Document:

Exhibit 4.1

 

PRICING INSTRUMENT

 

WHEREAS, the parties named herein desire to enter into
certain Program Documents (as defined herein) contained herein, each such
document (unless otherwise specified in such document) dated as of July 7,
2008, relating to the issuance by Genworth Global Funding Trust 2008-36  (the “Trust”) of Notes to investors under the
secured notes program sponsored by Genworth Life and Annuity Insurance Company
(“GLAIC”), the terms of such Notes as specified in the pricing supplement attached
to this Pricing Instrument as Exhibit C (the “Pricing Supplement”);

 

WHEREAS, the Trust is a trust and will be organized
under and its activities will be governed by the provisions of the Trust
Agreement (set forth in Section A of this Pricing Instrument), dated as of
July 7, 2008, by and between the parties thereto indicated in Section E
herein;

 

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

 

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

 

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

 

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

 

WHEREAS, the sale of the Notes will be governed by the
Terms Agreement (set forth in Section C of this Pricing Instrument), dated
as of July 7, 2008, by and among the parties thereto indicated in Section E
herein; and

 

WHEREAS, certain agreements relating to the Notes and
the Funding Agreement are set forth in the Coordination Agreement (set forth in
Section D of this Pricing Instrument), dated as of July 7, 2008, by
and among the parties thereto indicated in Section E herein.

 

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

 

1

 

SECTION A

 

TRUST AGREEMENT

 

This TRUST AGREEMENT (this “Trust Agreement”), dated
as of July 7, 2008, is entered into by and between GSS Holdings II, Inc.,
a Delaware corporation, as trust beneficial owner (the “Trust Beneficial Owner”),
and U.S. Bank National Association, a national banking association, as Trustee
(the “Trustee”).

 

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

 

W I T
N E S S E T H:

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 1

 

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

 

A-1

 

ARTICLE 2

 

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

 

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

 

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

 

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

 

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

 

Section 2.06           Pricing Instrument; Execution and Incorporation of Terms.

 

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

 

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

 

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

 

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

 

A-2

 

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

 

A-3

 

SECTION B

 

INDENTURE

 

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

 

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

 

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

 

W I T
N E S S E T H:

 

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

 

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

 

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

 

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

 

ARTICLE 1

 

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

 

B-1

 

ARTICLE 2

 

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

 

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

 

Section 2.03           Additional Terms. Notwithstanding anything to the
contrary in Section 2.04(c) of the Standard Indenture Terms, the
Indenture Trustee will give written notice of redemption to the Holders in
accordance with Section 1.06 of the Standard Indenture Terms not more than
seventy-five (75) calendar days and not less than thirty (30) calendar days
prior to the date set for such redemption. Notwithstanding anything to the
contrary in Section 2.04(f) of the Standard Indenture Terms, the
Indenture Trustee shall treat as satisfactory to it thirty-five (35) calendar
days’ notice from the Trust (or from GLAIC on behalf of the Trust) of a
redemption date for the Notes; provided that there are at least three Business
Days between the receipt by it of such notice and the deadline for giving
notice of such redemption under Section 2.04(c); provided further that the
Notes are in the form of Global Notes and the redemption is in whole.  The initial principal amount of the Notes
shall be $2,120,000.00.

 

Section 2.04           Pricing Instrument; Execution and Incorporation of Terms.

 

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

 

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

 

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

 

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

 

[Remainder of Page Left
Intentionally Blank]

 

B-2

 

SECTION C

 

TERMS AGREEMENT

 

This TERMS AGREEMENT (this “Terms Agreement”) is
entered into as of July 7, 2008 by and among Genworth Life and Annuity
Insurance Company (“GLAIC”), the Genworth Global Funding Trust specified in the
Pricing Instrument (the “Trust”) and the Agent specified in the Pricing
Supplement (the “Agent”).

 

W I T
N E S S E T H:

 

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

 

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

 

ARTICLE 1

 

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

 

ARTICLE 2

 

Section 2.01           Addition of Trust as Party to Distribution Agreement.

 

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

 

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

 

C-1

 

Section 2.02           Purchase of Notes as Principal.

 

(a)           Subject
in all respects to the terms and conditions of the Distribution Agreement, the
Trust hereby agrees to sell to the Agent and the Agent hereby agrees to
purchase the Notes having the terms specified in the Pricing Supplement
relating to such Notes. The initial principal amount of the Notes is
$2,120,000.00.

 

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

 

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

 

The expenses will be borne by GLAIC.

 

Section 2.04           Applicable
Time.  For purposes of the
Distribution Agreement, the Applicable Time shall be 3:26 pm EST, July 7,
2008.

 

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

 

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

 

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

 

Section 2.08           Pricing Instrument; Execution and Incorporation of Terms.

 

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

 

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

 

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

 

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

 

C-2

 

SECTION D

 

COORDINATION
AGREEMENT

 

This COORDINATION AGREEMENT (this “Coordination
Agreement”), dated as of July 7, 2008, is entered into by and among
Genworth Life and Annuity Insurance Company (“GLAIC”), the Genworth Global
Funding Trust specified in the Pricing Instrument (the “Trust”), SunTrust Bank,
in its capacity as custodian of the Funding Agreement (“Custodian”) and The
Bank of New York Mellon Trust Company, N.A., as the indenture trustee (the “Indenture
Trustee”).

 

W I T
N E S S E T H

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 1

 

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

 

Section 1.02           Issuance and Purchase of the Notes.

 

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

 

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

 

D-1

 

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

 

ARTICLE 2

 

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

 

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

 

ARTICLE 3

 

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

 

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

 

ARTICLE 4

 

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

 

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

 

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

 

D-2

 

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

 

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

 

To the Trust:

 

Genworth Global Funding Trust 2008-36 

c/o U.S. Bank National Association

Corporate Trust Services

209 S. LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention:  Patricia Child, VP

Facsimile: (312) 325-8905

 

To the Indenture Trustee:

 

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

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

Attention: Corporate Finance

Facsimile: (312) 827-8542

 

To GLAIC:

 

Genworth
Life and Annuity Insurance Company

6610 West Broad Street

Richmond, Virginia 23230

Attention: Treasurer

Facsimile: (804) 662-7777

 

with a
copy to:

 

Genworth
Life and Annuity Insurance Company

6610 West Broad Street

Richmond, Virginia 23230

Attention: Heather Harker, Esq.

Facsimile: (804) 281-6005

 

D-3

 

To the Custodian:

 

SunTrust Bank

919 East Main Street

Richmond, Virginia 23219

Attention: Retirement Services

Facsimile: (804) 782-7439

 

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

 

ARTICLE 5

 

Section 5.01           Pricing Instrument; Execution and Incorporation of Terms.

 

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

 

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

 

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

 

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

 

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

 

[Remainder of Page Left
Intentionally Blank]

 

D-4

 

SECTION E

 

MISCELLANEOUS AND
EXECUTION PAGES

 

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

 

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

 

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

 

 

	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Pamela C. Asbury

  
	
   

  	
   

  	
  Name:   Pamela
  C. Asbury

  
	
   

  	
   

  	
  Title: Vice President

  

 

[Execution Page 1
of 3]

 

E-1

 

	
   

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

  
	
   

  	
   

  	
   

  
	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia M. Child

  
	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  	
   

  
	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia M. Child

  
	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  	
   

  
	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Patricia M. Child

  
	
   

  	
   

  	
  Name: Patricia M. Child

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  	
   

  
	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bernard J. Angelo

  
	
   

  	
   

  	
  Name: Bernard J. Angelo

  
	
   

  	
   

  	
  Title:   Vice President

  
				

 

[Execution
Page 2 of 3]

 

E-2

 

	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Tarnas

  
	
   

  	
   

  	
  Name: R. Tarnas

  
	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  
	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dawnn R. Walters

  
	
   

  	
   

  	
  Name: Dawnn R. Walters

  
	
   

  	
   

  	
  Title:  Trust Officer

  
	
   

  	
   

  	
   

  
	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Walker

  
	
   

  	
   

  	
  Name: Brian Walker

  
	
   

  	
   

  	
  Title: Managing
  Director

  

 

[Execution
Page 3 of 3]

 

E-3

 

EXHIBIT A

Standard
Trust Terms

 

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

 

A-1

 

EXHIBIT B

Standard
Indenture Terms

 

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

 

B-1

 

EXHIBIT C

Pricing
Supplement

 

As filed with the Securities and Exchange Commission
pursuant to Rule 424(b) under the Securities Act, dated as of June 30,
2008, with respect to the Notes to be issued by the Trust.

 

C-1

 

EXHIBIT D

Genworth
Life and Annuity Insurance Company

 

Officer’s
Certificate

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(1) This certificate to be signed quarterly.

 

D-1

 

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

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-2

 

EXHIBIT E 

Genworth
Global Funding Trusts

 

Trustee
Officer’s Certificate

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

E-1

 

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

 

	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-2

 

SCHEDULE
I

 

Terms
Agreement Specifications

 

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

 

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

 

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

 

I-1Exhibit 4.2

 

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

 

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

 

	
  CUSIP No.:

  	
   

  	
  37248JBS0

  	
   

  	
  Principal Amount: U.S.
  $2,120,000.00

  
	
  ISIN No.:

  	
   

  	
  US37248JBS06

  	
   

  	
   

  

 

GENWORTH
GLOBAL FUNDING TRUST 2008-36

GENWORTH DIRECTNOTESSM

 

	
  Original Issue Date: July 10, 2008

  Issue Price: 100.00%

  Stated Maturity Date: July 15, 2028

  Settlement Date: July 10, 2008

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

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

                                                                                      

  Depositary: The Depository Trust Company

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

  Collateral held in the Trust: Genworth Life and
  Annuity

  Insurance
  Company Funding Agreement No. GS-R6052, all proceeds of the Funding
  Agreement and all amounts and instruments on deposit from time to time in the
  related collection account and all books and records pertaining to the
  foregoing.

  Interest Rate or Formula:

  	
   

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

  Floating
  Rate Notes o

  Floating
  Rate/Fixed Rate Notes o

  Fixed
  Rate/Floating Rate Notes o

  Inverse
  Floating Rate Notes o

  Interest
  Rate Basis(es):

  LIBOR
  o

  o LIBOR Reuters:

  LIBOR
  Currency:

  CMT
  Rate o

  CD
  Rate o

  Commercial
  Paper Rate o

  Prime
  Rate o

  Treasury
  Rate o

  Index
  Maturity:

  Spread
  and/or Spread Multiplier:

  

 

 

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

  Interest
  Rate: 6.15%

  Interest
  Payment Frequency: Semi-annual

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

  Day Count Convention: As indicated on the reverse
  hereof.

  Additional/Other Terms: Not applicable

  Discount Notes: o Yes x No.  If yes,

  Total Amount of Discount:

  Initial Accrual Period of Discount:

  Interest Payment Dates:

  Additional/Other Terms:

  Redemption Provisions: x Yes o No.  If yes,

  Initial
  Redemption Date: July 15, 2012 

  Initial
  Redemption Percentage: 100.00% 

  Annual
  Redemption Percentage Reduction, if any: Not applicable

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

  Repayment Provisions: o Yes x No.  If yes,

  Repayment
  Date(s):

  Repayment
  Price:

  Additional/Other
  Terms:

  	
   

  	
  Initial
  Interest Rate, if any:

  Initial
  Interest Reset Date:

  Interest
  Reset Dates:

  Interest  Determination Date(s):

  Interest
  Payment Dates:

  Maximum
  Interest Rate, if any:

  Minimum
  Interest Rate, if any:

  Fixed
  Rate Commencement Date, if any:

  Floating
  Rate Commencement Date, if any:

  Fixed
  Interest Rate, if any:

  Day
  Count Convention:

  Additional/Other
  Terms:

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

  Interest Payment Date

  Sinking Fund: Not applicable

  Calculation Agent, if any: Not applicable

  Additional/Other Terms: Not applicable

  Survivor’s Option: x Yes o No.

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

  Trust Put Limitation: x 1%; or $       

  

 

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

 

2

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3

 

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

 

 

	
   

  	
  THE GENWORTH GLOBAL
  FUNDING TRUST

  
	
   

  	
  SPECIFIED ON THE FACE
  OF THIS NOTE

  
	
   

  	
   

  	
   

  
	
  Dated: July 10, 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: July 10,
  2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ R.
  Tarnas

  
	
   

  	
   

  	
    Authorized
  Signatory

  

 

4

 

[REVERSE
FORM OF NOTE]

 

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

 

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

 

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

 

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

 

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

 

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

 

	
  Interest Payment Frequency

  	
   

  	
  Interest Payment Dates

  
	
  Monthly

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Quarterly

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Semi-annual

  	
   

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

  
	
   

  	
   

  	
   

  
	
  Annual

  	
   

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

  

 

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

 

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

 

5

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

8

 

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

 

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

 

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

 

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

 

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

 

9

 

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

 

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

 

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

 

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

 

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

 

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

 

10

 

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

 

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

 

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

 

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

 

11

 

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

 

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

 

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

 

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

 

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

 

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

 

12

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

13

 

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

 

	
  Money Market
  Yield =

  	
  D x 360

  	
   

  	
  x 100

  
	
   

  	
  360 – (D x M)

  	
   

  	
   

  

 

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

 

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

 

14

 

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

 

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

 

15

 

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

 

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

 

16

 

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

 

	
  Bond Equivalent
  Yield =

  	
  D x N

  	
   

  	
  x 100

  
	
   

  	
  360 – (D x M)

  	
   

  	
   

  

 

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

 

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

 

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

 

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

 

17

 

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

 

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

 

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

 

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

 

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

 

18

 

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

 

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

 

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

 

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

 

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

 

19

 

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

 

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

 

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

 

Section 14.  Miscellaneous.

 

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

 

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

 

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

 

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

 

20

 

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

 

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

 

21

 

OPTION
TO ELECT REPAYMENT

 

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

	
   

  
	
   

  
	
   

  

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

 

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

 

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

 

	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DATE:

  	
   

  	
   

  	
   

  	
  NOTICE: The signature
  on this Option to Elect Repayment must

  
	
   

  	
   

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

  
	
   

  	
   

  	
   

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

  	
   

  	
  Fill in for
  registration of Notes

  if to be issued otherwise than

  to the registered Holder:

  
	
   

  	
   

  	
   

  
	
  $                                                  

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Please print name and

  address including zip code)

  
							

 

SOCIAL
SECURITY OR OTHER TAXPAYER ID NUMBER:

 

22

 

SURVIVOR’S
OPTION RIDER

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

23

 

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

 

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

 

24

 

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

 

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

 

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

 

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

 

25

 

ANNEX A

 

REPAYMENT ELECTION FORM

 

Genworth Life and Annuity
Insurance Company

 

Genworth DirectNotesSM

 

CUSIP Number         

 

To:  [Name of Trust] (the “TRUST”)

 

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

 

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

 

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

 

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

 

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

 

The Financial Institution agrees to the following
terms:

 

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

 

·                                          The
Financial Institution shall deliver to The Bank of New York 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

  	
  The Bank of New York Mellon

  
	
  Trust Company, N.A.

  	
  Trust Company, N.A.

  
	
  Survivor Option Processing

  	
  Survivor Option Processing

  
	
  P.O. Box 2320

  	
  2001 Bryan Street – 10th Floor

  
	
  Dallas, Texas 75221-2320

  	
  Dallas, Texas 75201

  

 

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

 

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

 

30

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