OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

and including the Issue Date up to the Latest
Determination Time.
For the avoidance of doubt, an event described in
Condition 7(c) or 7(d) need not be continuing on
the date on which the Early Redemption Event
Notice is delivered by the Calculation Agent.
Failure by the Calculation Agent to deliver an
Early Redemption Event Notice shall not
preclude the Issuer from notifying the
Calculation Agent of the occurrence of one or
more than one subsequent event(s) described in
Condition 7(c) or 7(d).
“Settlement Notice” means a notice to be sent
by the Calculation Agent (on behalf of the
Issuer) as soon as practicable after the Breakage
Cost Valuation Date to the Notice Agent and, as
long as the Notes are in global form, to the
Clearing System, specifying the Early
Redemption Amount and the Early Redemption
Date.
Condition 7(c)) is deleted and replaced with:
(c) Mandatory Redemption: If any of the
Securities becomes payable prior to its stated
date of maturity for whatever reason (under the
terms of such Securities applicable as at the Issue
Date) or there is a payment default in respect of
any of the Securities (under the terms of such
Securities applicable as at the Issue Date), all
such Securities which have become so payable or
repayable or in respect of which there has been a
payment default together with any or all
remaining Securities, as specified in the relevant
Supplemental Trust Deed (which may or may not
form obligations of the same person as those
which have become repayable or in respect of
which there has been such a payment default),
shall be deemed to have become immediately
repayable (the “Repayable Assets”). The Issuer
shall then forthwith give notice as soon as
reasonably practicable (unless otherwise
specified in the relevant Supplemental Trust
Deed) to the Trustee and the Noteholders and
upon the giving of such notice shall redeem each
Note at its Early Redemption Amount either in
whole or, as the case may be, in part on a pro
rata basis in a proportion of its Final Redemption
Amount equal to the proportion that the nominal
amount of the Repayable Assets bears to the
nominal amount of all the Securities (including
the Repayable Assets). Interest (if any) in respect
of any Note so redeemed shall be as set out in the
relevant Offering Circular Supplement. Failure
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