Common use of Guarantees Clause in Contracts

Guarantees. The payment obligations of Goldman Sachs (Jersey) Limited, in respect of Securities issued by Goldman Sachs (Jersey) Limited only, are unconditionally and irrevocably guaranteed by Goldman Sachs Europe in its capacity as guarantor pursuant to a deed of guarantee dated 11 July 2006 made by Goldman Sachs Europe in favour of the Holders of Securities issued by Goldman Sachs (Jersey) Limited (the "GSE Guarantee"). In addition, the payment obligations of Goldman Sachs Europe, in respect of Securities issued by Goldman Sachs Europe and/or pursuant to the GSE Guarantee, are unconditionally and irrevocably guaranteed by The Goldman Sachs Group, Inc. pursuant to a deed of guarantee dated 11 July 2006 (the "GSGI Guarantee" and, together with the GSE Guarantee, the "Guarantees") made by The Goldman Sachs Group, Inc. in favour of the Holders of Securities issued or guaranteed by Goldman Sachs Europe (The Goldman Sachs Group, Inc. together with Goldman Sachs Europe in its capacity as guarantor being "Guarantors" and each a "Guarantor").

Guarantees. The payment obligations of Goldman Sachs (Jersey) Limited, in respect of Securities issued by Goldman Sachs (Jersey) Limited only, are unconditionally and irrevocably guaranteed by Goldman Sachs Europe in its capacity as guarantor pursuant to a deed of guarantee dated 11 July 2006 19 March 2008 made by Goldman Sachs Europe in favour of the Holders of Securities issued by Goldman Sachs (Jersey) Limited (the "GSE Guarantee"). In addition, the payment obligations of Goldman Sachs International, in respect of Securities issued by Goldman Sachs International, and the payment obligations of Goldman Sachs Europe, in respect of Securities issued by Goldman Sachs Europe and/or pursuant to the GSE Guarantee, are unconditionally and irrevocably guaranteed by The Goldman Sachs Group, Inc. pursuant to a deed of guarantee dated 11 July 2006 19 March 2008 (the "GSGI Guarantee" and, together with the GSE Guarantee, the "Guarantees") made by The Goldman Sachs Group, Inc. in favour of the Holders of Securities issued by Goldman Sachs International and issued or guaranteed by Goldman Sachs Europe (The Goldman Sachs Group, Inc. together with Goldman Sachs Europe in its capacity as guarantor being "Guarantors" and each a "Guarantor").