OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

(i)
“Aggregate Nominal Realisation Amount” means:
(a)
(b)
prior to the date that any Nominal Realisation Amount is realised, zero;
from and including each date that a Nominal Realisation Amount is realised,
an amount equal to the Aggregate Nominal Realisation Amount immediately
prior to the realisation of such Nominal Realisation Amount, plus an amount
equal to such Nominal Realisation Amount,
and subject further to the provisions of paragraph 5 of this Annex 1 below.
(ii)
(iii)
(iv)
(v)
“Excess Realisation Proceeds” means the amount (if any) by which the sum of the
proceeds of the realisation of the Securities pursuant to paragraph 2(ii) above and the
result of the related Interest Rate Swap partial termination pursuant to paragraph 2(iii)
above exceeds the Required Cash Amount Shortfall;
“Required Cash Amount” means an amount equal to the Cash Settlement Amount;
“Required Cash Amount Shortfall” means the excess, if any, of the Required Cash
Amount over the Main Deposit (as determined not taking into account any Excess
Realisation Proceeds that are to be added pursuant to the payment of a Cash
Settlement Amount); and
“Nominal Realisation Amount” means the Nominal Securities Realisation Amount
minus the Excess Realisation Proceeds.
5. Consequences of a partial cancellation or further issue of Notes
In the event of any cancellation of Notes in accordance with Condition 7, from and
including the day of such cancellation, each of the Initial Aggregate Nominal
Amount, the Adjusted Aggregate Nominal Amount and the Aggregate Nominal
Realisation Amount shall be decreased pro rata to the number of Notes being
cancelled.
In the event of any further issue of Notes in accordance with Condition 14, from and
including the day of such further issue, the Initial Aggregate Nominal Amount, the
Adjusted Aggregate Nominal Amount and the Aggregate Nominal Realisation
Amount shall be increased pro rata to the number of Notes being issued and the Issuer
shall procure all such further actions as are required pursuant to the Conditions in
connection with the acquisition of Collateral, creation of security or otherwise.
For the avoidance of doubt, the outstanding nominal amount of each Note shall not be
affected by any such cancellation or further issue.
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