Amendment to Transition Services Agreement Between General Electric Entities and Genworth Financial, Inc.
This letter agreement, dated August 18, 2004, confirms an amendment to the Transition Services Agreement (TSA) originally dated May 24, 2004, between several General Electric entities and Genworth Financial, Inc. The amendment clarifies that, for 24 months after the agreement date, GE will pay Genworth $40 million per year for services, in eight equal quarterly payments, unless certain services are terminated. Both parties have agreed to this change as confirmed by their representatives' signatures.
Exhibit 10.46.1
| | Briggs Tobin | |
| Transactions & Finance Counsel | ||
| GE | ||
| 3135 Easton Turnpike | ||
| ###-###-#### | ||
| F ###-###-#### | ||
| ***@*** |
August 18, 2004
Ward Bobitz, Esq.
Vice President and Assistant Secretary
Genworth Financial, Inc.
6620 West Broad Street
Richmond, Virginia 23230
| Re: | Transition Services Agreement, dated May 24, 2004, among General Electric Company, General Electric Capital Corporation, GEI, Inc., GE Financial Assurance Holdings, Inc., GNA Corporation, GE Asset Management Incorporated, General Electric Mortgage Holdings LLC and Genworth Financial, lnc. (the “TSA”) |
Dear Ward:
I am writing to confirm, on behalf of General Electric Company. General Electric Capital Corporation, GEL Inc., GE Financial Assurance Holdings, Inc., and GE Asset Management incorporated, that the second sentence of Section 5.01(a) of the TSA should read and hereby is confirmed to read as follows:
“During the 24-month period following the date of this Agreement, notwithstanding the Service Charges set forth on Schedule B, the aggregate Service Charges payable by GE to the Company shall, subject to reduction following termination of any Company Service pursuant to Section 9.0l(a)(ii) or Section 9.0ll(a)(iii), be equal to $40 million in each 12-month period therein, which shall be paid by GE to the Company in eight equal quarterly installments payable on each March 31, June 30, September 30 and December 31 during such 24-month period.”
Please confirm, on behalf of GNA Corporation, General Electric Mortgage Holdings LLC and Genworth Financial, Inc., your agreement with the foregoing in the space indicated below.
| Very truly yours,
GENERAL ELECTRIC COMPANY | ||
| By: | /S/ BRIGGS TOBIN | |
| Name: Briggs Tobin | ||
| Title: Transactions & Finance Counsel | ||
Confirmed and Agreed:
| GENWORTH FINANCIAL, INC. | ||
| By: | /S/ WARD BOBITZ | |
| Name: Ward Bobitz | ||
| Title: Vice President | ||
