OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

Redemption Amount”).
The aggregate amount of the Excess Amount
standing to the credit of the Deposit Account
from time to time is referred to as the “Excess
Deposit”. The aggregate of (i) any Excess
Realisation Proceeds and (ii) the Securities
Redemption Amount standing to the credit of the
Deposit Account from time to time is referred to
as the “Main Deposit”. The Excess Deposit and
the Main Deposit are referred to together as the
“Deposit”. For the purposes of the Notes, the
“Excess Amount” means the sum of:
(i)
on any Interest Payment Date, the
amount (if any) by which the aggregate
of:
(A)
(B)
(C)
the Floating Amount received by
the Issuer in respect of the
Interest Rate Swap on such
Interest Payment Date;
any interest accrued on the Main
Deposit in accordance with the
Deposit;
(i) the fixed payments received
by the Issuer in respect of the
Default Swap on such Interest
Payment Date; or (ii) if the
relevant Interest Payment Date is
a Bridge Date (as defined in the
Default Swap), the amount
(positive when received by the
Issuer, negative when paid by
the Issuer) payable pursuant to
the Fixed Amount Adjustment
Method (as defined in the
Default Swap),
exceeds the aggregate Interest Amount
payable in respect of the Notes on such
Interest Payment Date; and
(ii)
any interest accrued on the Excess
Amount and credited to the Excess
Deposit from time to time in accordance
with the Deposit Agreement.
Amounts may be withdrawn from the Deposit in
accordance with the provisions of Annex 1
hereto.
(viii) Deposit Bank(s): Société Générale, London Branch, provided that
the short term rating of Société Générale is then
rated at least “Prime-1” by Moody’s and the
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