Document:

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                                                                    Exhibit 4.17

                                 TRUST AGREEMENT
                                       OF
                            GOLDMAN SACHS CAPITAL IV

      THIS TRUST AGREEMENT is made as of January 20, 2004 (the "Trust
Agreement"), by and among The Goldman Sachs Group, Inc., a Delaware corporation,
as depositor (the "Depositor"), and The Bank of New York (Delaware), as trustee
( the "Delaware Trustee"). The Depositor and the Delaware Trustee hereby agree
as follows:

      1. The trust created hereby shall be known as Goldman Sachs Capital IV
(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.

      2. The Depositor hereby assigns, transfers, conveys and sets over to the
Trust the sum of $10. The Delaware Trustee hereby acknowledges receipt of such
amount in trust from the Depositor, which amount constitutes 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 created hereby constitute a statutory trust under Chapter 38 of Title 12
of the Delaware Code, 12 Del. C. Section 3801, et seq. (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 Delaware Secretary of State in accordance with the
provisions of the Statutory Trust Act.

      3. The Depositor 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
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the Depositor, to file with the New York Stock Exchange, Inc. or other exchange,
or the National Association of Securities Dealers, Inc. ("NASD"), 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
NASD's Nasdaq National 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, NASD, 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, NASD, 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 one 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.

      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

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            (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 before the issuance of the
Capital or Preferred Securities at the election of 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. If the Trust does not issue Capital Securities within ten years of the
date of this Trust Agreement, this Trust Agreement will terminate.

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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/ David Weil
                                          __________________________
                                          Name:  David Weil
                                          Title: Treasurer

                                    THE BANK OF NEW YORK (DELAWARE), as
                                     trustee

                                    By:   /s/ William T. Lewis
                                          __________________________
                                          Name:  William T. Lewis
                                          Title: Sr. Vice President

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                                                                    Exhibit 4.18

                                   [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 I, 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

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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, 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

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                  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.

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                                   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 I
            c/o The Goldman Sachs Group, Inc.
            85 Broad Street
            New York, NY  10004
            Facsimile No.:
            Attention:

            The Goldman Sachs Group, Inc.
            85 Broad Street
            New York, NY  10004
            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.

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      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 I

                                          By:_________________________
                                             Name:
                                             Administrative Trustee

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