Document:

TRUST AGREEMENT OF GS CAP VII

 Exhibit 4.23 

TRUST AGREEMENT 
 OF

 GOLDMAN SACHS CAPITAL VII 

THIS TRUST AGREEMENT, dated as of May 3, 2017, (the “Trust Agreement”), by and among The Goldman Sachs Group, Inc., a Delaware
corporation, as depositor (the “Depositor”), BNY Mellon Trust of Delaware (formerly known as The Bank of New York (Delaware)), as trustee (the “Delaware Trustee”), Jane M. Kelsey, an individual, Steven M. Bunson, an individual
and Rajashree Datta, an individual, each of whose address is c/o The Goldman Sachs Group, Inc., 200 West Street, New York, New York 10282 (each an “Administrative Trustee” and collectively the “Administrative Trustees”). The
Depositor, the Administrative Trustees and the Delaware Trustee hereby agree as follows: 
 1.    The trust created
hereby shall be known as Goldman Sachs Capital VII (the “Trust”), in which name the Delaware Trustee or the Depositor, to the extent provided herein, may conduct the business of the Trust, make and execute contracts, and sue and be sued.
The Delaware Trustee is hereby appointed as the “trustee” of the Trust within the meaning of the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq. (the “Statutory Trust Act”). 

2.    The Depositor acknowledges that it has assigned, transferred, conveyed and set over to the Trust the sum of $10. The
Delaware Trustee has acknowledged receipt of such amount in trust from the Depositor, which amount shall constitute the initial trust estate. The Delaware Trustee hereby declares that it will hold the trust estate in trust for the Depositor. It is
the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act, and that this document constitute the governing instrument of the Trust. The Delaware Trustee is hereby authorized and directed to execute
and file a certificate of trust with the Secretary of State of the State of Delaware substantially in the form attached hereto as Exhibit A. 

3.    The Depositor, the Administrative Trustees and the Delaware Trustee will enter into an amended and restated Trust
Agreement or Declaration of Trust satisfactory to each such party and substantially in the form to be included as an exhibit to the 1933 Act Registration Statement (as defined below), to provide for the contemplated operation of the Trust created
hereby and the issuance of the Capital or Preferred Securities and Common Securities referred to therein. Prior to the execution and delivery of such amended and restated Trust Agreement or Declaration of Trust, the Delaware Trustee shall not have
any duty or obligation hereunder or with respect of the trust estate, except as otherwise required by applicable law or as may be necessary to obtain prior to such execution and delivery any licenses, consents or approvals required by applicable law
or otherwise. Notwithstanding the foregoing, the Delaware Trustee may take all actions deemed proper as are necessary to effect the transactions contemplated herein. 

4.    The Depositor, as sponsor of the Trust, is hereby authorized, in its discretion, (i) to prepare and file with
the Securities and Exchange Commission (the “Commission”) and to execute, in the case of the 1933 Act Registration Statement and 1934 Act Registration Statement (as herein defined), on behalf of the Trust, (a) a Registration Statement
(the “1933 Act Registration Statement”), including all pre-effective and post-effective amendments thereto, 

 
relating to the registration under the Securities Act of 1933, as amended (the “1933 Act”), of the Capital or Preferred Securities of the Trust, (b) any preliminary prospectus or
prospectus or supplement thereto relating to the Capital or Preferred Securities of the Trust required to be filed pursuant to the 1933 Act, and (c) a Registration Statement on Form 8-A or other
appropriate form (the “1934 Act Registration Statement”), including all pre-effective and post-effective amendments thereto, relating to the registration of the Capital or Preferred Securities of the
Trust under the Securities Exchange Act of 1934, as amended; (ii) if and at such time as determined by the Depositor, to file with the New York Stock Exchange, Inc. or other exchange, or the Financial Industry Regulatory Authority, Inc.
(“FINRA”), and execute on behalf of the Trust a listing application and all other applications, statements, certificates, agreements and other instruments as shall be necessary or desirable to cause the Capital or Preferred Securities of
the Trust to be listed on the New York Stock Exchange, Inc. or such other exchange, or The NASDAQ Stock Market; (iii) to file and execute on behalf of the Trust, such applications, reports, surety bonds, irrevocable consents, appointments of
attorney for service of process and other papers and documents that shall be necessary or desirable to register the Capital or Preferred Securities of the Trust under the securities or “Blue Sky” laws of such jurisdictions as the
Depositor, on behalf of the Trust, may deem necessary or desirable; (iv) to execute and deliver letters or documents to, or instruments for filing with, a depository relating to the Capital or Preferred Securities of the Trust; (v) to
execute, deliver and perform on behalf of the Trust an underwriting agreement with one or more underwriters relating to the offering of the Capital or Preferred Securities of the Trust; and (vi) to take all other actions incident and reasonably
related to the performance of its obligations hereunder which are not specifically provided for in this Section. 
 In the event that any
filing referred to in this Section 4 is required by the rules and regulations of the Commission, the New York Stock Exchange, Inc. or other exchange, FINRA, or state securities or “Blue Sky” laws to be executed on behalf of the Trust
by a trustee, the Delaware Trustee, in its capacity as trustee of the Trust, is hereby authorized to join in any such filing and to execute on behalf of the Trust any and all of the foregoing, it being understood that the Delaware Trustee, in its
capacity as trustee of the Trust, shall not be required to join in any such filing or execute on behalf of the Trust any such document unless required by the rules and regulations of the Commission, the New York Stock Exchange, Inc. or other
exchange, FINRA, or state securities or “Blue Sky” laws. 
 5.    This Trust Agreement may be executed in one
or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

6.    The number of trustees of the Trust initially shall be four and thereafter the number of trustees of the Trust shall
be such number as shall be fixed from time to time by a written instrument signed by the Depositor which may increase or decrease the number of trustees of the Trust; provided, however, that to the extent required by the Statutory Trust Act, one
trustee of the Trust shall either be a natural person who is a resident of the State of Delaware or, if not a natural person, an entity which has its principal place of business in the State of Delaware. Subject to the foregoing, the Depositor is
entitled to appoint or remove without cause any trustee of the Trust at any time. Any trustee of the Trust may resign upon thirty days’ prior notice to the Depositor. 

  
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 7.    The Depositor agrees: (1) to reimburse the Delaware Trustee upon
its request for all reasonable expenses, disbursements and advances incurred or made by the Delaware Trustee in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its
agents and counsel), except any such expense, disbursement or advance as shall be determined to have been caused by its own negligence or bad faith; and 

(2)    to indemnify the Delaware Trustee for, and to hold it harmless against, any and all losses, liabilities, damages,
claims or expenses including taxes (other than taxes imposed on the income of the Delaware Trustee) incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

8.    The Trust may be dissolved and terminated at the election of the Depositor. Thereupon, the Depositor shall wind up
the affairs of the Trust, and upon completion thereof in accordance with Section 3808 of the Act, the Delaware Trustee, at written direction and expense of the Depositor, shall file in accordance with Section 3810 of the Act a Certificate
of Cancellation with the Secretary of State of the State of Delaware terminating the Trust. Any remaining expenses of the Trust shall be paid by the Depositor. 

9.    This Trust Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware
(without regard to conflict of laws principles). 
 10.  This Trust Agreement may be modified, supplemented, altered or amended
pursuant to a written agreement executed by the Depositor and the Delaware Trustee; provided, however, that the Delaware Trustee shall not be required to enter into any amendment hereto which adversely affects the rights, duties or immunities of the
Delaware Trustee. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed as of
the day and year first above written. 
  

			
	THE GOLDMAN SACHS GROUP, INC., as Depositor
		
	By:	 	 /s/ James J. White, Jr.

	Name:	 	James J. White, Jr.
	Title:	 	Attorney-in-Fact
	
	BNY MELLON TRUST OF DELAWARE, as trustee
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	 /s/ Jane M. Kelsey

	Jane M. Kelsey, as administrative trustee
	
	 /s/ Steven M. Bunson

	Steven M. Bunson, as administrative trustee
	
	 /s/ Rajashree Datta

	Rajashree Datta, as administrative trustee

  
 4 

 EXHIBIT A 

FORM OF 
 CERTIFICATE OF
TRUST 
 OF 

GOLDMAN SACHS CAPITAL VII 

This Certificate of Trust of Goldman Sachs Capital VII (the “Trust”) is being duly executed and filed on behalf of the Trust
by the undersigned, as trustees, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 

1.    Name. The name of the statutory trust formed hereby is Goldman Sachs Capital VII. 

2.    Delaware Trustee. The name and the business address of a trustee of the Trust having a principal place of
business in the State of Delaware are BNY Mellon Trust of Delaware, 301 Bellevue Parkway, 3rd Floor, Wilmington, DE 19809. 

3.    Effective Date. This Certificate of Trust shall be effective upon filing. 

IN WITNESS WHEREOF, the undersigned have duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 

 

			
	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	  

	Jane M. Kelsey, as administrative trustee
	
	  

	Steven M. Bunson, as administrative trustee
	
	  

	Rajashree Datta, as administrative trustee

  
 5FORM OF AGMT AS TO EXPENSES AND LIABILITIES - GS CAP VII

 Exhibit 4.24 

[FORM OF] 
 AGREEMENT AS TO
EXPENSES AND LIABILITIES 
 Agreement as to Expenses and Liabilities, dated as of
[                    ], between The Goldman Sachs Group, Inc., a Delaware corporation, in its capacity as Holder (as defined in the Trust Agreement
referred to below) of the Common Securities referred to below (in such capacity, and together with its successors in such capacity, the “Common Securityholder”), and Goldman Sachs Capital VII, a Delaware statutory trust (the “Issuer
Trust”). 
 W i t n e s s e t h : 

Whereas, the Issuer Trust intends to issue its Common Securities (the “Common Securities”) to and receive Subordinated Debentures
from The Goldman Sachs Group, Inc. and to issue and sell [    ]% Capital Securities (the “Capital Securities”) with such powers, preferences and special rights and restrictions as are set forth in the Amended and
Restated Trust Agreement of the Issuer Trust, dated as of [                    ], as the same may be amended from time to time (the “Trust
Agreement”); and 
 Whereas, the Common Securityholder will own all of the Common Securities of the Issuer Trust; 

Whereas, terms used but not defined herein have the meanings set forth in the Trust Agreement; 

Now, Therefore, for good and valid consideration, the receipt and sufficiency of which are hereby acknowledged: 

ARTICLE 1. 
 Section 1.1
Guarantee by the Common Securityholder. 
 Subject to the terms and conditions hereof, the Common Securityholder hereby irrevocably and
unconditionally guarantees to each person or entity to whom the Issuer Trust is now or hereafter becomes indebted or liable (the “Beneficiaries”) the full payment, when and as due, of any and all Obligations (as hereinafter defined) to
such Beneficiaries. As used herein, “Obligations” means any costs, expenses or liabilities of the Issuer Trust, other than obligations of the Issuer Trust to pay to holders of any Trust Securities the amounts due to such holders pursuant
to the terms of the Trust Securities. This Agreement is intended to be for the benefit of, and to be enforceable by, all such Beneficiaries, whether or not such Beneficiaries have received notice hereof. 

Section 1.2 Subordination of Guarantee. 

The guarantee and other liabilities and obligations of the Common Securityholder under this Agreement shall constitute unsecured obligations of
the Common Securityholder and shall rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the Common Securityholder to the extent and in the manner set forth in the Indenture with respect to the
Subordinated Debentures, and the provisions of Article XIV of the Indenture will apply, mutatis mutandis, to the obligations of the Common Securityholder hereunder. The obligations of the Common Securityholder hereunder do not constitute Senior Debt
(as defined in the Indenture) of the Common Securityholder. 
 Section 1.3 Term of Agreement. 

This Agreement shall terminate and be of no further force or effect upon the later of (a) the date on which full payment has been made of
all amounts payable to all holders of all the Capital Securities (whether upon redemption, liquidation, exchange or otherwise) and (b) the date on which there are no Beneficiaries remaining; provided, however, that this Agreement shall continue
to be effective or shall be reinstated, as the case may be, if at any time any holder of Capital Securities or any Beneficiary must restore payment of any sums paid in respect of the Capital Securities, under any Obligation, under the Guarantee
Agreement dated the date hereof by the Common Securityholder and The Bank of New York Mellon, as guarantee trustee, or under this Agreement for any reason whatsoever. 

 This Agreement shall be continuing, irrevocable, unconditional and absolute. 

Section 1.4 Waiver of Notice. 

The Common Securityholder hereby waives notice of acceptance of this Agreement and of any Obligation to which it applies or may apply, and the
Common Securityholder hereby waives presentment, demand for payment, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 

Section 1.5 No Impairment. 

The obligations, covenants, agreements and duties of the Common Securityholder under this Agreement shall in no way be affected or impaired by
reason of the happening from time to time of any of the following: 
  

	 	i.	the extension of time for the payment by the Issuer Trust of all or any portion of the Obligations or for the performance of any other obligation under, arising out of, or in connection with, the Obligations;

  

	 	ii.	any failure, omission, delay or lack of diligence on the part of the Beneficiaries to enforce, assert or exercise any right, privilege, power or remedy conferred on the Beneficiaries with respect to the Obligations or
any action on the part of the Issuer Trust granting indulgence or extension of any kind; or 

  

	 	iii.	the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of
debt of, or other similar proceedings affecting, the Issuer Trust or any of the assets of the Issuer Trust. 

 There shall be no obligation of
the Beneficiaries to give notice to, or obtain the consent of, the Common Securityholder with respect to the happening of any of the foregoing. 

Section 1.6 Enforcement. 
 A
Beneficiary may enforce this Agreement directly against the Common Securityholder and the Common Securityholder waives any right or remedy to require that any action be brought against the Issuer Trust or any other person or entity before proceeding
against the Common Securityholder. 
 Section 1.7 Subrogation. 

The Common Securityholder shall be subrogated to all (if any) rights of the Issuer Trust in respect of any amounts paid to the Beneficiaries by
the Common Securityholder under this Agreement; provided, however, that the Common Securityholder shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Agreement. 

ARTICLE 2. 
 Section 2.1
Binding Effect. 
 This Agreement shall bind the successors, receivers, trustees and representatives of the Common Securityholder and shall
inure to the benefit of the Beneficiaries. 

 Section 2.2 Amendment. 

So long as there shall remain any Beneficiary or any Capital Securities of any series shall be outstanding, this Agreement may not be modified
or amended in any manner adverse to such Beneficiary or to the holders of the Capital Securities, as the case may be. 
 Section 2.3
Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be given in writing by delivering
the same against receipt therefor by facsimile transmission (confirmed by mail), telex or by registered or certified mail, addressed as follows (and if so given, shall be deemed given when mailed or upon receipt of an answer-back, if sent by telex):

 Goldman Sachs Capital VII 

c/o The Goldman Sachs Group, Inc. 

200 West Street 
 New York, New
York 10282 
 Facsimile No.: 

Attention: 
 The Goldman Sachs
Group, Inc. 
 200 West Street 

New York, NY 10282 
 Facsimile
No.: 
 Attention: 

Section 2.4 Governing Law. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE 

LAWS OF THE STATE OF NEW YORK. 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	GOLDMAN SACHS CAPITAL VII
		
	By:	 	  

	Name:	 	
		 	Administrative Trustee

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