon request by the Reinsurer, make available for inspection at any reasonable
time by such representatives as may be authorised by the Reinsurer for that
purpose, all information relating to the business covered hereunder which is in
the Ceding Office’s possession or under its control.  The said representatives may arrange for copies to be made of any
of the records containing such information as they may require.

 

The Reinsurer
(and its representatives) will keep confidential any information or copy
documentation it acquires as a result of any inspection.  Unless agreed to by the Ceding Office (such
agreement not to be unreasonably withheld), the Reinsurer will not disclose the
information to any person other than its regulators, professional advisors, its

 

10

 

employees and
agents, employees of affiliates and then only as required by law or on a “need
to know” basis.

 

Article 17 - Conditions Precedent 

 

The Reinsurer
offers the reinsurance on the basis of information supplied to it by the Ceding
Office. The Ceding Office warrants that the information supplied is, to the
best of its knowledge and belief, correct and is an accurate summary of its
records and that these accurately reflect the liabilities undertaken by the
Ceding Office.  In the event that any
material differences emerge from the information supplied by the Ceding Office,
any dispute will be referred to an arbitration in accordance with Article 18.

 

Both Parties
hereby represent and warrant as follows:

 

That they are
duly incorporated under the laws of England and are duly authorised to conduct
insurance business in the United Kingdom.

 

That both
Parties have all requisite power, authority, and legal capacity to enter into
the Agreement and to consummate the transactions contemplated hereby.  All acts required to be taken by the
respective Parties to authorise the execution and delivery of the Agreement and
the consummation of the transactions contemplated hereby have been duly and
properly taken.

 

The execution
and delivery of the Agreement, performance of the transactions contemplated by
the Agreement, and fulfilment of the terms hereof, do not conflict with or
violate in any material respects any law, rule, regulation, order, writ,
judgement, injunction, decree or award binding on either party or their
organisational documents or the provisions of any indenture, instrument or
agreement to which either Party is a party or is subject, or by which it, or
its property, is bound, or conflict with or constitute a default thereunder, or
result in the creation or imposition of any lien in, of or on the property of
either Party pursuant to the terms of any such indenture, instrument or
agreement.

 

No order,
consent, approval, license, authorisation, or validation of, or filing,
recording or registration with, or exemption by, any governmental or public
body or authority, or any subdivision thereof, is required to authorise, or is
required in connection with the execution, delivery and performance of, or the
legality, validity, binding effect or enforceability of the Agreement.

 

The accounting
treatment for the Agreement is consistent with applicable regulatory standards.

 

Each Parties
obligations under the Agreement constitute its legal, valid and binding
obligations, enforceable against the other Party in accordance with the terms
hereof, subject to applicable bankruptcy, insolvency, reorganisation,
moratorium and similar

 

11

 

laws and
judicial decisions of general applicability relating to or affecting creditors’
rights and to general principles of equity (regardless of whether enforcement
is sought in equity or at law).

 

In addition,
the Reinsurer shall maintain the solvency margin required by laws and shall
advise the Ceding Office if at any time its solvency margin falls below that
required.

 

Article 18 - Arbitration

 

The Ceding
Office and the Reinsurer intend to follow the customs and practices of the
insurance and reinsurance industry in the operation of and interpretation of
the Agreement. The parties agree to act in all things with the highest good
faith.

 

In the event of
any dispute or differences arising under or in connection with the Agreement
including those pertaining to its validity, the dispute will be referred to
three Arbitrators, one to be appointed by each party and the third to be
appointed by the two appointed Arbitrators.

 

If either party
refuses or neglects to appoint an Arbitrator within 28 days after the other
party has appointed an Arbitrator and has served notice upon the first
mentioned party requiring that party to make such an appointment, then the
Arbitrator appointed as aforesaid will, at the request of the party appointing
him, proceed to hear and determine the dispute as a sole Arbitrator.

 

The two
Arbitrators (if both parties have duly appointed Arbitrators) will in writing
appoint the third Arbitrator and, unless they appoint the third Arbitrator
within one calendar month after the date of the appointment as Arbitrator of
whichever of them has last been appointed, the Third Arbitrator will be appointed
by the Chairman for the time being of the Bar Council.    The Tribunal shall be constituted upon the
appointment of the third Arbitrator.

 

The arbitration
will be held in London and will be conducted in accordance with the ARIAS (UK)
Arbitration Rules.

 

The cost of the
reference and award will be in the discretion of the Arbitrators or sole
Arbitrator who may direct to and by whom and in what manner the same or any
part thereof will be paid with power to tax or settle the amount of the costs
to be so paid or any part thereof.

 

The Arbitrators
appointed by the parties or any sole Arbitrator will be persons who hold (or
have held) leading positions in Companies transacting Life Insurance and/or
Life Reinsurance and will be persons with not less than ten years’ experience
in that field.  The third Arbitrator
will be a Queen’s Counsel who has not less than ten years’ experience in the
insurance or reinsurance field.  The
Arbitrators or any sole Arbitrator will regard the Agreement from the
standpoint of practical business and will interpret its provisions

 

12

 

according to an
equitable rather than a strict legal interpretation and their award will have
regard to these principles.

 

This agreement
to submit disputes to arbitration will be construed as a separate and
independent contract between the parties hereto.

 

Article 19 - Governing Law

 

This Agreement
shall be governed by and construed in accordance with English Law and shall be
subject to the exclusive jurisdiction of the English Courts.

 

Article 20 - Alterations to the Agreement

 

Any alterations
which may from time to time become necessary to the Agreement (including the
Annexes thereto) will be made by Addendum embodying such alterations as may be
agreed upon and will be regarded as part of the Agreement and equally
binding.  In the event of any dispute,
this will be subject to arbitration on the basis set down in Article 18 of the
Agreement.

 

Article 21 - Rights of Third Parties

 

For the purpose
of the Contracts (Rights of Third Parties) Act 1999 nothing in the Agreement is
intended to confer any benefit on any third party and no term in the Agreement
is intended to be enforceable by any person who is not a party to the
Agreement.

 

Article 22 - Miscellaneous

 

All notices to
be provided pursuant to the Agreement shall be given in writing by recorded
delivery post and with appropriate postage paid, or by personal delivery, or by
overnight courier service to the addresses set out below for each respective
party; provided that, if any party gives notice of a change of name or address
or number, notices to that party shall thereafter be given as demanded in the
notice.  All notices so given shall be
effective upon the date of receipt by the parties to whom notice is given,
except notice by post which shall be deemed delivered three days after deposit
in the mail:

 

The Company
Secretary

Financial Assurance Company Limited

Vantage West

Great West Road, Brentwood

Middx, TW8 9AG

 

The Company
Secretary

GE Pensions Limited

Vantage West

Great West Road, Brentwood

Middx, TW8 9AG

 

13

 

This Agreement
may be executed in separate counterparts with the same force and effect as if
signed in an original document by each of the parties hereto.  Signatures on each counterpart may be sent
via facsimile transmission of such signature and any facsimile transmission of
such signature shall be deemed to have the same force and effect as an original
signature.  Each separate counterpart
when executed and delivered shall be deemed to be an original but all the
counterparts shall together constitute one and the same instrument which shall
only be deemed executed when counterparts executed by all the parties are
delivered.

 

The parties
hereto agree that the terms of the Agreement are set out in full in the
Agreement and that it is a complete and exclusive statement of the agreement
between the parties, superseding all proposals or prior agreements, oral or
written, and all other communications between the parties relating to the
subject matter hereof.

 

Executed In Duplicate

 

	
  /s/ William
  Goings

  	
   

  

 

William Goings

For and on behalf of

Financial Assurance Company Limited

 

Dated

 

	
  /s/ Scott
  Dolfi

  	
   

  

 

D Scott Dolfi
For and on behalf of 

GE Pensions Limited

 

Dated

 

14

 

Annex 1

 

Details of the Policies covered by the Agreement

 

 

This Agreement covers the Gross
Written Premiums received for the element of life insurance benefit under the
Policies with inception dates on or after 1st January 2002 underwritten by the
Ceding Office in respect of the following schemes:

 

•                  Lloyds
TSB Asset Finance Division Limited (Blackhorse): Process Groups 185 and 187;
and

 

•                  GE
Capital Bank (GCF): Process Group 135.

 

Other than with the prior
approval of the Reinsurer, the Business Covered will be written using the
policy documents and premium rates (for the life insurance benefit) in force at
1st January 2002, examples of which are attached as Annex 2 to this Agreement.

 

15

 

Annex 2

 

Example Policy wordings and Gross Written Premium rates

 

16

 

Purchase
Protection, Price Protection, Life, Accidental

Death, Accident, Sickness, Unemployment, Accidental

Bodily Injury and Hospitalisation Policy

 

INTRODUCTION

 

This Policy Document (“policy”) sets out the details of your insurance cover.  This has been arranged by GE Capital Bank
Limited (“Bank”). Please read this
policy carefully and keep it in a
safe place.

 

This policy
is underwritten by Financial Insurance Company Limited and Financial Assurance
Company Limited (“we”, “us”, “our”).

 

This policy
protects you in the event of your death, disability, unemployment, accidental bodily injury or if you have to go into hospital, and for the loss and/or damage of the insured property and price protection,
providing you meet the eligibility
requirements in Section 1 and have agreed to pay the monthly premium for this insurance. Cover is for one month at
a time and is automatically renewed every month until the end date.

 

The policy
is set out as follows:

 

	
  Section 1

  	
   

  	
  Eligibility

  (the conditions you must satisfy

  to take out cover)

  
	
   

  	
   

  	
   

  
	
  Section 2

  	
   

  	
  Benefits

  (what we will pay)

  
	
   

  	
   

  	
   

  
	
  Section 3

  	
   

  	
  Exclusions

  (when we will not pay)

  
	
   

  	
   

  	
   

  
	
  Section 4

  	
   

  	
  How to claim

  
	
   

  	
   

  	
   

  
	
  Section 5

  	
   

  	
  Change of claim

  (when you need to change from
  one

  benefit to another)

  
	
   

  	
   

  	
   

  
	
  Section 6

  	
   

  	
  How does cover end?

  (termination and cancellation)

  
	
   

  	
   

  	
   

  
	
  Section 7

  	
   

  	
  Premiums

  (How you pay your premiums)

  
	
   

  	
   

  	
   

  
	
  Section 8

  	
   

  	
  Customer Care

  (complaints procedure and other legal

  requirements you should know
  about)

  
	
   

  	
   

  	
   

  
	
  Section 9

  	
   

  	
  Definitions

  (certain words in the policy
  which have

  special meanings)

  

 

SECTION 1 - Eligibility

 

1.                                       You are covered under this policy if on the start date:

 

•                  for purchase protection and price protection,
you are 18 and over but under 85;
and

 

•                  for life cover, you are 18 and over but under 70; and

 

17

 

•                  for accidental
death cover, you are aged
70 or over but under 85; and

 

•                  for disability
and unemployment cover, you are 18 or over but under 65 and you are working
when you apply; and

 

•                  for accidental
bodily injury cover, you
are aged 65 or over or are permanently
retired but under 85; and

 

•                  for hospitalisation
cover, you are aged 65 or over, or
are permanently retired but under
70; and

 

•                  for all cover, you have agreed to pay the monthly
premium for cover and we
have accepted your application.

 

2.                                       You must not be aware of:

 

•                  any sickness, disease, condition or injury in
the 12 months before the start date
that may cause you to claim for disability benefits; or

 

•                  any sickness, disease, condition or injury
that may cause you to claim for accidental bodily injury, hospitalisation,
life or accidental death benefits;
or

 

•                  any impending unemployment.

 

If you are aware of any of the events in 2
above we may still insure you. However we will not pay benefits directly relating to that unemployment or sickness, disease,
condition or injury which you were
aware of in the 12 months before the start
date for disability or
at any time before the start date
for accidental bodily injury,
hospitalisation, life or accidental
death

 

3.                                       If two people
apply for this cover only the first named on the credit agreement will be covered.

 

4.                                       If you do not meet the eligibility
requirements outlined above at the start date,
and have a partner who fulfils the
eligibility requirements at the start date
then the partner may claim for
life, accidental death disability, unemployment,
accidental bodily injury and hospitalisation
benefits. You will  then be ineligible to claim.

 

5.                                       If you are eligible for purchase protection,
price protection, life, disability
and unemployment cover at the start date and you reach 65 years of age or permanently
retire you will no longer be eligible for disability or unemployment
cover. You will then be eligible
for purchase protection, life, accidental
bodily injury and hospitalisation
cover.

 

6.                                       When you reach
70 years of age you will no longer
be eligible for life or hospitalisation
cover.  You will then be eligible for purchase protection, price
protection, accidental death and accidental bodily injury cover.

 

7.                                       For purchase
protection and price protection cover, if you
give the insured property as a
gift you may make a claim on
behalf of the person who received the gift. If this happens reference to you will refer to the person who received
the gift.

 

SECTION 2 - Benefits

 

A.                                    Purchase
Protection Benefits

 

(This cover is available if you are 18 or
over but under 85)

 

1.                                       If you suffer a loss and/or damage after the start
date and before the end date
we will either:

 

•                  pay one of the benefits as set out in clause
2 below; or

 

•                  repair or replace the insured property as set out in clause 4
below.

 

18

 

2.                                       The benefits
payable are:

 

•                  the purchase price on the card statement; or

 

•                  a proportion of the purchase price shown on
the card statement if part of a
set has suffered loss and/or damage
and

 

•                  the other part can be used separately; or

 

•                  the other part cannot be used separately but
can be replaced;

 

up to £500 for each insured property, less an excess of £20 for
each claim.

 

3.                                       If only part of
the purchase price of the insured property
has been paid on the card, we will
consider the amount shown on the card
statement to be in the purchase price referred to in clause 2 above.

 

4.                                       We may choose to repair (or pay the cost of
repair) or replace the insured property
instead of paying the benefits described in clause 2 above.

 

B.                                    Price
Protection Benefits

 

(This cover is available if you are 18 or over but under 85)

 

1.                                       If you purchase any insured property at a House of Fraser store and the price of
the insured property purchased is
reduced for sale at the same store, or a branch or concession of the same
store, within 60 days of the date of purchase
we will pay to the account the difference between the original purchase price and the sale price, less an excess of £5 per claim.

 

2.                                       If you purchase any insured property from a House of Fraser mail order catalogue
and the price of the insured property
purchased is reduced for sale in a House of Fraser catalogue or in a sale
leaflet within 60 days of the date of
purchase we will pay to the account the difference between the original purchase price and the sale price, less an excess of £5 per claim.

 

3.                                       If you purchase any insured property from an House of Fraser Internet site, and
the price of the insured property
purchased is reduced for sale on the Arcadia
internet site within 60 days of the date of
purchase, we will pay to the account the difference between the original purchase price and the sale price, less an excess of £5 per claim.

 

4.                                       If you purchase any insured property from an interactive electronic House of
Fraser site (for example digital television) and the price of the insured property purchased is reduced for
sale on the interactive electronic House of Fraser site within 60 days of the date of purchase, we will pay to the
account the difference between the original
purchase price and the sale price,
less an excess of £5 per claim.

 

5.                                       The description
of the insured property (including
its size, colour, make, model number and same attachments or accessories) at
the sale price must be exactly the
same as the insured property
purchased at the original purchase price.

 

6.                                       A single excess
of £5 is payable per claim even if your
claim is for more than one item of insured
property.

 

C.                                    Life
Benefit

 

(This cover is available if you are 18 or over but under 70)

 

If you
die between the start date and the
end date, we will pay to the Bank the outstanding
balance or an amount equal to your credit limit whichever is lower,
up to a maximum of £15,000.

 

D.                                    Accidental
Death Benefit

 

(This cover is only available if you are over 70 but under 85)

 

19

 

If you
die as a result of an accidental death
between the start date and the end date,
we will pay to the Bank,
the outstanding balance or an
amount equal to your credit limit
whichever is lower, up to a maximum of £15,000.

 

E.                                      Disability
Benefits

 

(This cover is not available if you are aged 65 or over or if you are permanently
retired).

 

If you
are working or, where applicable
on statutory maternity leave, and become disabled
after the start  date and before the end date for at least 30 continuous days,
we will pay a monthly  benefit.

 

We will continue to pay a monthly benefit for every 30 continuous
days of disability until:

 

•                                          the end
date, or

 

•                                          you stop being disabled,
or

 

•                                          the outstanding
balance has been paid for any one disability
claim.

 

Disability benefits will not start until you consult a doctor. However, if you fill in a self-certification form
(from your employer) for the first
7 days of disability, you will be
classified as disabled for those 7
days. We will only pay you disability benefit if a doctor is regularly treating you for the condition causing your disability.

 

If you
have made a disability claim which
ends for whatever reason, you will
not be able to make another disability
claim until you have been in
continuous work or where you are on statutory maternity leave your doctor certifies that you would be continuously fit to work if you
were not on statutory maternity leave, for:

 

•                                          30 days if the disability is different; or

 

•                                          6 months if the disability is the same.

 

F.                                      Unemployment
Benefits

 

(This benefit is not available if you are aged 65 or over or if you are permanently
retired).

 

If you
are working and become unemployed after the start date and before the end date for at least 30 continuous days, we will pay a monthly benefit.

 

We will continue to pay a monthly benefit for every 30 continuous
days of unemployment until:

 

•                                          the end
date, or

 

•                                          you stop being unemployed,
or

 

•                                          the outstanding balance has been paid for any
one unemployment claim.

 

If you
are self employed and wish to make
an unemployment claim, your business must:

 

•                                          have stopped trading and/or be in the process
of being wound up; or

 

•                                          be put into the hands of an insolvency
practitioner; or

 

•                                          be a partnership which has been or is in the
process of being dissolved.

 

If two periods of unemployment are separated by 3 months or less we will treat this as one continuous claim
but we will not pay for any time you were not unemployed between these periods. If the two periods of unemployment are separated by more than 3
months, you must return to work for a total of 6 continuous months
before you make another unemployment claim.

 

If you
are receiving unemployment benefit
and want to start temporary work
which will continue for less than 6 months, please let us have details in writing before you start this work. We will not
pay for the period you are not unemployed. However, when the temporary work finishes, your unemployment claim may continue and we will treat this as one continuous claim.
The most we will pay for this
continuous claim is the outstanding balance
in total.

 

20

 

G.                                    Accidental
Bodily Injury Benefits

 

(This benefit is only available if you are aged 65 or over or if you are permanently
retired but under 85.)

 

If you
suffer an accidental bodily injury
which results in permanent total  disability, or loss of hearing or speech,
or loss of limb, or loss of sight, after the start date and before the end date, we will pay to the Bank the outstanding
balance or an amount equal to your
authorised credit limit, whichever is lower, up to a maximum of £15,000.

 

H.                                    Hospitalisation
Benefits

 

(This benefit is only available if you are aged 65 or over or if you are permanently
retired but under 70).

 

If you
have to stay in hospital after the
start date and before the end date for at least 7 continuous days, we will pay a monthly benefit.

 

We will continue to pay a monthly benefit for every 30 continuous
days that you remain in hospital until:

 

•                                the end
date, or

 

•                                you leave hospital,
or

 

•                                the outstanding
balance has been paid for any one hospitalisation
claim.

 

I.                                         Payment
of benefits

 

We will pay benefits into the account that you have with the Bank. Purchase protection, price
protection, life, accidental death
and accidental bodily injury
benefits are paid as a single payment. Disability,
unemployment and hospitalisation
benefits are paid monthly.

 

We only pay you one type of monthly benefit
(disability or unemployment) at a time.

 

Your
monthly benefit and outstanding balance will not include any
missed payments or interest on these payments.

 

For purchase protection claims, if we decide to repair or replace the insured property  we may pay the supplier, manufacturer or repairer instead of you.

 

The benefits agency may consider benefits
paid under this policy as income
and therefore take this into consideration when calculating benefits. However;
if there is a debt at the start of the claim benefits maybe disregarded for the
entire claim provided that benefits are used towards the repayment of that
debt.

 

J.                                      Maximum
combined benefits

 

The maximum combined benefit payable for your death (including accidental death) or accidental bodily injury under this policy and any other of our policies sold by the Bank will not be more than £15,000.

 

The maximum combined benefit payable for disability, unemployment or hospitalisation under this policy and any other of our policies sold by the Bank will not be more than £250 a month.

 

The maximum benefit that we will pay under this policy for more than one purchase
protection claim is £2,000 in each 12 month period.

 

The total amount we will pay under this policy
for a price protection claim is £150 and for more than one claim is £500 in
each 12 month period.

 

SECTION 3 - Exclusions

 

A.                                    Purchase
Protection Exclusions

 

1.                                       We will not pay benefit for loss and/or damage resulting from:

 

•                  the taking apart, maintaining, cleaning,
restoring, dyeing or repairing of the insured
property;

 

21

 

•                  loss and/or damage which happens more than 60 days after the
date of purchase (either the date on the store receipt or the date on the card statement, whichever is earliest);

 

•                  loss and/or damage outside the UK;

 

•                  you or any person living in your household not taking reasonable care of the insured property;

 

•                  normal wear and tear;

 

•                  inherent product defects in the insured property;

 

•                  atmospheric or weather conditions (including
the action of light);

 

•                  an illegal act by you or a person living in your
household;

 

•                  loss of the insured
property which you
cannot reasonably explain;

 

•                  the action of insect, vermin, fungus or rust;

 

•                  the action of pets belonging to you or a person living in your household;

 

•                  the electrical or mechanical breakdown of the
insured property;

 

•                  theft, malicious damage or anything similar
causing the loss and/or damage
unless it is reported to the police within 24 hours of you discovering the loss and/or damage;

 

•                  the insured
property being used for business purposes;

 

•                  you or any person living in your household physically abusing the insured property;

 

•                  radiation and radioactive contamination, or
any related event.

 

B.                                    Price
Protection Exclusions

 

1.              No benefit is payable
under clause B2 for Insured Property:

 

•                  purchased for business or commercial use;

 

•                  which is at a lower price at a discount
retail outlet;

 

•                  which is not totally paid for using the Card other than a proportion of the
original purchase price paid for using discount voucher(s);

 

•                  if you
are unable to produce the original receipt.

 

C.                                    Life
and Accidental Death Exclusions

 

We will not pay life benefit:

 

•                  if your
death results from suicide or self-inflicted injuries within 12 months of the start date;

 

•                  if at the start
date you knew of any sickness, disease, condition or injury that may
cause you to claim for life
benefit

 

D.                                    Disability,
Accidental Bodily Injury and Hospitalisation Exclusions

 

We will not pay you disability, accidental
bodily injury or hospitalisation benefits resulting from:

 

•                  any sickness, disease, condition or injury
which you knew about or should
have known about or for which you
received advice, treatment or counselling from any doctor during the 12 months before the start date;

 

•                  backache and related conditions unless there
is radiological evidence (for example, an MR1 scan) of abnormality;

 

22

 

•                  psychiatric illness or mental disorders
including stress or stress related conditions unless diagnosed by a consultant
who is a member of the Royal College of Psychiatrists and is recognised by that
Royal College as being a consultant;

 

•                  normal pregnancy unless

 

•                  the symptoms of a normal pregnancy develop into a pathological condition, sickness
or disease which are diagnosed by a consultant who is a member of the Royal
College of Obstetricians and is recognised by that Royal College as being a
consultant or a doctor who
specialises in obstetrics, and

 

•                  the pathological condition lasts for 30 days
or more and is not excluded under any other exclusions set out in this Section;

 

•                  alcohol or drugs not taken under the advice
or supervision of a doctor;

 

•                  medical operations or treatments which are
not medically necessary, including cosmetic or beauty treatment;

 

•                  self-inflicted injuries caused while sane or
insane;

 

We will not pay benefit if
the claim date happens within 30
days of the start date.

 

E.                                      Accidental
Bodily Injury and Hospitalisation Exclusions

 

We will not pay accidental bodily injury or hospitalisation
benefits resulting from:

 

•                  any sickness, disease, condition or injury
which you knew about or should
have known about or for which you
received advice, treatment or counselling from any doctor before the start date.

 

•                  psychiatric illness or mental disorder
including stress or stress related conditions which you knew about or should have known about or for which you received advice, treatment or
counselling from any doctor before
the start date.

 

•                  any criminal act or road traffic offence
committed by you.

 

F.                                      Unemployment
Exclusions

 

We will not pay unemployment benefits:

 

•                  if you
were not in continuous work for 6
months immediately before your
employment ended (if you were not
in work for 2 weeks or less, we will not count this as a break in your employment);

 

•                  if at the start
date  you knew you were going to be made unemployed or had reason to believe that it
was likely to happen;

 

•                  if your
employment ends or you are
notified, verbally or in writing, of your
employment ending, within 30 days of the start
date;

 

•                  if your
work is seasonal or if unemployment
is a regular feature of your work;

 

•                  if you
are working on a specific project
and this project finishes;

 

•                  if you
become voluntarily unemployed
(which includes ending your work
voluntarily during a period of notice given by your employer) or voluntary redundancy;

 

•                  if you work
on a fixed term contract which ends. However, if you have been in continuous work
with the same employer for at least 24 months and your contract has been renewed at least twice and you had no reason to believe that it would
not be renewed again, this exclusion will not apply;

 

•                  if you
are self employed and your business temporarily stops trading;

 

23

 

•                  if you
are working outside the UK, unless you are:

 

•                  working for the British Armed Forces or as a civil
servant in a British embassy or consulate, or

 

•                  working for an employer that is a UK registered company who assigns you to work
in the European Union on the same terms 
and conditions.

 

•                  if the unemployment
happens as a result of:

 

•                  your misconduct - this may include fraud,
dishonesty or anything that led to or might have led to a disciplinary
procedure being taken by your
employer.

 

•                  your involvement in a strike or lock-out.

 

G.                                    General
Exclusions

 

•                                No benefit will be paid for any claim
resulting from civil unrest, war, radiation and radioactive contamination, or
any related event.

 

SECTION 4 - How to claim

 

You (or your
personal representatives for a life or accidental death claim), should contact us at Vantage West, Great West Road,
Brentford, Middlesex, TW8 9AG or telephone us
on 0870 400 4713 to request a claim form.

 

Please complete the claim form fully and
accurately and return it to us at
Vantage West, Great West Road, Brentford, Middlesex TW8 9AG. This claim form
should be received by us  within
120 days of the date you died
or the date your disability, unemployment or accidental bodily injury began or
the day that you go into hospital, or as soon as possible after this.

 

Please complete the purchase protection claim
form fully and accurately and return it to us at the address above. This claim
form should be received by us  within
90 days of the date of the loss and/or
damage, or as soon as possible after this.

 

Please complete the price protection claim
form (including attaching the original receipt and if applicable, the price
verification form) fully and accurately and return it to us at the address above. This claim form
should be received by us  within
90 days of the date that you discover
the sale price or as soon as
possible after this.

 

For disability,
unemployment and hospitalisation
claims we may ask you
to fill in a continuing claim form at your
own expense for each month you are
claiming. You must send this to us within 120 days of the date we last paid your monthly benefit or as soon as possible after this.

 

We will not pay your claim if we
cannot validate it because you are
late sending us  your claim form.

 

To make a claim you (or your
personal representatives) must give us
any proof we ask for otherwise we cannot pay any benefit. This is at your own expense (if any). We may also ask you (or your
personal representatives) for additional information during your claim, for example:

 

•                                life and accidental
death claims - an original or certified death certificate (in
English) or an office copy Grant of Probate;

 

•                                disability and hospitalisation
claims - being examined by a doctor
(at our expense) or a certificate
from your employer saying that you are not presently working;

 

•                                unemployment claims - a copy of the Jobseekers Agreement that you signed with the Benefits Agency or a
certificate from your last
employers saying that you no
longer work for them;

 

•                                price protection claims - the original store
receipt showing the date, place and amount of the purchase and if applicable, a
price verification form that has been fully completed by the store.

 

•                                purchase protection claims – a copy of the
police report.

 

24

 

SECTION 5 - Change of claim

 

1.                                       If you are
receiving monthly benefits because
you are disabled and you
become unemployed  you must write to us straight away.

 

•                  When deciding if your claim is valid, we
will ignore the fact that you have
not been working because of your  disability.

 

•                  We will pay your
disability benefit while it remains valid.

 

•                  If you are
still unemployed once a doctor says you are fit to return to work,
you must tell us and we
will ask you to fill in an unemployment claim form.

 

•                  If you
change your claim, the most we will pay for both your disability and  unemployment
claims combined is the outstanding balance.

 

2.                                       If you are receiving monthly benefits because you are unemployed
and you become disabled  you
must write to us straight away.

 

•                  When deciding if your claim is valid, we
will ignore the fact that you have
not been working.

 

•                  You will no longer be eligible to claim unemployment benefit and you will have to fill in a claim form to
claim disability benefit.

 

•                  If you
change your claim, the most we will pay for both your unemployment and disability claims combined is the outstanding balance.

 

•                  If you
cannot meet our conditions to
claim for disability benefit you can claim unemployment benefit once you
are fit to work. You must let us know you are
no longer disabled and you must meet our conditions to claim unemployment benefit. If your claim is valid the most we will pay you is the outstanding
balance which includes any monthly benefit  we paid before your
disability started.

 

SECTION 6 - How does cover end?

 

1.                                       All cover under
this policy will end and all monthly benefits will stop automatically:

 

•                  if you
die; or

 

•                  for disability
and unemployment cover when you reach 65 or permanently retire before then (and you must tell the Bank
as soon as possible if you  permanently retire before you reach 65); or

 

•                  for life and hospitalisation cover when you
reach 70;

 

•                  for purchase protection, price protection, accidental death and accidental bodily injury cover when you
reach 85;

 

•                  when your credit agreement ends; or

 

•                  when you miss paying three continuous monthly premiums or monthly payments; or

 

•                  when your
cover is cancelled under clause 2 below; or

 

•                  when accidental
bodily injury benefit is paid; or

 

•                  when your card
is cancelled, withdrawn or expires and is not renewed by the Bank.

 

2.                                       If you are not satisfied with your cover, please write to us within 30 days of the start date. We will then cancel your
cover from the start date without
charge.

 

After the first 30 days, your
cover may be cancelled by you or us by giving 30 days’ notice in writing. We will not refund any of your monthly premium.

 

25

 

SECTION 7 - Premiums

 

Each monthly
premium covers you for
one month. You must continue to
pay your  monthly premium while you are claiming benefit.

 

If your
last monthly premium has not been
paid when due and you want to make
a claim, we will not consider this
claim until your monthly premium
has been paid.

 

We may change the rate of your monthly premium by giving you notice in writing.  However if there is any change to the
insurance premium tax percentage rate the amount of your monthly premium will be changed automatically without
notice. Any change to your monthly premium
will come into effect when you
have to pay your next monthly premium.

 

SECTION 8 - Customer Care

 

The following points are information we are required to tell you:

 

1.               Choice of law

 

If you buy insurance in the UK, you
can choose which law will apply to the policy.
English law will apply to your policy
unless we make a written agreement saying otherwise before we issue this policy to you.

 

2.               Compensation rights

 

You can
ask us for detailed information
about our compensation
arrangements.  These compensation arrangements
apply if we go into liquidation
and cannot pay our debts.

 

3.               Subrogation and contribution

 

Before a benefit is paid or
the insured property is repaired
or replaced you must (if we request in writing) transfer the insured property and its ownership to us.

 

If we pay a benefit or repair or replace the insured property you must (if we request in writing) allow us to enforce our rights or remedies or obtain any relief or indemnities
from other parties which we are or
may become entitled or subrogated.

 

4.               Assignment and surrender value

 

You
cannot transfer your rights or
interest in this policy to any
other person.  This policy will not have any value at the end date or if it is cancelled.

 

5.               Changes in these terms

 

We
have a right to change the terms in this policy
by giving you 30 day’s notice in
writing. If you are not happy with
the change you may cancel your cover with effect from the date of the
change.

 

6.               Third Party Rights Clause

 

The parties do not intend
any term of this agreement to be enforceable pursuant to the Contracts (Rights
of Third Parties) Act 1999.

 

7.               Complaints Procedure

 

We
set ourselves high standards, but if you
are not satisfied with our service
please tell us. If you follow the procedure set out below, we will deal with your complaint in the most efficient way
possible.

 

	
  Step 1

  	
  Please contact GE Capital
  Bank Limited at Trent House, Torre Road, Leeds, LS99 2BD. Please give details
  of your policy number so that we can deal with the enquiry quickly.

  
	
   

  	
   

  
	
  Step 2

  	
  If you are still not happy please contact
  the Company Secretary at Vantage West, Great West Road, Brentford, Middlesex,
  TW8 9AG, telephone 020 8380 3000.

  

 

26

 

	
  Step 3

  	
  If the problem has not
  been resolved to your
  satisfaction, you may refer it
  to the relevant office:

  

 

 

•                  General complaints

The
Association of British Insurers, 51 Gresharn Street,

London, EC2V 7HQ.

 

•                  For complaints about purchase protection,
price

protection,
disability, unemployment, hospitalisation or

accidental bodily injury cover

The Insurance Ombudsman Bureau, South Quay Plaza, 183

Marsh Wall, London E14 9SR.

 

•                  For complaints about life cover

 

The Personal Investment
Authority Bureau, Hertsmere House,

Hertsmere Road, London, El 4 4AB.

 

If you complain it will not affect your legal rights.

 

SECTION 9 - Definitions

 

Wherever the following words appear in bold
in the policy they will have the
following meanings:

 

Accident
(Accidental)

A sudden, unexpected, unintentional violent,
external event which results in bodily
injury.

 

Accidental
Death

Death as a result of an accident.

 

Bodily
Injury

Bodily injury resulting from external violent
and visible means but excludes sickness or disease or any naturally occurring
condition or degenerative process.

 

Calculation
Day

The day each month that the Bank works out the amount of interest (and
any credit charges) and the monthly premium
which you must pay by the date
shown on your statement.

 

Card

The card issued to you by the Bank under the credit agreement and used by you.

 

Claim date

 

•                                          for life and accidental death claims, the date of your death.

 

•                                          for disability and unemployment claims, your
last day in work.

 

•                                          for accidental
bodily injury claims, the date that the accident occurs;

 

•                                          for hospitalisation
claims, the day that you are
admitted to hospital.

 

Consultant

A medical specialist who is a member of a
Royal College (for example, the Royal College of Surgeons) and is recognised by
that Royal College to be a consultant.

 

Credit
agreement

The running account credit agreement between you and the Bank which is covered by this policy.

 

27

 

Date of
purchase

The date shown on your store receipt when you
bought the insured property.

 

Disability
(disabled)

A sickness, disease, condition or injury
which stops you from doing your job or any similar job. It must also
stop you from doing any paid work
which your experience, education
or training reasonably qualifies you
to do. If you are self employed, a disability must stop you from helping, managing or carrying out
any part of the day-to-day running of a business.

 

Doctor

A registered medical practitioner, practising
in the UK. This does not include you or your relatives except when diagnosing a pre-existing condition as
set out in Section 3D and E.

 

End date

The date your
cover ends as set out in Section 6.

 

Hospital

A legally-run establishment which has
accommodation for patients staying there and organised facilities for diagnosis
and major surgery. It does not include a convalescent, nursing or rest home or
a convalescent, nursing, self-care or rest section of a hospital.

 

Hospitalisation

A stay in hospital.

 

Insured
Property

All personal property bought by You after the Start Date in the UK
using the Card either for Your own use or as a gift for another
person excluding:

 

•                                jewellery and watches

 

•                                furs

 

•                                cameras, video equipment, camcorders and
accessories

 

•                                all precious metals and precious stones

 

•                                cash or its equivalent (including travellers
cheques, tickets, cheques, postal orders and any other negotiable instruments)

 

•                                perishable goods

 

•                                second hand goods

 

•                                mail order items or items delivered by
courier whilst they are in transit

 

•                                animals or living plants

 

•                                motor vehicles, motor cycles, boats, private
leisure craft, tents, caravans (including any accessories fitted to these or
any articles left unattended in these)

 

•                                contact lenses

 

•                                one-of-a-kind items, items offered during a
“limited quantity”, “special purchase” “going out of business” or “close down”
sale;

 

•                                special order items or custom and tailor-made
items;

 

•                                items sold as imperfect (or not of first
quality), seconds, or damaged items;

 

Loss and/or
Damage

The direct physical loss and/or damage to the
Insured Property in the UK.

 

28

 

Loss of
hearing or speech

Total and permanent loss of hearing or
speech.

 

Loss of
limb

Total and permanent loss of use or loss by
physical separation at or above the wrist or ankle.

 

Loss of
sight

Total and permanent loss of sight.

 

Monthly
benefit

The amount equal to the monthly payment, up to a total of £[250]
for one or more credit agreements.

 

Monthly
payment

 

•                                for budget accounts the fixed amount set out
in your credit agreement which you have agreed to repay every month;

 

•                                for option accounts, 15% of the outstanding balance or £10, whichever is
the greater or the outstanding balance
if it is less than £10.

 

Monthly
premium

The premium, including insurance premium tax,
you must pay every month as set
out in Section 7.

 

Normal
Pregnancy

Includes:

 

•                                symptoms which normally accompany pregnancy
(including multiple pregnancy) and which are generally of a minor and/or
temporary nature (e.g. morning sickness, fatigue etc.) which do not represent a
medical hazard to mother or baby or a combination of minor symptoms, and

 

•                                childbirth, including delivery by caesarean
section or any other medically or surgically assisted delivery which does not
cause medical complications.

 

Original
Purchase Price

The original amount that you paid using the card for the insured property. If a proportion of the original purchase price is paid for using
discount voucher(s), we will consider the original
purchase price to be the proportion of the price paid for using the Card.

 

Outstanding
Balance

The amount outstanding on the calculation day before the claim date, up to £15,000 for one or more credit agreements.

 

Partner

A person of the opposite sex who is either a
spouse or a person who has lived permanently with you for 24 months or more before the start date.

 

Permanently
retire (permanently retired)

You have stopped working and you
have no intention to return to work.

 

Permanent
total disability

A permanent injury resulting from an accident. Two doctors or consultants
appointed by us must think:

 

•                                it is total, permanent and irreversible;

 

•                                it is likely to continue for the rest of your life;

 

•                                it must stop you from working
or doing any paid work for the
rest of your life.

 

Reasonable
Care

You are

 

29

 

•                                taking all reasonable precautions to protect
the Insured Property from any
foreseeable risks which may cause Loss and/or
Damage, and

 

•                                attending the Insured Property at all times (unless it is properly secured
against theft and any other Loss and/or Damage).

 

Sale Price

The reduced price of the insured property.

 

Self
employed

You are

 

•                                helping with, managing or carrying on a
business in the UK and are liable
to pay tax under Schedule D Case I, II, IV and V of the Income and Corporation
Taxes Act 1988;

 

•                                a partner in a partnership;

 

•                                a person who exercises direct or indirect
control over a company (not necessarily the majority shareholder or holder of
the majority voting rights);

 

•                                working for a company and in any way connected with
a person who has control (as referred to above) over that company (for example,
you are one of his or her family).

 

Start date

The date of your
credit agreement or the date we
or the Bank on our behalf, accept your application for cover, if later.

 

UK

The United Kingdom, Channel Islands and Isle
of Man.

 

Unemployment
(unemployed)

Being out of work and receiving the correct class of National insurance
credits by reason of unemployment, unless you
have been entitled to make reduced National Insurance contributions in the past
or you are a woman who has reached
the state retirement age of 60. You
must be actively looking for work.
We will not consider you as unemployed for any day you receive pay in lieu of notice.

 

Work
(working)

Working in paid employment for at least 16
hours or more a week in the UK.
This includes you if you are self
employed. You must also
be paying the correct class of National Insurance contributions.

 

You (your)

The person who has the credit agreement with the Bank and satisfies the eligibility
requirements set out in Section 1.

 

 

 

This policy
certifies that you are insured for
purchase protection, life, disability,
unemployment, accidental bodily injury
and hospitalisation and loss and/or damage under Bank scheme number XXXXXX and XXXXX dated
XXX XXX 2000.

 

 

                                                      

Director

 

This cover is arranged by GE Capital Bank
Limited as agent of the underwriters Financial Insurance Company Limited and
Financial Assurance Company Limited, whose registered offices are Vantage West,
Great West Road, Brentford, Middlesex, TW8 9AG, Telephone Number 020 8380 3000.
Companies incorporated in England and limited by shares. The registered offices
of GE Capital Bank Limited is 6 Agar Street, London, WC2N 4HR, Registered in
England number 1456283.

 

30

 

GE Capital Bank Limited is affiliated with
General Electric Company (USA) and is not connected with the English company of
a similar name.

 

31

 

Annex 2

 

GCF Policy Details

 

Scheme
DATABASE

 

GEFI
EUROPE

 

	
  Policy No

  / Suffix

  (FIG)

  	
   

  	
  Scheme
  name

  	
   

  	
  % Crit

  Ill

  & Red -

  12

  	
   

  	
  % A
  &

  S - 45

  	
   

  	
  Life %
  -

  78

  	
   

  	
  Merch

  %

  	
   

  	
  Check

  	
   

  	
  Renewal
  /

  Renegotiation

  Month / Yr

  	
   

  	
  Commission
  %

  	
   

  	
  Retention
  %

  (of Gross

  Earned

  Premiums)

  	
   

  	
  Premium

  	
   

  
	
  03202/04

  	
   

  	
  GECRFS-House of Fraser-Harrods

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03203/04

  	
   

  	
  GECRFS-House of Fraser-Fraser

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03205/04

  	
   

  	
  GERCFS-House of Frazer-Harrods

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03206/04

  	
   

  	
  GERCFS-House of Fraser-Fraser

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03207/04

  	
   

  	
  GECRFS - Bentalls

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.71

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03208/04

  	
   

  	
  GECRFS - Bentalls

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.71

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03213/04

  	
   

  	
  GECRFS - Welbeck

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03214/04

  	
   

  	
  GECRFS - Welbeck

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03215/04

  	
   

  	
  GECRFS - Payment Prot. Ins.

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03216/04

  	
   

  	
  GECRFS - Welbeck

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03217/04

  	
   

  	
  GECRFS - Debenhams

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03218/04

  	
   

  	
  GECRFS - Debenhams

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03219/04

  	
   

  	
  GECRFS-Debenhams Carholder Ser

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03220/05

  	
   

  	
  GECRFS-Debenhams Crdholder Ser

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.49

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03221/05

  	
   

  	
  GECRFS-Dixons/Currys

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  46.40

  	
  %

  	
  5.53

  	
  %

  	
  78p/£100

  	
   

  
	
  03222/04

  	
   

  	
  GECRFS-Dixons/Currys

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  46.40

  	
  %

  	
  5.53

  	
  %

  	
  78p/£100

  	
   

  
	
  03223/04

  	
   

  	
  GECRFS-Dixons/Currys

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  46.40

  	
  %

  	
  5.53

  	
  %

  	
  78p/£100

  	
   

  
	
  03224/04

  	
   

  	
  GECRFS-Dixons/Currys

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  46.40

  	
  %

  	
  5.53

  	
  %

  	
  78p/£100

  	
   

  
	
  03225/04

  	
   

  	
  GECRFS- Kodak

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03229/05

  	
   

  	
  GECRFS-Laura Ashley

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.49

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03231/04

  	
   

  	
  GECRFS-FraserCard-PPI

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.49

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03232/04

  	
   

  	
  GECRFS-FraserCard-PPI

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  50.76

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03233/04

  	
   

  	
  GECRFS-FraserCard-PPI

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03234/04

  	
   

  	
  GECRFS-FraserCard-PPI

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  37.43

  	
  %

  	
  5.60

  	
  %

  	
  78p/£100

  	
   

  
	
  03235/05

  	
   

  	
  GECRFS-FraserCard-PPI

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.60

  	
  %

  	
  78p/£100

  	
   

  

 

32

 

	
  Policy No

  / Suffix

  (FIG)

  	
   

  	
  Scheme
  name

  	
   

  	
  % Crit

  Ill

  & Red -

  12

  	
   

  	
  % A
  &

  S - 45

  	
   

  	
  Life %
  -

  78

  	
   

  	
  Merch

  %

  	
   

  	
  Check

  	
   

  	
  Renewal
  /

  Renegotiation

  Month / Yr

  	
   

  	
  Commission
  %

  	
   

  	
  Retention
  %

  (of Gross

  Earned

  Premiums)

  	
   

  	
  Premium

  	
   

  
	
  03236/04

  	
   

  	
  GECRFS-Frasercard-PPI

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  37.43

  	
  %

  	
  5.60

  	
  %

  	
  78p/£100

  	
   

  
	
  03237/04

  	
   

  	
  GECRFS-House of Fraser-Harrods

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03239/04

  	
   

  	
  GECRFS D.Perkins Option

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03240/04

  	
   

  	
  GECRFS-Dorothy Perkins

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03241/03

  	
   

  	
  GECRFS-Dorothy Perkins

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.90

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03242/04

  	
   

  	
  GECRFS-Dorothy Perkins

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03245/04

  	
   

  	
  GECRFS-Burton Group

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03246/04

  	
   

  	
  GECRFS-Burton Group

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03247/00

  	
   

  	
  GECRFS-Burton Group

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  71.13

  	
  %

  	
  5.60

  	
  %

  	
  78p/£100

  	
   

  
	
  03248/04

  	
   

  	
  GECRFS-Burton Group

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03249/04

  	
   

  	
  GECRFS-Burton Group

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03271/03

  	
   

  	
  GECRFS-Power Option

  	
   

  	
  0

  	
  %

  	
  68

  	
  %

  	
  32

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.90

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03272/04

  	
   

  	
  GECRFS-Power Option

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03275/01

  	
   

  	
  GECRFS-Unsecured Personal Loan

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  50.00

  	
  %

  	
  5.60

  	
  %

  	
  78p/£100

  	
   

  
	
  03277/04

  	
   

  	
  GECRFS-Owen Owen

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03278/03

  	
   

  	
  GECRFS - Dixons

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.04

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03280/03

  	
   

  	
  GECRFS - Dixons

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  51.39

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03284/02

  	
   

  	
  GECRFS - Card Care

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  48.24

  	
  %

  	
  4.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03291/04

  	
   

  	
  GECRFS-The First Personal Bank

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  47.93

  	
  %

  	
  4.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03297/01

  	
   

  	
  GECRFS - Bentalls

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  50.76

  	
  %

  	
  1.28

  	
  %

  	
  78p/£100

  	
   

  
	
  03301/00

  	
   

  	
  GCF Value Direct

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.02

  	
  %

  	
  5.60

  	
  %

  	
  78p/£100

  	
   

  
	
  03302/00

  	
   

  	
  GCF - Project Noble

  	
   

  	
  50

  	
  %

  	
  34

  	
  %

  	
  15

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.02

  	
  %

  	
  5.60

  	
  %

  	
  16% M/R

  	
   

  
	
  03356/00

  	
   

  	
  GECRFS- Debenhams - FRC

  	
   

  	
  53

  	
  %

  	
  36

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  47.93

  	
  %

  	
  4.00

  	
  %

  	
  10% M/R

  	
   

  
	
  03357/00

  	
   

  	
  GECRFS DFS - FRC

  	
   

  	
  53

  	
  %

  	
  36

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.62

  	
  %

  	
  6.00

  	
  %

  	
  12.5% MR

  	
   

  
	
  03610/03

  	
   

  	
  GECRFS - Account cover

  	
   

  	
  53

  	
  %

  	
  34

  	
  %

  	
  11

  	
  %

  	
  2

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.50

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03612/03

  	
   

  	
  GECRFS - Account Cover

  	
   

  	
  53

  	
  %

  	
  34

  	
  %

  	
  11

  	
  %

  	
  2

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03613/03

  	
   

  	
  GECRFS - Account Cover

  	
   

  	
  53

  	
  %

  	
  34

  	
  %

  	
  11

  	
  %

  	
  2

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.00

  	
  %

  	
  78p/£100

  	
   

  
	
  03620/03

  	
   

  	
  GECRFS- GOLDSMITHS

  	
   

  	
  53

  	
  %

  	
  34

  	
  %

  	
  11

  	
  %

  	
  2

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.45

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  03623/03

  	
   

  	
  GECRFS-GOLDSMITHS

  	
   

  	
  53

  	
  %

  	
  34

  	
  %

  	
  11

  	
  %

  	
  2

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  47.93

  	
  %

  	
  4.00

  	
  %

  	
  10% M/R

  	
   

  
	
  03641/02

  	
   

  	
  GECRF New Look

  	
   

  	
  53

  	
  %

  	
  34

  	
  %

  	
  11

  	
  %

  	
  2

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  54.60

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  

 

33

 

	
  Policy No

  / Suffix

  (FIG)

  	
   

  	
  Scheme
  name

  	
   

  	
  % Crit

  Ill

  & Red -

  12

  	
   

  	
  % A
  &

  S - 45

  	
   

  	
  Life %
  -

  78

  	
   

  	
  Merch

  %

  	
   

  	
  Check

  	
   

  	
  Renewal
  /

  Renegotiation

  Month / Yr

  	
   

  	
  Commission
  %

  	
   

  	
  Retention
  %

  (of Gross

  Earned

  Premiums)

  	
   

  	
  Premium

  	
   

  
	
  03711/02

  	
   

  	
  GE GCF - QVC Shopping - Option

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  54.60

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  03713/00

  	
   

  	
  GE GCF Staff

  	
   

  	
  53

  	
  %

  	
  36

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03714/00

  	
   

  	
  GE GCF Zoom

  	
   

  	
  53

  	
  %

  	
  36

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03715/00

  	
   

  	
  GCF - Boundry Mills

  	
   

  	
  53

  	
  %

  	
  36

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03716/00

  	
   

  	
  GE GCF Retails Staff / Shareholder

  	
   

  	
  53

  	
  %

  	
  36

  	
  %

  	
  11

  	
  %

  	
   

  	
   

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  70.09

  	
  %

  	
  5.30

  	
  %

  	
  78p/£100

  	
   

  
	
  03728/01

  	
   

  	
  ETAM-Accnt Cvr 2 Point of Sale

  	
   

  	
  64

  	
  %

  	
  29

  	
  %

  	
  8

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.86

  	
  %

  	
  78p/£100

  	
   

  
	
  03729/01

  	
   

  	
  ETAM -Account Cover 2(Upgrade

  	
  )

  	
  64

  	
  %

  	
  29

  	
  %

  	
  8

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.86

  	
  %

  	
  78p/£100

  	
   

  
	
  03730/01

  	
   

  	
  GCF Bentalls Account Cover +

  	
   

  	
  64

  	
  %

  	
  29

  	
  %

  	
  8

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.86

  	
  %

  	
  78p/£100

  	
   

  
	
  03731/01

  	
   

  	
  GCF Debenhams Account Cover +

  	
   

  	
  30

  	
  %

  	
  59

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.86

  	
  %

  	
  78p/£100

  	
   

  
	
  03920/02

  	
   

  	
  GECRF Dixons Multicharge

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.98

  	
  %

  	
  5.60

  	
  %

  	
  11.5% M/R

  	
   

  
	
  03921/02

  	
   

  	
  GECRF Currys Multicharge

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.98

  	
  %

  	
  5.60

  	
  %

  	
  11.5% M/R

  	
   

  
	
  03922/01

  	
   

  	
  GECRFS - Toys R Us

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  49.19

  	
  %

  	
  5.60

  	
  %

  	
  11.5% M/R

  	
   

  
	
  04901/02

  	
   

  	
  GECGCF Arc.Burt.MW Budget.Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04902/02

  	
   

  	
  GECGCF Arc.Burt.MW AC2 Op.Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04904/02

  	
   

  	
  GECGCF Arc.D.Per.AC2 Budg.Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04905/02

  	
   

  	
  GECGCF Arc.D.Per.AC2 Opt. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04906/02

  	
   

  	
  GECGCF Arc.Evans AC2 Budg.Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04907/02

  	
   

  	
  GECGCF Arc.Evans AC2 Opt. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04908/02

  	
   

  	
  GECGCF Arc.Gen. AC2 Budg. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04909/02

  	
   

  	
  GECGCF Arc.Gen.AC2 Option Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04910/02

  	
   

  	
  GECGCF Evans Dial Option. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04913/02

  	
   

  	
  GECGCF Arc.Prin.AC2 Budg. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04914/02

  	
   

  	
  GECGCF Arc.Prin.AC2 Opt. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04915/02

  	
   

  	
  GECGCF Arcad.PFM AC2 Budg Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04916/02

  	
   

  	
  GECGCF Arcad.PFM AC2 Opt. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04917/00

  	
   

  	
  GECGCF Wade Smith

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04918/00

  	
   

  	
  GECGCF Hawkshead

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04919/00

  	
   

  	
  GECGCF Racing Green -a/c cover

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04921/02

  	
   

  	
  GECGCF Arc.Topm.AC2 Budg. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  

 

34

 

	
  Policy No

  / Suffix

  (FIG)

  	
   

  	
  Scheme
  name

  	
   

  	
  % Crit

  Ill

  & Red -

  12

  	
   

  	
  % A
  &

  S - 45

  	
   

  	
  Life %
  -

  78

  	
   

  	
  Merch

  %

  	
   

  	
  Check

  	
   

  	
  Renewal
  /

  Renegotiation

  Month / Yr

  	
   

  	
  Commission
  %

  	
   

  	
  Retention
  %

  (of Gross

  Earned

  Premiums)

  	
   

  	
  Premium

  	
   

  
	
  04922/02

  	
   

  	
  GECGCF Arc.Topm.AC2 Opt. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04923/02

  	
   

  	
  GECGCF Arc.Topsh.AC2 Budg.Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04924/02

  	
   

  	
  GECGCF Arc.Tops.AC2 Opt. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04952/02

  	
   

  	
  GECGCF Debenhams AC2 Budg Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04953/02

  	
   

  	
  GECGCF Debenhams AC2 Opt Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04971/02

  	
   

  	
  GECGCF Bentalls AC2 Opt Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04972/02

  	
   

  	
  GECGCF C.Casuals AC2 Budg.Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04973/02

  	
   

  	
  GECGCF C.Casuals AC2 Opt. Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04974/02

  	
   

  	
  GECGCF Dickens AC2 Option Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04975/02

  	
   

  	
  GECGCF HIGH&M AC2 Option Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04976/02

  	
   

  	
  GECGCF Laura A.AC2 Option Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04977/02

  	
   

  	
  GECGCF Monsoon AC2 Option Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04978/02

  	
   

  	
  GECGCF OwenOwenAC2 Busget Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04979/02

  	
   

  	
  GECGCF OwenOwenAC2 Option Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04980/02

  	
   

  	
  GECGCF Russ&Br AC2 Option Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04981/02

  	
   

  	
  GECGCF Uptons AC2 Option Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04982/02

  	
   

  	
  GECGCF Etam AC2 Budg. Core Opt

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04983/02

  	
   

  	
  GECGCF River Isl AC2 Core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04986/01

  	
   

  	
  GECGCF BHS Rev Credit Storecd

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  54.60

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04987/01

  	
   

  	
  GECGCF BHS Upgrade Business

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  104

  	
  %

  	
  12 months notice

  	
   

  	
  53.32

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04988/01

  	
   

  	
  GECGCF M/Care Rev Credit S/Cd

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  54.60

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04989/01

  	
   

  	
  GECGCF Mothercare Upgrade Bus.

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  104

  	
  %

  	
  12 months notice

  	
   

  	
  53.32

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04990/00

  	
   

  	
  GECGCF BHS AC2 Core Opt. New B

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04991/00

  	
   

  	
  GECGCF BHS AC2 Core Opt. TF

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04992/00

  	
   

  	
  GECGCF BHS AC2 Core Option Stf

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04993/00

  	
   

  	
  GECGCF BHS AC2 Core Option

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  04994/00

  	
   

  	
  GECGCF BHS AC2 Core Budget

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05000/01

  	
   

  	
  GECGCF Dix/Curr. Rev Budg. PPI

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.02

  	
  %

  	
  5.60

  	
  %

  	
  78p/£100

  	
   

  
	
  05001/02

  	
   

  	
  GECGCF Dix/Curr.Fix. Budg. PPI

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.02

  	
  %

  	
  5.60

  	
  %

  	
  16% M/R

  	
   

  
	
  05002/00

  	
   

  	
  GECGCF New Look Ac 2 cover

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  

 

35

 

	
  Policy No

  / Suffix

  (FIG)

  	
   

  	
  Scheme
  name

  	
   

  	
  % Crit

  Ill

  & Red -

  12

  	
   

  	
  % A
  &

  S - 45

  	
   

  	
  Life %
  -

  78

  	
   

  	
  Merch

  %

  	
   

  	
  Check

  	
   

  	
  Renewal
  /

  Renegotiation

  Month / Yr

  	
   

  	
  Commission
  %

  	
   

  	
  Retention
  %

  (of Gross

  Earned

  Premiums)

  	
   

  	
  Premium

  	
   

  
	
  05003/00

  	
   

  	
  GECGCF New Look AC2 Ex. Bus.

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05004/00

  	
   

  	
  GECGCF HoF Ac Cover 2 - TF

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05005/00

  	
   

  	
  GECGCF HoF Ac Cover 2 - New

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05006/00

  	
   

  	
  GECGCF Mothercare AcctCover Ne

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05007/00

  	
   

  	
  GECGCF Mothercare AcctCover Upgrade

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05009/00

  	
   

  	
  GECGCF New Look - Zendor.com

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
  %

  	
  4

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.33

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05901/00

  	
   

  	
  GECGCF AC2 Burton Core > 70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05904/00

  	
   

  	
  GECGCF AC2 D Perkins Core > 70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05906/00

  	
   

  	
  GECGCF AC2 Evans Core > 70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05910/00

  	
   

  	
  GECGCF AC2 Dial Core > 70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05913/00

  	
   

  	
  GECGCF AC2 Principles Core >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05917/00

  	
   

  	
  GECGCF AC2 Wade Smith Core >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05918/00

  	
   

  	
  GECGCF AC2 Hawkshead Core > 70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05919/00

  	
   

  	
  GECGCF AC2 Racing Green > 70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05921/00

  	
   

  	
  GECGCF AC2 Top Man Core > 70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05923/00

  	
   

  	
  GECGCF AC2 Top Shop Core > 70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05951/00

  	
   

  	
  GECGCF AC2 Debenhams >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05971/00

  	
   

  	
  GECGCF AC2 Bentalls Core >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05973/00

  	
   

  	
  GECGCF AC2 Country Casuals >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05976/00

  	
   

  	
  GECGCF AC2 Laura Ashley >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05977/00

  	
   

  	
  GECGCF AC2 Monsoon >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05979/00

  	
   

  	
  GECGCF AC2 Owen Owen >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05980/00

  	
   

  	
  GECGCF AC2Russell &Bromley >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05982/00

  	
   

  	
  GECGCF AC2 Etam >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05983/00

  	
   

  	
  GECGCF AC2 River Island >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  05990/00

  	
   

  	
  GECGCF AC2 BHs >70

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  06102/00

  	
   

  	
  New Look - Over 70’s

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  06104/00

  	
   

  	
  House of Fraser - Over 70’s

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  06106/00

  	
   

  	
  Mothercare - Over 70’s

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  

 

36

 

	
  Policy No

  / Suffix

  (FIG)

  	
   

  	
  Scheme
  name

  	
   

  	
  % Crit

  Ill

  & Red -

  12

  	
   

  	
  % A
  &

  S - 45

  	
   

  	
  Life %
  -

  78

  	
   

  	
  Merch

  %

  	
   

  	
  Check

  	
   

  	
  Renewal
  /

  Renegotiation

  Month / Yr

  	
   

  	
  Commission
  %

  	
   

  	
  Retention
  %

  (of Gross

  Earned

  Premiums)

  	
   

  	
  Premium

  	
   

  
	
  13247/02

  	
   

  	
  GECRFS - Burton Group

  	
   

  	
  45

  	
  %

  	
  44

  	
  %

  	
  11

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  57.32

  	
  %

  	
  5.38

  	
  %

  	
  78p/£100

  	
   

  
	
  14901/03

  	
   

  	
  GECGCF Arc.Burt.MW AC2 Budg PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14902/03

  	
   

  	
  GECGCF Arc.Burt.MW AC2 Opt PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14904/03

  	
   

  	
  GECGCF Arc.D.Pe.AC2 Budget PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14905/02

  	
   

  	
  GECGCF Arc.D.Pe.AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14906/03

  	
   

  	
  GECGCF Arc.Evans AC2 Budg PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14907/02

  	
   

  	
  GECGCF Arc.Evans AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14908/02

  	
   

  	
  GECGCF Arc.Evans AC2 Budget PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14910/03

  	
   

  	
  GECGCF Evans Dial Option. PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14913/03

  	
   

  	
  GECGCF Arc.Prin. AC2 Budget PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14914/02

  	
   

  	
  GECGCF Arc.Prin.AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14915/02

  	
   

  	
  GECGCF Arcadia Prin. Budg. PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14916/02

  	
   

  	
  GECGCF Arcadia Prin.AC2
  Opt.PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14917/01

  	
   

  	
  GECGCF Wade Smith

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14918/01

  	
   

  	
  GECGCF Hawkshead

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14919/01

  	
   

  	
  GECGCF - Racing Green

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14921/03

  	
   

  	
  GECGCF Arc.Topman AC2 Budg.PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14922/02

  	
   

  	
  GECGCF Arc.Topman AC2 Opt. PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14923/03

  	
   

  	
  GECGCF Arc.Tops.AC2 Budget PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14924/02

  	
   

  	
  GECGCF Arc.Tops.AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14951/03

  	
   

  	
  GECGCF Debenhams AC2 PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14952/02

  	
   

  	
  GECGCF Debenhams AC2 Budg PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14953/02

  	
   

  	
  GECGCF Debenhams AC2 Opt PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14971/03

  	
   

  	
  GECGCF Bentalls AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14972/02

  	
   

  	
  GECGCF C.Casuals AC2 Budget PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14973/03

  	
   

  	
  GECGCF C.Casuals AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14974/03

  	
   

  	
  GECGCF Dickens AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14975/03

  	
   

  	
  GECGCF High&M AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14976/03

  	
   

  	
  GECGCF Laura A.AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14977/03

  	
   

  	
  GECGCF Monsoon AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  

 

37

 

	
  Policy No

  / Suffix

  (FIG)

  	
   

  	
  Scheme
  name

  	
   

  	
  % Crit

  Ill

  & Red -

  12

  	
   

  	
  % A
  &

  S - 45

  	
   

  	
  Life %
  -

  78

  	
   

  	
  Merch

  %

  	
   

  	
  Check

  	
   

  	
  Renewal
  /

  Renegotiation

  Month / Yr

  	
   

  	
  Commission
  %

  	
   

  	
  Retention
  %

  (of Gross

  Earned

  Premiums)

  	
   

  	
  Premium

  	
   

  
	
  14978/02

  	
   

  	
  GECGCF Owen Owen AC2 Budg. PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14979/03

  	
   

  	
  GECGCF Owen Owen AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14980/03

  	
   

  	
  GECGCF Russ&Br AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14981/03

  	
   

  	
  GECGCF Uptons AC2 Option PP

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14982/03

  	
   

  	
  GECGCF Etam AC2 Budget PP Opt

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14983/03

  	
   

  	
  GECGCF River Island AC2 PP

  	
   

  	
  0

  	
  %

  	
  0

  	
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  0

  	
  %

  	
  100

  	
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  100

  	
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  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
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  14990/01

  	
   

  	
  GECGCF BHS AC2 PP Opt. New Ac.

  	
   

  	
  0

  	
  %

  	
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  0

  	
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  100

  	
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  100

  	
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  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14991/00

  	
   

  	
  GECGCF BHS AC2 PP Opt. TF Bus

  	
   

  	
  0

  	
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  100

  	
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  100

  	
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  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14992/00

  	
   

  	
  GECGCF BHS AC2 PP Option Staff

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14993/00

  	
   

  	
  GECGCF BHS AC2 PP Option

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  14994/00

  	
   

  	
  GECGCF BHS AC2 PP Budget

  	
   

  	
  0

  	
  %

  	
  0

  	
  %

  	
  0

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  15002/00

  	
   

  	
  GECGCF New Look Price Prot.

  	
   

  	
  0

  	
  %

  	
  0

  	
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  0

  	
  %

  	
  100

  	
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  100

  	
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  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  15003/00

  	
   

  	
  GECGCF New Look Exist Price Pr

  	
   

  	
  0

  	
  %

  	
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  0

  	
  %

  	
  100

  	
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  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  15004/01

  	
   

  	
  GECGCF HoF Ac Cover 2 - TF

  	
   

  	
  0

  	
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  100

  	
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  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
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  15005/00

  	
   

  	
  GECGCF HoF Ac Cover 2 - New

  	
   

  	
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  100

  	
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  100

  	
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  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
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  15006/01

  	
   

  	
  GECGCF Mothercare A/C Cover PP

  	
   

  	
  0

  	
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  0

  	
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  100

  	
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  100

  	
  %

  	
  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
  %

  	
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  15007/00

  	
   

  	
  Mothercare Account cover Upgra

  	
   

  	
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  100

  	
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  100

  	
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  12 months notice

  	
   

  	
  53.23

  	
  %

  	
  1.20

  	
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  15009/00

  	
   

  	
  New Look - Zendor

  	
   

  	
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  100

  	
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  53.23

  	
  %

  	
  1.20

  	
  %

  	
  22p/£100

  	
   

  
	
  03644/00

  	
   

  	
  GECGCF Kwik Fit

  	
   

  	
  47

  	
  %

  	
  32

  	
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  21

  	
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  0

  	
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  12 months notice

  	
   

  	
  61.50

  	
  %

  	
  5.38

  	
  %

  	
  £1/£100

  	
   

  
	
  5011/00

  	
   

  	
  Monsoon pilot - core

  	
   

  	
  45

  	
  %

  	
  40

  	
  %

  	
  11

  	
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  4

  	
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  53.33

  	
  %

  	
  5.38

  	
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  15011/00

  	
   

  	
  Monsoon pilot - price protection

  	
   

  	
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  100

  	
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  100

  	
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  %

  	
  1.20

  	
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  22p/£100

  	
   

  
	
  6111/02

  	
   

  	
  Monsoon pilot - Over 70’s

  	
   

  	
  0

  	
  %

  	
  90

  	
  %

  	
  0

  	
  %

  	
  10

  	
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  100

  	
  %

  	
   

  	
   

  	
  52.82

  	
  %

  	
  5.38

  	
  %

  	
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  New

  	
   

  	
  TRF 89p B&Q/Comet

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  0

  	
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  89p/£100

  	
   

  

 

38

 

BRONZE
PLAN

Life and Critical Illness Policy

 

INTRODUCTION

 

This Policy Document (“policy”)
sets out the details of your insurance cover. This has been arranged by the
Agent. Please read the policy carefully and keep it in a safe place.

 

This policy is underwritten by
Financial Insurance Company Limited and Financial Assurance Company Limited,
(“we”, “us”, “our

 

If you are a private customer
please ignore any references to the nominated person.

 

If you are a business customer,
the nominated person means the person(s) nominated for cover and you means the
person, firm, company, partnership or other legal entity who has nominated the
nominated person for cover.

 

This policy protects you in the
event of your/the nominated person’s death or if you/the nominated person
become critically ill providing you meet the eligibility requirements in
Section 1 and have agreed to pay the appropriate premium.

 

 

 

[Detailed terms omitted]

 

39

 

Account Cover – Purchase Protection, Price Protection, Life, Accidental
Death, 

Accident, Sickness, Unemployment, Accidental Bodily Injury and Hospitalisation
Policy

 

INTRODUCTION

 

This Policy Document (“policy”) sets out the
details of your insurance cover.  This
has been arranged by GE Capital Bank Limited (“Bank”).  Please read this policy carefully and keep
it in a safe place.

 

This policy is underwritten by Financial
Insurance Company Limited and Financial Assurance Company Limited (“we”, “us”,
“our”).

 

This policy protects you in the
event of your death (including accidental death), disability, unemployment,
accidental bodily injury or if you have to go into hospital, and for the loss
and/or damage of the insured property and price protection, providing you meet
the eligibility requirements in Section 1 and have agreed to pay the monthly
premium for this insurance.  Cover is
for one month at a time and is automatically renewed every month until the end
date.

 

 

SILVER PLAN

 

Life, Accident & Sickness Policy

 

INTRODUCTION

 

This Policy Document (‘policy’) sets out the
details of your insurance cover. This has been arranged by the Agent. Please
read this policy carefully and keep it in a safe place.

 

This policy is underwritten by Financial
Insurance Company Limited and Financial Assurance Company Limited (‘we’, ‘US’,
‘our’).  If you are a private customer
please ignore any references to the nominated person.

 

If you are a business customer, the nominated
person means the person(s) nominated for cover and you means the person, firm,
company, partnership or other legal entity who has nominated the nominated
person for cover.

 

This policy protects you/the nominated person
in the event of your death, accident & sickness providing you meet the
eligibility requirements in Section 1 and have agreed to pay the appropriate
premium.

 

 

 

[Detailed Terms Omitted.]

 

40

 

GOLD PLAN

 

Life, Accident & Sickness, Unemployment and Critical Illness Policy

 

INTRODUCTION

 

This Policy Document (‘policy’) sets out the
details of your insurance cover. This has been arranged by the Agent. Please
read this policy carefully and keep it in a safe place.

 

This policy is underwritten by Financial
Insurance Company Limited and Financial Assurance Company Limited, (‘we’, ‘us’,
‘our’). This policy protects you in the event of your death, accident &
sickness, unemployment or if you become critically ill providing you meet the
eligibility requirements in Section 1 and have agreed to pay the appropriate
premium.

 

 

[Detailed Terms Omitted.]

 

41

 

Black Horse Finance Unsecured –[Schedule Omitted]

 

 

42

 

Annex 3

 

Reinsurance account

 

	
  Reinsurance Account for calendar quarter ending .............

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reinsurance
  Premiums due

  	
  Regular

  	
   

  	
  X

  	
   

  	
   

  
	
   

  	
  Single

  	
   

  	
  X

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  X

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reinsurance
  Commissions due

  	
  Paid

  	
   

  	
  X

  	
   

  	
   

  
	
   

  	
  Additional
  Reinsurance Comm

  	
   

  	
  X

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  X

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Claims paid
  and other amounts as provided for in Article 8

  	
   

  	
  X

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Treaty Profit
  Commission due

  	
   

  	
  X

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net amount
  due to/(from) Reinsurer

  	
   

  	
  X

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Loss carried
  forward on Treaty Profit Commission

  	
   

  	
  X

  	
   

  	
   

  

 

43

 

Reinsurance
data for the quarter ending ..............

 

In-force

 

 

Number of policies in force at
the quarter end

Number of lives covered at the quarter end

 

Total sums reinsured under the
Agreement at the quarter end

Total regular premium (annualised) under the Agreement at the quarter end

 

Movements
(if possible include calendar year to date figures as well)

 

New policies in the quarter

New lives covered in the quarter

New regular premiums (annualised) in the quarter

New single premiums in the quarter

New sums reinsured in the quarter

 

Number of policies off due to
death in the quarter

Regular premiums (annualised) off due to death in the quarter

Sums reinsured off due to death in the quarter

 

Number of policies off due to
lapse in the quarter

Regular premiums (annualised) off due to lapse in the quarter

Sums reinsured off due to lapse in the quarter

 

44Exhibit 10.38

 

EXECUTION COPY

 

 

 

180-DAY BRIDGE
CREDIT AGREEMENT

dated as of

April 29, 2004

Among

GENWORTH FINANCIAL, INC.,

 

as Borrower,

And

The Lenders Party Hereto

 

 

$2,400,000,000 BRIDGE FACILITY

 

 

Citigroup Global Markets Inc., Deutsche Bank
Securities Inc. and Lehman Brothers Inc.,

as Joint Lead Arrangers and Book Managers

 

 

TABLE OF CONTENTS

 

 

	
  ARTICLE I Definitions

  	
   

  
	
  SECTION 1.01.  
  Defined Terms

  	
   

  
	
  SECTION 1.02.  
  Classification of Loans and Borrowings

  	
   

  
	
  SECTION 1.03.   Terms
  Generally

  	
   

  
	
   

  	
   

  
	
  ARTICLE II The Credits

  	
   

  
	
  SECTION 2.01.  
  Commitments

  	
   

  
	
  SECTION 2.02.   Loans
  and Borrowings

  	
   

  
	
  SECTION 2.03.  
  Requests for Borrowings

  	
   

  
	
  SECTION 2.04.  
  Funding of Borrowings

  	
   

  
	
  SECTION 2.05.  
  Interest Elections

  	
   

  
	
  SECTION 2.06.  
  Intentionally omitted

  	
   

  
	
  SECTION 2.07.  
  Repayment of Loans; Evidence of Debt

  	
   

  
	
  SECTION 2.08.  
  Prepayment of Loans

  	
   

  
	
  SECTION 2.09.  
  Intentionally omitted

  	
   

  
	
  SECTION 2.10.  
  Interest

  	
   

  
	
  SECTION 2.11.  
  Alternate Rate of Interest

  	
   

  
	
  SECTION 2.12.  
  Increased Costs

  	
   

  
	
  SECTION 2.13.   Taxes

  	
   

  
	
  SECTION 2.14.  
  Payments Generally

  	
   

  
	
  SECTION 2.15.  
  Mitigation Obligations; Replacement of Lenders

  	
   

  
	
  SECTION 2.16.   Break
  Funding Payments

  	
   

  
	
  SECTION 2.17.  
  Illegality

  	
   

  
	
   

  	
   

  
	
  ARTICLE III Representations of Borrower

  	
   

  
	
   

  	
   

  
	
  ARTICLE IV Conditions

  	
   

  
	
   

  	
   

  
	
  ARTICLE V Events of Default

  	
   

  
	
   

  	
   

  
	
  ARTICLE VI The Administrative Agent

  	
   

  
	
   

  	
   

  
	
  ARTICLE VII Miscellaneous

  	
   

  
	
  SECTION 7.01.  
  Notices

  	
   

  
	
  SECTION 7.02.  
  Waivers; Amendments

  	
   

  
	
  SECTION 7.03.  
  Expenses; Indemnity

  	
   

  
	
  SECTION 7.04.  
  Successors and Assigns

  	
   

  
	
  SECTION 7.05.  
  Counterparts; Integration; Effectiveness

  	
   

  
	
  SECTION 7.06.  
  Governing Law; Jurisdiction

  	
   

  
	
  SECTION 7.07.  
  Headings

  	
   

  
	
  SECTION 7.08.  
  Confidentiality

  	
   

  
	
  SECTION 7.09.   USA
  Patriot Act

  	
   

  
	
  SECTION 7.10.   WAIVER
  OF JURY TRIAL

  	
   

  

 

ii

 

SCHEDULES:

 

Schedule 2.01
— Commitments

 

EXHIBITS:

 

Exhibit A — Form of Assignment and Acceptance

 

Exhibit B — Form of Opinion of Borrower’s In-House Counsel

 

iii

 

CREDIT AGREEMENT (this “Agreement”), dated as of April 29,
2004, among GENWORTH FINANCIAL, INC. (the “Borrower”), the Lenders party
hereto and Citicorp North America, Inc., as Administrative Agent.

 

The parties hereto agree
as follows:

 

ARTICLE I

DEFINITIONS

 

SECTION 1.01.  Defined
Terms.  As used in this Agreement,
the following terms have the meanings specified below:

 

“Administrative Agent” means Citicorp North America, Inc., in
its capacity as administrative agent for the Lenders hereunder.

 

“Administrative Questionnaire” means an Administrative
Questionnaire in a form supplied by the Administrative Agent.

 

“Affiliate” means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person
specified.

 

“Applicable Margin” means, for any day, with respect to any
Eurodollar Loan, the applicable rate per annum set forth in the table below
under the caption “Eurodollar Loan Spread”:

 

	
  Eurodollar Loan

  Spread

  
	
  0.30 of 1%

  (30 basis points)

  

 

 

“Assignment and Acceptance” means an assignment and acceptance
entered into by a Lender and an assignee (with the consent of any party whose
consent is required by Section 7.04), and accepted by the Administrative
Agent, in the form of Exhibit A or any other form approved by the
Administrative Agent.

 

“Board” means the Board of Governors of the Federal Reserve
System of the United States of America (or any successor).

 

“Borrower” has the meaning specified in the recital of parties
to this Agreement.

 

“Borrowing” means Loans of the same Type, made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to which a
single Interest Period is in effect.

 

“Borrowing Request” means a request by the Borrower for a
Borrowing in accordance with Section 2.03.

 

“Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banks in New York City are authorized or required
by law to remain closed; provided that, 

 

 

the term “Business Day” shall also exclude when used in
connection with a Eurodollar Loan, any day on which banks are not open for dealings
in Dollar deposits in the London and New York interbank markets.

 

“Change
in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the
Securities Exchange Act of 1934 and the rules of the Securities and Exchange
Commission thereunder as in effect on the date hereof) (other than General
Electric Company and its subsidiaries) of shares representing more than 50% of
the issued and outstanding shares of common stock of the Borrower; or (b)
occupation of a majority of the seats (other than vacant seats) on the board of
directors of the Borrower by Persons who were neither (i) nominated by the
board of directors of the Borrower or by General Electric Company and its subsidiaries
nor (ii) appointed by directors so nominated.

 

“Code” means the Internal Revenue Code of 1986, as amended from
time to time.

 

“Commitment” means, with respect to each Lender, the commitment
of such Lender to make Loans hereunder, as set forth on Schedule 2.01.

 

“Control” means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or
otherwise.  “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Credit Exposure” means, with respect to any Lender at any time,
the outstanding principal amount of such Lender’s Loans at such time.

 

“Default” means any event or condition which upon notice, lapse
of time or both would, unless cured or waived, become an Event of Default.

 

“Dollars” or “$” refers to lawful money of the United
States of America.

 

“Effective Date” means the date on which the conditions
specified in Article IV are satisfied (or waived in accordance with
Section 7.02).

 

“Eurodollar” means, when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Eurodollar Rate.

 

“Eurodollar Rate” means, with respect to any Eurodollar
Borrowing for any Interest Period, the rate appearing on page 3750 of the
Telerate Service (or on any successor or substitute page of the Telerate
Service, or any successor to or substitute for the Telerate Service, providing
rate quotations comparable to those currently provided on such page of the
Telerate Service, as determined by the Administrative Agent from time to time
for purposes of providing quotations of interest rates applicable to Dollar
deposits in the London interbank market) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, as
the rate for Dollar deposits with a maturity comparable to such Interest
Period.

 

“Event of Default” has the meaning assigned to such term in
Article V.

 

“Excluded Taxes” means, with respect to the Administrative
Agent, any Lender, or any other recipient of any payment to be made by or on
account of any obligation of the Borrower hereunder, (a) income or franchise
taxes imposed on (or measured by) its net income by the United States of
America, or by the jurisdiction under the laws of which such recipient is
organized or in which its 

 

2

 

principal office is located or, in the case of any Lender, in which its
applicable lending office is located, (b) any branch profits taxes imposed by
the United States of America or any similar tax imposed by any jurisdiction
described in clause (a) above and (c) in the case of any Lender, any
withholding tax that is imposed on amounts payable to such Lender at the time
such Lender becomes a party to this Agreement or is attributable to such
Lender’s failure or inability to comply with Section 2.13(e), except to
the extent that such Lender’s assignor (if any) was entitled, at the time of
assignment, to receive additional amounts from the Borrower with respect to
such withholding tax pursuant to Section 2.13(a).

 

“Federal Funds Effective Rate” means, for any day, the weighted
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates
on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is
not so published for any day that is a Business Day, the average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day
for such transactions received by the Administrative Agent from three Federal
funds brokers of recognized standing selected by it.

 

“Firm
Public Offering Shares” means the class A common stock to be sold in the
Borrower’s initial public offering, other than class A common stock sold as a
result of exercise of any over-allotment option by the underwriters of such initial public offering,
and the series A preferred stock sold in a concurrent offering.

 

“GAAP” means generally accepted accounting principles in the
United States of America.

 

“Governmental Authority” means the government of the United
States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory
body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person
for borrowed money, (b) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments and (c) all guarantees by such Person
of Indebtedness of others (it being understood and agreed, for the avoidance of
doubt, that (i) annuities, guaranteed investment contracts, funding agreements and
similar instruments and agreements and (ii) insurance products created or
entered into in the normal course of business shall not constitute
“Indebtedness”)

 

“Indemnified Taxes” means Taxes (other than Excluded Taxes) that
are required by applicable law to be withheld or deducted from a payment by, or
on account of an obligation of, the Borrower hereunder.

 

“Indemnitee” has the meaning given to it in
Section 7.03(b).

 

“Interest Election Request” means a request by the Borrower to
convert or continue a Borrowing in accordance with Section 2.05.

 

“Interest Payment Date” means (a) with respect to any Prime
Loan, the last day of each March, June, September and December and
(b) with respect to any Eurodollar Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part.

 

“Interest Period” means, with respect to any Eurodollar
Borrowing, the period commencing on the date of such Borrowing and ending one
or two weeks or on the numerically 

 

3

 

corresponding day in the calendar month that is one month thereafter,
as the Borrower may elect; provided, that (i) if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day unless, in the case of a one month
Interest Period, such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (ii) any Interest Period of one month that commences
on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the last calendar month of such Interest
Period) shall end on the last Business Day of the last calendar month of such
Interest Period.  For purposes hereof,
the date of a Borrowing initially shall be the date on which such Borrowing is
made and thereafter shall be the effective date of the most recent conversion
or continuation of such Borrowing.

 

“Lead Arrangers” means Citigroup Global Markets Inc., Deutsche
Bank Securities Inc. and Lehman Brothers Inc.

 

“Lenders” means the Persons listed on Schedule 2.01 and any
other Person that shall have become a party hereto pursuant to an Assignment
and Acceptance, other than any such Person that ceases to be a party hereto
pursuant to an Assignment and Acceptance.

 

“Loan” has the meaning given to it in Section 2.01(a).

 

“Local Time” means New York City time.

 

“Master
Agreement Closing Date” means the date on which the underwriting agreements
relating to the Borrower’s initial public offering are executed and delivered
by each of the parties thereto (or such other date as General Electric Company
and the Borrower may mutually agree upon in writing).

 

“Material Adverse Effect” means a material adverse effect on (a)
the business, property, operations or financial condition of the Borrower and
its Subsidiaries taken as a whole or (b) the validity or enforceability of
this Agreement or the rights or remedies of the Administrative Agent or the
Lenders hereunder or thereunder.

 

“Maturity Date” means the date that is six months after the
Effective Date.

 

“Other Taxes” means any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies
arising from any payment made hereunder or from the execution, delivery or
enforcement of, or otherwise with respect to, this Agreement.

 

“Person” means any natural person, corporation, limited
liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity.

 

“Prime”, when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Prime Rate.

 

“Prime Rate” means the rate of interest per annum publicly
announced from time to time by Citibank, N.A. as its base rate in effect at its
principal office in New York City; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as
being effective.

 

“Register” has the meaning set forth in Section 7.04.

 

4

 

“Registration
Statement” means the Borrower’s Registration Statement on Form S-1
(Registration Number 333-112009) filed with the Securities and Exchange
Commission on January 20, 2004, as amended through the date hereof.

 

“Regulation U” means Regulation U of the Board as in effect from
time to time.

 

“Related Parties” means, with respect to any specified Person,
such Person’s Affiliates and the respective directors, officers, employees,
agents and advisors of such Person and such Person’s Affiliates.

 

“Required Lenders” means, at any time, Lenders having Credit
Exposures representing more than 50% of the sum of the total Credit Exposures
at such time.

 

“subsidiary” means, with respect to any Person at any date, any
corporation, limited liability company, partnership, association or other
entity of which the securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other body
performing similar functions are at such date directly or indirectly owned by
such Person.

 

“Subsidiary” means any subsidiary of the Borrower.

 

“Taxes” means any and all present or future taxes, levies,
imposts, duties, deductions, charges or withholdings imposed by any
Governmental Authority.

 

“Transactions” means the execution, delivery and performance by
the Borrower of this Agreement, the borrowing of Loans and the use of the
proceeds thereof.

 

“Type”, when used in reference to any Loan or Borrowing, refers
to whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the Eurodollar Rate or the Prime Rate.

 

SECTION 1.02.  Classification
of Loans and Borrowings.  For
purposes of this Agreement, Loans may be classified and referred to by Type (e.g.,
“Eurodollar Loans”).  Borrowings also
may be classified and referred to by Type (e.g., “a Eurodollar
Borrowing”).

 

SECTION 1.03.  Terms
Generally.  The definitions of terms
herein shall apply equally to the singular and plural forms of the terms
defined.  Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms.  The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase
“without limitation”.  The word “will”
shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a)
any reference herein to any Person shall be construed to include such Person’s
successors and permitted assigns, (b) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof and (c)
all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement.

 

ARTICLE II

THE CREDITS

 

SECTION 2.01.  Commitments.  Subject to the terms and conditions set
forth herein, each Lender agrees to make a loan (each, a “Loan”) in
Dollars to the Borrower on any Business Day on or 

 

5

 

after the
Effective Date and before June 11, 2004 in a principal amount not
exceeding such Lender’s Commitment. 
Amounts borrowed under this Section 2.01 and repaid or prepaid may
not be reborrowed.  The Loans shall in
each case be Prime Loans or Eurodollar Loans, as the Borrower shall request.

 

SECTION 2.02.  Loans
and Borrowings.  (a)  Each Loan shall be made as part of a
Borrowing consisting of Loans made by the Lenders ratably in accordance with
their respective Commitments.  Subject
to Section 2.11, each Borrowing shall be comprised entirely of Prime Loans
or Eurodollar Loans as the Borrower may request in accordance herewith.

 

(b)  The failure of any Lender
to make the Loan required to be made by it shall not relieve any other Lender
of its obligations hereunder; the Commitments of the Lenders are several and no
Lender shall be responsible for any other Lender’s failure to make a Loan as
required.

 

(c)  Each Lender at its option
may make any Eurodollar Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided that any exercise of such
option shall not affect the obligation of the Borrower to repay such Loan in
accordance with the terms of this Agreement.

 

(d)  At the commencement of each
Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an
aggregate amount that is an integral multiple of $5,000,000 and not less than
(x) $25,000,000 for Eurodollar Borrowings. 
At the time that each Prime Borrowing is made, such Borrowing shall be
in an aggregate amount that is an integral multiple of $1,000,000 and not less
than $10,000,000; provided that a Prime Borrowing may be in an aggregate
amount that is equal to the entire unused balance of the total
Commitments.  Borrowings of more than
one Type may be outstanding at the same time; provided that there shall
not at any time be more than a total of five Eurodollar Borrowings.

 

(e)  Notwithstanding any other
provision of this Agreement, the Borrower shall not be entitled to request, or
to elect to convert or continue, any Borrowing if the Interest Period requested
with respect thereto would end after the Maturity Date.

 

SECTION 2.03.  Requests
for Borrowings.  To request a
Borrowing, the Borrower shall notify the Administrative Agent of such request
by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00
a.m., Local Time, three Business Days before the date of the proposed Borrowing
or (b) in the case of a Prime Borrowing, not later than 10:00 a.m., New York
City time, on the date of the proposed Borrowing.  Each such telephonic Borrowing Request shall be irrevocable and
shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Borrowing Request in a form approved by the Administrative
Agent and signed by the Borrower.  Each
such telephonic and written Borrowing Request shall specify the following
information in compliance with Section 2.02:

 

(i)                                     the
aggregate amount of the requested Borrowing;

 

(ii)                                  the
date of such Borrowing, which shall be a Business Day;

 

(iii)                               whether
such Borrowing is to be a Prime Borrowing or a Eurodollar Borrowing;

 

(iv)                              in
the case of a Eurodollar Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of
the term “Interest Period”; and

 

(v)                                 the
location and number of the Borrower’s account to which funds are to be
disbursed, which shall comply with the requirements of Section 2.04.

 

6

 

If no election as to the Type of Borrowing is specified, the Borrower
shall be deemed to have selected a Eurodollar Borrowing with an Interest Period
of one week’s duration.  Promptly
following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the
amount of such Lender’s Loan to be made as part of the requested Borrowing.

 

SECTION 2.04.  Funding
of Borrowings.  (a)  Each Lender shall make each Loan to be made
by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 12:00 noon, Local Time, to the account of the
Administrative Agent designated by it for such purpose by notice to the
Lenders.  The Administrative Agent will
make such Loans available to the Borrower by promptly crediting the amounts so
received, in like funds, to an account of the Borrower maintained with the
Administrative Agent and designated by the Borrower in the applicable Borrowing
Request.

 

(b)  Unless the Administrative
Agent shall have received notice from a Lender prior to the proposed date of
any Borrowing that such Lender will not make available to the Administrative
Agent such Lender’s share of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance
with paragraph (a) of this Section and may, in reliance upon such
assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact
made its share of the applicable Borrowing available to the Administrative
Agent, then (x) the Administrative Agent shall notify the Borrower of such
inaction promptly following the Administrative Agent’s discovery of such
inaction and (y) the applicable Lender and the Borrower severally agree to pay
to the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made
available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (i) in the case of such Lender, the Federal Funds
Effective Rate or (ii) in the case of the Borrower, the interest rate
applicable to such Borrowing.  If such
Lender pays such amount to the Administrative Agent, then such amount shall
constitute such Lender’s Loan included in such Borrowing.

 

SECTION 2.05.  Interest
Elections.  (a)  Each Borrowing initially shall be of the
Type specified in the applicable Borrowing Request and, in the case of a
Eurodollar Borrowing, shall have an initial Interest Period as specified in
such Borrowing Request.  Thereafter, the
Borrower may elect to convert such Borrowing to a different Type or to continue
such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest
Periods therefor, all as provided in this Section.  The Borrower may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion
shall be allocated ratably among the Lenders, and the Loans comprising each
such portion shall be considered a separate Borrowing.

 

(b)  To make an election
pursuant to this Section, the Borrower shall notify the Administrative Agent of
such election by telephone by the time that a Borrowing Request would be
required under Section 2.03 if the Borrower were requesting a Borrowing of
the Type resulting from such election to be made on the effective date of such
election.  Each such telephonic Interest
Election Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Interest Election
Request in a form approved by the Administrative Agent and signed by the
Borrower.

 

(c)  Each telephonic and written
Interest Election Request shall specify the following information in compliance
with Section 2.02:

 

(i)                                     the
Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the
portions thereof to be 

 

7

 

allocated to each resulting Borrowing (in which case the information to
be specified pursuant to clauses (iii) and (iv) below shall be specified for
each resulting Borrowing);

 

(ii)                                  the
effective date of the election made pursuant to such Interest Election Request,
which shall be a Business Day;

 

(iii)                               whether
the resulting Borrowing is to be a Prime Borrowing or a Eurodollar Borrowing;
and

 

(iv)                              if
the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a
period contemplated by the definition of the term “Interest Period”.

 

If any such Interest Election Request requests a Eurodollar Borrowing
but does not specify an Interest Period, then the Borrower shall be deemed to
have selected an Interest Period of one [week’s] duration.

 

(d)  Promptly following receipt
of an Interest Election Request, the Administrative Agent shall advise each
Lender of the details thereof and of such Lender’s portion of each resulting
Borrowing.

 

(e)  If the Borrower fails to
deliver a timely Interest Election Request with respect to a Eurodollar
Borrowing prior to the end of the Interest Period applicable thereto, then,
unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall be continued with an Interest Period of one
[week’s] duration.

 

SECTION 2.06.  Intentionally
omitted.

 

SECTION 2.07.  Repayment of
Loans; Evidence of Debt.  (a)  The Borrower hereby unconditionally promises
to pay to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Loan on the Maturity Date.

 

(b)  Each Lender shall maintain
in accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower to such Lender resulting from each Loan made by
such Lender, including the amounts of principal and interest payable and paid
to such Lender from time to time hereunder.

 

(c)  The Administrative Agent
shall maintain accounts in which it shall record (i) the amount of each
Loan made hereunder, the Type thereof and the Interest Period applicable
thereto, (ii) the amount of any principal or interest due and payable or
to become due and payable from the Borrower to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder
for the account of the Lenders and each Lender’s share thereof.

 

(d)  The entries made in the
accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima  facie evidence of the existence and
amounts of the obligations recorded therein; provided that the failure
of any Lender or the Administrative Agent to maintain such accounts or any
error therein shall not in any manner affect the obligation of the Borrower to
repay the Loans to it in accordance with the terms of this Agreement.

 

(e)  Any Lender may reasonably
request that Loans made by it to the Borrower be evidenced by a promissory
note.  In such event, the Borrower shall
prepare, execute and deliver to such Lender a promissory note payable to the
order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns) and in a form approved by the Administrative Agent and the
Borrower.

 

8

 

Thereafter,
the Loans evidenced by such promissory note and interest thereon shall at all
times (including after assignment pursuant to Section 7.04) be represented
by one or more promissory notes in such form payable to the order of the payee
named therein (or, if such promissory note is a registered note, to such payee
and its registered assigns).

 

SECTION 2.08.  Prepayment
of Loans.  (a)  Subject to prior notice in accordance with
paragraph (b) of this Section, the Borrower may at its option, at any time,
without premium or penalty of any kind (other than any payments required under
Section 2.16), prepay, in whole or in part, any Borrowings.

 

(b)  The Borrower shall notify
the Administrative Agent by telephone (confirmed by telecopy) of any prepayment
hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later
than 11:00 a.m., Local Time, on the date three Business Days prior to the date
of prepayment or (ii) in the case of prepayment of a Prime Borrowing, not
later than 10:00 a.m., Local Time, on the date of prepayment.  Each such notice shall be irrevocable and
shall specify the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid.  Promptly
following receipt of any such notice relating to a Borrowing, the
Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Borrowing
shall be in an amount that would be permitted in the case of an advance of a
Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Borrowing shall be
applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by accrued
interest to the extent required by Section 2.10.

 

(c)  The Borrower shall,
promptly after receipt of net cash proceeds by the Borrower from the issuance
or incurrence of any Indebtedness by the Borrower or any Subsidiary (other than
Indebtedness (i) owed to a wholly owned Subsidiary or to the Borrower, (ii)
Indebtedness arising under senior credit facilities of the Borrower in the
aggregate amount of $2,000,000,000 and (iii) Indebtedness issued or incurred in
the ordinary course of business, maturing within one year from the date
incurred, evidenced by commercial paper and aggregating at any time not more
than $50,000,000 at any time outstanding) prepay an aggregate principal amount
of the Loans comprising part of the same Borrowing in an amount equal to the
amount of such net cash proceeds.

 

SECTION 2.09.  Intentionally
omitted

 

SECTION 2.10.  Interest.  (a) 
The Loans comprising each Prime Borrowing shall bear interest at a
rate per annum equal to the Prime Rate.

 

(b)  The Loans comprising each
Eurodollar Borrowing shall bear interest at a rate per annum equal to the
Eurodollar Rate for the Interest Period in effect for such Borrowing plus the
Applicable Margin.

 

(c)  Accrued interest on each
Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided
that (i) in the event of any repayment or prepayment of any Loan, accrued
interest on the principal amount repaid or prepaid shall be payable on the date
of such repayment or prepayment, (ii) in the event of any conversion of any
Eurodollar Loan prior to the end of the current Interest Period therefor,
accrued interest on such Loan shall be payable on the effective date of such
conversion and (iii) all accrued interest on a Loan shall be payable upon the
Maturity Date and, if later, on the date such Loan is paid in full.

 

(d)  All interest hereunder
shall be computed on the basis of a year of 360 days, except that interest
computed by reference to the Prime Rate shall be computed on the basis of a
year of 365 days (or 366 days in a leap year), and in each case shall be
payable for the actual number of days elapsed (including the first day but
excluding the last day).  The applicable
Prime Rate or Eurodollar Rate, shall

 

9

 

be determined
by the Administrative Agent, and such determination shall be conclusive absent
manifest error.

 

SECTION 2.11.  Alternate
Rate of Interest.  If prior to the
commencement of any Interest Period for a Eurodollar Borrowing:

 

(a)  the Administrative Agent
determines (which determination shall be conclusive absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Eurodollar Rate
for such Interest Period; or

 

(b)  the Administrative Agent is
advised by the Required Lenders that the Eurodollar Rate for such Interest
Period will not adequately and fairly reflect the cost to such Lenders of
making or maintaining their Loans included in such Borrowing for such Interest
Period;

 

then the Administrative Agent shall give notice thereof to the Borrower
and the Lender or Lenders by telephone or telecopy as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the
Lenders that the circumstances giving rise to such notice no longer exist, (i)
any Interest Election Request that requests the conversion of any Borrowing to,
or continuation of any Borrowing as, a Eurodollar Borrowing shall be
ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing,
such Borrowing shall be made as a Prime Borrowing; provided that if the
circumstances giving rise to such notice affect fewer than all Types of
Borrowings, then the other Type of Borrowings shall be permitted.

 

SECTION 2.12.  Increased
Costs.  In the event that by reason
of any change after the date of this Agreement in applicable law or regulation
or in the interpretation thereof by any Governmental Authority charged with the
administration, application or interpretation thereof, or by reason of the
adoption or enactment after the date of this Agreement of any requirement or
directive (whether or not having the force of law) of any Governmental
Authority:

 

(a)  any Lender shall, with
respect to this Agreement, be subject to any tax, levy, impost, charge, fee,
duty, deduction or withholding of any kind whatsoever (other than Excluded
Taxes); or

 

(b)  any change shall occur in
the taxation of any Lender with respect to the principal or interest payable
under this Agreement (other than the imposition of any Excluded Taxes or any
change which affects solely the taxation of the total income of such Lender);
or

 

(c)  any reserve or similar
requirements should be imposed on either the commitments to lend or the foreign
claims of deposits of any Lender;

 

and if any of the
above-mentioned measures shall result in a material increase in the cost to
such Lender of making or maintaining its Loans or a material reduction in the
amount of principal or interest received or receivable by such Lender in
respect thereof, then upon prompt written notification (which shall include the
date of effectiveness of such change, adoption or enactment) and demand being
made by such Lender for such additional cost or reduction, the Borrower shall
pay to such Lender, within 30 days of such demand being made by such Lender,
such additional cost or reduction; provided, however, that the
Borrower shall not be responsible for any such cost or reduction that may
accrue to such Lender with respect to the period between the occurrence of the
event which gave rise to such cost or reduction and the date on which
notification is given by such Lender to the Borrower; and provided,
further, that the Borrower shall not be obligated to pay such Lender any
such additional cost or reduction unless such Lender certifies to the Borrower
that at such time such Lender shall be generally assessing such amounts on a
non-discriminatory basis against borrowers under agreements having provisions
similar to this

 

10

 

Section; and provided,
further, that any such additional cost or reduction allocated to any
Loan shall not exceed the Borrower’s pro rata share of all costs attributable
to all loans or advances or commitments to all borrowers by such Lender that
collectively result in the consequences for which such Lender is to be
compensated by the Borrower. Within 30 days of receipt of such notification,
the Borrower will pay such additional costs as may be applicable to the period
subsequent to notification or prepay in full all Loans to it outstanding under
this Agreement so affected by such additional costs, together with interest and
fees accrued thereon to the date of prepayment in full.  Such Lender shall use reasonable efforts
(consistent with its internal policy applied on a non-discriminatory basis and
legal and regulatory restrictions) to designate a different applicable lending
office for the Loans made by it or to take other appropriate actions if such
designation or actions, as the case may be, will avoid the need for, or reduce
the amount of, any increased costs to the Borrower incurred under this Section,
and will not, in the opinion of such Lender, be otherwise disadvantageous to
such Lender.

 

SECTION 2.13.  Taxes.  (a) 
Any and all payments by or on account of any obligation of the Borrower
hereunder shall be made free and clear of and without deduction for any
Indemnified Taxes or Other Taxes; provided that if the Borrower shall be
required to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the sum payable shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional
sums payable under this Section) the Administrative Agent or Lender (as the
case may be) receives an amount equal to the sum it would have received had no
such deductions been made, (ii) the Borrower shall make such deductions
and (iii) the Borrower shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

 

(b)  In addition, the Borrower
shall pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable law.

 

(c)  The Borrower shall
indemnify the Administrative Agent and each Lender, within 10 days after
written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) paid by the Administrative
Agent or such Lender, as the case may be, and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority; provided, however,
that no such additional amount shall be required to be paid to the
Administrative Agent or any Lender under this clause (c) except to the extent
that any change after the date on which such Lender became a Lender in any requirement
for a deduction, withholding or payment shall result in an increase in the rate
of such deduction, withholding or payment from that in effect on the date on
which such Lender became a Lender.  A
certificate as to the amount of such payment or liability delivered to the
Borrower by a Lender, or by the Administrative Agent on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error.

 

(d)  As soon as practicable
after any payment of Indemnified Taxes or Other Taxes by the Borrower to a
Governmental Authority, the Borrower shall deliver to the Administrative Agent
the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative
Agent.

 

(e)  The Administrative Agent or
any Lender that is entitled to an exemption from or reduction of withholding
tax under the law of the jurisdiction in which the Borrower is located, or any
treaty to which such jurisdiction is a party, with respect to payments under
this Agreement shall deliver to the Borrower (with a copy to the Administrative
Agent), at the time or times prescribed by applicable law or reasonably
requested by the Borrower, such properly completed and executed documentation 

 

11

 

prescribed by
applicable law as will permit such payments to be made without withholding or
at a reduced rate.

 

(f)                                    Each
Lender and the Administrative Agent shall use reasonable efforts (consistent)
with its internal policy applied on a non-discriminatory basis and legal and
regulatory restrictions) to designate a different applicable lending office for the Loans made by it or
to take other appropriate actions if such designation or actions, as the case
may be, will avoid the need for, or reduce the amount of, any payments the
Borrower is required to make under this Section 2.13, and will not, in the
opinion of such Lender or the Administrative Agent, be otherwise
disadvantageous to such Lender or the Administrative Agent.

 

SECTION 2.14.  Payments
Generally.  (a)  Unless otherwise specified herein, the
Borrower shall make each payment required to be made by it hereunder (including
under Section 2.12, 2.13, 2.16, or otherwise) prior to 12:00 noon, Local
Time, on the date when due and in immediately available funds, without set-off
or counterclaim.  Any amounts received
after such time on any date may, in the discretion of the Administrative Agent,
be deemed to have been received on the next succeeding Business Day for
purposes of calculating interest thereon. 
All such payments shall be made to the Administrative Agent at its
offices at 388 Greenwich Street, New York, New York or at such other office in
the United States of America as directed by the Administrative Agent, except
that payments pursuant to Sections 2.12, 2.13, 2.16 and 7.03 shall be made
directly to the Persons entitled thereto. 
The Administrative Agent shall distribute any such payments received by
it for the account of any other Person to the appropriate recipient promptly
following receipt thereof.  If any
payment hereunder shall be due on a day that is not a Business Day, the date
for payment shall be extended to the next succeeding Business Day, and, in the
case of any payment accruing interest, interest thereon shall be payable for
the period of such extension.  All
payments hereunder shall be made in Dollars.

 

(b)  If at any time insufficient
funds are received by and available to the Administrative Agent to pay fully
all amounts of principal, interest and fees then due hereunder, such funds
shall be applied (i) first, towards payment of interest and fees then due
hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, and (ii) second, towards
payment of principal then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal then due to such parties.

 

(c)  If any Lender shall, by
exercising any right of counterclaim or otherwise, obtain payment in respect of
any principal of or interest on any of its Loans resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Loans
and accrued interest thereon than the proportion received by any other Lender,
then the Lender receiving such greater proportion shall purchase (for cash at
face value) participations in the Loans of other Lenders to the extent
necessary so that the benefit of all such payments made shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans; provided that (i) if any
such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans to any
assignee or participant, other than to the Borrower or any Subsidiary or
Affiliate thereof (as to which the provisions of this paragraph shall
apply).  The Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of counterclaim with
respect to such participation as fully as if such Lender were a direct creditor
of the Borrower in the amount of such participation.

 

12

 

(d)  Unless the Administrative
Agent shall have received notice from the Borrower prior to the date on which
any payment from the Borrower is due to the Administrative Agent for the
account of the Lenders hereunder that the Borrower will not make such payment,
the Administrative Agent may assume that the Borrower has made such payment on
such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders the amount due. 
In such event, if the Borrower has not in fact made such payment, then
each of the Lenders severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender with interest
thereon, for each day from and including the date such amount is distributed to
it to but excluding the date of payment to the Administrative Agent, at the
Federal Funds Effective Rate.

 

(e)  If any Lender shall fail to
make any payment required to be made by it pursuant to Section 2.04(b) or
2.14(d), then the Administrative Agent may, in its discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender’s
obligations under such Sections until all such unsatisfied obligations are
fully paid.

 

SECTION 2.15.  Mitigation
Obligations; Replacement of Lenders. 
If any Lender requests compensation, or is entitled to payments, under
Section 2.12 or 2.13 or is affected in the manner described in Section 2.17,
or if any Lender defaults in its obligation to fund Loans hereunder, then the
Borrower may, at its sole expense and effort (in the case of a claim for
compensation under, or payments pursuant to, Section 2.12 or 2.13 or in
the case of illegality under Section 2.17) or at the expense and effort of
any such defaulting Lender, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in
Section 7.04), all its interests, rights and obligations under this
Agreement to an assignee that shall assume such obligations (which assignee may
be another Lender, if a Lender accepts such assignment); provided that
(i) the Borrower shall have received the prior written consent of the
Administrative Agent, which consent shall not unreasonably be withheld or
delayed, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder, from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or the Borrower (in
the case of all other amounts) and (iii) in the case of any such
assignment resulting from a claim for compensation under, or payments pursuant
to, Section 2.12 or 2.13 or from illegality under Section 2.17, such
assignment will result in a reduction in such compensation or payments or
eliminate the illegality, as the case may be. 
A Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment
and delegation cease to apply.

 

SECTION 2.16.  Break
Funding Payments.  In the event of
(a) the payment of any principal of any Eurodollar Loan other than on the last
day of the Interest Period applicable thereto (including as a result of an
Event of Default), (b) the conversion of any Eurodollar Loan other than on the
last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Loan on the date specified in any
notice delivered pursuant hereto (regardless of whether such notice is
permitted to be revocable under Section 2.08(b) and is revoked in
accordance herewith), or (d) the assignment of any Eurodollar Loan other
than on the last day of the Interest Period applicable thereto as a result of a
request by the Borrower pursuant to Section 2.15, then, in any such event,
the Borrower shall compensate each Lender for the loss, cost and expense
attributable to such event.  In the case
of a Eurodollar Loan, the loss to any Lender attributable to any such event
shall be deemed to include an amount reasonably determined by such Lender to be
equal to the excess, if any, of (i) the amount of interest that such
Lender would pay for a deposit equal to the principal amount of such Loan for
the period from the date of such payment, conversion, failure or assignment to
the last day of the then current Interest Period for such Loan (or, in the case
of a failure to borrow, convert or continue, the duration of

 

13

 

the Interest
Period that would have resulted from such borrowing, conversion or
continuation) if the interest rate payable on such deposit were equal to the
Eurodollar Rate for such Interest Period, over (ii) the amount of interest
(as reasonably determined by such Lender) that such Lender would earn on such
principal amount for such period if such Lender were to invest such principal
amount for such period at the interest rate that would be bid by such Lender
(or an affiliate of such Lender) for deposits in Dollars from other banks in
the eurodollar market at the commencement of such period.  A certificate of any Lender setting forth
any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Borrower and shall be conclusive absent
manifest error.  The Borrower shall pay
such Lender the amount shown as due on any such certificate within 15 days
after receipt thereof.

 

SECTION 2.17.  Illegality.  Notwithstanding any other provision herein,
if the adoption of or any change in applicable law or regulation or in the interpretation
or application thereof shall make it unlawful for any Lender to make or
maintain Eurodollar Loans as contemplated by this Agreement, (a) the commitment
of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as
such and convert Prime Loans into Eurodollar Loans shall forthwith be canceled
and (b) such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall
be converted automatically to Prime Loans on the respective last days of the
then current Interest Periods with respect to such Loans or within such earlier
period as required by law.  If any such
conversion or repayment of a Eurodollar Loan occurs on a day which is not the
last day of the then current Interest Period with respect thereto, the Borrower
shall pay to such Lender such amounts, if any, as may be required pursuant to
Section 2.16.  If circumstances
subsequently change so that any affected Lender shall determine that it is no
longer so affected, such Lender will promptly notify the Borrower and the Administrative
Agent, and upon receipt of such notice, the obligations of such Lender to make
or continue Eurodollar Loans or to convert Prime Loans into Eurodollar Loans
shall be reinstated.

 

ARTICLE III

REPRESENTATIONS OF BORROWER

 

The Borrower represents as follows:

 

(a)  The Borrower has been duly
organized and is validly existing and, if applicable, in good standing under
the laws of the jurisdiction of its organization, and the Borrower has all
requisite power and authority to conduct its business, to own its properties
and to execute, deliver and perform its obligations under this Agreement.

 

(b)  The execution, delivery and
performance by the Borrower of this Agreement have been, or prior to the
Effective Date will be, duly authorized by all necessary corporate action and
do not and will not, as of the Effective Date, violate any provision of any law
or regulation, or contractual or corporate restrictions binding on the Borrower
and material to the Borrower and its Subsidiaries, taken as a whole.

 

(c)  As of the Effective Date,
this Agreement constitutes a legal, valid and binding obligation of the
Borrower, enforceable in accordance with its terms, subject however to
(i) the exercise of judicial discretion in accordance with general
principles of equity and (ii) bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors’ rights heretofore or
hereafter enacted.

 

(d)  The proceeds of the Loans
made to the Borrower shall not be used for a purpose which violates Regulation U.

 

14

 

(e)  As of the date hereof, no
litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of the Borrower,
threatened by or against the Borrower or any Subsidiary or against any of their
respective properties or revenues (i) with respect to this Agreement or any of
the transactions contemplated hereby or (ii) that could reasonably be expected
to have a Material Adverse Effect (other than those litigations, investigations or proceedings
set forth in the Registration Statement).

 

(f) 
(i) The combined statement of financial position of the Borrower and its
combined statements of earnings, stockholder’s interest and cash flows as of
and for the fiscal year ended December 31, 2003 reported on by KPMG LLP,
independent public accountants, and set forth beginning on page F-3 of the
Registration Statement, present fairly (assuming completion of the transactions
described in note 1 to such financial statements), in all material respects,
the financial position and results of operations and cash flows of the Borrower
and its consolidated subsidiaries as of such date and for such period in
accordance with GAAP and (ii) since December 31, 2003 to the date hereof,
other than those developments and events described in the Registration
Statement, there has been no development or event that has had or could
reasonably be expected to have a Material Adverse Effect with respect to the
Borrower and its Subsidiaries taken as a whole.

 

(g)  The
Borrower and each of its Material Subsidiaries is in compliance with all
applicable laws, rules, regulations and orders of, and all applicable
restrictions imposed by, any Governmental Authority applicable to it or its property,
including, without limitation, statutory insurance requirements, except where
the failure to do so could not reasonably be expected to have a Material
Adverse Effect with respect to the Borrower and its Subsidiaries taken as a
whole.

 

ARTICLE IV

CONDITIONS

 

The obligations of the
Lenders to make Loans hereunder shall not become effective until the date on
which each of the following conditions is satisfied (or waived in accordance
with Section 7.02):

 

(a)  The Administrative Agent
(or its counsel) shall have received from each party hereto either (i) a
counterpart of this Agreement signed on behalf of such party or (ii) written
evidence satisfactory to the Administrative Agent (which may include telecopy
transmission of a signed signature page of this Agreement) that such party has
signed a counterpart of this Agreement.

 

(b)  The Administrative Agent
shall have received a favorable written opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of in-house
counsel for the Borrower, substantially in the form of Exhibit B.  The Borrower hereby requests such counsel to
deliver such opinion.

 

(c)  The Administrative Agent
shall have received such documents and certificates as the Administrative Agent
or its counsel may reasonably request relating to the organization, existence
and, if applicable, good standing of the Borrower, the authorization of the
Transactions and any other legal matters relating to the Borrower, this
Agreement or the Transactions, all in form and substance reasonably
satisfactory to the Administrative Agent and its counsel.

 

(d)  The representations of the
Borrower set forth in Article III of this Agreement shall be true and
correct on and as of the date of such Borrowing.

 

15

 

(e)  At the time of and
immediately after giving effect to such Borrowing no Default or Event of
Default shall have occurred and be continuing.

 

(f)  The
Borrower shall have delivered the Firm Public Offering Shares to the underwriters
of the Borrower’s initial public offering within four (4) Business Days after
the Master Agreement Closing Date.

 

The Administrative Agent shall notify the Borrower and the Lenders of
the Effective Date, and such notices shall be conclusive and binding.  Notwithstanding the foregoing, the
obligations of the Lenders to make Loans hereunder shall not become effective
unless each of the foregoing conditions is satisfied (or waived pursuant to
Section 7.02) at or prior to 3:00 p.m., New York City time, on
June 11, 2004 (and, in the event such conditions are not so satisfied or
waived, the Commitments shall terminate at such time).

 

ARTICLE V

EVENTS OF DEFAULT

 

If any of the following events (“Events of Default”) shall
occur:

 

(a)  the Borrower shall fail to
pay when due any principal of any Loan made to it;

 

(b)  the Borrower shall fail to
pay when due any interest on any Loan, and such failure shall not be cured
within five days after receipt by the Borrower of notice of such failure from
the Administrative Agent;

 

(c)  if a default shall occur in
respect of any other Indebtedness of the Borrower in an aggregate principal
amount of $25,000,000 or more and such default causes acceleration thereof;

 

(d)  bankruptcy, reorganization,
insolvency, receivership, or similar proceedings are instituted by or against
the Borrower, and, if instituted against the Borrower, are not vacated within
60 days;

 

(e)  the Borrower makes a
general assignment for the benefit of creditors;

 

(f)  any representation or
warranty made in writing or deemed made by the Borrower in this Agreement, or
in any report, certificate, financial statement or other document delivered
pursuant to this Agreement, shall prove to have been incorrect in any material
respect when made or deemed made;

 

(g)  the Borrower shall fail to
observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in clause (a) or (b) of this Article),
and such failure shall continue unremedied for a period of 30 days after notice
thereof from the Administrative Agent or the Required Lenders to the Borrower;
or

 

(h)  there
shall have occurred
a Change in Control;

 

then, and in every such event (other than an event described in clause
(d) or (e) of this Article), and at any time thereafter during the continuance
of such event, the Administrative Agent may, and at the request of the Required
Lenders shall, by notice to the Borrower, declare the Loans then outstanding to
be due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and
payable, together with accrued interest thereon and all fees and other
obligations of the Borrower 

 

16

 

accrued hereunder, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower; and in case of any event described in clause (d)
or (e) of this Article, the principal of the Loans then outstanding, together
with accrued interest thereon and all fees and other obligations of the
Borrower accrued hereunder, shall automatically become due and payable, without
presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower.

 

ARTICLE VI

THE ADMINISTRATIVE AGENT

 

Each of the Lenders hereby irrevocably appoints the Administrative
Agent as its agent and authorizes the Administrative Agent to take such actions
on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms hereof, together with such actions and powers
as are reasonably incidental thereto.

 

The bank serving as the Administrative Agent hereunder shall have the
same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent, and such bank
and its Affiliates may accept deposits from, lend money to and generally engage
in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder.

 

The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein. 
Without limiting the generality of the foregoing, (a) the
Administrative Agent shall not be subject to any fiduciary or other implied
duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby that the Administrative Agent
is required to exercise in writing by the Required Lenders, and (c) except as
expressly set forth herein, the Administrative Agent shall not have any duty to
disclose, and shall not be liable for the failure to disclose, any information
relating to the Borrower or any of its subsidiaries that is communicated to or obtained
by the bank serving as Administrative Agent or any of its Affiliates in any
capacity.  The Administrative Agent
shall not be liable for any action taken or not taken by it with the consent or
at the request of the Required Lenders or all the Lenders, as the case may be,
or in the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall be deemed not
to have knowledge of any Default unless and until written notice thereof is given
to the Administrative Agent by the Borrower or a Lender, and the Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in
connection with this Agreement, (ii) the contents of any certificate, report
or other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement or any other agreement,
instrument or document, or (v) the satisfaction of any condition set forth
in Article IV or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent.

 

The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing believed by it to be
genuine and to have been signed or sent by the proper Person.  The Administrative Agent also may rely upon
any statement made to it orally or by telephone and reasonably believed by it
to be made by the proper Person, and shall not incur any liability for relying
thereon.  The Administrative Agent may
consult with legal counsel (who may be counsel for the Borrower),

 

17

 

independent accountants and other experts selected by it, and shall not
be liable for any action taken or not taken by it in accordance with the advice
of any such counsel, accountants or experts.

 

The Administrative Agent may perform any and all its duties and
exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. 
The Administrative Agent and any such sub-agent may perform any and all
its duties and exercise its rights and powers through their respective Related
Parties.  The exculpatory provisions of
the preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit
facility provided for herein as well as activities as Administrative Agent.

 

Subject to the appointment and acceptance of a successor Administrative
Agent as provided in this paragraph, the Administrative Agent may resign at any
time by notifying the Lenders and the Borrower.  Upon any such resignation, the Required Lenders shall have the
right, with the written consent of the Borrower, to appoint a successor.  If no successor shall have been so appointed
by the Required Lenders with the written consent of the Borrower and shall have
accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent
may, on behalf of the Lenders, appoint a successor Administrative Agent which
shall be a bank with an office in New York, New York, or an Affiliate of any
such bank.  Upon the acceptance of its
appointment as Administrative Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder.  The fees payable by the Borrower to a
successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor.  After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 7.03 shall
continue in effect for its benefit in respect of any actions taken or omitted
to be taken by it while it was acting as Administrative Agent.

 

Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or
based upon this Agreement, any related agreement or any document furnished
hereunder or thereunder.

 

ARTICLE VII

MISCELLANEOUS

 

SECTION 7.01.  Notices.  Except in the case of notices and other
communications expressly permitted to be given by telephone, all notices and
other communications provided for herein shall be in writing (including,
subject to the last sentence at the end of this Section 7.01, by
electronic transmission) and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy, as
follows:

 

(a)                                  if
to the Borrower, to it at 6620 West Broad Street, Richmond, Virginia  23230, Attention of Treasurer (Telecopy
No. 804-662-7522), with a
copy to Attention of General Counsel (Telecopy No. 804-622-2414);

 

18

 

(b)                                 if
to the Administrative Agent, to Citicorp North America, Inc., Two Penns Way,
New Castle, Delaware 19720, Attention Bank Loan Syndications (Telecopy No. 212
994-0961), with copies to Attention of
                     
(Telecopy No. 212      -      );

 

(c)                                  if
to any other Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire.

 

Any party hereto may change its address or telecopy number for notices
and other communications hereunder by notice to the other parties hereto.  All notices and other communications given
to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.  Only notices, requests or demands to or upon the Lenders may be
effected by electronic transmission.

 

SECTION 7.02.  Waivers;
Amendments.  Neither this Agreement
nor any provision hereof may be waived, amended or modified except pursuant to
an agreement or agreements in writing entered into by the Borrower and the
Required Lenders or by the Borrower and the Administrative Agent with the
consent of the Required Lenders; provided that no such agreement shall
(i) increase the Commitment of any Lender without the written consent of such
Lender, (ii) reduce the principal amount of any Loan or reduce the rate of
interest thereon, or reduce any fees payable hereunder, without the written
consent of each Lender affected thereby, (iii) postpone the scheduled date of
payment of the principal amount of any Loan, or any interest thereon, or any
fees payable hereunder, or reduce the amount of, waive or excuse any such
payment, or postpone the scheduled date of expiration of any Commitment,
without the written consent of each Lender affected thereby or (iv) change any
of the provisions of this Section or the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders
required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of
each Lender; provided, further that no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative
Agent hereunder without the prior written consent of the Administrative Agent.

 

SECTION 7.03.  Expenses;
Indemnity.  (a)  The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Lead Arrangers, the Administrative Agent
and their respective Affiliates, including the reasonable fees, charges and
disbursements of a single counsel for the Lead Arrangers and the Administrative
Agent, in connection with the syndication of the credit facility provided for
herein, the preparation and administration of this Agreement and any
amendments, modifications or waivers of the provisions hereof and (ii) all
reasonable out-of-pocket expenses incurred by the Administrative Agent or any
Lender, including the reasonable fees, charges and disbursements of any counsel
for the Administrative Agent or any Lender, in connection with the enforcement
of its rights in connection with this Agreement.

 

(b)                                 The
Borrower shall indemnify the Lead Arrangers, the Administrative Agent and each
Lender, and each Related Party of any of the foregoing Persons (each such
Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related
expenses, including the fees, charges and disbursements of any counsel for any
Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution or delivery of this
Agreement or the performance by the parties hereto of their respective obligations
hereunder, (ii) any Loan or the use of the proceeds therefrom or
(iii) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, regardless of whether any
Indemnitee is a party thereto; provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses have  resulted
from the gross negligence or willful misconduct of such Indemnitee.  It is understood and agreed that, to the
extent not precluded by a conflict of interest, each Indemnitee shall endeavor
to work cooperatively 

 

19

 

with the
Borrower with a view toward minimizing the legal and other expenses associated
with any defense and any potential settlement or judgment.  To the extent reasonably practicable and not
disadvantageous to any Indemnitee, it is anticipated that a single counsel
selected by the Borrower may be used. 
Settlement of any claim or litigation involving any material indemnified
amount will require the approvals of the Borrower (not to be unreasonably
withheld) and the relevant Indemnitee (not to be unreasonably withheld or
delayed).

 

SECTION 7.04.  Successors
and Assigns.  (a)  The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that the Borrower
may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender (and any attempted assignment
or transfer by the Borrower without such consent shall be null and void).  Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, the Lead
Arrangers and, to the extent expressly contemplated hereby, the Related Parties
of each of the Lead Arrangers, the Administrative Agent and the Lenders) any
legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)  Any Lender may assign to
one or more of its Affiliates and, on and after the date that is eight weeks
after the Effective Date, to any Person, as assignees, all or a portion of its
rights and obligations under this Agreement (including all or a portion of the
Loans at the time owing to it); provided that (i) each of the
Borrower and the Administrative Agent must give its prior written consent to
such assignment (which consent shall not be unreasonably withheld) unless such
assignment is to an Affiliate of such Lender, (ii) each partial assignment of a
Lender’s rights and obligations shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations, (iii)
the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Acceptance, together with a processing and recordation
fee of $3,500 payable by the assignor or the assignee, (iv) the assignee,
if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire and (v) the assignee, if applicable, shall, prior
to the first date on which interest or fees are payable hereunder for its
account, deliver to the Borrower and the Administrative Agent the documentation
described in Section 2.13(e); provided, further that any
consent of the Borrower otherwise required under this paragraph shall not be
required if an Event of Default has occurred and is continuing.  Upon acceptance and recording pursuant to
paragraph (d) of this Section, from and after the effective date specified
in each Assignment and Acceptance, the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment and Acceptance,
have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Acceptance, be released from its obligations under this
Agreement (and, in the case of an Assignment and Acceptance covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto but shall continue to be entitled to the
benefits of Sections 2.12, 2.13, 2.16, and 7.03).  Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this
paragraph shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with
paragraph (e) of this Section.

 

(c)  The Administrative Agent,
acting for this purpose as an agent of the Borrower, shall maintain at one of
its offices in The City of New York a copy of each Assignment and Acceptance
delivered to it and a register for the recordation of the names and addresses
of the Lenders and principal amount of the Loans owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”).  The entries in the Register shall be
conclusive, and the Borrower, the Administrative Agent and the Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary.

 

20

 

(d)  Upon its receipt of a duly
completed Assignment and Acceptance executed by an assigning Lender and an
assignee, the assignee’s completed Administrative Questionnaire, the processing
and recordation fee referred to in paragraph (b) of this Section and
any written consent to such assignment required by paragraph (b) of this
Section, the Administrative Agent shall accept such Assignment and Acceptance
and record the information contained therein in the Register.  No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as
provided in this paragraph.

 

(e)  Any Lender may, without the
consent of the Borrower or the Administrative Agent, sell participations to one
or more banks or other entities (each, a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement (including
all or a portion of the Loans owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the
Administrative Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement.  Any
agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification or waiver described in the first proviso
to Section 7.02 that affects such Participant.  Subject to paragraph (f) of this Section, the Borrower agrees
that each Participant shall be entitled to the benefits of Sections 2.12, 2.13
and 2.16 to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (b) of this Section.

 

(f)  A Participant shall not be
entitled to receive any greater payment under Section 2.12 or 2.13 than
the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to
such Participant is made with the Borrower’s prior written consent.  A Participant shall not be entitled to the
benefits of Section 2.13 unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower, to comply with Section 2.13 as though it were a
Lender.

 

(g)  Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under
this Agreement to secure obligations of such Lender, including any such pledge
or assignment to a Federal Reserve Bank, and this Section shall not apply
to any such pledge or assignment of a security interest; provided that
no such pledge or assignment of a security interest shall release a Lender from
any of its obligations hereunder or substitute any such assignee for such
Lender as a party hereto.

 

SECTION 7.05.  Counterparts;
Integration; Effectiveness.  This
Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract.  This Agreement and any separate letter
agreements with respect to fees payable to the Lead Arrangers and the
Administrative Agent constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01,
this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of
the other parties hereto, and thereafter shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of
a manually executed counterpart of this Agreement.

 

21

 

SECTION 7.06.  Governing
Law; Jurisdiction.  (a)  This Agreement shall be construed in
accordance with and governed by the law of the State of New York.

 

(b)  Each party hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of the Supreme Court of the State of New York sitting
in New York County and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to this Agreement, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State
or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.  Nothing in this
Agreement shall affect any right that any party may otherwise have to bring any
action or proceeding relating to this Agreement against any other party or its
properties in the courts of any jurisdiction.

 

SECTION 7.07.  Headings.  Article and Section headings and
the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be
taken into consideration in interpreting, this Agreement.

 

SECTION 7.08.  Confidentiality.  Each of the Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its
Affiliates’ directors, officers, employees and agents, including accountants,
legal counsel and other advisors (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to
the extent requested by any regulatory authority, (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party to this Agreement, (e) in connection with the
exercise of any remedies hereunder or any suit, action or proceeding relating
to this Agreement or the enforcement of rights hereunder, (f) subject to an
agreement containing provisions substantially the same as those of this
Section, to any assignee of or Participant in, or any prospective assignee of
or Participant in, any of its rights or obligations under this Agreement, (g)
with the consent of the Borrower or (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this
Section or (ii) becomes available to the Administrative Agent or any
Lender on a nonconfidential basis from a source other than the Borrower.  For the purposes of this Section, “Information”
means all information received from the Borrower relating to the Borrower or
its business, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by the Borrower; provided that, in the case of information
received from the Borrower after the date hereof, such information is clearly
identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

 

SECTION 7.09.  USA
Patriot Act.  Each Lender hereby
notifies the Borrower that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies
each borrower, guarantor or grantor (the “Loan Parties”), which information
includes the name and address of each Loan Party and other information that
will allow such Lender to identify such Loan Party in accordance with the Act.

 

22

 

SECTION 7.10.  WAIVER
OF JURY TRIAL.  EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

 

	
   

  	
  GENWORTH FINANCIAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITICORP NORTH
  AMERICA, INC.,

  
	
   

  	
  individually and as
  Administrative Agent,

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
  Signature page for the
  180-Day Bridge Credit Agreement, dated as of April 29, 2004, among
  Genworth Financial, Inc. and the lenders party thereto.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Lender]

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

 

SCHEDULE 2.01

 

COMMITMENTS

 

	
  Lender

  	
   

  	
  Commitment

  	
   

  
	
  Citicorp North America, Inc.

  	
   

  	
  $

  	
  480,000,000

  	
   

  
	
  Deutsche Bank AG New York Branch

  	
   

  	
  $

  	
  480,000,000

  	
   

  
	
  Lehman Commercial Paper Inc.

  	
   

  	
  $

  	
  480,000,000

  	
   

  
	
  Morgan Stanley Senior Funding, Inc.

  	
   

  	
  $

  	
  480,000,000

  	
   

  
	
  Goldman Sachs Credit Partners, L.P.

  	
   

  	
  $

  	
  480,000,000

  	
   

  

 

2

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