PROMISE-A-2000-1 plc - KfW

euro in immediately available funds.
Governing Law The Notes, the Trust Agreement, the Agency Agreement, the KfW Securities
Purchase Agreement, the Pledge Agreement, and the Custody Agreement are
governed by, and are to be construed in accordance with, the laws of the Federal
Republic of Germany. The Administration Agreement and the Corporate Services
Agreement are governed by, and are to be construed in accordance with, the laws
of Ireland. The Account Pledge Agreement is governed by, and is to be construed
in accordance with, the laws of Luxembourg. The Swap Agreements are governed
by, and are to be construed in accordance with, English law.
Ratings The Class A Notes, the Class B Notes, Class C Notes, Class D Notes, Class E
Notes and the Class F Notes are expected to be rated at closing by Fitch, the Class
A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E
notes are expected to be rated by Moody’s. The Class G Notes are not expected to
be rated. See "RATING".
Transaction Documents The "Transaction Documents" are the Notes, the Trust Agreement, the Agency
Agreement, the Administration Agreement, the Pledge Agreement, the Account
Pledge Agreement, the Swap Agreements, the KfW Securities Purchase
Agreement, the Custody Agreement, the Corporate Services Agreement, the
Subscription Agreement, this Offering Circular and any other agreement made
pursuant thereto or otherwise in connection with the Notes or the rights and
benefits comprised in the Issuer Collateral.
Transaction The Transaction Documents together with all agreements and documents executed
in connection with the issue of the Notes, the performance thereof and all other
acts, undertakings and activities connected therewith are referred to herein as the
"Transaction".
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