Document:

Exhibit 10.1

 

Notice:  You should consult with an attorney before
signing this Agreement.  You have 21 days
from the date that you receive this Agreement to consider whether to sign it.  If you sign this Agreement, you will then
have 7 days following the date that you sign this Agreement to revoke it, and
this Agreement shall not become effective or enforceable until the expiration
of the 7-day revocation period.

 

SEPARATION AGREEMENT

 

This Separation Agreement (“Agreement”) is between Innovative
Solutions & Support, Inc. (the “Company”) and James Reilly (the “Employee”).  Intending to be legally bound, the Company
and Employee agree as follows:

 

SECTION 1.        Termination; Impact on Current Benefits

 

Employee’s employment with the Company will
terminate on February 29, 2008 (“Separation Date”), and the Company’s
records will reflect that Employee’s separation was based on his retirement
from the Company.  Except as provided in
this Agreement, all wages, benefits, and other compensation will cease as of
the Separation Date.  Employee’s final
paycheck will be issued on the next regularly scheduled payday following the
Separation Date and mailed to Employee.

 

SECTION 2.          Severance Pay and Other Benefits

 

a.             Severance Pay

 

Subject
to the conditions set forth in Section 4 of this Agreement, the Company shall
deliver the amount of $200,000.00 (the “Payment”) as described as follows,
within 14 days following the Company’s receipt of a signed original of this
Agreement.

 

(i)            The Company will deliver a check made payable
to “James Reilly” in the amount of $50,000.00, less all applicable withholdings
and deductions to the law office of Raynes, McCarty, attorney for
Employee.  This sum is being allocated as
wages, and the Company will report the payment on a Form W-2 at the appropriate
time.

 

(ii)           The Company will deliver a check made payable
to “James Reilly” in the amount of $100,000.00, without any withholdings or
deductions to the law office of Raynes, McCarty.  This sum is being allocated to Employee’s
claim for physical injury and emotional distress, and the Company will report
the payment on a Form 1099-Misc at the appropriate time.

 

(iii)          The Company will deliver a check made payable
to “Raynes, McCarty” in the amount of $50,000.00, without any withholdings or
deductions to the law office of Raynes, McCarty.  This sum is being allocated as attorney’s fees,
and the Company will report the payment on a Form 1099-Misc at the
appropriate time.

 

Employee
acknowledges that the Payment, as well as the additional consideration described
below in the remainder of Section 2, constitutes a complete and final
settlement of all of Employee’s claims, and that this settlement includes
without limitation any and all claims for costs or attorneys’ fees.  Employee agrees to pay all federal, state and
local taxes for which he may be liable based on his receipt of the
Payment.  Employee shall indemnify and
hold the Company harmless (including reasonable attorney’s fees

 

 

incurred)
from any liability in connection with the above allocation and/or his failure
to pay any required taxes.

 

b.             Additional Payment to Raynes, McCarty

 

The
Company will pay the amount of $45,000.00 without any withholdings or
deductions to “Raynes, McCarty.”  This
payment will be made together with the payment described in Section 2(a)(iii),
and will be delivered to the law office of Raynes, McCarty.  This sum is being allocated as attorney’s
fees, and the Company will report this payment on a Form 1099-Misc at the
appropriate time.

 

c.             Stock Options

 

Employee
currently holds vested and unvested stock options granted pursuant to the
Company’s 1998 Stock Option Plan, as amended (“Plan”), by the committee
appointed by the Company to administer the Plan (“Committee”).  Pursuant to the Committee’s authority to
amend any option document under Section 8(j) of the Plan, the
Committee hereby amends the relevant option documents to accelerate the vesting
of Employee’s unvested options, such that Employee’s unvested options shall
vest in full on the day following the expiration of above-referenced 7-day
revocation period.  In addition, pursuant
to Section 8(e)(ii) of the Plan, the Committee hereby extends the
period during which Employee may exercise his vested options (including options
previously vested and options vested by operation of this Agreement) to February 28,
2010, or the expiration of the option term set forth in the applicable option
agreement pursuant to Section 8(e)(i) of the Plan (e.g., 10 years
from the date of grant of the applicable option), whichever is earlier.

 

d.             Medical Benefits Continuation

 

Should
Employee elect medical benefits continuation under COBRA, the Company will
continue to pay its regular employer contributions toward Employee’s medical
insurance through August 31, 2009. 
Employee will be responsible for paying his regular share of the medical
care premium.  All COBRA benefits are
available only during the time that Employee is not eligible for comparable
health coverage through another employer. 
Should Employee obtain such coverage, it is Employee’s obligation to
immediately notify the Company.

 

SECTION 3.          Consulting Services

 

For a 12-month period beginning March 1, 2008,
Employee will serve as a consultant to the Company.  Employee agrees that he shall make and hold
himself available to the Company, and the Company shall engage the consulting
services of Employee upon reasonable notice to Employee and during normal
business hours, to perform such duties as are assigned to him by the Company.

 

a.             In consideration of Employee’s consulting
services, the Company shall pay him a fee of $50,000.00, to be paid in 12 equal
monthly payments beginning March 31, 2008.

 

b.             Upon presentation by Employee of an invoice
accompanied by supporting documents reasonably satisfactory to the Company, the
Company shall reimburse him for reasonable expenses incurred by him and
approved in advance by the Company in connection with Employee’s performance of
consulting services.

 

2

 

c.             Employee hereby agrees that in performing
consulting services for the Company, he shall act in the capacity of an
independent contractor with respect to the Company and not as an employee or
agent of the Company.  Employee shall not
represent to any person or entity that he is an employee or agent of the
Company and shall have no authority to bind the Company in any respect.  Employee shall pay all federal, state and
local taxes that shall become due on any money paid to Employee by the Company
for consulting services under the Agreement. 
Employee hereby acknowledges and agrees that, except as set forth in Section 2(d) hereof,
he is not entitled or eligible to participate in or receive coverage under any
of the Company’s employee benefit plans, fringe benefit programs, group
insurance arrangements or similar programs. 
As an independent contractor, Employee shall accept any directions
issued by the Company pertaining to the goals to be attained and the results to
be achieved, but shall be solely responsible for the manner and hours in which
the services under this Agreement are performed.

 

d.             This Section 3 shall terminate at the
end of the 12-month consulting term.  If
Employee dies or becomes disabled (as determined by the Company in good faith)
during the consulting term, Section 3 of this Agreement shall
automatically be terminated, and the Company’s sole obligation under this
Agreement shall be to pay Employee (or his beneficiaries) for any services
previously provided.

 

e.             The services to be provided by Employee under
Section 3 of this Agreement shall be provided personally by Employee.  Employee may not assign any rights or
performance obligations under this Agreement to any other party without the
prior express written consent of the Company. 
Any attempt to make such an assignment without the prior express written
consent of the Company shall be void and of no effect. of this Agreement

 

SECTION 4.          Conditions on Receipt of Benefits

 

Employee will not receive (or, as the case may be,
continue to receive) the benefits described in Section 2 or the consulting
arrangement described in Section 3 above unless Employee signs, and does
not revoke, this Agreement.

 

SECTION 5.          General Release of Legal Claims and Promise Not to Sue

 

a.             Release of All Legal Claims

 

In
exchange for the benefits described in Section 2 of this Agreement, Employee
hereby releases (on behalf of Employee and Employee’s heirs, beneficiaries,
estate, legal representatives, and otherwise) the Company and the other “Released
Parties” (as defined below) from all legal claims and causes of action that Employee
has, may have, or may claim to have against the Company or any of the other
Released Parties (whether known or unknown; accrued or unaccrued; federal,
state, local, or otherwise) arising at any time up to and including the date
that Employee signs this Agreement (collectively “Claims”).  This general release covers and includes, and
therefore releases, all Claims arising from or relating to Employee’s
employment with the Company, the termination of Employee’s employment with the
Company, and any act or omission provided for or authorized by this
Agreement.  Among the specific Claims
that Employee is releasing by signing this Agreement are (without limitation)
the following: all Claims arising under

 

(i)            any
law prohibiting discrimination on the basis of any protected characteristic
(such as age, race, sex, national origin, religion, and disability status),
including

 

3

 

(but
not limited to) all claims arising under the Age Discrimination in Employment
Act (“ADEA”), Title VII of the Civil Rights Act of 1964, the Americans with
Disabilities Act, and any similar state and local laws, including (but not
limited to) the Pennsylvania Human Relations Act;

 

(ii)           any
law governing the payment of wages or the provision of employee benefits,
including (but not limited to) Employee Retirement Income Security Act;

 

(iii)          the
common law of any jurisdiction, including (but not limited to) all Claims for
breach of contract, wrongful termination or discharge, infliction of emotional
distress, fraud, negligence, and defamation; and

 

(iv)          any
other law (or cause of action), whether federal, state, or local, governing the
employment relationship, including (without limitation) the Family and Medical
Leave Act.

 

b.             Definition of Released Parties

 

“Released
Parties” means:  (i) the Company; (ii) the
Company’s past, present, and future parents, subsidiaries, and affiliates; (iii) each
of the foregoing entities’/persons’ successors and assigns; (iv) each of
the foregoing entities’/persons’ owners, shareholders, officers, directors,
managers, employees, agents, insurers, representatives, and benefit plans
(including such plan’s fiduciaries, administrators, insurers, trustees, and the
like); and (v) all persons/entities claimed to be jointly or severally
liable with any of the foregoing entities/persons or through/by which any such
entities/persons have acted with respect to Employee.

 

c.             No Pending Charges/Complaints; Promise Not to
Sue

 

Employee
represents and warrants that he has not filed any complaints or charges against
any of the Released Parties with any state or federal court or agency.  Employee promises not to file, cause to be
filed, join, or accept any relief in, any lawsuit against the Company or any of
the other Released Parties pleading, raising, or asserting any claims released
by this Agreement.  If Employee breaches
this promise, Employee will reimburse the Company (and the other applicable
Released Parties) for all attorneys’ fees and costs (or the applicable portion
thereof) incurred in defending against any such released claims.  While this Agreement will serve to release
any ADEA claims referenced in Section 4(a) above, the attorneys’
fees/cost shifting provision set forth in this Section 4(c) will not
apply to any claims challenging the validity of this Agreement under the
ADEA.  Employee further agrees not to
seek re-employment from the Company and he releases any Claims based on the
denial of re-employment.

 

d.             Adequacy of Benefits

 

Employee
agrees that (i) the benefits described in Section 2 of this Agreement
are adequate consideration for Employee’s promises in this Agreement, and (ii) the
benefits described in Section 2 of this Agreement are benefits to which Employee
would not be entitled if Employee did not sign this Agreement.

 

4

 

SECTION 6.           Confidentiality

 

a.             Employee will keep the terms of this
Agreement strictly confidential.  Employee
will not discuss with, or disclose to, any person or entity (including any
current or former Company employee) the terms of this Agreement, unless
required by law, as discussed more fully in Section 6(b).  However, Employee may discuss the terms of
this Agreement with Employee’s spouse, and for purposes of obtaining
professional advice only, Employee’s lawyer or tax advisor, if Employee’s spouse,
lawyer or tax advisor first agrees to keep the terms confidential as a
condition of receipt.

 

b.             Employee
may disclose the terms of this Agreement under valid order of any court or
administrative agency of competent jurisdiction, provided, however, that:

 

(i)            Employee
shall not seek such an order or encourage or aid any other person or entity in
seeking such an order;

 

(ii)           in
the event Employee receives a request, inquiry, subpoena or order seeking such
disclosure, within three business days of such receipt (or within such shorter
time period as necessary to allow adequate time to protect the confidentiality
agreed to in this Agreement) Employee shall notify the Company by written
notice delivered by hand or by telecopy and shall deliver a copy of such
request, inquiry, subpoena or order to the Company; and

 

(iii)          if
the Company so requests, Employee shall cooperate, at the Company’s expense, to
oppose any effort to require disclosure of the terms of this Agreement.

 

SECTION 7.           Non-Disparagement

 

Employee agrees not to
engage in any conduct, or make any statements or representations, that
disparage, demean or impugn the Company or any of its officers, directors, or
management employees.  The Company agrees
not to engage in any conduct, or make any statements or representations, that
disparage, demean, or impugn Employee.

 

SECTION 8.           Confidential Information

 

a.             Employee agrees not to, at any time, use or
disclose (on Employee’s, or anyone else’s, behalf) Company’s “Confidential
Information” (as defined below), through any medium of communication, to any
person or entity.  As used herein,
Confidential Information shall mean all confidential, proprietary, or
non-public information (in whatever form) in any way relating to the business
of Company, including, but not limited to business techniques, know-how,
designs, methods, processes, Intellectual Property (as defined below),
strategies, and the like relating to or concerning Company’s financial matters,
marketing, investments, budgets, business plans, marketing plans, development
activities, personnel matters, contracts/agreements, prospective
contracts/agreements, business contacts, clients/customers, prospective
clients/customers, products, and the like, irrespective of whether any of the
foregoing items constitutes a trade secret under any applicable law.  This Section 8 shall apply to
Confidential Information obtained, learned, or discovered by Employee both
during the time period of his employment and the time period during which he
provides consulting services to the Company.

 

5

 

b.             Employee represents that Employee has not
retained any Confidential Information in any form.

 

SECTION 9.          No Admission of Liability

 

Employee and the Company agree that this Agreement
is made in compromise of disputed claims and to avoid the expense and
inconvenience of litigation and is not, and is not to be construed as, a
finding or admission of fault or wrongdoing by either party.

 

SECTION 10.        Miscellaneous

 

a.             Severability

 

If
any provision of this Agreement is found to be invalid, it will be severed, and
it will not affect the validity of any other provision of this Agreement.

 

b.             Enforcement; Assignability

 

Each
of the Released Parties may enforce this Agreement.  The Company may assign freely its rights
under this Agreement.

 

c.             Amendment

 

No
amendment, modification or waiver of any provision of this Agreement shall be
valid, binding or enforceable, unless it is in writing and signed by the party
against whom it is to be charged.  No
waiver by either party hereto of any breach by the other party of any condition
or provision of this Agreement to be performed by such other party shall be
deemed a waiver of a similar or dissimilar condition or provision at the same
or any prior or subsequent time.

 

d.             Complete Agreement

 

This
is the complete agreement between Employee and the Company with respect to its
subject matter.  All prior agreements
between the Company and Employee are terminated, without regard to their
subject matter.

 

e.             Choice of Law

 

This
Agreement will be governed by the substantive laws of the Commonwealth of Pennsylvania,
without regard to any contrary conflict of laws principles, unless federal law
applies.

 

f.              No Additional Compensation

 

Employee
agrees that Employee is not entitled to receive (and releases under Section 5
of this Agreement any Claims relating to) any wages, payments, benefits, or
other compensation from the Company other than: 
(i) the benefits described in Section 2 of this Agreement; (ii) the
consulting arrangement described in Section 3; (iii) Employee’s
salary earned through the Separation Date; and (iv) any 401(k) benefits.

 

Employee acknowledges that he has carefully read and understands this
Agreement.  This Agreement releases all
legal claims that Employee may have against the Company (and the other

 

6

 

Released Parties) as more fully described above.  Employee agrees that he signs this Agreement
freely, knowingly, and voluntarily. 
Employee is not relying upon any promises not set forth above in
entering into this Agreement.

 

Intending to be legally bound, Employee signs below.

 

	
  /s/ James Reilly

  	
   

  	
  March 25,2008

  
	
  James
  Reilly

  	
   

  	
  DATE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Innovative
  Solutions & Support, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Raymond J. Wilson

  	
   

  	
  April 2,
  2008

  
	
  By:
  Raymond J. Wilson

  	
   

  	
  DATE

  

 

7Exhibit 4.1

 

PRICING INSTRUMENT

 

WHEREAS, the parties named herein desire to enter into
certain Program Documents (as defined herein) contained herein, each such
document (unless otherwise specified in such document) dated as of May 5,
2008, relating to the issuance by Genworth Global Funding Trust 2008-23 (the “Trust”)
of Notes to investors under the secured notes program sponsored by Genworth
Life and Annuity Insurance Company (“GLAIC”), the terms of such Notes as
specified in the pricing supplement attached to this Pricing Instrument as Exhibit C
(the “Pricing Supplement”);

 

WHEREAS, the Trust is a trust and will be organized
under and its activities will be governed by the provisions of the Trust
Agreement (set forth in Section A of this Pricing Instrument), dated as of
May 5, 2008, by and between the parties thereto indicated in Section E
herein;

 

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

 

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

 

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

 

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

 

WHEREAS, the sale of the Notes will be governed by the
Terms Agreement (set forth in Section C of this Pricing Instrument), dated
as of May 5, 2008, by and among the parties thereto indicated in Section E
herein; and

 

WHEREAS, certain agreements relating to the Notes and
the Funding Agreement are set forth in the Coordination Agreement (set forth in
Section D of this Pricing Instrument), dated as of May 5, 2008, by
and among the parties thereto indicated in Section E herein.

 

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

 

1

 

SECTION A

 

TRUST AGREEMENT

 

This TRUST AGREEMENT (this “Trust Agreement”), dated
as of May 5, 2008, is entered into by and between GSS Holdings II, Inc.,
a Delaware corporation, as trust beneficial owner (the “Trust Beneficial Owner”),
and U.S. Bank National Association, a national banking association, as Trustee
(the “Trustee”).

 

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

 

W I T N E S S E T H:

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 1

 

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

 

A-1

 

ARTICLE 2

 

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

 

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

 

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

 

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

 

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

 

Section 2.06                                Pricing Instrument; Execution and
Incorporation of Terms.

 

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

 

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

 

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

 

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

 

A-2

 

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

 

A-3

 

SECTION B

 

INDENTURE

 

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

 

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

 

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

 

W I T N E S S E T H:

 

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

 

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

 

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

 

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

 

ARTICLE 1

 

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

 

B-1

 

ARTICLE 2

 

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

 

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

 

Section 2.03                                Additional Terms. Notwithstanding anything to the
contrary in Section 2.04(c) of the Standard Indenture Terms, the
Indenture Trustee will give written notice of redemption to the Holders in
accordance with Section 1.06 of the Standard Indenture Terms not more than
seventy-five (75) calendar days and not less than thirty (30) calendar days
prior to the date set for such redemption. Notwithstanding anything to the
contrary in Section 2.04(f) of the Standard Indenture Terms, the
Indenture Trustee shall treat as satisfactory to it thirty-five (35) calendar
days’ notice from the Trust (or from GLAIC on behalf of the Trust) of a
redemption date for the Notes; provided that there are at least three Business
Days between the receipt by it of such notice and the deadline for giving
notice of such redemption under Section 2.04(c); provided further that the
Notes are in the form of Global Notes and the redemption is in whole.  The initial principal amount of the Notes shall
be $8,116,000.00.

 

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.

 

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Blank]

 

B-2

 

SECTION C

 

TERMS AGREEMENT

 

This TERMS AGREEMENT (this “Terms Agreement”) is
entered into as of May 5, 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 $8,116,000.00.

 

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

 

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

 

The expenses will be borne by GLAIC.

 

Section 2.04                                Applicable Time. 
For purposes of the Distribution Agreement, the Applicable Time shall be
4:54 pm EST, May 5, 2008.

 

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

 

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

 

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

 

Section        2.08                           Pricing Instrument;
Execution and Incorporation of Terms.

 

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

 

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

 

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

 

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

 

C-2

 

SECTION D

 

COORDINATION
AGREEMENT

 

This COORDINATION AGREEMENT (this “Coordination
Agreement”), dated as of May 5, 2008, is entered into by and among
Genworth Life and Annuity Insurance Company (“GLAIC”), the Genworth Global
Funding Trust specified in the Pricing Instrument (the “Trust”), SunTrust Bank,
in its capacity as custodian of the Funding Agreement (“Custodian”) and The
Bank of New York Trust Company, N.A., as the indenture trustee (the “Indenture
Trustee”).

 

W I T
N E S S E T H

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 1

 

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

 

Section 1.02                                Issuance and Purchase of the Notes.

 

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

 

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

 

D-1

 

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

 

ARTICLE 2

 

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

 

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

 

ARTICLE 3

 

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

 

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

 

ARTICLE 4

 

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

 

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

 

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

 

D-2

 

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

 

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

 

To the Trust:

 

Genworth Global Funding Trust 2008-23

c/o U.S. Bank National Association

Corporate Trust Services

209 S. LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention:  Patricia Child, VP

Facsimile: (312) 325-8905

 

To the Indenture Trustee:

 

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

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

Attention: Corporate Finance

Facsimile: (312) 827-8542

 

To GLAIC:

 

Genworth
Life and Annuity Insurance Company

6610 West Broad Street

Richmond, Virginia 23230

Attention: Treasurer

Facsimile: (804) 662-7777

 

with a
copy to:

 

Genworth
Life and Annuity Insurance Company

6610 West Broad Street

Richmond, Virginia 23230

Attention: Heather Harker, Esq.

Facsimile: (804) 281-6005

 

To the Custodian:

 

SunTrust Bank

919 East Main Street

 

D-3

 

Richmond, Virginia 23219

Attention: Retirement Services

Facsimile: (804) 782-7439

 

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

 

ARTICLE 5

 

Section 5.01                                Pricing Instrument; Execution and
Incorporation of Terms.

 

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

 

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

 

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

 

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

 

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

 

[Remainder of Page Left
Intentionally Blank]

 

D-4

 

SECTION E

 

MISCELLANEOUS AND
EXECUTION PAGES

 

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

 

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

 

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

 

 

	
   

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

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Pamela C. Asbury

  
	
   

  	
   

  	
  Name:  Pamela
  C. Asbury

  
	
   

  	
   

  	
  Title:    Vice
  President

  

 

[Execution Page 1 of 3]

 

E-1

 

	
   

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

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Nancie J.
  Arvin

  
	
   

  	
   

  	
  Name: Nancie J. Arvin

  
	
   

  	
   

  	
  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/  Nancie J.
  Arvin

  
	
   

  	
   

  	
  Name: Nancie J. Arvin

  
	
   

  	
   

  	
  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/  Nancie J.
  Arvin

  
	
   

  	
   

  	
  Name: Nancie J. Arvin

  
	
   

  	
   

  	
  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 TRUST COMPANY,

  N.A. (in executing below agrees and becomes a party to

  (i) the Indenture set forth in Section B herein, as Indenture
  Trustee, Registrar, Transfer Agent, Paying Agent and Calculation Agent and (ii) the
  Coordination Agreement set forth in Section D herein), as Indenture
  Trustee, Registrar, Transfer Agent, Paying Agent and Calculation Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Tarnas

  
	
   

  	
   

  	
  Name: R. Tarnas

  
	
   

  	
   

  	
  Title:  Vice
  President

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard J. Owens, III

  
	
   

  	
   

  	
  Name: Richard J. Owens, III

  
	
   

  	
   

  	
  Title: 
  VP/Trust Officer

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Walker

  
	
   

  	
   

  	
  Name: Brian Walker

  
	
   

  	
   

  	
  Title:  
  Managing Director

  

 

[Execution Page 3 of 3]

 

E-3

 

EXHIBIT A

Standard
Trust Terms

 

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

 

A-1

 

EXHIBIT B

Standard
Indenture Terms

 

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

 

B-1

 

EXHIBIT C

Pricing
Supplement

 

As filed with the
Securities and Exchange Commission pursuant to Rule 424(b) under the
Securities Act, dated as of April 28, 2008, with respect to the Notes to
be issued by the Trust.

 

C-1

 

EXHIBIT D

Genworth
Life and Annuity Insurance Company

 

Officer’s
Certificate

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(1) This certificate to be signed quarterly.

 

D-1

 

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

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:  

  
	
   

  	
   

  	
  Title:  

  

 

D-2

 

EXHIBIT E 

Genworth
Global Funding Trusts

 

Trustee
Officer’s Certificate

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

E-1

 

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

 

	
   

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

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: 

  
	
   

  	
   

  	
  Title:

  

 

E-2

 

SCHEDULE
I

 

Terms
Agreement Specifications

 

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

 

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

 

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

 

I-1

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