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 May 12, 2008, relating
to the issuance by Genworth Global Funding Trust 2008-24 (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 May 12, 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 May 12,
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 May 12, 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 May 12,
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
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 Trust Company, N.A.,
as the indenture trustee (the “Indenture Trustee”).

 

The Bank of New York 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 $5,389,000.00.

 

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 May 12,
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 $5,389,000.00.

 

(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 2:47 pm EST, May 12,
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 May 12, 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 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 2008-24

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 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

 

D-3

 

Richmond, Virginia 23219

Attention: Retirement Services

Facsimile: (804) 782-7439

 

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

  
	
   

  	
   

  
	
   

  	
   

  
	
  [Execution Page 1
  of 3]

  
				

 

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/
  Kevin P. Burns          

  
	
   

  	
   

  	
  Name: Kevin P. Burns

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
  [Execution Page 2 of 3]

  

 

E-2

 

	
   

  	
  THE BANK OF NEW
  YORK 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

  
	
   

  	
   

  
	
   

  [Execution Page 3 of 3]

  

 

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 May 5, 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.:

  	
   

  	
  37248JBE1

  	
   

  	
  Principal
  Amount: U.S. $5,389,000.00

  
	
  ISIN
  No.:

  	
   

  	
  US37248JBE1

  	
   

  	
   

  

 

GENWORTH GLOBAL
FUNDING TRUST 2008-24

GENWORTH DIRECTNOTESSM

 

	
  Original Issue Date: 
  May 15, 2008

  Issue Price: 
  100.00%

  Stated Maturity Date:  May 15, 2033

  Settlement Date: 
  May 15, 2008

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

  indicate name(s) of Securities Exchange(s):
                                                                      

  Depositary: 
  The Depository Trust Company

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

  Collateral
  held in the Trust:  Genworth Life and
  Annuity Insurance Company Funding Agreement No. GS-R6040, 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.

  Interest
  Rate or Formula:

  	
   

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

  Floating
  Rate Notes o

  Floating
  Rate/Fixed Rate Notes o

  Fixed
  Rate/Floating Rate Notes o

  Inverse Floating
  Rate Notes o

  Interest
  Rate Basis(es):

  LIBOR
  o

  o
  LIBOR Reuters:

  LIBOR
  Currency:

  CMT
  Rate o

  CD
  Rate o

  Commercial
  Paper Rate o

  Prime
  Rate o

  Treasury
  Rate o

  Index
  Maturity:

  Spread and/or Spread
  Multiplier:

  

 

 

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

  Interest
  Rate:  6.05%

  Interest Payment
  Frequency:  Semi-annual 

  Interest Payment
  Dates:  The 15th day of each
  May and November of each year, provided, however,
  that the first Interest Payment Date shall be November 15, 2008; provided, further, that the final Interest Payment Date
  shall be the Stated Maturity Date.

  Day Count
  Convention:  As indicated on the
  reverse hereof.

  Additional/Other Terms:
  Not applicable

  Discount Notes: o
  Yes x No.  If yes,

  Total Amount of
  Discount:

  Initial Accrual Period
  of Discount:

  Interest Payment Dates:

  Additional/Other Terms:

  Redemption Provisions: x
  Yes  o
  No.  If yes,

  Initial Redemption
  Date: May 15, 2013

  Initial Redemption
  Percentage:  100.00%

  Annual
  Redemption Percentage Reduction, if any: 
  Not applicable

  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:

  	
   

  	
  Initial
  Interest Rate, if any:

  Initial
  Interest Reset Date:

  Interest
  Reset Dates:

  Interest  Determination Date(s):

  Interest
  Payment Dates:

  Maximum
  Interest Rate, if any:

  Minimum
  Interest Rate, if any:

  Fixed
  Rate Commencement Date, if any:

  Floating
  Rate Commencement Date, if any:

  Fixed
  Interest Rate, if any:

  Day
  Count Convention:

  Additional/Other
  Terms:

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

  Sinking Fund: 
  Not applicable

  Calculation Agent, if any:  Not applicable

  Additional/Other Terms:  Not applicable

  Survivor’s Option: x
  Yes o No.

  If
  yes, the attached Survivor’s Option Rider is incorporated into this Note.

  Trust Put Limitation: x 1%;
  or $

   

  

 

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

 

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: May 15,
  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
  TRUST COMPANY, N.A., as Indenture Trustee

  
	
  Dated: May 15,
  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 death of such Beneficial Owner. “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 death of such Beneficial Owner, 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 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 Trust

  Company, N.A.

  	
   

  	
  The Bank of New York 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 Trust Company,
N.A., 2001 Bryan Street – 10th Floor, Dallas, Texas 75201,
attention: Survivor Option Processing, telephone number: 1-800-275-2048.

 

30

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]