Document:

Exhibit 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.:

  	
   

  	
  37248JCE0

  	
   

  	
  Principal
  Amount: U.S. $1,242,000.00

  
	
  ISIN
  No.:

  	
   

  	
  US37248JCE0

  	
   

  	
   

  

 

GENWORTH GLOBAL FUNDING
TRUST 2008-48

GENWORTH DIRECTNOTESSM

 

	
  Original Issue Date: September 11, 2008

  	
   

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

  
	
  Issue Price: 100.00%

  	
   

  	
  Floating Rate
  Notes o

  
	
  Stated Maturity Date: September 15, 2013

  	
   

  	
  Floating
  Rate/Fixed Rate Notes o

  
	
  Settlement Date: September 11, 2008

  	
   

  	
  Fixed
  Rate/Floating Rate Notes o

  
	
  Securities Exchange Listing:
  o
  Yes x No.  If yes,
  indicate name(s) of Securities Exchange(s):

  	
   

  	
  Inverse Floating Rate
  Notes o

  Interest Rate Basis(es):

  
	
   

  	
   

  	
  LIBOR o

  
	
  Depositary: The Depository Trust Company

  	
   

  	
  o
  LIBOR Reuters:

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

  	
   

  	
  LIBOR Currency:

  CMT Rate o

  
	
  Collateral held
  in the Trust: Genworth Life and Annuity Insurance Company Funding Agreement
  No. GS-R6064, all proceeds of the Funding Agreement and all amounts and
  instruments on deposit from time to time in the related collection account
  and all books and records pertaining to the foregoing.

  	
   

  	
  CD Rate o

  Commercial Paper Rate o

  Prime Rate o

  Treasury Rate o

  Index Maturity:

  

 

 

	
  Interest Rate or
  Formula:

  	
   

  	
  Spread and/or Spread
  Multiplier:

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

  	
   

  	
  Initial Interest Rate,
  if any:

  
	
  Interest Rate:
  5.00%

  	
   

  	
  Initial Interest
  Reset Date:

  
	
  Interest Payment
  Frequency: Semi-annual

  	
   

  	
  Initial Interest
  Reset Date:

  
	
   

  	
   

  	
  Interest Reset
  Dates:

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

  	
   

  	
  Interest  Determination Date(s):

  Interest Payment Dates:

  Maximum Interest Rate, if any:

  Minimum Interest Rate, if any:

  
	
  Day Count Convention:
  As indicated on the reverse hereof.

  	
   

  	
  Fixed Rate
  Commencement Date, if any:

  
	
  Additional/Other Terms:
  Not applicable

  	
   

  	
  Floating Rate
  Commencement Date, if any:

  
	
  Discount Notes: o
  Yes x No.  If yes,

  	
   

  	
  Fixed Interest
  Rate, if any:

  
	
  Total Amount of
  Discount:

  	
   

  	
  Day Count
  Convention:

  
	
  Initial Accrual Period
  of Discount:

  	
   

  	
  Additional/Other
  Terms:

  
	
  Interest Payment Dates:

  Additional/Other Terms:

  	
   

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

  
	
  Redemption
  Provisions: o
  Yes x No.  If yes,

  	
   

  	
  Sinking Fund: Not applicable

  
	
  Initial
  Redemption Date:

  	
   

  	
  Calculation Agent, if any: Not applicable

  
	
  Initial
  Redemption Percentage:

  	
   

  	
  Additional/Other Terms: Not applicable

  
	
  Annual
  Redemption Percentage Reduction, if any:

  	
   

  	
  Survivor’s Option: x
  Yes o No.

  
	
  Additional/Other Terms:

  Repayment Provisions: o
  Yes x No.  If yes,

  	
   

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

  
	
  Repayment
  Date(s):

  	
   

  	
  Trust Put
  Limitation: x 1%;
  or $

  
	
  Repayment Price:

  	
   

  	
   

  
	
  Additional/Other
  Terms:

  	
   

  	
   

  

 

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

 

2

 

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:
  September 11, 2008

  	
   

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

  capacity but solely as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Patricia M. Child

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Officer

  	
   

  

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

 

	
   

  	
   

  	
  THE BANK OF NEW YORK
  MELLON TRUST

  COMPANY, N.A., as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:
  September 11, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  R. Tarnas

  
	
   

  	
   

  	
   

  	
  Authorized
  Signatory

  

 

4

 

[REVERSE FORM OF
NOTE]

 

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

 

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

 

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

 

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

 

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

 

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

 

	
  Interest Payment Frequency

  	
   

  	
  Interest Payment Dates

  
	
  Monthly

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Quarterly

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Semi-annual

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Annual

  	
   

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

  

 

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

 

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

 

5

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

8

 

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

 

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

 

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

 

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

 

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

 

9

 

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

 

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

 

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

 

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

 

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

 

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

 

10

 

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

 

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

 

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

 

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

 

11

 

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

 

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

 

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

 

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

 

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

 

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

 

12

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

13

 

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

 

	
  Money Market
  Yield =

  	
   

  	
  D x 360

  	
    x
  100

  
	
   

  	
   

  	
  360 - (D x M)

  	
   

  

 

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

 

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

 

14

 

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

 

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

 

15

 

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

 

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

 

16

 

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

 

	
  Bond Equivalent
  Yield =

  	
   

  	
  D x N

  	
   

  	
  x 100

  
	
   

  	
   

  	
  360 – (D x M)

  	
   

  

 

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

 

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

 

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

 

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

 

17

 

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

 

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

 

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

 

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

 

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

 

18

 

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

 

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

 

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

 

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

 

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

 

19

 

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

 

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

 

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

 

Section 14.  Miscellaneous.

 

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

 

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

 

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

 

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

 

20

 

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

 

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

 

21

 

OPTION TO ELECT REPAYMENT

 

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

 

	
   

  	
   

  	
   

  

 

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

  

 

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

 

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

 

	
  $

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DATE:

  	
   

  	
   

  	
  NOTICE: The signature
  on this Option to Elect Repayment 

  
	
   

  	
   

  	
  must correspond with
  the name as written upon the face of this Note in every particular, without
  alteration or enlargement or any change whatever.

  
	
   

  	
   

  	
   

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

  	
   

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

  
	
   

  	
   

  	
  Name:

  	
   

  
	
  $

  	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Please print name and
  address including zip code)

  
	
   

  	
   

  	
   

  
	
  SOCIAL SECURITY OR
  OTHER TAXPAYER ID NUMBER:

  	
   

  
									

 

22

 

SURVIVOR’S OPTION RIDER

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

23

 

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

 

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

 

24

 

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

 

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

 

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

 

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

 

25

 

ANNEX A

 

REPAYMENT ELECTION FORM

 

Genworth Life and Annuity Insurance Company

 

Genworth DirectNotesSM

 

CUSIP Number       

 

To:  [Name of Trust] (the “TRUST”)

 

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

 

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

 

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

 

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

 

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

 

The
Financial Institution agrees to the following terms:

 

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

 

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

 

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

 

26

 

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

 

·                  Repayment elections may not be withdrawn.

 

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

 

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

 

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

 

27

 

	
  REPAYMENT
  ELECTION FORM

  
	
   

  
	
   

  	
   (1)

  
	
   

  	
  Name of Deceased Beneficial Owner

  
	
   

  	
   

  
	
   

  	
   (2)

  
	
   

  	
  Date of Death

  
	
   

  	
   

  
	
   

  	
   (3)

  
	
   

  	
  Date of Purchase

  
	
   

  	
   

  
	
   

  	
   (4)

  
	
   

  	
  Name of Authorized Representative Requesting Repayment

  
	
   

  	
   

  
	
   

  	
   (5)

  
	
   

  	
  Name of Financial Institution Requesting Repayment

  
	
   

  	
   

  
	
   

  	
   (6)

  
	
   

  	
  Signature of Authorized Representative of Financial Institution
  Requesting Repayment

  
	
   

  	
   

  
	
   

  	
   (7)

  
	
   

  	
  Principal Amount of Requested Repayment

  
	
   

  	
   

  
	
   

  	
   (8)

  
	
  Date of Election

  
	
   

  
	
   

  	
   (9)

  	
   

  	
  Financial
  Institution:

  	
   

  	
  (10)

  	
   

  	
  Wire
  instructions for payment:

  
	
   

  	
   

  	
  Representative
  Name:

  	
   

  	
   

  	
   

  	
  Bank
  Name:

  
	
   

  	
   

  	
  Phone
  Number:

  	
   

  	
   

  	
   

  	
  ABA
  Number:

  
	
   

  	
   

  	
  Fax
  Number:

  	
   

  	
   

  	
   

  	
  Account
  Name:

  
	
   

  	
   

  	
  Mailing
  Address (no P.O. Boxes):

  	
   

  	
   

  	
   

  	
  Account
  Number:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Reference
  (optional):

  
	
   

  	
   

  
	
  TO BE COMPLETED BY THE
  INDENTURE TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (A)Delivery and Payment
  Date:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (B)Principal Amount:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C)Accrued Interest:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

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

  
																

 

28

 

INSTRUCTIONS FOR COMPLETING
REPAYMENT ELECTION FORM AND EXERCISING

REPAYMENT OPTION

 

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

 

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

 

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

 

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

 

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

 

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

 

29

 

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

 

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

 

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

 

4.               Indicate the date
of purchase on line (3).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	
  By
  Registered Mail:

  	
   

  	
  By
  Courier or Overnight Delivery

  
	
  The
  Bank of New York Mellon

  Trust Company, N.A.

  	
   

  	
  The
  Bank of New York Mellon

  Trust Company, N.A.

  
	
  Survivor
  Option Processing

  	
   

  	
  Survivor
  Option Processing

  
	
  P.O. Box
  2320

  	
   

  	
  2001
  Bryan Street – 10th Floor

  
	
  Dallas,
  Texas 75221-2320

  	
   

  	
  Dallas,
  Texas 75201

  

 

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

 

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

 

30Exhibit 4.3

 

Genworth Life and Annuity Insurance Company

 

Funding Agreement

 

POLICYHOLDER:  Genworth Global Funding Trust 2008-48, its successors and permitted
assignees

 

POLICY NUMBER: GS-R6064

 

EFFECTIVE DATE: September 11, 2008

 

ISSUE STATE:  Virginia

 

Genworth
Life and Annuity Insurance Company (“GLAIC”) (which term includes its
successors and permitted assignees) and the Policyholder hereby agree to the
terms of this funding agreement (this “Policy”).  This Policy, including the attached
Accumulation Fund Schedule, and any amendments thereto, constitutes the entire
contract between GLAIC and the Policyholder.  
This Policy is delivered in the Issue State and governed by the laws of
that state.

 

In witness whereof, GLAIC and the Policyholder have agreed to this
Policy as of the Effective Date and caused the same to be in full force and
effect.

 

 

	
  /s/ Thomas E. Duffy

  	
   

  	
  /s/ Pamela S. Schutz

  
	
  Secretary

  	
   

  	
  President

  

 

 

Genworth Life and Annuity
Insurance Company

6610 West Broad Street

Richmond, VA  23230

1-800-635-8056

 

 

Table
of Contents

 

Section 1 – Accumulation Fund – Establishment and Operation

 

Section 2 – Payments From the Accumulation Fund

 

Section 3 – Termination of Agreement

 

Section 4 – General Provisions

 

Section 5 – Definitions

 

 

SECTION 1 –
ACCUMULATION FUND – ESTABLISHMENT AND OPERATION

 

1.1       POLICY PAYMENTS.  The Policyholder agrees to pay to GLAIC in
the currency specified in the Accumulation Fund Schedule (the “Specified
Currency”), and by wire transfer, the Net Deposit Amount on the Deposit Date.  Regardless of the Effective Date of the
Policy or the Deposit Date specified in the Accumulation Fund Schedule, this
Policy shall become effective only upon the receipt by GLAIC, or its designee,
of the Net Deposit Amount.

 

1.2       ESTABLISHMENT OF THE ACCUMULATION FUND.  Upon the receipt by GLAIC of the Net Deposit
Amount, GLAIC will establish an Accumulation Fund.  The Accumulation Fund is a general account
record that reflects the Fund Balance under this Policy.  GLAIC is neither a trustee nor a fiduciary
with respect to the Accumulation Fund. 
The Net Deposit Amount is allocated to GLAIC’s general account for
investment but all funds received under this Policy will become the exclusive
property of GLAIC without any duty or requirement for segregation or separate
investment.  The Fund Balance is not
affected by the investment results of the assets held in the general account.

 

1.3       INTEREST ON THE ACCUMULATION FUND.  The Guaranteed Rate for the Accumulation Fund
is effective until the Fund Balance is paid in full to the Policyholder.  Interest is credited based upon the
methodology specified in the Accumulation Fund Schedule.

 

1.4       VALUE OF THE ACCUMULATION FUND.  The Fund Balance on any given day equals the Deposit
Amount plus interest, if any, credited thereon at the Guaranteed Rate, less any
payments made under Section 2 of the Policy.

 

SECTION 2 –
PAYMENTS FROM THE ACCUMULATION FUND

 

2.1       PERIODIC PAYMENTS.  GLAIC will pay the Policyholder the amounts
specified in the Accumulation Fund Schedule as Periodic Payouts, including the
Maturity Payout, on the dates specified (subject to Section 4.7).  Such payment amounts are adjusted to reflect
any other payment payable under this Section of the Policy.  The interest factor used in making such
adjustments is the Guaranteed Rate.

 

2.2       OPTIONAL REPAYMENT.  If so indicated in the Accumulation Fund
Schedule, GLAIC shall pay to the Policyholder the amount the Policyholder needs
to redeem or repay any notes or other instruments issued by the Policyholder
and backed by this Policy, pursuant to any limited right of redemption or
repayment contained in such note or instrument. 
GLAIC may require reasonable evidence that the redemption or repayment
request satisfies all the terms and conditions described in the prospectus, prospectus
supplement and/or pricing supplement applicable to such note or other instrument.  Additional restrictions, if any, on the
Policyholder’s reimbursement rights under this Section may be included in
the Accumulation Fund Schedule.

 

1

 

2.3       OPTIONAL REDEMPTION.  If so indicated in the Accumulation Fund
Schedule, GLAIC may elect to
pay the Policyholder all or any part of the Fund Balance on the Call Dates
specified in the Accumulation Fund Schedule. 
Unless otherwise provided in the Accumulation Fund Schedule, GLAIC will
give the Policyholder at least thirty-five (35) calendar days and no more than
seventy-five (75) calendar days notice of its intent to make such pre-payment.  No adjustment will be made to the amount of
such payment, unless such adjustment is specifically provided for in the
Accumulation Fund Schedule.

 

2.4       MATURITY PAYMENTS.  GLAIC shall pay the Policyholder the Fund
Balance on the Maturity Date.

 

2.5       FORM OF PAYMENT.  All payments GLAIC makes to the Policyholder
will be made in the Specified Currency, by wire transfer, unless otherwise
agreed in writing by the parties hereto. Unless otherwise stated in the
Accumulation Fund Schedule, all payments GLAIC makes will be net of 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 having
the power to tax.  Unless otherwise
specified in the Accumulation Fund Schedule, such net payments fully satisfy
GLAIC’s obligation to the Policyholder with respect to the full amount due.

 

SECTION 3 – TERMINATION OF AGREEMENT

 

3.1       AUTOMATIC TERMINATION/ACCELERATION.  This Policy terminates with respect to the Accumulation
Fund when the Fund Balance is zero and GLAIC’s obligations hereunder shall automatically
accelerate upon the occurrence of an Event of Default described in Section 3.3(a).

 

3.2       EARLY TERMINATION/ACCELERATION.  The Policyholder may accelerate this Policy
by giving GLAIC not less than two (2) Business Days’ written notice upon
the occurrence of an Event of Default specified in Section 3.3 b., c. or
d. below.  GLAIC may accelerate this
Policy, in whole but not in part, by giving the Policyholder not less than
forty-five (45) days’, but no more than seventy-five (75) days’, prior written
notice of the occurrence of a Tax Event as described in Section 3.4,
provided, however that this Policy shall not be terminated until the Fund
Balance has been paid to the Policyholder in full.

 

3.3                       EVENTS OF DEFAULT.  An Event of Default occurs if:

 

a.              GLAIC
is dissolved or a resolution is passed or proceeding is instituted for the
winding-up, liquidation or similar arrangement of GLAIC (other than pursuant to
a consolidation, amalgamation or merger);

b.             GLAIC
breaches any material obligation, representation or certification contained
herein, provided that there is no bona fide dispute as to whether such breach
has occurred and that such breach continues for fifteen (15) Business Days
following the Policyholder’s written notice to GLAIC of such breach;

 

2

 

c.              GLAIC
fails to make any required Periodic Payout (other than the Maturity Payout)
described in the Accumulation Fund Schedule or any other payment described in
Sections 2.2 or 2.3 of this Policy or any other funding agreement GLAIC issues
in connection with the Program, and such failure continues for seven (7) Business
Days after the due date thereof;

d.             GLAIC
fails to make the Maturity Payout described in the Accumulation Fund Schedule
or in any other funding agreement GLAIC issues in connection with the Program
and such failure is continuing as of the end of the Business Day following the
due date thereof.

 

3.4                       TAX EVENT.  A “Tax Event” occurs if GLAIC has received an
opinion of independent legal counsel stating in effect that there is more than
an insubstantial risk that as a result of 
any amendment to, or change (including any announced prospective change)
in, the laws (or regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein or 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 Deposit Date, the Policyholder is or will be within ninety
(90) days of the date thereof, (1) subject to an entity level U.S. federal
income tax with respect to interest accrued or received on this Policy or (2) subject
to more than a de minimis amount of taxes, duties or other governmental
charges.

 

Notwithstanding anything to the contrary in this Section 3,
if GLAIC shall comply in all respects with the requirements of this Section 3,
but an event of default has occurred with respect to the notes backed by the
Policy and as a result payments with respect to the notes have been
accelerated, otherwise than by reason of any default under this Policy by
GLAIC, no Event of Default (as defined above) under this Policy shall be deemed
to have occurred, no payments with respect to this Policy shall be accelerated
and GLAIC will remain obligated to make payments under this Policy as if no
Event of Default had occurred with respect to the notes. 

 

SECTION 4 – GENERAL PROVISIONS

 

4.1                         PAYMENT UPON TERMINATION.  Unless otherwise
specified in the Accumulation Fund Schedule, GLAIC shall pay the Policyholder
the Fund Balance on the Maturity Date. 
Such Payment fully discharges GLAIC’s obligation to the Policyholder
under this Policy.

 

4.2                         DISCLAIMER OF RESPONSIBILITY.  GLAIC’s only liability
is as set out in this Policy, including the Accumulation Fund Schedule attached
hereto.  In performing its obligations
under this Policy, GLAIC is not acting as a fiduciary or agent for the
Policyholder or anyone else regardless of whether or not they are directly or
indirectly associated with the Policyholder.

 

4.3                         NOTICES.  All agreements, notices, directions,
consents, elections or other communication (“Notices”) required by this Policy
must be in writing, directed to the applicable address designated on the face
page.  Any such Notices may be given by
facsimile transmission or other acceptable electronic means.  All Notices are effective when received.

 

3

 

4.4                         AMENDMENTS.  This Policy may be
amended only by mutual written agreement between the parties hereto.

 

4.5                         CONFLICT.  To the extent that
there is a conflict in terms between the Policy and the Accumulation Fund
Schedule, the Accumulation Fund Schedule will control the conduct of the parties.

 

4.6                         TRANSFERABILITY/ASSIGNMENT.  This Policy and the
Accumulation Fund established pursuant to it may solely be sold, assigned,
transferred or pledged in accordance with, and for the purposes contemplated
by, the documents and agreements governing the establishment and operation of
the Program.  GLAIC will maintain a
record of ownership of this Policy on its books and records.

 

4.7                         PAYMENTS BY GLAIC.  When this Policy
provides that GLAIC will make a payment to the Policyholder, such payment shall
be made to the Policyholder or to the agent the Policyholder designates.  Unless otherwise specified in the
Accumulation Fund Schedule, if a payment date is not a Business Day, GLAIC will
pay such amount on the next Business Day.

 

4.8                         WAIVER BY GLAIC.  At the Policyholder’s
request, GLAIC may waive any terms, conditions or adjustments provided for in
this Policy.  Any such waiver is subject
to any limitations GLAIC specifies in making the waiver and does not require
GLAIC to grant similar future waivers to the Policyholder or anyone else.  A failure or delay in exercising a right
under this Policy does not waive GLAIC’s right or ability to assert such right
in the future.

 

4.9                         MUTUAL REPRESENTATIONS.  The parties mutually
represent and warrant, each to the other, that:

 

	
  a.

  	
   

  	
  This Policy is its
  legal, valid and binding obligation, enforceable in accordance with its
  terms, subject to applicable bankruptcy, insolvency, reorganization,
  moratorium or other laws affecting creditor’s rights, and subject, as to
  enforceability, to general principals of equity, regardless of whether
  enforcement is sought in proceeding in equity or law;

  
	
  b.

  	
   

  	
  It has the power to
  enter into this Policy and to consummate the transactions contemplated
  hereby;

  
	
  c.

  	
   

  	
  All information
  provided in connection with this Policy is, to the best of its knowledge and
  belief, true, correct and complete;

  
	
  d.

  	
   

  	
  The execution and the
  delivery of this Policy and the performance of obligations hereunder do not
  and will not constitute or result in a default, breach or violation, of the
  terms or provisions of its certificate, articles or charter of incorporation,
  declaration of trust, by-laws or any agreement, instrument, mortgage,
  judgment, injunction or order applicable to it or any of its property.

  

 

4

 

4.10        TAX PROVISIONS.  The Policyholder and each transferee and
assignee of this Policy, to the extent required by law, agree to provide GLAIC
with any properly completed tax forms that are needed for GLAIC to satisfy its
tax reporting obligations with respect to amounts held under this Policy.  This Policy is intended to be ignored for
U.S. federal, state and local income and franchise tax purposes. To the extent
it cannot be ignored, GLAIC and the Policyholder and each transferee and
assignee of this Policy agree to treat this Policy as GLAIC’s debt obligation
for U.S. federal, state and local income and franchise tax purposes.

 

SECTION 5 – DEFINITIONS

 

5.1        POLICY DEFINITIONS.  The following terms have the meanings
indicated:

 

“Accumulation
Fund” is the accounting record GLAIC will establish under
this Policy as described in Section 1.2.

 

“Accumulation
Fund Schedule” is attached to this Policy and establishes the
terms of the Accumulation Fund.

 

“Business
Day” is any day, other than Saturday or Sunday, that is
neither a legal holiday nor a day on which commercial banks are authorized or
required by law, regulation or executive order to close, or are otherwise
closed, in each Business Day City specified in the Accumulation Fund Schedule.

 

“Call
Date” is the day or days prior to the Stated Maturity Date,
if any, specified in the Accumulation Fund Schedule attached to this Policy, on
which GLAIC may elect to pay the Policyholder all or any part of the Fund
Balance.  If no Call Date is indicated in
an Accumulation Fund Schedule, GLAIC will pay to the Policyholder the Fund
Balance prior to the Stated Maturity Date only to the extent provided in Section 3.2.

 

“Deposit
Amount” is the amount GLAIC credits to the Accumulation Fund
on the Deposit Date as set forth in the Accumulation Fund Schedule.

 

“Deposit
Date” is the date, specified in the Accumulation Fund
Schedule, on which GLAIC receives the Net Deposit Amount.

 

“Event
of Default” has the meaning described in Section 3.3.

 

“Fund
Balance” is the value of the Accumulation Fund, determined
pursuant to Section 1.4.

 

“Guaranteed
Rate” is the interest rate, if any, applied to the
Accumulation Fund, as stated in the Accumulation Fund Schedule.

 

“Indenture”
is that certain indenture agreement, made between the Policyholder and the
Indenture Trustee related to the notes to be supported by this Policy as such agreement
may be amended, supplemented or replaced from time to time.

 

5

 

“Indenture
Trustee” is the party specified as trustee under the
Indenture, or its successor.

 

“Maturity
Date” is the earlier of (i) the Stated Maturity Date and
(ii) each date on which the Fund Balance is payable in full to the
Policyholder pursuant to an Event of Default, Optional Repayment, Optional
Redemption or otherwise.  Unless
otherwise indicated in the Accumulation Fund Schedule, if any of the foregoing
dates is not a Business Day, the Maturity Date is the next following Business
Day.  Interest accrues during such delay
only if specified in the Accumulation Fund Schedule.

 

“Net
Deposit Amount” is the amount GLAIC receives from the Policyholder
on the Deposit Date as set forth in the Accumulation Fund Schedule.

 

“Program”
is the Genworth Global Funding program, as described in the prospectus relating
thereto, including the applicable prospectus supplement or pricing supplement
or in any amendment thereto.

 

“Stated
Maturity Date” is the date, as set forth on the Accumulation
Fund Schedule, when the Fund Balance is originally due and payable to the
Policyholder.

 

“Tax
Event” has the meaning described in Section 3.4.

 

5.2                   OTHER DEFINITIONS.  Other capitalized terms appearing in this
Policy have the meanings indicated on the Policy’s face page or in the
Accumulation Fund Schedule.

 

6

 

GLAIC

Accumulation
Fund Schedule – Fixed Rate

 

Policy
Number: GS-R6064

 

	
  Deposit
  Date:

  	
   

  	
  September 11, 2008
  or the date the deposit is actually received by GLAIC

  
	
   

  	
   

  	
   

  
	
  Specified
  Currency:

  	
   

  	
  United
  States Dollars

  
	
   

  	
   

  	
   

  
	
  Deposit
  Amount:

  	
   

  	
  $1,242,000.00

  
	
   

  	
   

  	
   

  
	
  Net
  Deposit Amount:

  	
   

  	
  $1,229,580.00

  
	
   

  	
   

  	
   

  
	
  Stated
  Maturity Date:

  	
   

  	
  September 15, 2013

  
	
   

  	
   

  	
   

  
	
  Guaranteed
  Rate:

  	
   

  	
  5.00%

  
	
   

  	
   

  	
   

  
	
  Crediting
  Period:

  	
   

  	
  The
  first Crediting Period shall be a long period commencing on the Deposit Date
  to but excluding March 15, 2009. Each subsequent Crediting Period shall
  be the semi-annual period occurring between the 15th of each
  March and September thereafter. The final Crediting Period will be
  the period from and including March 15, 2013, to but excluding
  September 15, 2013.

  
	
   

  	
   

  	
   

  
	
  Interest
  Crediting:

  	
   

  	
  Interest
  is credited based upon a 30/360 basis,
  applied to the Fund Balance each day.

  
	
   

  	
   

  	
   

  
	
  Periodic
  Payouts:

  	
   

  	
  On
  the 15th of each March and
  September, GLAIC will pay the Policyholder all accrued and unpaid interest
  (if such date is not a Business Day, the Periodic Payout will be made on the
  next following Business Day, and in such cases the amount of interest shall
  not be adjusted for non-Business Days) (each, an “Interest Payment Date”); provided, however, that
  the final Periodic Payout shall be on the Maturity Date, on which date all
  accrued and unpaid interest will be paid.

  
	
   

  	
   

  	
   

  
	
  Optional
  Repayment:

  	
   

  	
  Optional
  Repayments under Section 2.2 of the Policy may be made solely with
  respect to the “Survivor’s Option” described in Pricing Supplement
  No. 053 dated September 2, 2008 to the Prospectus Supplement dated December 9,
  2005 related to the Program.

  
	
   

  	
   

  	
   

  
	
  Maturity
  Payout:

  	
   

  	
  On
  the Maturity Date, GLAIC will pay to the Policyholder the Fund Balance. If
  such date is not a Business Day, the Maturity Payout will be made on the next
  following Business Day; provided, however, that interest shall not accrue beyond the
  Maturity Date.

  

 

 

	
  Business
  Day City(s):

  	
   

  	
  New
  York, New York

  
	
   

  	
   

  	
   

  
	
  Other
  Terms:

  	
   

  	
  None

  

 

*********************

 

The calculation of the Guaranteed Rate and all
other payment terms of this Policy will be determined in the manner described
in the “Description of the Notes” section in the Prospectus Supplement.

 

*********************

 

	
  GENWORTH LIFE AND
  ANNUITY

  	
   

  	
  GENWORTH GLOBAL FUNDING
  TRUST 2008-48

  
	
  INSURANCE
  COMPANY

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  By:

  	
    /s/ Pamela C. Asbury

  	
   

  	
   

  	
   

  	
  By*:

  	
    /s/ Patricia M. Child

  
	
   

  	
  Pamela C. Asbury

  	
   

  	
   

  	
   

  	
   

  	
  Patricia M. Child

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Official Title:

  	
  Vice President

  	
   

  	
  Official Title: 

  	
    Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
     September 9,
  2008

  	
   

  	
  Date:

  	
     September 9,
  2008

  
											

 

* It is expressly
understood and agreed that (a) this Policy is executed and delivered by
U.S. Bank National Association (“USB”) not individually or personally, but
solely as Trustee of the Genworth Global Funding Trust 2008-48 in the exercise
of powers and authority conferred and vested in it (b) each of the
representations, undertakings and agreements herein made on the part of the
Trust is made and intended not as personal representations, undertakings and
agreements by USB but is made and intended for the purpose of binding only the
Trust, (c) nothing herein contained shall be construed as creating any
liability on USB individually or personally, to perform any covenant either
express or implied contained herein, all such liability, if any being expressly
waived by the parties hereto and by any person claiming by, through or under
the parties hereto and (d) under no circumstances shall USB be personally
liable for the payment of any indebtedness or expenses of the Trust or be
liable for the breach or failure of any obligation, representation, warrant or
covenant made or undertaken by the Trust under this Policy or any other related
documents.

 

*********************

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