OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

Additional Fixed Payment:
Final Exchange Payer:
Final Exchange Payer Amount:
In addition to the obligation of the Protection Buyer to pay
Fixed Amounts on the Fixed Rate Payer Payment Dates, the
Protection Buyer shall on the Issue Date of the Notes pay to
the Protection Seller EUR 49,995.73.
Buyer or Seller (as set out in Final Exchange Payer Amount
below).
In the event that the Issuer exercises, or is deemed to have
exercised, its Call Option (as described in the Offering
Circular Supplement with respect to the Notes), an amount
equal to the difference between (i) the sum of the Call
Redemption Proceeds and the Interest Rate Swap Termination
Payment and (ii) the Optional Redemption Amounts payable
under the Notes will be paid from the Protection Seller to the
Protection Buyer (in the event that such sum as described in (i)
above exceeds the Optional Redemption Amounts payable
under the Notes) or paid from the Protection Buyer to the
Protection Seller (in the event that such sum as described in (i)
above is less than the Optional Redemption Amounts payable
under the Notes).
Where:
“Interest Rate Swap Termination Payment” means any
termination payments payable under Section 6(e) of the
Agreement in the event the Interest Rate Swap is terminated
pursuant to the provisions of the Interest Rate Swap following
an exercise by the Protection Buyer of its option described at
“Optional Termination of the Default Swap” above, with
termination payments payable by the fixed rate payer of the
Interest Rate Swap expressed as a negative number and
termination payments payable by the floating rate payer of the
Interest Rate Swap expressed as a positive number.
Final Exchange Payer Payment
Dates:
On the Optional Redemption Date (as defined in the Offering
Circular Supplement).
3. Floating Payments:
Conditions to Settlement:
In respect of each ABS Reference Obligation:
Credit Event Notice
Notifying Party: Protection Buyer
Notice of Publicly Available Information: Applicable
For the avoidance of doubt, the Conditions to Settlement may
be satisfied more than once in relation to this Transaction, but
once only in respect of any one ABS Reference Obligation
provided that, in the event a Credit Event occurs in respect of
an ABS Reference Entity where there is more than one ABS
Reference Obligation of such ABS Reference Entity in the
Reference Portfolio at such time, the Conditions to Settlement
may be satisfied in respect of each such ABS Reference
Obligation.
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