Document:

Exhibit 4.1

 

PRICING INSTRUMENT

 

WHEREAS, the parties named herein desire to enter into
certain Program Documents (as defined herein) contained herein, each such
document (unless otherwise specified in such document) dated as of August 18,
2008, relating to the issuance by Genworth Global Funding Trust 2008-45  (the “Trust”) of Notes to investors under the
secured notes program sponsored by Genworth Life and Annuity Insurance Company
(“GLAIC”), the terms of such Notes as specified in the pricing supplement attached
to this Pricing Instrument as Exhibit C (the “Pricing Supplement”);

 

WHEREAS, the Trust is a trust and will be organized
under and its activities will be governed by the provisions of the Trust
Agreement (set forth in Section A of this Pricing Instrument), dated as of
August 18, 2008, by and between the parties thereto indicated in Section E
herein;

 

WHEREAS, certain expense and indemnification
arrangements between GLAIC and the Trustee, on behalf of itself and on behalf
of the Trust, are governed pursuant to the provisions of the Expense and
Indemnity Agreement dated as of October 1, 2006 by and between GLAIC and
the Trustee;

 

WHEREAS, certain licensing arrangements between the
Trust and Genworth Financial, Inc. will be governed pursuant to the provisions
of the License Agreement dated as of October 28, 2005, by and between the
Trust and Genworth Financial, Inc.;

 

WHEREAS, certain custodial arrangements for the
Funding Agreement will be governed pursuant to the provisions of the Custodial
Agreement (the “Custodial Agreement”) dated as of December 7, 2005 by and
among SunTrust Bank, acting as custodian (the “Custodian”), the Indenture
Trustee and the Trust;

 

WHEREAS, the Notes will be issued pursuant to the
Indenture (set forth in Section B of this Pricing Instrument), dated as of
the Original Issue Date, by and between the parties thereto indicated in Section E
herein;

 

WHEREAS, the sale of the Notes will be governed by the
Terms Agreement (set forth in Section C of this Pricing Instrument), dated
as of August 18, 2008, by and among the parties thereto indicated in Section E
herein; and

 

WHEREAS, certain agreements relating to the Notes and
the Funding Agreement are set forth in the Coordination Agreement (set forth in
Section D of this Pricing Instrument), dated as of August 18, 2008,
by and among the parties thereto indicated in Section E herein.

 

All capitalized terms used herein and not otherwise
defined will have the meanings set forth in the Indenture.

 

1

 

SECTION A

 

TRUST AGREEMENT

 

This TRUST AGREEMENT (this “Trust Agreement”), dated
as of August 18, 2008, is entered into by and between GSS Holdings II, Inc.,
a Delaware corporation, as trust beneficial owner (the “Trust Beneficial Owner”),
and U.S. Bank National Association, a national banking association, as Trustee
(the “Trustee”).

 

References in the Standard
Trust Terms to JPMorgan Chase Bank, N.A. shall refer to The Bank of
New York Mellon Trust Company, N.A. and its permitted successors and assigns.

 

W I T N E S S E T H:

 

WHEREAS, the Trust Beneficial Owner and the Trustee
desire to authorize the issuance of a Trust Beneficial Interest and a series of
Notes in connection with the entry into this Trust Agreement;

 

WHEREAS, all things necessary to make this Trust
Agreement a valid and legally binding agreement of the Trustee and the Trust
Beneficial Owner, enforceable in accordance with its terms, have been done;

 

WHEREAS, the parties intend to provide for, among
other things, (i) the issuance and sale of the Notes (pursuant to the
Indenture, the Distribution Agreement and the related Terms Agreement) and the
Trust Beneficial Interest, (ii) the use of the proceeds of the sale of the
Notes and Trust Beneficial Interest to acquire the Funding Agreement, and (iii) all
other actions deemed necessary or desirable in connection with the transactions
contemplated by this Trust Agreement; and

 

WHEREAS, the parties hereto desire to incorporate by
reference those certain Standard Trust Terms, dated as of December 8, 2005, and
attached to the Pricing Instrument as Exhibit A
(the “Standard Trust Terms”).

 

NOW, THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the
sufficiency of which are hereby acknowledged, each party hereby agrees as
follows:

 

ARTICLE 1

 

Section 1.01           Incorporation by Reference.  All terms, provisions and agreements set
forth in the Standard Trust Terms (except to the extent expressly modified
herein) are hereby incorporated herein by reference with the same force and
effect as though fully set forth herein. 
All capitalized terms not otherwise defined herein (including the
recitals hereof) shall have the meanings set forth in the Standard Trust Terms
(the Standard Trust Terms and this Trust Agreement, collectively, the “Trust
Agreement”).  To the extent that the
terms set forth in Article 2 of this Trust Agreement are inconsistent with
the terms of the Standard Trust Terms, the terms set forth in Article 2
herein shall apply.

 

A-1

 

ARTICLE 2

 

Section 2.01           Name.  The
Trust created and governed by this Trust Agreement shall be the trust specified
in the Pricing Instrument.  The name of
the Trust shall be the name specified in the first paragraph of the Pricing
Instrument, as such name may be modified from time to time by the Trustee
following written notice to the Trust Beneficial Owner.

 

Section 2.02           Jurisdiction. 
The Trust is hereby organized in, and formed under and pursuant to, the
laws of the jurisdiction specified in the Pricing Supplement.

 

Section 2.03           Initial Capital Contribution and Ownership.  The Trust Beneficial Owner has paid or has
caused to be paid to, or to an account at the direction of, the Trustee, on the
date hereof, the sum of $15 (or, in the case of Notes issued with original
issue discount, such amount multiplied by the issue price of the Notes as
specified in the Pricing Supplement). 
The Trustee hereby acknowledges receipt in trust from the Trust Beneficial
Owner, as of the date hereof, of the foregoing contribution, which shall be
used along with the proceeds from the sale of the series of Notes to purchase
the Funding Agreement.  Upon the creation
of the Trust and the registration of the Trust Beneficial Interest in the
Securities Register (as defined in the Trust Agreement) by the Trust Registrar
in the name of the Trust Beneficial Owner, the Trust Beneficial Owner shall be
the sole beneficial owner of the Trust.

 

Section 2.04           Acknowledgment. 
The Trustee, on behalf of the Trust, expressly acknowledges its duties
and obligations set forth in the Standard Trust Terms incorporated herein by
reference.

 

Section 2.05           Additional Terms. 
Section 5.01(a) of the Standard Trust Terms is hereby replaced
with the following: “it is a national banking association duly organized,
validly existing and in good standing under the laws of the United States of
America and it is a “bank” within the meaning of Section 581 of the Code;”.

 

Section 2.06           Pricing Instrument; Execution and Incorporation of Terms.

 

The parties hereto will enter into the Trust Agreement
by executing the Pricing Instrument.

 

By executing the Pricing Instrument, the Trustee and
the Trust Beneficial Owner hereby agree that the Trust Agreement will constitute
a legal, valid and binding agreement between the Trustee and the Trust
Beneficial Owner.

 

All terms relating to the Trust or the series of Notes
not otherwise included herein will be as specified in the Pricing Instrument or
Pricing Supplement, as indicated herein.

 

Section 2.07           Governing Law. 
This Trust Agreement will be governed by, and construed in accordance
with, the laws of the jurisdiction specified in the Pricing Supplement.

 

A-2

 

Section 2.08           Counterparts. 
The Trust Agreement, through the Pricing Instrument, may be executed in
any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same
instrument.

 

A-3

 

SECTION B

 

INDENTURE

 

This INDENTURE (this “Indenture”) is entered into as
of the Original Issue Date by and between the Genworth Global Funding Trust
specified in the Pricing Instrument (the “Trust”) and The Bank of New York
Mellon Trust Company, N.A., as the indenture trustee (the “Indenture Trustee”).

 

The Bank of New York Mellon Trust Company, N.A., in
its capacity as Indenture Trustee, hereby accepts its role as Registrar, Paying
Agent, Transfer Agent and Calculation Agent hereunder.

 

References herein to “Indenture Trustee,” “Registrar,”
“Transfer Agent,” “Paying Agent” or “Calculation Agent” shall include the
permitted successors and assigns of any such entity from time to time and
references in the Standard Indenture Terms to The Bank of New York  shall refer to U.S. Bank National Association
and its permitted successors and assigns.

 

W I T N E S S E T H:

 

WHEREAS, the Trust has duly authorized the execution
and delivery of this Indenture to provide for the issuance of Notes;

 

WHEREAS, all things necessary to make this Indenture a
valid and legally binding agreement of the Trust and the other parties to this
Indenture, enforceable in accordance with its terms, have been done, and the
Trust proposes to do all things necessary to make the Notes, when executed by
the Trust and authenticated and delivered pursuant hereto, valid and legally
binding obligations of the Trust as hereinafter provided; and

 

WHEREAS, the parties hereto desire to incorporate by
reference those certain Standard Indenture Terms, dated as of December 8,
2005, and attached to the Pricing Instrument as Exhibit B
(the “Standard Indenture Terms”).

 

NOW, THEREFORE, for and in consideration of the
premises and the purchase of the Notes by the Holders thereof, it is mutually
covenanted and agreed by each of the parties hereto as follows:

 

ARTICLE 1

 

Section 1.01           Incorporation by Reference.  All terms, provisions and agreements set
forth in the Standard Indenture Terms (except to the extent expressly modified
herein) are hereby incorporated herein by reference with the same force and
effect as though fully set forth herein. 
All capitalized terms not otherwise defined herein (including the
recitals hereof) shall have the meanings set forth in the Standard Indenture
Terms (the Standard Indenture Terms and this Indenture, collectively, the “Indenture”).  To the extent that the terms set forth in Article 2
of this Indenture are inconsistent with the terms of the Standard Indenture
Terms, the terms set forth in Article 2 herein shall apply.

 

B-1

 

ARTICLE 2

 

Section 2.01           Agreement to be Bound.  Each of the Trust, the Indenture Trustee, the
Registrar, the Transfer Agent, the Paying Agent and the Calculation Agent
hereby agrees to be bound by all of the terms, provisions and agreements set
forth in the Indenture, with respect to all matters contemplated in the
Indenture, including, without limitation, those relating to the issuance of the
below-referenced Notes.

 

Section 2.02           Designation of the Trust, the Notes and the Funding
Agreement.  The Trust created
by the Trust Agreement specified in the Pricing Instrument and referred to
herein is the Genworth Global Funding Trust specified in the Pricing Instrument.  The Notes issued by the Trust and governed by
the Indenture shall be the Notes specified in the Pricing Supplement.  The Funding Agreement designated hereby is
the Funding Agreement designated in the Pricing Supplement, effective as of the
Original Issue Date, between the Trust and Genworth Life and Annuity Insurance
Company.

 

Section 2.03           Additional Terms.  Notwithstanding anything to the contrary in Section 2.04(c) of
the Standard Indenture Terms, the Indenture Trustee will give written notice of
redemption to the Holders in accordance with Section 1.06 of the Standard
Indenture Terms not more than seventy-five (75) calendar days and not less than
thirty (30) calendar days prior to the date set for such redemption.
Notwithstanding anything to the contrary in Section 2.04(f) of the
Standard Indenture Terms, the Indenture Trustee shall treat as satisfactory to
it thirty-five (35) calendar days’ notice from the Trust (or from GLAIC on
behalf of the Trust) of a redemption date for the Notes; provided that there
are at least three Business Days between the receipt by it of such notice and
the deadline for giving notice of such redemption under Section 2.04(c);
provided further that the Notes are in the form of Global Notes and the
redemption is in whole.  The initial
principal amount of the Notes shall be $1,139,000.00.

 

Section 2.04           Pricing Instrument; Execution and Incorporation of Terms.

 

The parties hereto will enter into this Indenture by
executing the Pricing Instrument.

 

By executing the Pricing Instrument, the Indenture
Trustee, the Registrar, the Transfer Agent, the Paying Agent, the Calculation
Agent and the Trust hereby agree that the Indenture will constitute a legal,
valid and binding agreement between the Indenture Trustee, the Registrar, the
Transfer Agent, the Paying Agent, the Calculation Agent and the Trust.

 

All terms relating to the Trust or the Notes not
otherwise included herein will be as specified in the Pricing Instrument or
Pricing Supplement, as indicated herein.

 

Section 2.05           Counterparts. 
This Indenture, through the Pricing Instrument, may be executed in any
number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute one and the same
instrument.

 

[Remainder of Page Left
Intentionally Blank]

 

B-2

 

SECTION C

 

TERMS AGREEMENT

 

This TERMS AGREEMENT (this “Terms Agreement”) is
entered into as of August 18, 2008 by and among Genworth Life and Annuity
Insurance Company (“GLAIC”), the Genworth Global Funding Trust specified in the
Pricing Instrument (the “Trust”) and the Agent specified in the Pricing
Supplement (the “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, GLAIC and the Agent have entered into that
certain Distribution Agreement dated December 9, 2005 (the “Distribution
Agreement”).

 

NOW, THEREFORE, in consideration of the mutual
promises set forth herein and other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, each of the parties
hereby agrees as follows:

 

ARTICLE 1

 

Section 1.01           Incorporation by Reference.  The provisions of the Distribution Agreement
and the related definitions (unless otherwise specified herein) are
incorporated by reference herein and shall be deemed to have the same force and
effect as if set forth in full herein.

 

ARTICLE 2

 

Section 2.01           Addition of Trust as Party to Distribution Agreement.

 

Pursuant to Section 1 of the Distribution
Agreement, each of the undersigned parties hereby acknowledges and agrees that
the Trust, upon execution hereof by the Trust and the other parties to this
Terms Agreement, shall become a Trust for purposes of the Distribution
Agreement in accordance with the terms thereof, in respect of the Notes, with
all the authority, rights, powers, duties and obligations of a Trust under the
Distribution Agreement.  The Trust
confirms that any agreement, covenant, acknowledgment, representation or
warranty under the Distribution Agreement applicable to the Trust is made by
the Trust at the date hereof, unless another time or times are specified in the
Distribution Agreement, in which case such agreement, covenant, acknowledgment,
representation or warranty shall be deemed to be confirmed by the Trust at such
specified time or times.

 

All references to Section 9 (Indemnification) of
the Distribution Agreement to “solely with respect to the applicable Agent(s) or
Co-Agent(s)” will include all of such Agent’s or Co-Agent’s directors and
officers and each person, if any, who controls such Agent or Co-Agent within
the meaning of Section 15 of the Securities Act of 1933, as amended or Section 20
of the Securities Exchange Act of 1934, as amended.  All references in the Distribution Agreement
to the “Registration Statement”, the “Institutional Base Prospectus”, the “Retail
Base Prospectus”, any “preliminary prospectus”, the “Time of Sale Prospectus”
and the “Prospectus” shall also be deemed to include all documents incorporated
by reference therein.

 

C-1

 

Section 2.02           Purchase of Notes as Principal.

 

(a)           Subject
in all respects to the terms and conditions of the Distribution Agreement, the
Trust hereby agrees to sell to the Agent and the Agent hereby agrees to
purchase the Notes having the terms specified in the Pricing Supplement
relating to such Notes. The initial principal amount of the Notes is
$1,139,000.00.

 

(b)           In
connection with any purchase of Notes from the Trust by the Agent as principal,
the parties agree that the items specified on Schedule I of the Pricing
Instrument will be delivered as of the Settlement Date.

 

Section 2.03           Termination. 
Upon the termination of this Terms Agreement pursuant to Section 13(b) of
the Distribution Agreement the undersigned parties hereby agree to allocate the
expenses reasonably incurred prior to or in connection with such termination as
follows:

 

The expenses will be borne by GLAIC.

 

Section 2.04           Applicable
Time.  For purposes of the
Distribution Agreement, the Applicable Time shall be 4:05 pm EST, August 18,
2008.

 

Section 2.05           Governing Law. 
This Terms Agreement shall be governed by and construed in accordance
with the laws of the State of New York without regard to the principles of
conflicts of laws thereof.

 

Section 2.06           Notices.  For
purposes of Section 14 of the Distribution Agreement, the Trust’s
communications details are as set forth in Section D of the Pricing
Instrument.

 

Section 2.07           Additional Terms. 
The Agent represents, warrants and covenants with or to (as the case may
be) the Trust and the Company that it has not offered, sold or delivered and it
will not offer, sell or deliver, any of the Notes, in or from any jurisdiction
except under circumstances that are reasonably designed to result in compliance
with the applicable securities laws and regulations thereof.

 

Section 2.08           Pricing Instrument; Execution and Incorporation of Terms.

 

The parties hereto will enter into this Terms
Agreement by executing the Pricing Instrument.

 

By executing the Pricing Instrument, each party hereto
agrees that this Terms Agreement will constitute a legal, valid and binding
agreement by and among such parties.

 

All terms relating to the Trust or the Notes not
otherwise included in this Terms Agreement will be as specified in the Pricing
Instrument or Pricing Supplement, as indicated herein.

 

Section 2.09           Counterparts. 
This Terms Agreement, through the Pricing Instrument, may be executed in
any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same
instrument.

 

C-2

 

SECTION D

 

COORDINATION
AGREEMENT

 

This COORDINATION AGREEMENT (this “Coordination
Agreement”), dated as of August 18, 2008, is entered into by and among
Genworth Life and Annuity Insurance Company (“GLAIC”), the Genworth Global
Funding Trust specified in the Pricing Instrument (the “Trust”), SunTrust Bank,
in its capacity as custodian of the Funding Agreement (“Custodian”) and The
Bank of New York Mellon Trust Company, N.A., as the indenture trustee (the “Indenture
Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Trust will enter into the Funding
Agreement with GLAIC, effective as of the Original Issue Date specified in the
Pricing Supplement;

 

WHEREAS, the Agents (as defined in the Distribution
Agreement) will sell the Notes in accordance with the Registration Statement;

 

WHEREAS, the Trust intends to issue the Notes in
accordance with the Indenture, to collaterally assign to, and grant a security
interest in, the Funding Agreement to and in favor of the Indenture Trustee in
accordance with the Indenture to secure payment of the Notes; and

 

WHEREAS, the Custodian will hold the Funding Agreement
on behalf of the Indenture Trustee pursuant to the terms of the Custodial
Agreement.

 

NOW, THEREFORE, to give effect to the agreements and
arrangements established under the Terms Agreement included in the Pricing
Instrument, as applicable, the Trust Agreement, the Indenture and the Notes,
and in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the sufficiency of which are hereby
acknowledged, each party hereby agrees as follows:

 

ARTICLE 1

 

Section 1.01           Delivery of the Funding Agreement.  The Trust hereby authorizes the Custodian, on
behalf of the Indenture Trustee, to receive the Funding Agreement from GLAIC
pursuant to the assignment of the Funding Agreement (the “Assignment”), to be
entered into on the Original Issue Date, included in the closing instrument
dated as of the Original Issue Date (the “Closing Instrument”).

 

Section 1.02           Issuance and Purchase of the Notes.

 

(a)           Delivery
of the Funding Agreement to the Custodian, on behalf of the Indenture Trustee,
pursuant to the Assignment or execution of the cross-receipt contained in the
Closing Instrument shall be confirmation of payment by the Trust for the
Funding Agreement.

 

(b)           The
Trust hereby directs the Indenture Trustee, upon receipt of the Funding
Agreement by the Custodian, on behalf of the Indenture Trustee and pursuant to
the Assignment, 

 

D-1

 

(i) to authenticate the certificates representing
the Notes (the “Certificates”) in accordance with the Indenture and (ii) to
(A) deliver each relevant Certificate to the clearing system or systems
identified in each such Certificate, or to the nominee of such clearing system,
or the custodian thereof, for credit to such accounts as the Agent may direct,
or (B) deliver each relevant Certificate to the purchasers thereof as
identified by the Agent.

 

ARTICLE 2

 

Section 2.01           Directions Regarding Periodic Payments.  As registered owner of the Funding Agreement
as collateral securing payments on the Notes, the Indenture Trustee will
receive payments on the Funding Agreement on behalf of the Trust.  The Trust hereby directs the Indenture
Trustee to use such funds to make payments on behalf of the Trust pursuant to
the Trust Agreement and the Indenture.

 

Section 2.02           Maturity of the Funding Agreement.  Upon the maturity of the Funding Agreement
and the return of funds thereunder, the Trust hereby directs the Indenture
Trustee to set aside from such funds an amount sufficient for the repayment of
the outstanding principal on the Notes and Trust Beneficial Interest when due.

 

ARTICLE 3

 

Section 3.01           Officer’s Certificates.  GLAIC hereby agrees to deliver an Officer’s
Certificate, a copy of which is attached hereto as Exhibit D,
on a quarterly basis to any rating agency currently rating the Program.  The Trust hereby agrees to deliver an Officer’s
Certificate, a copy of which is attached to the Pricing Instrument as Exhibit E, on a quarterly basis to any
rating agency currently rating the Program.

 

Section 3.02           Filings. 
GLAIC hereby covenants to file, or cause to be filed, in a timely manner
on behalf of the Trust all reports, certifications or similar filings required
under the Securities Exchange Act of 1934, as amended.

 

ARTICLE 4

 

Section 4.01           No Additional Liability.  Nothing in this Coordination Agreement shall
impose any liability or obligation on the part of any party to this
Coordination Agreement to make any payment or disbursement in addition to any
liability or obligation such party has under the Program Documents, except to
the extent that a party has actually received funds which it is obligated to
disburse pursuant to this Coordination Agreement.

 

Section 4.02           No Conflict. 
This Coordination Agreement is intended to be in furtherance of the
agreements reflected in the documents related to the Program Documents, and not
in conflict.  To the extent that a
provision of this Coordination Agreement conflicts with the provisions of one
or more Program Documents, the provisions of such Program Documents shall
govern.

 

Section 4.03           Governing Law. 
This Coordination Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to the
principles of conflicts of laws thereof.

 

D-2

 

Section 4.04           Severability. 
If any provision in this Coordination Agreement shall be invalid,
illegal or unenforceable, such provision shall be deemed severable from the
remaining provisions of this Coordination Agreement and shall in no way affect
the validity or enforceability of such other provisions of this Coordination
Agreement.

 

Section 4.05           Notices. 
All demands, notices and communications under this Coordination
Agreement shall be in writing and shall be deemed to have been duly given upon
receipt at the addresses set forth below:

 

To the Trust:

 

Genworth Global Funding Trust 2008-45 

c/o U.S. Bank National Association

Corporate Trust Services

209 S. LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention:  Patricia Child, VP

Facsimile: (312) 325-8905

 

To the Indenture Trustee:

 

The
Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

Attention: Corporate Finance

Facsimile: (312) 827-8542

 

To GLAIC:

 

Genworth
Life and Annuity Insurance Company

6610 West Broad Street

Richmond, Virginia 23230

Attention: Treasurer

Facsimile: (804) 662-7777

 

with a
copy to:

 

Genworth
Life and Annuity Insurance Company

6610 West Broad Street

Richmond, Virginia 23230

Attention: Heather Harker, Esq.

Facsimile: (804) 281-6005

 

To the Custodian:

 

SunTrust Bank

919 East Main Street

Richmond, Virginia 23219

Attention: Retirement Services

Facsimile: (804)
782-7439

 

D-3

 

or at
such other address as shall be designated by any such party in a written notice
to the other parties.

 

ARTICLE 5

 

Section 5.01           Pricing Instrument; Execution and Incorporation of Terms.

 

The parties to this Coordination Agreement will enter
into this Coordination Agreement by executing the Pricing Instrument.

 

By executing the Pricing Instrument, each party hereto
agrees that this Coordination Agreement will constitute a legal, valid and
binding agreement by and among the Trust, GLAIC, the Custodian and the
Indenture Trustee.

 

All terms relating to the Trust or the Notes not
otherwise included in this Coordination Agreement will be as specified in the
Pricing Instrument or Pricing Supplement, as indicated herein.

 

Section 5.02           Counterparts. 
This Coordination Agreement, through the Pricing Instrument, may be
executed in any number of counterparts, each of which counterparts shall be
deemed to be an original, and all of which counterparts shall constitute but
one and the same instrument.

 

Section 5.03           Capitalized Terms.  All capitalized terms used herein and not
otherwise defined in this Coordination Agreement will have the meanings set
forth in the Indenture.

 

[Remainder of Page Left
Intentionally Blank]

 

D-4

 

SECTION E

 

MISCELLANEOUS AND
EXECUTION PAGES

 

This Pricing Instrument may be executed by each of the
parties hereto in any number of counterparts, and by each of the parties hereto
on separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

 

Each signatory, by its execution hereof, does hereby
become a party to each of the agreements or indenture identified for such party
as of the date specified in such agreements or indenture.

 

IN WITNESS WHEREOF, the undersigned have executed this
Pricing Instrument with respect to the Notes as of the date first written
above.

 

 

	
   

  	
  GENWORTH LIFE AND ANNUITY INSURANCE COMPANY (in executing below
  agrees and becomes a party to (i) the Terms Agreement set forth in
  Section C herein and (ii) the Coordination Agreement set forth in
  Section D herein)

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Pamela C. Asbury

  
	
   

  	
   

  	
  Name: Pamela C. Asbury

  
	
   

  	
   

  	
  Title: Vice President

  

 

E-1

 

	
   

  	
  THE GENWORTH GLOBAL FUNDING TRUST DESIGNATED IN THIS PRICING
  INSTRUMENT (in executing below agrees and becomes a party to (i) the
  Indenture set forth in Section B herein, (ii) the Terms Agreement
  set forth in Section C herein and (iii) the Coordination Agreement
  set forth in Section D herein)

  
	
   

  	
   

  	
   

  
	
   

  	
  By: U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity
  but solely in its capacity as Trustee of the Trust

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia M.
  Child

  
	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION (in executing below agrees and becomes
  a party to the Trust Agreement set forth in Section A herein), as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia M.
  Child

  
	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION (in executing below acknowledges and agrees to Section 5.01
  of the Trust Agreement as set forth in and amended by Section A herein),
  in its individual capacity

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Patricia M.
  Child

  
	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GSS HOLDINGS II, INC. (in executing below agrees and becomes a party
  to the Trust Agreement set forth in Section A herein), as Trust
  Beneficial Owner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bernard J.
  Angelo

  
	
   

  	
   

  	
  Name: Bernard J. Angelo

  
	
   

  	
   

  	
  Title: Vice President

  

 

E-2

 

	
   

  	
  THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (in executing below
  agrees and becomes a party to (i) the Indenture set forth in
  Section B herein, as Indenture Trustee, Registrar, Transfer Agent,
  Paying Agent and Calculation Agent and (ii) the Coordination Agreement
  set forth in Section D herein), as Indenture Trustee, Registrar,
  Transfer Agent, Paying Agent and Calculation Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Tarnas

  
	
   

  	
   

  	
  Name: R. Tarnas

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  SUNTRUST BANK (in executing below agrees and becomes a party to the
  Coordination Agreement set forth in Section D herein), as Custodian

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard J.
  Owens, III

  
	
   

  	
   

  	
  Name: Richard J.
  Owens, III

  
	
   

  	
   

  	
  Title: VP/Trust Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  INCAPITAL,
  LLC (in executing below agrees and becomes a party to the Terms Agreement set
  forth in Section C herein)

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Walker

  
	
   

  	
   

  	
  Name: Brian Walker

  
	
   

  	
   

  	
  Title: Managing
  Director

  

 

E-3

 

EXHIBIT A

Standard Trust Terms

 

As filed as Exhibit 4.5
to the Registration Statement on Form S-3 (File No. 333-128718),
filed by Genworth Life and Annuity Insurance Company with the Securities and
Exchange Commission (the “Commission”) on September 30, 2005, as amended
by Amendment No. 1, filed with the Commission on December 8, 2005.

 

A-1

 

EXHIBIT B

Standard Indenture Terms

 

As filed as Exhibit 4.1
to the Registration Statement on Form S-3 (File No. 333-128718),
filed by Genworth Life and Annuity Insurance Company with the Securities and
Exchange Commission (the “Commission”) on September 30, 2005, as amended
by Amendment No. 1, filed with the Commission on December 8, 2005.

 

B-1

 

EXHIBIT C

Pricing Supplement

 

As filed with the
Securities and Exchange Commission pursuant to Rule 424(b) under the
Securities Act, dated as of August 11, 2008, with respect to the Notes to
be issued by the Trust.

 

C-1

 

EXHIBIT D

Genworth Life and Annuity Insurance Company

 

Officer’s Certificate

 

The undersigned, an officer of Genworth Life and
Annuity Insurance Company, a stock life insurance company operating under a
charter granted by the Commonwealth of Virginia (“GLAIC”), does hereby certify
to Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., in such capacity and on behalf of GLAIC, to the knowledge
of the undersigned and after reasonable inquiry, that:

 

1.                                       each
of the representations and warranties of GLAIC contained in each Expense and
Indemnity Agreement entered into in connection with the Registration Statement
(defined below), and each Funding Agreement issued in connection with the Program
(the “Specified Agreements”) (other than any representation or warranty
expressly made as of a date prior to the date hereof) are true and correct on
and as of the date hereof, with the same effect as though such representation
or warranty had been made on and as of the date hereof;

 

2.                                       no
default under any of the Specified Agreements and no event or any condition
which, with notice or lapse of time or both, would become a default, has
occurred and is continuing as of the date hereof;

 

3.                                       GLAIC
has performed and complied with, in all material respects, all of the
agreements, covenants, obligations and conditions applicable to GLAIC required
by the Specified Agreements to be performed or complied with by GLAIC on or
before the date hereof;

 

4.                                       the
Registration Statement filed on Form S-3 (File No. 333-128718) (the “Registration
Statement”) by GLAIC has been declared effective by the Securities and Exchange
Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Act”) and no stop order suspending the effectiveness of the Registration
Statement has been issued and no proceedings for that purpose have been
commenced by or are pending before or contemplated by the Commission;

 

5.                                       all
filings, if any, required by Rule 424 and Rule 430A under the Act
have been made in a timely manner;

 

6.                                       since
[·](1),
the Trusts organized in connection with the program contemplated by the
Registration Statement have issued the following series of Notes:

 

[List each series of Notes]  [(collectively, the “Designated Notes”)]; and

 

7.                                       the
Funding Agreements issued in connection with the Designated Notes have been
executed and delivered by GLAIC in accordance with the terms and conditions of
the Program Documents.

 

(1) This certificate
to be signed quarterly.

 

D-1

 

Capitalized terms used herein and not otherwise
defined herein shall have the meanings set forth in the Standard Indenture
Terms attached as Exhibit 4.1 to the Registration Statement.

 

IN WITNESS WHEREOF, the undersigned has executed this
Certificate as of the [·] day of [·]
200[·].

 

	
   

  	
  [Name], in [his/her]
  capacity as an authorized officer of Genworth Life and Annuity Insurance
  Company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-2

 

EXHIBIT E 

Genworth Global Funding Trusts

 

Trustee Officer’s Certificate

 

U.S. Bank National Association, not in its individual
capacity but solely in its capacity as trustee acting on behalf of each common
law trust organized under the laws of the State of Illinois (in such capacity,
the “Trustee,” and each such common law trust being referred to herein as a “Trust”)
in connection with the program contemplated by the Registration Statement filed
on Form S-3 (File No. 333-128718) by Genworth Life and Annuity
Insurance Company with the Securities and Exchange Commission (the “Commission”)
on September 30, 2005, as amended by Amendment No. 1, filed with the
Commission on December 8, 2005 (the “Registration Statement”), does hereby
certify to Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., in such capacity and on behalf of each Trust,
to the knowledge of the Trustee without any independent investigation, that; as
of October 1, 2006:

 

	
  1.

  	
   

  	
  each of the representations and warranties of each
  Trust contained in the Notes issued in connection with the Program, each
  Indenture entered into in connection with the Registration Statement and the
  Expense and Indemnity Agreement concerning the Trusts (the “Specified Agreements”)
  (other than any representation or warranty expressly made as of a date prior
  to the date hereof) are true and correct on and as of the date hereof, with
  the same effect as though such representation or warranty had been made on
  and as of the date hereof;

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  no default under any of the Specified Agreements and
  no event or any condition which, with notice or lapse of time or both, would
  become a default, has occurred and is continuing as of the date hereof;

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  each Trust has performed and complied with, in all
  material respects, all of the agreements, covenants, obligations and
  conditions applicable to such Trust required by the Specified Agreements to
  be performed or complied with by such Trust on or before the date hereof;

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  the Notes issued in connection with the Program have
  been issued, in all material respects, in accordance with the terms and
  conditions of the Program Documents; and

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  each Funding Agreement has been executed and
  delivered by the related Trust in accordance with the terms and conditions of
  the Program Documents.

  

 

Capitalized terms used herein and not otherwise
defined herein shall have the meanings set forth in the Standard Indenture
Terms attached as Exhibit 4.1 to the Registration Statement. In no event shall
U.S. Bank National Association in its personal corporate capacity (or any
officer of the Trustee in his or her personal capacity) have any liability for
any of the certifications or statements contained in this Trustee Officer’s
Certificate, such liability being solely that of each Trust.

 

E-1

 

IN WITNESS WHEREOF, the undersigned has executed this
Certificate as of the [·] day of [·],
200[·].

 

	
   

  	
  U.S. Bank National
  Association, not in its individual capacity but solely in its capacity as
  Trustee acting on behalf of each Trust

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-2

 

SCHEDULE I

 

Terms Agreement Specifications

 

In
connection with Section 3(a)(iv) of the Distribution Agreement, the
Program under which the Notes are issued is rated Aa3 by Moody’s Investors
Service, Inc. (“Moody’s”) and AA- by Standard & Poor’s Rating
Services, a division of The McGraw-Hill Companies, Inc. (“S&P”).  Genworth Life and Annuity Insurance Company (“GLAIC”)
expects that the Notes will be rated Aa3 by Moody’s and AA- by S&P.  GLAIC’s financial strength rating is Aa3 by
Moody’s and AA- by S&P.

 

In
accordance with Section 2.02(b) of the Terms Agreement and in
connection with the purchase of Notes from the Trust by the Agent, the
following items will be delivered on or prior to the Settlement Date to the
Agent:  None.

 

All capitalized terms used herein and not otherwise
defined herein will have the meanings set forth in the Distribution Agreement.

 

I-1Exhibit 4.2

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE (HEREINAFTER DEFINED) AND IS REGISTERED IN THE NAME OF A DEPOSITARY
(AS DEFINED IN THE INDENTURE) OR A NOMINEE OF A DEPOSITARY.  THIS NOTE IS NOT EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE TRUST (HEREINAFTER DEFINED) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND UNLESS ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

	
  CUSIP
  No.:

  	
  37248JCB6

  	
  Principal
  Amount: U.S. $1,139,000.00

  
	
  ISIN
  No.:

  	
  US37248JCB61

  	
   

  

 

GENWORTH GLOBAL FUNDING
TRUST 2008-45

GENWORTH DIRECTNOTESSM

 

	
  Original Issue Date: August 21, 2008

  	
   

  	
  Floating Rate Note: o Yes x No.  If yes,

  
	
  Issue Price: 100.00%

  	
   

  	
  Floating Rate Notes o

  
	
  Stated Maturity Date: August 15, 2016

  	
   

  	
  Floating Rate/Fixed Rate Notes o

  
	
  Settlement Date: August 21, 2008

  	
   

  	
  Fixed Rate/Floating Rate Notes o

  
	
  Securities Exchange Listing: o Yes x No.  If yes, indicate 

  name(s) of Securities Exchange(s): 

  	
   

  	
  Inverse Floating Rate Notes o

  
	
   

  	
  Interest Rate Basis(es):

  
	
   

  	
   

  	
  LIBOR o

  
	
  Depositary: The Depository Trust Company

  	
   

  	
  o LIBOR Reuters:

  
	
  Authorized Denominations: $1,000 and any
  integral multiple of $1,000 in excess thereof 

  	
   

  	
  LIBOR Currency:

  
	
   

  	
  CMT Rate o

  
	
  Collateral held in the Trust: Genworth
  Life and Annuity Insurance Company Funding Agreement No. GS-R6061, all
  proceeds of the Funding Agreement and all amounts and instruments on deposit
  from time to time in the related collection account and all books and records
  pertaining to the foregoing. 

  	
   

  	
  CD Rate o

  
	
   

  	
  Commercial Paper Rate o

  
	
   

  	
  Prime Rate o

  
	
   

  	
  Treasury Rate o

  
	
   

  	
  Index Maturity:

  
	
   

  	
  Spread and/or Spread Multiplier:

  
	
  Interest Rate or Formula:

  	
   

  	
   

  

 

 

	
  Fixed Rate Notes: x Yes o No.  If yes,

  	
   

  	
  Initial Interest Rate, if any:

  
	
  Interest Rate: 5.85%

  	
   

  	
  Initial Interest Reset Date:

  
	
  Interest Payment Frequency: Semi-annual

  	
   

  	
  Interest Reset Dates:

  
	
  Interest Payment Dates: The 15th
  day of each February and August of each year, provided, however, that the first
  Interest Payment Date shall be February 15, 2009; provided, further, that the final
  Interest Payment Date shall be the Stated Maturity Date.  

  	
   

  	
  Interest  Determination Date(s):

  
	
   

  	
  Interest Payment Dates:

  
	
   

  	
  Maximum Interest Rate, if any:

  
	
   

  	
  Minimum Interest Rate, if any:

  
	
   

  	
  Fixed Rate Commencement Date, if any:

  
	
  Day Count Convention: As indicated on
  the reverse hereof. 

  	
   

  	
  Floating Rate Commencement Date, if any:

  
	
   

  	
  Fixed Interest Rate, if any:

  
	
  Additional/Other Terms: Not applicable

  	
   

  	
  Day Count Convention:

  
	
  Discount Notes: o Yes x No.  If yes,

  	
   

  	
  Additional/Other Terms:

  
	
  Total Amount of Discount:

  	
   

  	
  Regular Record Date(s): 15 calendar days prior to the Interest
  Payment Date  

  
	
  Initial Accrual Period of Discount:

  	
   

  
	
  Interest Payment Dates:

  	
   

  	
  Sinking Fund: Not applicable

  
	
  Additional/Other Terms:

  	
   

  	
  Calculation Agent, if any: Not applicable

  
	
  Redemption Provisions: x Yes o No.  If yes,

  	
   

  	
  Additional/Other Terms: Not applicable

  
	
  Initial Redemption Date: August 15,
  2011

  	
   

  	
  Survivor’s Option: x Yes o No.

  
	
  Initial Redemption Percentage: 100.00%

  	
   

  	
  If yes, the attached Survivor’s Option
  Rider is 

  
	
  Annual Redemption Percentage Reduction,
  if any: 

  	
   

  	
  incorporated into this Note.

  
	
  Not applicable 

  	
   

  	
  Trust Put Limitation: x 1%; or $

  
	
  Additional/Other Terms: Notwithstanding
  anything to the contrary in Section 4 of the reverse hereof, notice of
  any such redemption will be given not more than seventy-five (75) and not
  less than thirty (30) calendar days prior to the date of such redemption.  

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Repayment Provisions: o Yes x No.  If yes,

  	
   

  	
   

  
	
  Repayment Date(s):

  	
   

  	
   

  
	
  Repayment Price:

  	
   

  	
   

  
	
  Additional/Other Terms:

  	
   

  	
   

  

 

The Genworth Global Funding Trust designated above (the “Trust”), for
value received, hereby promises to pay to Cede & Co., or its
registered assigns, the Principal Amount specified above on the Stated Maturity
Date specified above and, if so specified above, to pay interest thereon from
the Original Issue Date specified above or from the most recent Interest
Payment Date specified above to which interest has been paid or duly provided
for at the rate per annum determined in accordance with the provisions on the
reverse hereof and as specified above, until the principal hereof is paid or
made available for payment.  Payments of
principal, premium, if any, and interest hereon will be made in the lawful
currency of the United States of America (“U.S. Dollars” or “United States
Dollars”).  The “Principal Amount” of
this Note at any time means (1) if this Note is a Discount Note (as hereinafter
defined), the Amortized Face Amount (as hereinafter defined) at such time and (2) in
all other cases, the Principal Amount hereof. 
Capitalized terms not otherwise defined herein shall have their meanings
set forth in the Indenture, dated as of the Original Issue Date (the “Indenture”),
between The Bank of New York 

 

2

 

Mellon Trust Company, N.A., as the indenture trustee (the “Indenture
Trustee”), and the Trust, or on the face hereof.

 

This Note will mature on the Stated Maturity Date, unless its principal
(or any installment of its principal) becomes due and payable prior to the
Stated Maturity Date, whether, as applicable, by the declaration of
acceleration of maturity, notice of redemption by the Trust or otherwise (the
Stated Maturity Date or any date prior to the Stated Maturity Date on which
this Note becomes due and payable, as the case may be, is referred to as the “Maturity
Date”).

 

A “Discount Note” is any Note that has an Issue Price that is less than
100% of the Principal Amount thereof by more than a percentage equal to the
product of 0.25% and the number of full years to the Stated Maturity Date.

 

Unless otherwise specified above, the interest payable
on each Interest Payment Date or the Maturity Date will be the amount of
interest accrued from and including the Original Issue Date or from and
including the last Interest Payment Date to which interest has been paid or
duly provided for, as the case may be, to, but excluding, such Interest Payment
Date or the Maturity Date, as the case may be.

 

Unless otherwise specified above, the interest payable on any Interest
Payment Date will be paid to the Person that was the Holder on the Regular
Record Date for such Interest Payment Date, which Regular Record Date shall be
the fifteenth (15th) calendar day, whether or not a Business Day,
immediately preceding the related Interest Payment Date; provided
that, notwithstanding any provision of the Indenture to the contrary, interest
payable on any Maturity Date shall be payable to the Person to whom principal
shall be payable; and provided, further,
that unless otherwise specified above, in the case of a Note initially issued
between a Regular Record Date and the Interest Payment Date relating to such Regular
Record Date, interest for the period beginning on the Original Issue Date and
ending on such Interest Payment Date shall be paid on the Interest Payment Date
following the next succeeding Regular Record Date to the Holder on such next
succeeding Regular Record Date.

 

Payments of principal and premium, if any, and interest and other
amounts due and owing, if any, will be made through the Indenture Trustee to
the account of DTC or its nominee and will be made in accordance with
depositary arrangements with DTC.

 

Unless otherwise specified on the face hereof, the Holder hereof will
not be obligated to pay any administrative costs imposed by banks in making
payments in immediately available funds by the Trust.  Any tax assessment or governmental charge imposed
upon payments hereunder, including, without limitation, any withholding tax,
will be borne by the Holder hereof.

 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF.  SUCH
FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH
AT THIS PLACE.

 

Unless the certificate of authentication hereon shall have been
executed by the Indenture Trustee pursuant to the Indenture, this Note shall
not be entitled to any benefit under such Indenture or be valid or obligatory
for any purpose.

 

3

 

IN WITNESS WHEREOF, the Trust has caused this instrument to be duly
executed, by manual or facsimile signature.

 

 

	
   

  	
  THE GENWORTH GLOBAL
  FUNDING TRUST

  
	
   

  	
  SPECIFIED ON THE FACE
  OF THIS NOTE

  
	
   

  	
   

  
	
  Dated:  August 21, 2008

  	
  By: U.S. Bank National
  Association, not in its individual

  
	
   

  	
  capacity but solely as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Patricia M. Child

  
	
   

  	
   

  	
    Authorized
  Officer

  

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes of the Genworth Global Funding Trust specified
on the face of this Note referred to in the within-mentioned Indenture.

 

 

	
   

  	
  THE BANK OF NEW YORK
  MELLON TRUST 

  COMPANY, N.A., as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:  August 21, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ R. Tarnas

  
	
   

  	
   

  	
    Authorized
  Signatory

  

 

4

 

[REVERSE FORM OF
NOTE]

 

Section 1.  General.  This Note is one of a duly authorized issue
of Notes of the Trust.  The Notes are
issued pursuant to the Indenture.

 

Section 2.  Currency.  This Note is
denominated in, and payments of principal, premium, if any, and/or interest, if
any, will be made in U.S. Dollars.

 

Section 3.  Determination of Interest Rate and Certain
Other Terms.

 

(a)                Fixed
Rate Notes. If this Note is specified on the face hereof as a “Fixed Rate
Note”:

 

(i)          This
Note will bear interest at the rate per annum specified on the face
hereof.  Interest on this Note will be
computed on the basis of a 360-day year of twelve 30-day months.

 

(ii)         Unless
otherwise specified on the face hereof, the Interest Payment Dates for this
Note will be as follows:

 

	
  Interest Payment Frequency

  	
   

  	
  Interest Payment Dates

  
	
  Monthly

  	
   

  	
  Fifteenth day of each
  calendar month, beginning in the first calendar month following the month
  this Note was issued.

  
	
   

  	
   

  	
   

  
	
  Quarterly

  	
   

  	
  Fifteenth day of each
  March, June, September and December, beginning on the first such date
  following the date this Note was issued.

  
	
   

  	
   

  	
   

  
	
  Semi-annual

  	
   

  	
  Fifteenth day of the
  two months of each year specified on the face hereof, beginning on the first
  such date following the date this Note was issued.

  
	
   

  	
   

  	
   

  
	
  Annual

  	
   

  	
  Fifteenth day of the
  month of each year specified on the face hereof, beginning on the first such
  date following the date this Note was issued.

  

 

(iii)        Unless
otherwise specified on the face hereof, if any Interest Payment Date or the
Maturity Date of this Note falls on a day that is not a Business Day, the Trust
will make the required payment of principal, premium, if any, and/or interest
or other amounts on the next succeeding Business Day, and no additional
interest will accrue in respect of the payment made on that next succeeding
Business Day.

 

(b)               Floating
Rate Notes. If this Note is specified on the face hereof as a “Floating
Rate Note”:

 

5

 

(i)          Interest
Rate Basis. As specified on the face hereof, interest on this Note will be
determined by reference to the applicable Interest Rate Basis or Interest Rate
Bases, which may, as described below, include the CD Rate, the CMT Rate, the
Commercial Paper Rate, LIBOR, the Prime Rate or the Treasury Rate (each as
defined below).

 

(ii)         Effective
Rate. The rate derived from the applicable Interest Rate Basis or Interest
Rate Bases will be determined in accordance with the related provisions below.
The interest rate in effect on each day will be based on: (1) if that day
is an Interest Reset Date, the rate determined as of the Interest Determination
Date immediately preceding that Interest Reset Date; or (2) if that day is
not an Interest Reset Date, the rate determined as of the Interest
Determination Date immediately preceding the most recent Interest Reset Date.

 

(iii)        Spread;
Spread Multiplier; Index Maturity. The “Spread” is the number of basis
points (one one-hundredth of a percentage point) specified on the face hereof
to be added to or subtracted from the related Interest Rate Basis or Interest
Rate Bases applicable to this Note. The “Spread Multiplier” is the percentage
specified on the face hereof of the related Interest Rate Basis or Interest
Rate Bases applicable to this Note by which the Interest Rate Basis or Interest
Rate Bases will be multiplied to determine the applicable interest rate. The “Index
Maturity” is the period to maturity of the instrument or obligation with respect
to which the related Interest Rate Basis or Interest Rate Bases will be
calculated.

 

(iv)        Floating
Rate Note. Unless this Note is specified on the face hereof as a Floating
Rate/Fixed Rate Note or a Fixed Rate/Floating Rate Note, this Note (a “Floating
Rate Note”) will bear interest at the rate determined by reference to the
applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus
the applicable Spread, if any; and/or (2) multiplied by the applicable Spread
Multiplier, if any; provided, however, that interest on this Note will not be less than
zero.  Commencing on the first Interest
Reset Date, the rate at which interest on this Floating Rate Note is payable
will be reset as of each Interest Reset Date; provided,
however, that the interest rate in effect for the period, if any,
from the Original Issue Date to the first Interest Reset Date will be the
Initial Interest Rate.

 

(v)         Floating
Rate/Fixed Rate Notes.  If this Note
is specified on the face hereof as a “Floating Rate/Fixed Rate Note”, this Note
will bear interest at the rate determined by reference to the applicable
Interest Rate Basis or Interest Rate Bases: (1) plus or minus the
applicable Spread, if any; and/or (2) multiplied by the applicable Spread
Multiplier, if any; provided, however, that interest on this Note will not be less than
zero.  Commencing on the first Interest
Reset Date, the rate at which this Floating Rate/Fixed Rate Note is payable
will be reset as of each Interest Reset Date; provided,
however, that: (A) the interest rate in effect for the period,
if any, from the Original Issue Date to the first Interest Reset Date will be
the Initial Interest Rate specified on the face hereof; and (B) the
interest rate in effect commencing on the Fixed Rate Commencement Date will be
the Fixed Interest Rate, if specified on the 

 

6

 

face hereof, or, if not so specified, the interest
rate in effect on the day immediately preceding the Fixed Rate Commencement
Date.

 

(vi)        Fixed
Rate/Floating Rate Notes.  If this
Note is specified on the face hereof as a “Fixed Rate/Floating Rate Note”, this
Note will bear interest at the rate per annum specified on the face hereof as
the Fixed Interest Rate; provided, however,
that commencing on the Floating Rate Commencement Date, this Note will bear
interest at the rate determined by reference to the applicable Interest Rate
Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if
any; and/or (2) multiplied by the applicable Spread Multiplier, if any; provided, however, that
interest on this Note will not be less than zero.  Commencing on the first Interest Reset Date,
the rate at which this Fixed Rate/Floating Rate Note is payable will be reset
as of each Interest Reset Date.

 

(vii)       Interest
Reset Dates.  The period between
Interest Reset Dates will be the “Interest Period.” Unless otherwise specified
on the face hereof, the Interest Reset Dates will be, in the case of this
Floating Rate Note  if by its terms it
resets: (1) daily—each business day; (2) weekly—the Wednesday of each
week, with the exception of any weekly reset Floating Rate Note as to which the
Treasury Rate is an applicable Interest Rate Basis, which will reset the
Tuesday of each week; (3) monthly—the fifteenth day of each calendar
month; (4) quarterly—the fifteenth day of March, June, September and December of
each year; (5) semi-annually—the fifteenth day of the two months of each
year specified on the face hereof; and (6) annually—the fifteenth day of
the month of each year specified on the face hereof; provided,
however, that, with respect to a Floating Rate/Fixed Rate Note, the
rate of interest thereon will not reset after the particular Fixed Rate
Commencement Date.  If any Interest Reset
Date for this Floating Rate Note would otherwise be a day that is not a
Business Day, the particular Interest Reset Date will be postponed to the next
succeeding Business Day, except that in the case of a Floating Rate Note as to
which LIBOR is an applicable Interest Rate Basis and that Business Day falls in
the next succeeding calendar month, the particular Interest Reset Date will be
the immediately preceding Business Day.

 

(viii)      Interest
Determination Dates. Unless otherwise
specified on the face hereof, the interest rate applicable to a Floating Rate
Note for an Interest Period commencing on the related Interest Reset Date will
be determined by reference to the applicable Interest Rate Basis as of the
particular “Interest Determination Date”, which will be: (1) with respect
to the Commercial Paper Rate and the Prime Rate—the Business Day immediately
preceding the related Interest Reset Date; (2) with respect to the CD Rate
and the CMT Rate—the second Business Day preceding the related Interest Reset
Date; (3) with respect to LIBOR—the second London Banking Day (as defined
below) preceding the related Interest Reset Date; and (4) with respect to
the Treasury Rate—the day of the week in which the related Interest Reset Date
falls on which day Treasury Bills (as defined below) are normally auctioned
(i.e., Treasury Bills are normally sold at auction on Monday of each week,
unless that day is a legal holiday, in which case the auction is normally held
on the following Tuesday, except that the auction may be held on the preceding
Friday); 

 

7

 

provided, however, that if an
auction is held on the Friday of the week preceding the related Interest Reset
Date, the Interest Determination Date will be the preceding Friday.  Unless otherwise specified on the face
hereof, the Interest Determination Date pertaining to a Floating Rate Note, the
interest rate of which is determined with reference to two or more Interest
Rate Bases, will be the latest Business Day which is at least two Business Days
before the related Interest Reset Date for the applicable Floating Rate Note on
which each Interest Reset Basis is determinable. “London Banking Day” means a
day on which commercial banks are open for business (including dealings in the
LIBOR Currency as hereinafter defined) in London.

 

(ix)         Calculation
Dates.  The
interest rate applicable to each Interest Period will be determined by the
Calculation Agent on or prior to the Calculation Date (as defined below),
except with respect to LIBOR, which will be determined on the particular
Interest Determination Date. Upon request of the Holder of a Floating Rate
Note, the Calculation Agent will disclose the interest rate then in effect and,
if determined, the interest rate that will become effective as a result of a determination
made for the next succeeding Interest Reset Date with respect to such Floating
Rate Note. The “Calculation Date”, if applicable, pertaining to any Interest
Determination Date will be the earlier of: (1) the tenth calendar day
after the particular Interest Determination Date or, if such day is not a
Business Day, the next succeeding Business Day; or (2) the Business Day
immediately preceding the applicable Interest Payment Date or the Maturity
Date, as the case may be.

 

(x)          Maximum
or Minimum Interest Rate. If specified on the face hereof, this Note may
have either or both of a Maximum Interest Rate or a Minimum Interest Rate.  If a Maximum Interest Rate is so designated,
the interest rate for a Floating Rate Note cannot ever exceed such Maximum Interest
Rate and in the event that the interest rate on any Interest Reset Date would
exceed such Maximum Interest Rate (as if no Maximum Interest Rate were in
effect) then the interest rate on such Interest Reset Date shall be the Maximum
Interest Rate.  If a Minimum Interest
Rate is so designated, the interest rate for a Floating Rate Note cannot ever
be less than such Minimum Interest Rate and in the event that the interest rate
on any Interest Reset Date would be less than such Minimum Interest Rate (as if
no Minimum Interest Rate were in effect) then the interest rate on such
Interest Reset Date shall be the Minimum Interest Rate.  Notwithstanding anything to the contrary
contained herein, the interest rate on a Floating Rate Note shall not exceed
the maximum interest rate permitted by applicable law.

 

(xi)         Interest
Payments.  Unless otherwise specified on the
face hereof, the Interest Payment Dates will be, in the case of a Floating Rate
Note which resets: (1) daily, weekly or monthly—the fifteenth day of each
calendar month; (2) quarterly—the fifteenth day of March, June, September and
December of each year; (3) semi-annually—the fifteenth day of the two
months of each year specified on the face hereof; and (4) annually—the
fifteenth day of the month of each year as specified on the face hereof.  In addition, the Maturity Date will also be
an Interest Payment Date.  If any
Interest Payment Date other than the Maturity Date for this Floating Rate Note
would otherwise be a day that is not a Business Day, such Interest Payment Date
will 

 

8

 

be postponed to the next succeeding Business Day,
except that in the case of a Floating Rate Note as to which LIBOR is an
applicable Interest Rate Basis and that Business Day falls in the next
succeeding calendar month, the particular Interest Payment Date will be the
immediately preceding Business Day. If the Maturity Date of a Floating Rate
Note falls on a day that is not a Business Day, the Trust will make the
required payment of principal, premium, if any, and interest, if any, or other
amounts on the next succeeding Business Day, and no additional interest will
accrue in respect of the payment made on that next succeeding Business Day.

 

(xii)        Rounding.
Unless otherwise specified on the face hereof, all percentages resulting from
any calculation on this Floating Rate Note will be rounded to the nearest one
hundred-thousandth of a percentage point, with five one-millionths of a
percentage point rounded upwards. All dollar amounts used in or resulting from
any calculation on this Floating Rate Note will be rounded to the nearest cent.

 

(xiii)       Interest
Factor. With respect to this Floating Rate Note, accrued interest is
calculated by multiplying the principal amount of such Note by an accrued
interest factor. The accrued interest factor is computed by adding the interest
factor calculated for each day in the particular Interest Period. Unless
otherwise specified on the face hereof, the interest factor for each day will
be computed by dividing the interest rate applicable to such day by 360, in the
case of a Floating Rate Note as to which the CD Rate, the Commercial Paper
Rate, LIBOR or the Prime Rate is an applicable Interest Rate Basis, or by the
actual number of days in the year, in the case of a Floating Rate Note as to
which the CMT Rate or the Treasury Rate is an applicable Interest Rate Basis.
The interest factor for a Floating Rate Note as to which the interest rate is
calculated with reference to two or more Interest Rate Bases will be calculated
in each period in the same manner as if only the applicable Interest Rate Basis
specified above applied.

 

(xiv)      Determination
of Interest Rate Basis. The Calculation Agent shall determine the rate
derived from each Interest Rate Basis in accordance with the following
provisions:

 

(A)  CD Rate Notes.  If the Interest Rate Basis is the CD Rate,
this Note shall be deemed a “CD Rate Note.” 
Unless otherwise specified on the face hereof, “CD Rate” means: (1) the
rate on the particular Interest Determination Date for negotiable United States
Dollar certificates of deposit having the Index Maturity specified on the face
hereof as published in H.15(519) (as defined below) under the caption “CDs
(secondary market)”; or (2) if the rate referred to in clause (1) is
not so published by 3:00 P.M., New York City time, on the related
Calculation Date, the rate on the particular Interest Determination Date for
negotiable United States Dollar certificates of deposit of the particular Index
Maturity as published in H.15 Daily Update (as defined below), or other
recognized electronic source used for the purpose of displaying the applicable
rate, under the caption “CDs (secondary market)”; or (3) if the rate
referred to in clause (2) is not so published by 3:00 P.M., New York
City time, on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent as 

 

9

 

the arithmetic mean of the secondary market offered
rates as of 10:00 A.M., New York City time, on that Interest Determination
Date, of three leading non-bank dealers in negotiable United States Dollar
certificates of deposit in New York City (which may include the purchasing
agent or its affiliates) selected by the Calculation Agent for negotiable
United States Dollar certificates of deposit of major United States money
market banks for negotiable United States certificates of deposit with a
remaining maturity closest to the particular Index Maturity in an amount that
is representative for a single transaction in that market at that time; or (4) if
the dealers so selected by the Calculation Agent are not quoting as mentioned
in clause (3), the CD Rate in effect on the particular Interest Determination
Date. “H.15(519)” means the weekly statistical
release designated as H.15(519), or any successor publication, published by the
Board of Governors of the Federal Reserve System. “H.15 Daily Update” means the
daily update of H.15(519), available through the world-wide-web site of the
Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/H15/ update, or any successor site or
publication.

 

(B)  CMT Rate Notes.  If the Interest Rate Basis is the CMT Rate,
this Note shall be deemed a “CMT Rate Note.” 
Unless otherwise specified on the face hereof, “CMT Rate” means:

 

(1) if CMT Moneyline Telerate Page 7051 is
specified on the face hereof:

 

i.                      the
percentage equal to the yield for United States Treasury securities at “constant
maturity” having the Index Maturity specified on the face hereof as published
in H.15(519) under the caption “Treasury Constant Maturities”, as the yield is
displayed on Moneyline Telerate (or any successor service) on page 7051
(or any other page as may replace the specified page on that service)
(“Moneyline Telerate Page 7051”), for the particular Interest
Determination Date; or

 

ii.                   if
the rate referred to in clause (i) does not so appear on Moneyline
Telerate Page 7051, the percentage equal to the yield for United States
Treasury securities at “constant maturity” having the particular Index Maturity
and for the particular Interest Determination Date as published in H.15(519)
under the caption “Treasury Constant Maturities”; or

 

iii.                if
the rate referred to in clause (ii) does not so appear in H.15(519), the
rate on the particular Interest Determination Date for the period of the
particular Index Maturity as may then be published by either the Federal
Reserve System Board of Governors or the United States Department of the
Treasury that the Calculation Agent determines to be comparable to the rate
which would otherwise have been published in H.15(519); or

 

10

 

iv.               if
the rate referred to in clause (iii) is not so published, the rate on the
particular Interest Determination Date calculated by the Calculation Agent as a
yield to maturity based on the arithmetic mean of the secondary market bid
prices at approximately 3:30 P.M., New York City time, on that Interest
Determination Date of three leading primary United States government securities
dealers in New York City (which may include the purchasing agent or its
affiliates) (each, a “Reference Dealer”) selected by the Calculation Agent from
five Reference Dealers selected by the Calculation Agent and eliminating the
highest quotation, or, in the event of equality, one of the highest, and the
lowest quotation or, in the event of equality, one of the lowest, for United
States Treasury securities with an original maturity equal to the particular
Index Maturity, a remaining term to maturity no more than one year shorter than
that Index Maturity and in a principal amount that is representative for a
single transaction in the securities in that market at that time; or

 

v.                  if
fewer than five but more than two of the prices referred to in clause (iv) are
provided as requested, the rate on the particular Interest Determination Date
calculated by the Calculation Agent based on the arithmetic mean of the bid
prices obtained and neither the highest nor the lowest of the quotations shall
be eliminated; or

 

vi.               if
fewer than three prices referred to in clause (iv) are provided as
requested, the rate on the particular Interest Determination Date calculated by
the Calculation Agent as a yield to maturity based on the arithmetic mean of
the secondary market bid prices as of approximately 3:30 P.M., New York
City time, on that Interest Determination Date of three Reference Dealers selected
by the Calculation Agent from five Reference Dealers selected by the
Calculation Agent and eliminating the highest quotation or, in the event of
equality, one of the highest and the lowest quotation or, in the event of
equality, one of the lowest, for United States Treasury securities with an
original maturity greater than the particular Index Maturity, a remaining term
to maturity closest to that Index Maturity and in a principal amount that is
representative for a single transaction in the securities in that market at
that time; or

 

vii.            if fewer
than five but more than two prices referred to in clause (vi) are provided
as requested, the rate on the particular Interest Determination Date calculated
by the Calculation Agent based on the arithmetic mean of the bid prices
obtained and neither the highest nor the lowest of the quotations will be
eliminated; or

 

11

 

viii.         if fewer than three
prices referred to in clause (vi) are provided as requested, the CMT Rate
in effect on the particular Interest Determination Date; or

 

(2) if CMT Moneyline Telerate Page 7052 is
specified on the face hereof:

 

i.                       the
percentage equal to the one-week or one-month, as specified on the face hereof,
average yield for United States Treasury securities at “constant maturity”
having the Index Maturity specified on the face hereof as published in
H.15(519) opposite the caption “Treasury Constant Maturities”, as the yield is
displayed on Moneyline Telerate (or any successor service) (on page 7052
or any other page as may replace the specified page on that service)
(“Moneyline Telerate Page 7052”), for the week or month, as applicable,
ended immediately preceding the week or month, as applicable, in which the
particular Interest Determination Date falls; or

 

ii.                    if
the rate referred to in clause (i) does not so appear on Moneyline
Telerate Page 7052, the percentage equal to the one-week or one-month, as
specified on the face hereof, average yield for United States Treasury
securities at “constant maturity” having the particular Index Maturity and for
the week or month, as applicable, preceding the particular Interest
Determination Date as published in H.15(519) opposite the caption “Treasury
Constant Maturities”; or

 

iii.                 if
the rate referred to in clause (ii) does not so appear in H.15(519), the
one-week or one-month, as specified on the face hereof, average yield for
United States Treasury securities at “constant maturity” having the particular
Index Maturity as otherwise announced by the Federal Reserve Bank of New York
for the week or month, as applicable, ended immediately preceding the week or
month, as applicable, in which the particular Interest Determination Date
falls; or

 

iv.                if
the rate referred to in clause (iii) is not so published, the rate on the
particular Interest Determination Date calculated by the Calculation Agent as a
yield to maturity based on the arithmetic mean of the secondary market bid
prices at approximately 3:30 P.M., New York City time, on that Interest Determination
Date of three Reference Dealers selected by the Calculation Agent from five
Reference Dealers selected by the Calculation Agent and eliminating the highest
quotation, or, in the event of equality, one of the highest, and the lowest
quotation or, in the event of equality, one of the lowest, for United States
Treasury securities with an original maturity equal to the particular Index
Maturity, a 

 

12

 

remaining term to
maturity no more than one year shorter than that Index Maturity and in a
principal amount that is representative for a single transaction in the
securities in that market at that time; or

 

v.                   if
fewer than five but more than two of the prices referred to in clause (iv) are
provided as requested, the rate on the particular Interest Determination Date
calculated by the Calculation Agent based on the arithmetic mean of the bid
prices obtained and neither the highest nor the lowest of the quotations shall
be eliminated; or

 

vi.                if
fewer than three prices referred to in clause (iv) are provided as
requested, the rate on the particular Interest Determination Date calculated by
the Calculation Agent as a yield to maturity based on the arithmetic mean of
the secondary market bid prices as of approximately 3:30 P.M., New York
City time, on that Interest Determination Date of three Reference Dealers
selected by the Calculation Agent from five Reference Dealers selected by the
Calculation Agent and eliminating the highest quotation or, in the event of
equality, one of the highest and the lowest quotation or, in the event of
equality, one of the lowest, for United States Treasury securities with an
original maturity greater than the particular Index Maturity, a remaining term
to maturity closest to that Index Maturity and in a principal amount that is
representative for a single transaction in the securities in that market at the
time; or

 

vii.             if
fewer than five but more than two prices referred to in clause (vi) are
provided as requested, the rate on the particular Interest Determination Date
calculated by the Calculation Agent based on the arithmetic mean of the bid
prices obtained and neither the highest nor the lowest of the quotations will
be eliminated; or

 

viii.          if fewer than three prices referred to in
clause (vi) are provided as requested, the CMT Rate in effect on that
Interest Determination Date.

 

If two United States Treasury securities with an
original maturity greater than the Index Maturity specified on the face hereof
have remaining terms to maturity equally close to the particular Index
Maturity, the quotes for the United States Treasury security with the shorter
original remaining term to maturity will be used.

 

(C)  Commercial Paper Rate Notes.  If the Interest Rate Basis is the Commercial
Paper Rate, this Note shall be deemed a “Commercial Paper Rate Note.”  Unless otherwise specified on the face
hereof, “Commercial Paper Rate” means:  (1) the

 

13

 

Money Market Yield (as defined below) on the
particular Interest Determination Date of the rate for commercial paper having
the Index Maturity specified on the face hereof as published in H.15(519) under
the caption “Commercial Paper—Nonfinancial”; or (2) if the rate referred
to in clause (1) is not so published by 3:00 P.M., New York City
time, on the related Calculation Date, the Money Market Yield of the rate on
the particular Interest Determination Date for commercial paper having the
particular Index Maturity as published in H.15 Daily Update, or such other
recognized electronic source used for the purpose of displaying the applicable
rate, under the caption “Commercial Paper—Nonfinancial”; or (3) if the
rate referred to in clause (2) is not so published by 3:00 P.M., New
York City time, on the related Calculation Date, the rate on the particular
Interest Determination Date calculated by the Calculation Agent as the Money
Market Yield of the arithmetic mean of the offered rates at approximately 11:00 A.M.,
New York City time, on that Interest Determination Date of three leading
dealers of United States Dollar commercial paper in New York City (which may
include the purchasing agent or its affiliates) selected by the Calculation
Agent for commercial paper having the particular Index Maturity placed for
industrial issuers whose bond rating is “Aa”, or the equivalent, from a
nationally recognized statistical rating organization; or (4) if the
dealers so selected by the Calculation Agent are not quoting as mentioned in
clause (3), the Commercial Paper Rate in effect on the particular Interest
Determination Date. “Money Market Yield” means a yield (expressed as a
percentage) calculated in accordance with the following formula:

 

	
  Money Market
  Yield =

  	
  D x 360

  	
  x 100

  
	
   

  	
  360 – (D x M)

  	
   

  

 

where “D” refers to the applicable per annum rate for
commercial paper quoted on a bank discount basis and expressed as a decimal,
and “M” refers to the actual number of days in the applicable Interest Period.

 

(D)  LIBOR Notes.  If the Interest Rate Basis is LIBOR, this
Note shall be deemed a “LIBOR Note.” 
Unless otherwise specified on the face hereof, “LIBOR” means: (1) if
“LIBOR Moneyline Telerate” is specified on the face hereof or if neither “LIBOR
Reuters” nor “LIBOR Moneyline Telerate” is specified on the face hereof as the
method for calculating LIBOR, the rate for deposits in the LIBOR Currency
having the Index Maturity specified on the face hereof, commencing on the
related Interest Reset Date, that appears on the LIBOR Page (as defined
below) as of 11:00 A.M., London time, on the particular Interest
Determination Date; or (2) if “LIBOR Reuters” is specified on the face
hereof, the arithmetic mean of the offered rates, calculated by the Calculation
Agent, or the offered rate, if the LIBOR Page by its terms provides only
for a single rate, for deposits in the LIBOR Currency having the particular
Index Maturity, commencing on the related Interest Reset Date, that appear or
appears, as the case may be, on the LIBOR Page as of 11:00 A.M.,
London time, on the particular Interest Determination Date; or (3) if
fewer than two offered rates appear, or no rate appears, as the case may be, on
the particular Interest 

 

14

 

Determination Date on the LIBOR Page as specified
in clause (1) or (2), as applicable, the rate calculated by the
Calculation Agent of at least two offered quotations obtained by the
Calculation Agent after requesting the principal London offices of each of four
major reference banks (which may include affiliates of the purchasing agent) in
the London interbank market to provide the Calculation Agent with its offered
quotation for deposits in the LIBOR Currency for the period of the particular
Index Maturity, commencing on the related Interest Reset Date, to prime banks
in the London interbank market at approximately 11:00 A.M., London time,
on that Interest Determination Date and in a principal amount that is
representative for a single transaction in the LIBOR Currency in that market at
that time; or (4) if fewer than two offered quotations referred to in
clause (3) are provided as requested, the rate calculated by the
Calculation Agent as the arithmetic mean of the rates quoted at approximately
11:00 A.M., in the applicable Principal Financial Center, on the particular
Interest Determination Date by three major banks (which may include affiliates
of the purchasing agent) in that Principal Financial Center selected by the
Calculation Agent for loans in the LIBOR Currency to leading European banks,
having the particular Index Maturity and in a principal amount that is
representative for a single transaction in the LIBOR Currency in that market at
that time; or (5) if the banks so selected by the Calculation Agent are
not quoting as mentioned in clause (4), LIBOR in effect on the particular
Interest Determination Date. “LIBOR Currency” means the currency specified on
the face hereof as to which LIBOR shall be calculated or, if no currency is
specified on the face hereof, United States Dollars. “LIBOR Page” means either:
(1) if “LIBOR Reuters” is specified on the face hereof, the display on the
Reuter Monitor Money Rates Service (or any successor service) on the page specified
on the face hereof (or any other page as may replace that page on
that service) for the purpose of displaying the London interbank rates of major
banks for the LIBOR Currency; or (2) if “LIBOR Moneyline Telerate” is
specified on the face hereof or neither “LIBOR Reuters” nor “LIBOR Moneyline
Telerate” is specified on the face hereof as the method for calculating LIBOR,
the display on Moneyline Telerate (or any successor service) on the page specified
on the face hereof (or any other page as may replace such page on
such service) for the purpose of displaying the London interbank rates of major
banks for the LIBOR Currency.

 

(E)  Prime Rate Notes.  If the Interest Rate Basis is the Prime Rate,
this Note shall be deemed a “Prime Rate Note.” 
Unless otherwise specified on the face hereof, “Prime Rate” means:  (1) the rate on the particular Interest
Determination Date as published in H.15(519) under the caption “Bank Prime Loan”;
or (2) if the rate referred to in clause (1) is not so published by
3:00 P.M., New York City time, on the related Calculation Date, the rate
on the particular Interest Determination Date as published in H.15 Daily
Update, or such other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “Bank Prime Loan”; or (3) if
the rate referred to in clause (2) is not so published by 3:00 P.M.,
New York City time, on the related Calculation Date, the rate on the particular
Interest Determination Date calculated by the Calculation Agent as the
arithmetic mean of the rates of interest publicly announced by each bank that 

 

15

 

appears on the Reuters Screen US PRIME 1 Page (as
defined below) as the applicable bank’s prime rate or base lending rate as of
11:00 A.M., New York City time, on that Interest Determination Date; or (4) if
fewer than four rates referred to in clause (3) are so published by 3:00 p.m.,
New York City time, on the related Calculation Date, the rate on the particular
Interest Determination Date calculated by the Calculation Agent as the
arithmetic mean of the prime rates or base lending rates quoted on the basis of
the actual number of days in the year divided by a 360-day year as of the close
of business on that Interest Determination Date by three major banks (which may
include affiliates of the purchasing agent) in New York City selected by the
Calculation Agent; or (5) if the banks so selected by the Calculation
Agent are not quoting as mentioned in clause (4), the Prime Rate in effect on
the particular Interest Determination Date. “Reuters Screen US PRIME 1 Page”
means the display on the Reuter Monitor Money Rates Service (or any successor
service) on the “US PRIME 1” page (or any other page as may replace
that page on that service) for the purpose of displaying prime rates or
base lending rates of major United States banks.

 

(F)  Treasury Rate Notes.  If the Interest Rate Basis is the Treasury
Rate, this Note shall be deemed a “Treasury Rate Note.”  Unless otherwise specified on the face
hereof, “Treasury Rate” means: (1) the rate from the auction held on the
Interest Determination Date (the “Auction”) of direct obligations of the United
States (“Treasury Bills”) having the Index Maturity specified on the face
hereof under the caption “INVESTMENT RATE” on the display on Moneyline Telerate
(or any successor service) on page 56 (or any other page as may
replace that page on that service) (“Moneyline Telerate Page 56”) or page 57
(or any other page as may replace that page on that service) (“Moneyline
Telerate Page 57”); or (2) if the rate referred to in clause (1) is
not so published by 3:00 P.M., New York City time, on the related
Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for
the applicable Treasury Bills as published in H.15 Daily Update, or another
recognized electronic source used for the purpose of displaying the applicable
rate, under the caption “U.S. Government Securities/Treasury Bills/Auction High”;
or (3) if the rate referred to in clause (2) is not so published by
3:00 P.M., New York City time, on the related Calculation Date, the Bond
Equivalent Yield of the auction rate of the applicable Treasury Bills as
announced by the United States Department of the Treasury; or (4) if the
rate referred to in clause (3) is not so announced by the United States
Department of the Treasury, or if the Auction is not held, the Bond Equivalent
Yield of the rate on the particular Interest Determination Date of the
applicable Treasury Bills as published in H.15(519) under the caption “U.S.
Government Securities/Treasury Bills/Secondary Market”; or (5) if the rate
referred to in clause (4) is not so published by 3:00 P.M., New York
City time, on the related Calculation Date, the rate on the particular Interest
Determination Date of the applicable Treasury Bills as published in H.15 Daily
Update, or another recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”; or (6) if the rate referred
to in clause (5) is not so published by 3:00 P.M., New York City
time, on the related Calculation Date, the rate on the 

 

16

 

particular Interest Determination Date calculated by
the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of
the secondary market bid rates, as of approximately 3:30 P.M., New York
City time, on that Interest Determination Date, of three primary United States
government securities dealers (which may include the purchasing agent or its
affiliates) selected by the Calculation Agent, for the issue of Treasury Bills
with a remaining maturity closest to the Index Maturity specified on the face
hereof; or (7) if the dealers so selected by the Calculation Agent are not
quoting as mentioned in clause (6), the Treasury Rate in effect on the particular
Interest Determination Date. “Bond Equivalent Yield” means a yield (expressed
as a percentage) calculated in accordance with the following formula:

 

	
  Bond Equivalent
  Yield =

  	
  D x N

  	
  x 100

  
	
   

  	
  360 – (D x M)

  	
   

  

 

where “D”
refers to the applicable per annum rate for Treasury Bills quoted on a bank
discount basis and expressed as a decimal, “N” refers to 365 or 366, as the
case may be, and “M” refers to the actual number of days in the applicable
Interest Period.

 

(c)                Discount
Notes.  If this Note is specified on the
face hereof as a “Discount Note”:

 

(i)          Principal
and Interest. This Note will bear interest in the same manner as set forth
in Section 3(a) above, and payments of principal and interest shall
be made as set forth on the face hereof. 
Discount Notes may not bear any interest currently or may bear interest
at a rate that is below market rates at the time of issuance. The difference
between the Issue Price of a Discount Note and par is referred to as the “Discount”.

 

(ii)         Redemption;
Repayment; Acceleration. In the event a Discount Note is redeemed, repaid
or accelerated, the amount payable to the Holder of such Discount Note will be
equal to the sum of: (A) the Issue Price (increased by any accruals of
Discount); and (B) any unpaid interest accrued on such Discount Note to
the Maturity Date (“Amortized Face Amount”). 
Unless otherwise specified on the face hereof, for purposes of
determining the amount of Discount that has accrued as of any date on which a
redemption, repayment or acceleration of maturity occurs for a Discount Note, a
Discount will be accrued using a constant yield method. The constant yield will
be calculated using a 30-day month, 360-day year convention, a compounding
period that, except for the Initial Period (as defined below), corresponds to
the shortest period between Interest Payment Dates for the applicable Discount
Note (with ratable accruals within a compounding period), a coupon rate equal
to the initial coupon rate applicable to the applicable  Discount Note and an assumption that the
maturity of such  Discount Note will not
be accelerated. If the period from the date of issue to the first Interest
Payment Date for a Discount Note (the “Initial Period”) is shorter than the
compounding period for such Discount Note, a proportionate amount of the yield
for an entire compounding period will be accrued. If the Initial Period is
longer than the compounding period, then the period 

 

17

 

will be divided into a regular compounding period and
a short period with the short period being treated as provided above.

 

Section 4.  Redemption.  If
no redemption right is set forth on the face hereof, this Note may not be
redeemed prior to the Stated Maturity Date, except as set forth in the
Indenture or in Section 10 hereof. 
In the case of a Note that is not a Discount Note, if a redemption right
is set forth on the face of this Note, the Trust shall elect to redeem this
Note on the Interest Payment Date after the Initial Redemption Date set forth
on the face hereof on which the Funding Agreement is to be redeemed in whole or
in part by Genworth Life and Annuity Insurance Company (“GLAIC”) (each, a “Redemption
Date”), in which case this Note must be redeemed on such Redemption Date in
whole or in part, as applicable, prior to the Stated Maturity Date, in
increments of $1,000 at the applicable Redemption Price (as defined below),
together with unpaid interest, if any, accrued thereon to, but excluding, the
applicable Redemption Date.  “Redemption
Price” shall mean the unpaid Principal Amount of this Note to be redeemed.  The unpaid Principal Amount of this Note to
be redeemed shall be determined by multiplying (1) the Outstanding
principal amount of this Note by (2) the quotient derived by dividing (A) the
outstanding principal amount of the Funding Agreement to be redeemed by GLAIC
by (B) the outstanding principal amount of the Funding Agreement.  Notice must be given not more than
seventy-five (75) nor less than forty-five (45) calendar days prior to the proposed
Redemption Date.  In the event of
redemption of this Note in part only, a new Note for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the surrender
hereof.

 

Section 5.  Sinking Funds. 
Unless specified on the face hereof, this Note will not be subject to,
or entitled to the benefit of, any sinking fund.

 

Section 6.  Repayment.  If no repayment right is set forth on the
face hereof, this Note may not be repaid at the option of the Holder hereof
prior to the Stated Maturity Date.  If a
repayment right is granted on the face of this Note, this Note may be subject
to repayment at the option of the Holder on any Interest Payment Date on and
after the date, if any, indicated on the face hereof (each, a “Repayment Date”).  On any Repayment Date, unless otherwise
specified on the face hereof, this Note shall be repayable in whole or in part
in increments of $1,000 at the option of the Holder hereof at a repayment price
equal to 100% of the Principal Amount to be repaid, together with interest
thereon, if any, payable to the Repayment Date. 
For this Note to be repaid in whole or in part at the option of the
Holder hereof, this Note must be received by the Indenture Trustee, with the form
entitled “Option to Elect Repayment”, below, duly completed not more than sixty
(60) nor less than thirty (30) days prior to a Repayment Date.  Exercise of such repayment option by the
Holder hereof shall be irrevocable.  In
the event of a repayment of this Note in part only, a new Note for the portion
hereof not repaid shall be issued in the name of the Holder hereof upon the
surrender hereof.

 

Section 7.  Modifications and Waivers.  The
Indenture contains provisions permitting the Trust and the Indenture Trustee (1) at
any time and from time to time without notice to, or the consent of, the
Holders of any Notes issued under the Indenture to enter into one or more
supplemental indentures for certain enumerated purposes and (2) with the
consent of the Holders of a majority in aggregate principal amount of the
Outstanding Notes affected thereby, to enter into one or more supplemental
indentures for the purpose of adding any provisions to, or changing in any
manner or eliminating any of the provisions of, the Indenture or of modifying
in any manner the 

 

18

 

rights
of Holders of Notes under the Indenture; provided, that,
with respect to certain enumerated provisions, no such supplemental indenture
shall be entered into without the consent of the Holder of each Note affected
thereby.  Any
such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note or such other Notes.

 

Section 8.  Obligations Unconditional.  No reference herein to the Indenture and no
provisions of this Note or of the Indenture shall impair the right of each
Holder of any Note, which is absolute and unconditional, to receive payment of
the principal, and any interest on, and premium, if any, on, such Note on the
respective Stated Maturity Date or redemption date thereof and to institute
suit for the enforcement of any such payment, and such rights shall not be
impaired without the consent of such Holder.

 

Section 9. 
Events of
Default.  If an Event of
Default with respect to this Note shall occur and be continuing, the principal
of, and all other amounts payable on, the Notes may be declared due and
payable, or may be automatically accelerated, as the case may be, in the manner
and with the effect provided in the Indenture. 
In the event that this Note is a Discount Note, the amount of principal
of this Note that becomes due and payable upon such acceleration shall be equal
to the amount calculated as set forth in Section 3(c) hereof.

 

Section 10.  Withholding; No Additional Amounts; Tax
Event and Redemption.  All
amounts due on this Note will be made without any applicable withholding or
deduction for or on account of any present or future taxes, duties, levies,
assessments or other governmental charges of whatever nature imposed or levied
by or on behalf of any governmental authority, unless such withholding or
deduction is required by law. The Trust will not pay any additional amounts to
the Holder of this Note in respect of such withholding or deduction, any such
withholding or deduction will not give rise to an event of default or any independent
right or obligation to redeem this Note and the Holder will be deemed for all
purposes to have received cash in an amount equal to the portion of such
withholding or deduction that is attributable to such Holder’s interest in this
Note as equitably determined by the Trust.

 

If (1) a Tax Event (defined below) as to the Funding Agreement
occurs and (2) GLAIC redeems the Funding Agreement in whole, the Trust
will redeem the Notes, subject to the terms and conditions of Section 2.04
of the Indenture, at a Redemption Price equal to the Outstanding principal
amount of the Notes together with unpaid interest accrued thereon to the
applicable redemption date.  “Tax Event”
means that GLAIC shall have received an opinion of independent legal counsel
stating in effect that as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any political subdivision or taxing
authority thereof or therein or (b) any amendment to, or change in, an
interpretation or application of any such laws or regulations by any
governmental authority in the United States, which amendment or change is
enacted, promulgated, issued or announced on or after the effective date of the
Funding Agreement, there is more than an insubstantial risk that (i) the
Trust is, or will be within ninety (90) days of the date thereof, subject to
U.S. federal income tax with respect to interest accrued or received on the
Funding Agreement or (ii) the Trust is, or will be within ninety (90) days
of the date thereof, subject to more than a de minimis amount of taxes, duties
or other governmental charges.

 

19

 

Section 11.  Listing.  Unless otherwise specified on the face
hereof, this Note will not be listed on any securities exchange.

 

Section 12.  Collateral. The
Collateral for this Note includes the Funding Agreement specified on the face
hereof.

 

Section 13.  No Recourse  Against Certain Persons.  No recourse shall be had for the payment of
any principal, interest or any other sums at any time owing under the terms of
this Note, or for any claim based hereon, or otherwise in respect hereof, or
based on or in respect of the Indenture or any indenture supplemental thereto,
against the Nonrecourse Parties, whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such personal liability being, by the acceptance hereof and as
part of the consideration for issue hereof, expressly waived and released.

 

Section 14.  Miscellaneous.

 

(a)  This Note is issuable only as a registered Note without
coupons in denominations of $1,000 and any integral multiple in excess thereof
unless otherwise specified on the face of this Note.

 

(b)  Prior to due presentment for registration of transfer of this
Note, the Trust, the Indenture Trustee, the Registrar, the Paying Agent, any
Agent and any other agent of the Trust or the Indenture Trustee may treat the
Person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note shall be overdue, and none of the Trust, the Indenture
Trustee, the Registrar, the Paying Agent, any Agent or any other agent of the
Trust or the Indenture Trustee shall be affected by notice to the contrary.

 

(c)  The Notes are being issued by means of a book-entry-only
system with no physical distribution of certificates to be made except as provided
in the Indenture.  The book-entry system
maintained by DTC will evidence ownership of the Notes, with transfers of
ownership effected on the records of DTC and its Participants pursuant to rules and
procedures established by DTC and its Participants.  The Trust and the Indenture Trustee will
recognize Cede & Co., as nominee of DTC, as the registered owner of
the Notes and as the Holder of the Notes for all purposes, including payment of
principal, premium (if any) and interest, notices and voting.  Transfer of principal, premium (if any) and
interest to participants of DTC will be the responsibility of DTC, and transfer
of principal, premium (if any) and interest to beneficial holders of the Notes
by Participants of DTC will be the responsibility of such Participants and
other nominees of such beneficial holders. 
So long as the book-entry system is in effect, the selection of any
Notes to be redeemed or repaid will be determined by DTC pursuant to rules and
procedures established by DTC and its Participants.  Neither the Trust nor the Indenture Trustee
will not be responsible or liable for such transfers or payments or for
maintaining, supervising or reviewing the records maintained by DTC, its
Participants or persons acting through such Participants.

 

(d)  This Note or portion hereof may not be exchanged for
Definitive Notes, except in the limited circumstances provided for in the
Indenture.  The transfer or exchange of
Definitive 

 

20

 

Notes shall be subject to the terms of the Indenture.  No service charge will be made for any
registration of transfer or exchange, but the Trust may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

Section 15.  GOVERNING LAW.  THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
CONFLICT OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK), EXCEPT AS REQUIRED BY MANDATORY
PROVISIONS OF LAW.

 

21

 

OPTION TO ELECT REPAYMENT

 

The undersigned hereby irrevocably request(s) and
instruct(s) the Trust to repay this Note (or portion hereof specified
below) pursuant to its terms at a price equal to the Principal Amount hereof
together with interest to the repayment date, to the undersigned, at:

	
   

  
	
   

  
	
   

  

(Please
print or typewrite name and address of the undersigned).

 

For this Note to be repaid, the Indenture Trustee (or
the Paying Agent on behalf of the Indenture Trustee) must receive at its
Corporate Trust Office, or at such other place or places of which the Trust
shall from time to time notify the Holder of this Note, not more than sixty
(60) nor less than thirty (30) days prior to a Repayment Date, if any, shown on
the face of this Note, this Note with this “Option to Elect Repayment” form
duly completed.

 

If less than the entire Principal Amount of this
Note is to be repaid, specify the portion hereof (which shall be in increments
of $1,000) which the Holder elects to have repaid and specify the denomination
or denominations (which shall be
$             or an
integral multiple of $1,000 in excess of
$            ) of
the Notes to be issued to the Holder for the portion of this Note not being
repaid (in the absence of any such specification, one such Note will be issued
for the portion not being repaid).

 

	
  $

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DATE:

  	
   

  	
   

  	
  NOTICE: The signature
  on this Option to Elect Repayment must correspond with the name as written
  upon the face of this Note in every particular, without alteration or
  enlargement or any change whatever.

  
	
   

  
	
  Principal Amount to be
  repaid, if amount to be repaid is less than the Principal Amount of this Note
  (Principal Amount remaining must be an authorized denomination)

  	
   

  	
  Fill in for
  registration of Notes if to be issued otherwise than to the registered
  Holder:

  
	
   

  	
   

  	
  Name:

  	
   

  
	
  $

  	
   

  	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Please print name and

  address including zip code)

  
									

 

	
  SOCIAL SECURITY
  OR OTHER TAXPAYER ID NUMBER:

  	
   

  

 

22

 

SURVIVOR’S OPTION RIDER

 

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

 

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

 

(i) 
beneficial ownership interests in Notes exceeding the greater of $1,000,000 or
1% (or such other amounts, as specified in the Pricing Supplement) in aggregate
principal amount for all notes then outstanding under the Genworth DirectNotesSM program as of the end of the
most recent calendar year (the “Annual Put Limitation”);

 

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

 

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

 

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

 

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

 

23

 

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

 

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

 

24

 

received the requisite documentation and information and all other
conditions described herein are satisfied, the Indenture Trustee shall make
payment of the applicable amount to the direct Participant through DTC. Such
direct Participant shall be responsible for disbursing any payments it receives
from the Depositary pursuant to exercise of the Survivor’s Option to the
appropriate Representative.  All
questions, other than with respect to the right to limit the aggregate
Principal Amount of Notes as to which exercises of the Survivor’s Option shall
be accepted in any one calendar year, regarding the eligibility or validity of
any exercise of the Survivor’s Option will be determined by the Indenture
Trustee, in its sole discretion, which determination shall be final and binding
on all parties; provided, however,
that any such determination is subject to the right of GLAIC to require
reasonable evidence that the exercise of the Survivor’s Option satisfied all of
the terms and conditions described in this Note and any restrictions contained
in the relevant Funding Agreement.  The
Indenture Trustee shall have no liability to any Person, including, without
limitation, the Trust, GLAIC, any Holder of this Note, any Beneficial Owner or
the deceased Beneficial Owner’s Representative, arising out of any
determination made by it relating to the eligibility or validity of any
exercise of the Survivor’s Option, unless occasioned by the Indenture Trustee’s
gross negligence or willful misconduct.

 

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

 

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

 

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

 

25

 

ANNEX A

 

REPAYMENT ELECTION FORM

 

Genworth
Life and Annuity Insurance Company

 

Genworth
DirectNotesSM

 

CUSIP
Number                

 

To:  [Name of
Trust] (the “TRUST”)

 

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

 

	
  ·

  	
   

  	
  The Financial Institution has received a request for
  repayment from the executor or other authorized representative (the
  “AUTHORIZED REPRESENTATIVE”) of the deceased beneficial owner listed below (the
  “DECEASED BENEFICIAL OWNER”) of Genworth DirectNotesSM (CUSIP No.                        )
  (the “NOTES”).

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

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

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  The Deceased Beneficial Owner or the estate of the
  Deceased Beneficial Owner owned the Notes for a period beginning at least six
  (6) months immediately prior to the request.

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  The Financial Institution currently holds such notes
  as a direct or indirect participant in The Depository Trust Company (the
  “DEPOSITARY”).

  

 

The Financial Institution agrees to the following
terms:

 

	
  ·

  	
   

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

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  The Financial Institution shall deliver to The Bank
  of New York Mellon Trust Company, N.A. (the “INDENTURE TRUSTEE”) the
  originals of all records specified in the Instructions supporting the above
  representations and all other related documents received from any relevant
  broker or other entity, and shall retain photocopies thereof, and shall make
  such photocopies available to U.S. Bank National Association (the “TRUSTEE”)
  or the Trust for inspection and review within five business days of the
  Trustee’s or the Trust’s request.

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  If the Financial Institution, the Indenture Trustee,
  the Trustee or the Trust, in any such party’s reasonable discretion, deems
  any of the records specified in the Instructions supporting the above
  representations or any such other related documents unsatisfactory to
  substantiate a claim for repayment, the Financial

  

 

26

 

	
   

  	
   

  	
  Institution shall not be obligated to submit this
  Form, and the Indenture Trustee, the Trustee or Trust may deny repayment. If
  the Financial Institution cannot substantiate a claim for repayment, it shall
  notify the Indenture Trustee immediately.

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  Repayment elections may not be withdrawn.

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

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

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

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

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

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

  

 

27

 

	 
	
  REPAYMENT
  ELECTION FORM

  
	 
	
   

  
	 
	
  (1)

  
	 
	
  Name of Deceased Beneficial Owner

  
	 
	
  (2)

  
	 
	
  Date of Death

  
	 
	
  (3)

  
	 
	
  Date of Purchase

  
	 
	
  (4)

  
	 
	
  Name of Authorized Representative Requesting Repayment

  
	 
	
  (5)

  
	 
	
  Name of Financial Institution Requesting Repayment

  
	 
	
  (6)

  
	 
	
  Signature of Authorized Representative of Financial Institution
  Requesting Repayment

  
	 
	
  (7)

  
	 
	
  Principal Amount of Requested Repayment

  
	 
	
  (8)

  
	 
	
  Date of Election

  
	 
	
  (9)

  	
  Financial Institution:

  	
  (10)

  	
  Wire instructions for
  payment:

  
	 
	
   

  	
  Representative Name:

  	
   

  	
  Bank Name:

  
	 
	
   

  	
  Phone Number:

  	
   

  	
  ABA Number:

  
	 
	
   

  	
  Fax Number:

  	
   

  	
  Account Name:

  
	 
	
   

  	
  Mailing Address (no P.O. Boxes):

  	
   

  	
  Account Number:

  
	 
	
   

  	
   

  	
   

  	
  Reference (optional):

  
	 
	
   

  	
   

  	
   

  	
   

  
	 
	
   

  
	
  TO BE COMPLETED BY THE
  INDENTURE TRUSTEE  

  
	
   

  
	
  (A) Delivery and Payment Date:   

  
	
   

  
	
   

  
	
  (B)Principal Amount:   

  
	
   

  
	
   

  
	
  (C)Accrued Interest:   

  
	
   

  
	
   

  
	
  (D) Date of Receipt of Form by the Indenture Trustee:   

  
					

 

28

 

INSTRUCTIONS
FOR COMPLETING REPAYMENT ELECTION FORM AND 

EXERCISING

REPAYMENT
OPTION

 

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

 

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

 

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

 

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

 

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

 

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

 

29

 

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

 

	
  2.

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

  
	
   

  	
   

  
	
  3.

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

  
	
   

  	
   

  
	
  4.

  	
  Indicate the date of purchase on line (3).

  
	
   

  	
   

  
	
  5.

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

  
	
   

  	
   

  
	
  6.

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

  
	
   

  	
   

  
	
  7.

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

  
	
   

  	
   

  
	
  8.

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

  
	
   

  	
   

  
	
  9.

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

  
	
   

  	
   

  
	
  10.

  	
  Indicate the name, mailing address (no P.O. boxes, please),
  telephone number and facsimile-transmission number of the Financial
  Institution.

  
	
   

  	
   

  
	
  11.

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

  
	
   

  	
   

  
	
  12.

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

  
	
   

  	
   

  
	
  13.

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

  

 

	
  By Registered Mail:

  	
   

  	
  By Courier or Overnight
  Delivery

  
	
  The Bank of New York
  Mellon 

  Trust Company, N.A.

  	
   

  	
  The Bank of New York
  Mellon 

  Trust Company, N.A.

  
	
  Survivor Option Processing

  	
   

  	
  Survivor Option Processing

  
	
  P.O. Box 2320

  	
   

  	
  2001 Bryan Street – 10th
  Floor

  
	
  Dallas, Texas 75221-2320

  	
   

  	
  Dallas, Texas 75201

  

 

	
  14.

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

  
	
   

  	
   

  
	
  15.

  	
  For
  assistance with this Form or any questions relating thereto, please
  contact the indenture trustee at: The Bank of New York Mellon Trust Company,
  N.A., 2001 Bryan Street – 10th Floor, Dallas, Texas 75201,
  attention: Survivor Option Processing, telephone number: 1-800-275-2048.

  

 

30

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