OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

Redemption Date”.
In the event that the Issuer exercises its Call
Option pursuant to this paragraph 24:
(a)
(b)
(c)
(d)
the Issuer shall either realise the
Securities or liquidate the Main Deposit
(as applicable);
the Issuer shall pay or receive an amount
equal to the Final Exchange Payer
Amount (as defined in the Default
Swap);
the Interest Rate Swap will, if not
already terminated or due to be
terminated as a result of such exercise,
be terminated at its mark-to-market
value and the Issuer will pay or receive
the termination payment (if any)
pursuant to the terms and provisions
described therein; and
the Issuer shall pay, together with the
aggregate of the Optional Redemption
Amounts and with respect to each Note,
an amount equal to the Additional Call
Option Amount (as defined below) and
an amount equal to the Relevant
Proportion of such part of the Deposit as
is attributable to the Excess Deposit.
“Additional Call Option Amount” with respect
to each Note means, with reference to all
Reference Obligations in respect of which an
Event Determination Date has occurred on or
prior to the Time Call Notice Date (as defined in
the Default Swap) and in respect of which a
Final Valuation Notice Receipt Date has not
occurred on or before such Time Call Notice
Date, an amount determined by the Calculation
Agent equal to:
(i)
the interest that would have been
calculated on each Payment Observation
Date occurring from and including the
Event Determination Date to the
Payment Observation Date falling
immediately prior to the Optional
Redemption Date had the Final Price
calculated in respect of each such
Reference Obligation been 100 per cent.
21