PROMISE-A-2000-1 plc - KfW

Noteholders", the "Class F Noteholders" or the "Class G Noteholders" and, together, the
"Noteholders").
1.9 Execution of Global Notes
Each Global Note shall only be valid if it bears the handwritten manual or facsimile signatures of
an authorised officer of the Issuer, authenticated by an authorised officer of Deutsche Bank
Aktiengesellschaft, Frankfurt as initial Principal Paying Agent.
1.10 Custody of Global Notes
Each Global Note will be kept in custody by Clearstream Frankfurt until all obligations of the
Issuer under the relevant Class of Notes have been satisfied.
1.11 Payments under Temporary Global Notes
Payments of interest on the Notes represented by a Temporary Global Note will be made only
after delivery by the relevant accountholders to Clearstream Frankfurt and by Clearstream
Frankfurt to the Principal Paying Agent of the certifications described in Condition 1.8.
2. RIGHTS AND OBLIGATIONS UNDER THE NOTES
2.1 Status of the Notes
The Notes constitute direct, secured and unsubordinated obligations of the Issuer, subject to
allocation of amounts equal to Issuer Payments (as defined in Condition 6.2), Early Redemption
and Non-Replacement (each as defined in Conditions 8 and 9 respectively). The Notes of each
Class rank pari passu and rateably without preference or priority amongst themselves and the
allocation of any amounts equal to Issuer Payments to the Notes shall not be affected by the
Primary Credit Swap Agreements, the Senior Credit Swap Agreement or the Credit Swap
Agreement except that while any amounts are due from the Issuer to the Credit Swap
Counterparty under the Credit Swap Agreement, the Trustee is required to have regard first, to
the interests of the Credit Swap Counterparty, second, to the interests of the Noteholders and
finally, to the interests of the Trustee and if there is, at any time, a conflict between the interests
of a Class of Noteholders and any other Class or Classes of Noteholders, the Trustee shall have
regard first, to the interests of the Class A Noteholders, second, to the interests of the Class B
Noteholders, third, to the interests of the Class C Noteholders, fourth, to the interests of the
Class D Noteholders, fifth, to the interests of the Class E Noteholders, sixth, to the interests of
the Class F Noteholders and seventh, to the interests of the Class G Noteholders, in each case, as
one Class.
2.2 Obligations under the Notes
The Notes represent obligations of the Issuer only and do not represent an interest in or
obligation of any Reference Entity (as defined in Condition 6.2), the Trustee, either Bank, any
Programme Bank, the Credit Swap Counterparty or any of their respective affiliates or any other
third person or entity. The Notes will not be insured or guaranteed by any governmental agency
or instrumentality or by the Trustee, either Bank, any Programme Bank, the Credit Swap
Counterparty or any of their respective affiliates or by any other person or entity.
2.3 No Rights to Reference Obligations
Neither the Issuer nor Noteholders have any right to, or interest in, any Reference Obligation
notwithstanding that an amount equal to any Issuer Payment in respect of such Reference
Obligation has been allocated to such Notes.
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