OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

subsequent consent provided by the
Default Swap Counterparty must include
its consent to redeem the Notes in
relation to any previous Notes
Amortisation Amounts in respect of
which its consent was not previously
provided and the Issuer shall, in such
circumstances, redeem the Notes in an
amount equal to all such Notes
Amortisation Amounts so referenced in
the Default Swap Counterparty’s consent
on the first Interest Payment Date which
occurs more than four Business Days
after the latest relevant Notes
Amortisation Amount Notification Date.
(ii)
(iii)
(iv)
(v)
The Notes shall not be redeemed early
pursuant to Conditions 7(c) and (d), as
amended by this Offering Circular
Supplement, unless an Early Redemption
Event Notice is delivered on or prior to
the Latest Determination Time.
The Issuer may only issue further notes
having the same terms and conditions as
the Notes in all respects (or in all
respects except for the first payment of
interest on them) and so that such further
issue shall be consolidated and form a
single series with the Notes in
accordance with Condition 14 if (a) for
so long as the Notes are rated by
Moody’s, confirmation is received from
Moody’s, that there will be no adverse
change to the credit rating of the Notes
with which such further notes are to
form a single series; and (b) the
Mortgaged Property relating to such
consolidated series is correspondingly
increased.
For the purposes of these Notes, for so
long as the Notes are rated by Moody’s,
any purchases of the Notes by the Issuer
in accordance with Condition 7(i) may
only be made upon prior confirmation
from Moody’s, that the relevant
purchase will not affect the rating of the
Notes, such confirmation not to be
unreasonably withheld.
Where only part of the Notes are to be
redeemed and cancelled in accordance
with Condition 7(j), the Early
Redemption Amount payable in respect
of each Note shall be determined by the
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