PROMISE-A-2000-1 plc - KfW

Issue Date 22 December 2000.
The Notes The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes, the Class F Notes and the Class G Notes are credit linked to a
replenishable Reference Portfolio (as defined herein) of certain Reference
Obligations (as defined herein) of certain Reference Entities (as defined herein),
denominated in either euro or Deutsche Mark, arising from certain loans by the
Banks to small and medium sized enterprises under certain Mittelstand loan
programmes (the "Programmes") established by Kreditanstalt für Wiederaufbau
("KfW"), Landesanstalt für Aufbaufinanzierung ("LfA"), Deutsche
Ausgleichsbank ("DtA", and together with KfW and LfA, the "Programme
Banks") and HVB and VuW (the "Banks") which satisfy specified criteria. See
"TERMS AND CONDITIONS OF THE NOTES".
The Notes will have an aggregate initial principal amount of €147,000,000 and
each Class of Notes will have the initial principal amount (the "Initial Principal
Amount") indicated in the table below:
5
Initial Principal Amount
(€)
Class A Notes ..................................................... 40,000,000
Class B Notes...................................................... 24,000,000
Class C Notes...................................................... 16,000,000
Class D Notes ..................................................... 15,000,000
Class E Notes ...................................................... 11,000,000
Class F Notes ...................................................... 15,000,000
Class G Notes ..................................................... 26,000,000
Aggregate Initial Principal Amount 147,000,000
The Notes will be issued on the terms and conditions set forth in, and have the
benefit of, the trust agreement to be entered into on or about the Closing Date (as
amended, supplemented or otherwise modified from time to time, the "Trust
Agreement") between, inter alios, the Issuer, the Trustee, the Servicer and the
Credit Swap Counterparty. See "THE TRUST AGREEMENT".
Each of the Class A Notes, the Class B Notes, the Class C Notes, the Class D
Notes, the Class E Notes, the Class F Notes and the Class G Notes is referred to as
a "Class" or a "Class of Notes."
Accrual of Interest Interest will accrue on the Note Outstanding Principal Amount (as defined herein),
in respect of the first Interest Payment Date, from, and including, the Issue Date
to, but excluding, the first Interest Payment Date and, in respect of any subsequent
Interest Payment Date, from, and including, the immediately preceding Interest
Payment Date and to, but excluding, such Interest Payment Date (each an
"Interest Period").
Payment of Interest Interest accrued during the applicable Interest Period on each Class of Notes at the
per annum rate indicated on the cover page hereof will be payable on each Interest
Payment Date as described herein, each such amount is referred to herein as an
"Interest Amount". See "TERMS AND CONDITIONS OF THE NOTES –