Item 8.01 Other Events.
On November 25, 2008, The Goldman Sachs Group, Inc. (the "Company") entered into
the Master Agreement under the Federal Deposit Insurance Corporation's Temporary
Liquidity Guarantee Program-Debt Guarantee Program, by and between the Federal
Deposit Insurance Corporation and the Company (the "Master Agreement"). Pursuant
to the Master Agreement, the Company is required to add certain provisions to
the governing documents of debt securities guaranteed under that program. These
provisions are not included in the relevant forms of notes previously filed as
exhibits to the Company's Registration Statement on Form S-3 (No. 333-154173).
The amended forms of floating rate senior debt security and fixed rate senior
debt security are filed as exhibits hereto. The Master Agreement is attached as
Exhibit A to each such senior debt security.
On November 25, 2008, the Company entered into an underwriting agreement with
Goldman, Sachs & Co., as representative of the other underwriters named therein,
pursuant to which $5,000,000,000 principal amount of 3.25% Notes due 2012 will
be issued on December 1, 2008. The 3.25% Notes due 2012 are fixed rate senior
debt securities.
On November 28, 2008, the Company entered into a Guarantee Agreement (the
"Guarantee Agreement") with Goldman Sachs Bank USA, a bank chartered under the
laws of the State of New York and a wholly-owned subsidiary of the Company (the
"Bank"). On November 28, 2008, the Company entered into a related Collateral
Agreement (the "Collateral Agreement") between the Bank and the Company and each
other party that becomes a pledgor pursuant to the Collateral Agreement.
The following is a brief summary of the Guarantee Agreement and the Collateral
Agreement:
Under the Guarantee Agreement, the Company agrees that it will (i) purchase from
the Bank certain assets transferred to the Bank (other than derivatives and
mortgage servicing rights) or reimburse the Bank for certain losses relating to
those assets; (ii) reimburse the Bank for credit-related losses from assets
transferred to the Bank; and (iii) protect the Bank or reimburse it for certain
losses arising from derivatives and mortgage servicing rights transferred to the
Bank.
Under the Collateral Agreement, the Company agrees to pledge to the Bank at all
times collateral, including interests in subsidiaries and other illiquid assets,
with an aggregate value at any time not less than 5% of the face amount of
committed but unfunded credit lines plus the original transfer value of the
assets transferred to the Bank.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are being filed as part of this Current Report on Form
8-K:
4.1 Form of floating rate senior debt security (TLGP) issued under the Senior
Debt Indenture, dated as of July 16, 2008, between the Company and The Bank
of New York Mellon, as trustee.
4.2 Form of fixed rate senior debt security (TLGP) issued under the Senior Debt
Indenture, dated as of July 16, 2008, between the Company and The Bank of
New York Mellon, as trustee.
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