Document:

Execution Copy

                                 TRUST AGREEMENT

         TRUST AGREEMENT made as of the 7th day of March, 2002, by and between
Credit And Asset Repackaging Vehicle Corporation, as depositor (the
"Depositor"), and Wells Fargo Bank Minnesota, National Association, as trustee
(the "Trustee"), consisting of this agreement and Schedules I, II and III
attached hereto, which Schedules are made a part hereof and are hereinafter
referred to collectively as the "Terms Schedule". The terms of the Standard
Terms for Trust Agreements, dated September 5, 2001 (the "Standard Terms"),
agreed between the Depositor and the Trustee are, except to the extent otherwise
expressly specified herein, hereby incorporated by reference herein in their
entirety with the same force and effect as though set forth herein. Capitalized
terms used and not otherwise defined herein shall have the meanings assigned to
them in the Standard Terms. The words "herein", "hereof", "hereunder", "this
Trust Agreement" and other words of similar import refer to this agreement
including the Terms Schedule and the Standard Terms so incorporated by
reference.

         WHEREAS, the Depositor and the Trustee desire to establish the trust
identified in Schedule I attached hereto (the "Trust") for the primary purposes
of (i) holding the Securities, (ii) entering into the Swap Agreement with the
Swap Counterparty, and (iii) issuing the Certificates;

         WHEREAS, the Depositor desires that the beneficial interests in the
Trust be divided into transferable fractional shares, such shares to be
represented by the Certificates;

         WHEREAS, the Depositor desires to appoint the Trustee as trustee of the
Trust and the Trustee desires to accept such appointment;

         WHEREAS, the Depositor desires to transfer to the Trust, without
recourse, and the Trust desires to acquire, all of the Depositor's right, title
and interest in, to and under the Securities (excluding the Retained Interest)
and other property, all as identified in Schedule II to the Trust Agreement (the
"Trust Property"); and

         WHEREAS, the Trust desires to acquire the Trust Property specified
herein in consideration for issuing Certificates having an initial Principal
Balance (or Notional Amount, as applicable) identified in Schedule I attached
hereto, subject to the terms and conditions specified in the Trust Agreement;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), the parties hereto hereby agree
as follows:

1. The Depositor hereby appoints the Trustee as trustee of the Trust and
requests the Trustee to receive (i) the Securities (excluding the Retained
Interest) and any related documents, (ii) the Swap Agreement, (iii) the Swap
Guarantee and (iv) the documents specified in the Swap Agreement (in Part 3 of
the Schedule to the ISDA Master Agreement).

<PAGE>

2. The Trustee hereby accepts the appointment referred to in Section 1 and
declares that it will hold the assets referred to in Section 1 and all other
assets comprising the Trust Property in trust, for the exclusive use and benefit
of all present and future Certificateholders and for the purposes and subject to
the terms and conditions set forth in the Trust Agreement.

3. The Trustee hereby agrees, as agent for and on behalf of the Depositor, to
prepare, deliver to the Depositor for signature, and file after receiving such
signature, each of the Exchange Act Reports referred to in Section 6.04(a)
(other than the current report or reports on Form 8-K to be filed in connection
with the execution and delivery of the Trust Agreement, the Swap Agreement, the
Swap Guarantee), within such time periods (and, if applicable, in such
circumstances) prescribed therefor by the Commission under the Exchange Act. In
this connection, the Depositor agrees to furnish the Trustee with such
information not otherwise available to the Trustee as may be required to
prepare, deliver or file any of the Exchange Act Reports in accordance with the
immediately preceding sentence.

4. It is intended that the Trust be classified as a grantor trust for U.S.
federal income tax purposes and the Trustee hereby agrees, and each
Certificateholder by acquiring one or more Certificates agrees, to take no
action or reporting position that is inconsistent with such classification.
Furthermore, the Trustee hereby agrees, and each initial Certificateholder by
acquiring one or more Certificates agrees (i) that, as of the Closing Date, the
Trustee shall make an election (an "Integration Election"), as agent for and on
behalf of such Certificateholder, pursuant to U.S. Treasury Regulations Section
1.1275-6 to integrate the Securities with the Swap Agreement for all U.S.
federal income tax purposes and (ii) to treat each Certificate purchased by an
initial Certificateholder as subject to the Integration Election for all U.S.
tax purposes.

5. This Trust Agreement and each Certificate issued hereunder shall be governed
by, and construed in accordance with, the laws of the State of New York.

         The Federal and State courts in the Borough of Manhattan in The City of
New York shall have non-exclusive jurisdiction in respect of any Proceeding
arising out of or relating to this Trust Agreement or any Certificate.

6. This Trust Agreement may be executed simultaneously in any number of
counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute but one and the same instrument.

                                      -2-
<PAGE>

         IN WITNESS WHEREOF, each of the Depositor and the Trustee has caused
this instrument to be executed by its duly authorized officer as of the date
first written above.

                                   CREDIT AND ASSET REPACKAGING
                                   VEHICLE CORPORATION, as Depositor

                                   By:  /s/ Sarah Leah Whitson
                                      ---------------------------------
                                      Name:  Sarah Leah Whitson
                                      Title: Secretary and Vice President

                                   WELLS FARGO BANK MINNESOTA,
                                   NATIONAL ASSOCIATION, as Trustee on
                                   behalf of the Trust identified in Schedule I
                                   hereto, and not in its individual capacity

                                   By:  /s/ Frank McDonald
                                      ------------------------------------
                                      Name:  Frank McDonald
                                      Title: Vice President

       Attachments: Terms Schedule (consisting of Schedules I, II and III)

                                      -3-
<PAGE>

                                   SCHEDULE I

                        (Terms of Trust and Certificates)

Trust:                                Public Credit and Repackaged
                                      Securities(SM) (PCARS)(SM) Trust Series
                                      2002-1

Date of Trust Agreement:              March 7, 2002

Trustee:                              Wells Fargo Bank Minnesota, National
                                      Association

Notional Amount:                      $29,571,825

Issue Price:                          100%

Par Value;
Minimum Denomination:                 $25

Closing Date:                         March 7, 2002

Business Day:                         Each day on which commercial banks are
                                      open for business in The City of New York

Interest Rate:                        7.5% per annum

                                      If any payment of interest payable
                                      hereunder is deferred, interest will
                                      accrue on such deferred payment at a rate
                                      of 7.5% per annum, compounded
                                      semi-annually.

                                      Payments of interest on the Certificates
                                      will be calculated on the basis of a
                                      360-day year consisting of twelve 30-day
                                      months. No adjustment will be made with
                                      respect to interest payable on the
                                      Certificates for Distribution Dates that
                                      occur on a date other than the scheduled
                                      date therefor.

Calculation Agent:                    Swap Calculation Agent

Rating:                               "A3" by Moody's and "BBB" by S&P

Rating Agencies:                      Moody's and S&P

Method of Distribution:               Firm commitment underwriting

                                      I-1
<PAGE>

Distribution Dates:                   The first day of each June and December,
                                      commencing on June 1, 2002, subject to
                                      deferral if and for as long as
                                      distributions on the Securities are
                                      deferred in accordance with the terms
                                      thereof.

                                      If any payment with respect to the
                                      Securities is not received by the Trustee
                                      by 12 noon (New York City time) on a
                                      Distribution Date, the corresponding
                                      distribution on the Certificates will not
                                      occur until the next Business Day that the
                                      Trust is in receipt of such payment by 12
                                      noon (New York City time), with no
                                      adjustment to the amount distributed.

Record Dates:                         With respect to any Distribution Date, the
                                      15th day of the month immediately
                                      preceding such Distribution Date,
                                      regardless of whether such day is a
                                      Business Day and notwithstanding any
                                      adjustment to the related Distribution
                                      Date due to such Distribution Date falling
                                      on a day other than a Business Day.

Scheduled Final Distribution Date:    December 1, 2026

Form of Certificate:                  Global, Registered

Alternative ERISA Restrictions:       Do Not Apply

Deemed Representations:               Apply

Trigger Amount:                       $25,000

Maximum Reimbursable Amount:          $150,000

Exchangeable Series Terms:            Not applicable

Depositor Optional Exchange:          Not applicable

Retained Interest:                    The Depositor's right to receive the
                                      aggregate amount of all distributions on
                                      the Securities in respect of the period
                                      from and including December 1, 2001 to but
                                      excluding March 7, 2002. These accumulated
                                      distributions will be paid to the
                                      Depositor, or upon its direction, on the
                                      first Distribution Date for the
                                      Certificates, from the first distribution
                                      payment made in respect of the

                                      I-2
<PAGE>

                                      Securities after the Closing Date.

Callable Series:                      No (but see "Redemption of Certificates"
                                      below)

Redemption of Certificates:           If there is a partial redemption of
                                      Securities, a pro rata share of the
                                      Principal Balance corresponding to the pro
                                      rata share of the Securities being
                                      redeemed shall be redeemed in accordance
                                      with the following provisions; provided
                                      that, if such pro rata share of the
                                      Principal Balance would otherwise be a
                                      number that is not evenly divisible by
                                      $25, such pro rata share shall be rounded
                                      down to the next number that is evenly
                                      divisible by $25. Promptly after receiving
                                      notice of such partial redemption of
                                      Securities, the Trustee shall allocate the
                                      number of Certificates to be redeemed
                                      ratably based on the aggregate Principal
                                      Balance of Certificates then held by each
                                      holder of Certificates, and shall notify
                                      each holder of the Principal Balance of
                                      Certificates to be redeemed from that
                                      holder. The selected Certificates shall
                                      become redeemable without any further
                                      action on the part of the Trustee or the
                                      Certificateholders upon receipt by the
                                      Trustee of the proceeds from the related
                                      partial redemption of Securities. In
                                      respect of the Certificates being
                                      redeemed, each holder shall receive, out
                                      of the redemption proceeds and any payment
                                      under the Swap Agreement (as defined in
                                      Schedule III), an amount equal to 100% of
                                      the aggregate Principal Balance of the
                                      Certificates held by it that are being
                                      redeemed, together with any accrued and
                                      unpaid interest on those Certificates. No
                                      premium shall be paid on any redeemed
                                      Certificates.

Issuance of Additional Certificates:  Not applicable

Listing:                              The Certificates have been approved,
                                      subject to issuance, for listing on the
                                      New York Stock Exchange under the symbol
                                      "GRH".

Other Provisions:                     The Trust Wind-Up Event specified in
                                      clause (e) of Section 9.01 of the Standard
                                      Terms shall not apply.

                                      I-3
<PAGE>

                                   SCHEDULE II

                            (Terms of Trust Property)

Concentrated Securities:              KeyCorp Institutional Capital A 7.826%
                                      Capital Securities, representing preferred
                                      beneficial interests in KeyCorp
                                      Institutional Capital A, a statutory
                                      business trust formed under the laws of
                                      the State of Delaware for the purpose of,
                                      among other things, investing in 7.826%
                                      Junior Subordinated Deferrable Interest
                                      Debentures (the "Junior Subordinated
                                      Debentures") issued by the Security
                                      Guarantor

Other Securities:                     None

Security Issuer:                      KeyCorp Institutional Capital A

Security Guarantor:                   The Security Issuer's obligations under
                                      the Securities are fully and
                                      unconditionally guaranteed, on a
                                      subordinated basis and subject to
                                      specified limitations, by KeyCorp.

Liquidation Amount:                   $28,340,000

Security Rate:                        7.826%

Current Credit Ratings:               "A3" by Moody's, "BBB" by S&P and "A-" by
                                      Fitch Ratings

Listing:                              None

Security Issuance Agreement:          Amended and Restated Trust Agreement,
                                      dated as of December 4, 1996, among the
                                      Security Guarantor, as Depositor, Bankers
                                      Trust Company, as Property Trustee,
                                      Bankers Trust (Delaware), as Delaware
                                      Trustee and the holders, from time to
                                      time, of the undivided beneficiary
                                      interests in the assets of the Security
                                      Issuer.

Form of Security:                     One or more registered global certificates

Currency of Denomination:             U.S. Dollars

Acquisition Price by Trust:           Certificates having an initial Principal
                                      Balance of $29,571,825.

                                      II-1

<PAGE>

Security Payment Dates:               Each June 1 and December 1

                                      In the event of any election by the
                                      Security Guarantor to defer payment of
                                      interest on the Junior Subordinated
                                      Debentures, the Security Issuer will defer
                                      payment of distributions on the Securities
                                      for a period not exceeding 10 consecutive
                                      semi-annual periods, with respect to each
                                      deferral period, except that no such
                                      deferral period may extend beyond the
                                      Maturity Date (as defined below).

Original Issue Date:                  On March 5, 1997

Maturity Date:                        December 1, 2026

Sinking Fund Terms:                   Not applicable

Redemption Terms:                     On December 1, 2026, the stated maturity
                                      date of the Junior Subordinated
                                      Debentures. In addition: (i) at any time
                                      in whole but not in part,
                                      contemporaneously with the prepayment of
                                      the Junior Subordinated Debentures, upon
                                      the occurrence of certain events specified
                                      in the Security Issuance Agreement; and
                                      (ii) in whole at any time or in part from
                                      time to time on or after December 1, 2006
                                      subject to payment of the applicable
                                      redemption price by the Security
                                      Guarantor.

CUSIP No.:                            CUSIP No. 493265ac6

Security Trustee:                     Bankers Trust Company, as Property
                                      Trustee, and Bankers Trust (Delaware), as
                                      Delaware Trustee.

Available Information Regarding the   The Security Guarantor is subject to the
Security Issuer:                      informational requirements of the Exchange
                                      Act, and in accordance therewith files,
                                      reports and other information with the
                                      Securities and Exchange Commission (the
                                      "Commission"). Such reports and other
                                      information can be inspected and copied at
                                      the public reference facilities maintained
                                      by the Commission at 450 Fifth Street,
                                      N.W., Washington, D.C. 20549 and at the
                                      Regional Office of the Commission, at
                                      Northwest Atrium Center, 500 West Madison
                                      Street, Chicago, Illinois 60661. Copies of
                                      such materials can be obtained from the
                                      Public Reference Section of the Commission
                                      at 450 Fifth Street, N.W., Washington,

                                      II-2

<PAGE>

                                      D.C. 20549 at prescribed rates. The
                                      Security Issuer is exempt from the
                                      informational requirements of the Exchange
                                      Act.

Cut-Off Date:                         Not applicable

Credit Support:                       None

Credit Support Default:               Not applicable

Other Trust Property:                 None

                                      II-3
<PAGE>

                                  SCHEDULE III

                                (Swap Agreement)

Swap Agreement:                       A confirmation in the form of Exhibit A
                                      hereto, evidencing an obligation of the
                                      Swap Counterparty to pay a certain amount
                                      to the Trust in the case of a Trust
                                      Wind-Up Event or a redemption of the
                                      Securities (the "Swap Agreement"), as well
                                      as (i) any amendments to, or restatements
                                      of, such agreement and (ii) any additional
                                      swap agreements entered into in connection
                                      with any additional issuance of
                                      Certificates.

Swap Counterparty:                    Goldman Sachs Capital Markets, L.P.

Swap Guarantee:                       The Goldman Sachs Group, Inc. will
                                      guarantee the obligations of the Swap
                                      Counterparty under the Swap Agreement
                                      under a guarantee dated the date hereof.

                                     III-1

<PAGE>

                                                                       EXHIBIT A
                                                                  Execution Copy

GOLDMAN SACHS CAPITAL MARKETS, L.P. | 85 BROAD STREET | NEW YORK, NEW YORK
10004 | TEL: 212-902-1000
--------------------------------------------------------------------------------

                                  CONFIRMATION

DATE:      March 7, 2002

TO:        Public Credit and Repackaged Securities(SM) (PCARS)(SM) Trust
           Series 2002-1

FROM:      Goldman Sachs Capital Markets, L.P.

SUBJECT:   Par Value Swap Transaction

REF. NO.:  NUUS202RA0 (860000000)

The purpose of this  communication  is to set forth the terms and  conditions of
the above referenced  transaction entered into on the Trade Date specified below
(the  "Transaction")  between Goldman Sachs Capital  Markets,  L.P. ("Party A"),
guaranteed by The Goldman Sachs Group,  Inc.,  and Public Credit and  Repackaged
Securities(SM)  (PCARS)(SM)  Trust Series 2002-1  ("Party B" and,  together with
Party A, the "Parties"). Party B was formed pursuant to a Trust Agreement, dated
as of the date hereof (the "Trust  Agreement"),  between Credit and  Repackaging
Vehicle  Corporation,  as depositor,  and Wells Fargo Bank  Minnesota,  National
Association,  as trustee.  This  communication  constitutes a "Confirmation"  as
referred to in the Swap Agreement specified below.

1. This Confirmation is subject to, and incorporates,  the 2000 ISDA Definitions
(the  "Definitions"),  published  by the  International  Swaps  and  Derivatives
Association, Inc. This Confirmation supplements,  forms a part of and is subject
to the ISDA  Master  Agreement  dated  as of the date  hereof,  as  amended  and
supplemented from time to time (the "Swap Agreement")  between Party A and Party
B. All  provisions  contained in, or  incorporated  by reference  into, the Swap
Agreement shall govern this Confirmation  except as expressly modified below. In
the event of any inconsistency between this Confirmation, the Definitions or the
Swap Agreement,  as the case may be, this Confirmation will control for purposes
of the Transactions to which this Confirmation relates.

2. The terms of the particular  Transaction to which this  Confirmation  relates
are as follows:

Fixed Amount Payer A:                 Party A

Fixed Amount Payer B:                 Party B

Trade Date:                           February 21, 2002

Effective Date:                       March 7, 2002

Termination Date:                     December 1, 2026

Notional Amount:                      USD  1,231,825,  as  reduced  from time to
                                      time  by  the  aggregate   amount  of  any
                                      Redemption Notional Amounts.

Business Days:                        New York City

Calculation Agent:                    Party A

Party B Fixed Amount:

<PAGE>

   Party B Fixed Amount:              USD 258,386

   Party B Payment Date:              Effective Date

Party A Fixed Amounts:

   Party A Fixed Amounts:             Subject to the following  two  paragraphs,
                                      the Party A Fixed  Amount  payable  on any
                                      Early  Termination  Date  shall  equal the
                                      Notional  Amount,  multiplied  by a factor
                                      (i) the numerator of which is equal to the
                                      amount  of the  proceeds  from the sale of
                                      the  Securities   then  held  by  Party  B
                                      pursuant  to  Section  9.03  of the  Trust
                                      Agreement  (if any)  net of the  aggregate
                                      amount of  distributions on the Securities
                                      representing  the  Retained  Interest  (if
                                      any) and (ii) the  denominator of which is
                                      equal to the aggregate  liquidation amount
                                      of the  Securities  then  held by Party B;
                                      provided that under no circumstances shall
                                      such factor be greater than one.

                                      The Party A Fixed  Amount  payable  on the
                                      date of any Securities  Redemption related
                                      to a "tax  event"  or  "capital  treatment
                                      event"  under the  Securities  shall equal
                                      the Notional Amount.

                                      The Party A Fixed  Amount  payable  on the
                                      date   of   any   Securities    Redemption
                                      unrelated  to a "tax  event"  or  "capital
                                      treatment   event"  under  the  Securities
                                      shall equal the Redemption Notional Amount
                                      minus  the  difference  of (i) the  amount
                                      paid by the  issuer of the  Securities  to
                                      the   Trust  in   connection   with   such
                                      Securities    Redemption   (net   of   any
                                      accumulated     distributions    on    the
                                      Securities  being  redeemed)  and (ii) the
                                      aggregate   liquidation   amount   of  the
                                      Securities  then  held by  Party B that is
                                      subject to such Securities Redemption.

   Party A Payment Dates:             (i) Any Early  Termination  Date, and (ii)
                                      the  date  or  dates  of  any   Securities
                                      Redemption  that  does  not  result  in an
                                      Early Termination Date.

Additional Amounts:                   On any Party A Payment Date other than the
                                      date   of   any   Securities    Redemption
                                      unrelated  to a "tax  event"  or  "capital
                                      treatment event" under the Securities,  in
                                      consideration  of the obligations of Party
                                      A hereunder, an amount (if positive) equal
                                      to (i) any amounts  received by Party B as
                                      proceeds   from   the   related   sale  or
                                      redemption  (as  applicable) of Securities
                                      then held by Party B net of the  aggregate
                                      amount of  distributions on the Securities
                                      representing  the  Retained  Interest  (if
                                      any), minus (ii) the aggregate liquidation
                                      amount  of the  Securities  being  sold or
                                      redeemed (as applicable), minus (iii) , in
                                      the case of a Securities Redemption, the

                                       2

<PAGE>

                                      amount of any accumulated distributions on
                                      the Securities  being redeemed (other than
                                      the aggregate  amount of  distributions on
                                      the Securities  representing  the Retained
                                      Interest,  if any), shall be paid by Party
                                      B to Party A.

Payments on Early Termination:        Except as  specified  under "Party B Fixed
                                      Amount",   "Party  A  Fixed  Amounts"  and
                                      "Additional  Amounts"  above,  no  payment
                                      shall  be   payable  in  respect  of  this
                                      Transaction  by either Party in connection
                                      with   the    occurrence   of   an   Early
                                      Termination Date.

Additional Definitions:               "Securities"  means the securities held by
                                      Party B as trust property  pursuant to the
                                      Trust Agreement.

                                      "Securities    Redemption"    means    any
                                      redemption  of the  Securities in whole or
                                      in part by the issuer  thereof,  including
                                      the    scheduled    redemption    on   the
                                      Termination Date.

                                      "Redemption  Notional Amount" means (i) in
                                      the event of a Securities  Redemption with
                                      respect to all of the Securities then held
                                      by Party B, the  Notional  Amount and (ii)
                                      in the  event of a  Securities  Redemption
                                      with  respect  to  less  than  all  of the
                                      Securities then held by Party B, an amount
                                      equal  to  the  (A)  the  Notional  Amount
                                      (without  giving effect to any  reductions
                                      after the date hereof),  multiplied by (B)
                                      the   aggregate   liquidation   amount  of
                                      Securities  then  held by  Party B that is
                                      subject  to  such  Securities  Redemption,
                                      divided by (C) USD 28,340,000.

                                      "Retained  Interest"  means the  aggregate
                                      amount   of  all   distributions   on  the
                                      Securities  in respect of the period  from
                                      and  including  December  1,  2001  to but
                                      excluding   March  7,  2002.

3.  Account Details:

Payments to Party A:
For the Account of:                   Goldman Sachs Capital Markets, L.P.
Name of Bank:                         Citibank, N.A. New York
Account No:                           40670834
ABA No:                               021000089
Inquiries                             Swap  Operations
                                      Goldman  Sachs  Capital
                                      Markets,  L.P. Telephone No.: 212-357-9775
                                      Facsimile No.: 212-902-5692

Payments to Party B:                  In  accordance   with  Party  B's  written
                                      instructions   as  set   forth   below  or
                                      otherwise  delivered  to Party A.  Party A
                                      shall make no payments

                                       3
<PAGE>

                                      without  having  received (i) such written
                                      instructions  and  (ii) a  fully  executed
                                      facsimile  copy  of this  Confirmation  or
                                      other  written  acceptance  of  the  terms
                                      hereof.

For the Account of :                  Corporate Trust Services
Name of Bank:                         Wells Fargo Bank, Minneapolis, MN
Account No:                           0001038377
ABA No.:                              091000019
Attention:                            Joseph O'Donnell
Ref.:                                 PCARS/Keycorp Series 2002-1 (SEI#12308800)

4.  Offices:

         (i) The Office of Party A for this Transaction is 85 Broad Street,  New
York, New York, 10004.

         (ii) The  Office of Party B for this  Transaction  is Wells  Fargo Bank
Minnesota, N.A., 213 Court Street, Suite 902, Middletown, CT 06457.

                                       4

<PAGE>

5.  Party  B  hereby  agrees  (i) to  check  this  Confirmation  (Reference  No.
NUUS202RA0 (860000000)) carefully and immediately upon receipt so that errors or
discrepancies can be promptly  identified and rectified and (ii) to confirm that
the foregoing  correctly  sets forth the terms of the agreement  between Party A
and  Party  B  with  respect  to  the  particular   Transaction  to  which  this
Confirmation  relates,  by manually signing this  Confirmation and providing the
other information requested herein and immediately returning an executed copy to
Swap Administration, facsimile No. 212-902-5692.

                                      Very truly yours,

                                      GOLDMAN SACHS CAPITAL MARKETS, L.P.

                                      By:  Goldman Sachs Capital Markets, L.L.C.
                                           General Partner

                                      By: /s/ Daniel A. Ruperto
                                         ---------------------------------------
                                         Name:  Daniel A. Ruperto
                                         Title: Vice President

Agreed and Accepted By:

PUBLIC CREDIT AND REPACKAGED SECURITIES(SM)
(PCARS)(SM) TRUST SERIES 2002-1

By: Wells Fargo Bank Minnesota, National
    Association, as Trustee

By:  /s/ Frank McDonald
   ---------------------------------------
   Name:  Frank McDonald
   Title: Vice President

                                       5[GOLDMAN SACHS GROUP, INC. LETTERHEAD]

                                                                   March 7, 2002

Public Credit and Repackaged Securities(SM) (PCARS)(SM) Trust Series 2002-1
c/o Wells Fargo Bank Minnesota, N.A., as trustee
213 Court Street, Suite 902
Middletown, CT  06457

Ladies and Gentlemen:

For value received, The Goldman Sachs Group, Inc. (the "Guarantor"), a
corporation organized under the laws of the State of Delaware, hereby
unconditionally guarantees the prompt and complete payment when due, whether by
acceleration or otherwise, of all obligations and liabilities, whether now in
existence or hereafter arising of Goldman Sachs Capital Markets, L.P., a
subsidiary of the Guarantor and a limited partnership organized under the laws
of the State of Delaware ("GSCM"), to PUBLIC CREDIT AND REPACKAGED
SECURITIES(SM) (PCARS)(SM) TRUST SERIES 2002-1 (the "Counterparty") arising out
of or under the ISDA Master Agreement dated as of March 7, 2002, between GSCM
and the Counterparty (the "Obligations"). This Guaranty is one of payment and
not of collection.

The Guarantor hereby waives notice of acceptance of this Guaranty and notice of
the Obligations, and waives presentment, demand for payment, protest, notice of
dishonor or non-payment of the Obligations, suit, or the taking of other action
by the Counterparty against GSCM, the Guarantor or others.

The Counterparty may at any time and from time to time without notice to or
consent of the Guarantor and without impairing or releasing the obligations of
the Guarantor hereunder: (1) agree with GSCM to make any change in the terms of
the Obligations; (2) take or fail to take any action of any kind in respect of
any security for the Obligations; (3) exercise or refrain from exercising any
rights against GSCM or others in respect of the Obligations; or (4) compromise
or subordinate the Obligations, including any security therefor. Any other
suretyship defenses are hereby waived by the Guarantor.

The Guarantor further agrees that this Guaranty shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part
thereof, of any Obligations, or interest thereon is rescinded or must otherwise
be restored or returned by the Counterparty upon the bankruptcy, insolvency,
dissolution or reorganization of GSCM.

<PAGE>

Public Credit and Repackaged Securities(SM) (PCARS)(SM) Trust Series 2002-1
c/o Wells Fargo Bank Minnesota, N.A., as trustee
March 7, 2002
Page 2

This Guaranty shall continue in full force and effect until the opening of
business on the fifth business day after the Counterparty receives written
notice of termination from the Guarantor. It is understood and agreed, however,
that notwithstanding any such termination this Guaranty shall continue in full
force and effect with respect to all Obligations which shall have been incurred
prior to such termination.

The Guarantor may not assign its rights nor delegate its obligations under this
Guaranty, in whole or in part, without the prior written consent of the
Counterparty, and any purported assignment or delegation absent such consent is
void, except for an assignment and delegation of all of the Guarantor's rights
and obligations hereunder in whatever form the Guarantor determines may be
appropriate to a partnership, corporation, trust or other organization in
whatever form that succeeds to all or substantially all of the Guarantor's
assets and business and that assumes such obligations by contract, operation of
law or otherwise. Upon any such delegation and assumption of obligations, the
Guarantor shall be relieved of and fully discharged from all obligations
hereunder, whether such obligations arose before or after such delegation and
assumption.

THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAW. GUARANTOR AGREES TO THE EXCLUSIVE JURISDICTION OF COURTS LOCATED IN THE
STATE OF NEW YORK, UNITED STATES OF AMERICA, OVER ANY DISPUTES ARISING UNDER OR
RELATING TO THIS GUARANTY.

Very truly yours,

THE GOLDMAN SACHS GROUP, INC.

By:  /s/ Elizabeth E. Beshel
     -----------------------
     Elizabeth E. Beshel
     Assistant Treasurer

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