OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

deemed to have exercised its right to terminate the Transaction
if the Protection Buyer is required to but fails to post the
Additional Collateral described at paragraph 8 below prior to
the sixth Business Day prior to the Fixed Rate Payer Payment
Date scheduled to fall on the Step Up Date.
Floating Rate Payer:
Fixed Rate Payer:
Calculation Agent:
Calculation Agent City:
Portfolio Adjustment Agent:
Portfolio Administrator
Reference Entity:
ABS Reference Entity:
ABS Reference Obligation:
Reference Obligation:
Claris Limited (the “Protection Seller”).
Société Générale (the “Protection Buyer”).
Société Générale.
New York, provided that any reference in Section 1.10 of the
Credit Derivatives Definitions to “4:00 p.m.” and “Calculation
Agent City Business Day” shall be replaced with a reference to
“5:00 p.m.” and “Business Day”, respectively.
Société Générale.
The Bank of New York.
As at the second Business Day prior to the Effective Date, any
entity listed as such in Appendix A (or its Successor), and
thereafter any entity (or its Successor) that is included in and
has not been removed from the Reference Portfolio by virtue
of the provisions of this Confirmation.
Any Reference Entity, the Reference Obligation of which is an
ABS Reference Obligation.
As of the Effective Date any obligation in Appendix A, and
thereafter any obligation that is included in and has not been
removed from the Reference Portfolio by virtue of the
Portfolio Adjustment provisions at paragraph 6 of this
Confirmation.
Each ABS Reference Obligation.
Reference Price: 100%.
Initial Portfolio Notional Amount: EUR 2,232,142,857.
Portfolio Notional Amount:
Business Day Convention:
Business Days:
As at any day, the sum of all Reference Obligation Notional
Amounts as at the close of business on that day (after taking
into account any Portfolio Adjustments occurring on that day).
Following (which, unless otherwise specified, shall apply to
any date referred to in this Confirmation that falls on a day that
is not a Business Day).
Paris, London, New York and TARGET Settlement Day.
2. Fixed Payments, Additional Payments and Final Exchange:
Fixed Rate Payer Calculation
Amount:
In respect of each Fixed Rate Payer Payment Date, an amount
determined by the Calculation Agent on the applicable
Payment Observation Date, equal to the sum of the Tranche
Notional Amount for each day of the Fixed Rate Payer
Calculation Period relating to such Fixed Rate Payer Payment
Date (each such day a “Fixed Rate Calculation Date”)
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