OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

Full Quotation, the Final Price shall be the weighted
average of firm quotations obtained from Quotation
Dealers on the Final Valuation Date, to the extent
reasonably practicable, each for an amount of the ABS
Reference Obligation with an outstanding principal
balance of as large a size as available but less than the
Quotation Amount that in aggregate are approximately
equal to the Quotation Amount; or
(d)
if the Calculation Agent is unable to obtain at least one
firm quotation, the Final Price shall be deemed to be
zero.
Full Quotation: Firm bid quotation for the relevant Reference
Obligation with an outstanding principal amount, excluding
accrued interest, less than or equal to the Adjusted Reference
Obligation Notional Amount or its equivalent in the currency
of the Reference Obligation (the “Quotation Amount”).
Quotation Dealers:
With respect to an ABS Reference Obligation, at least five
dealers (each a “Quotation Dealer”) determined in
accordance with (a) through (d) below, from which the
Calculation Agent shall attempt to obtain quotations in the
order specified:
(a)
(b)
(c)
(d)
the arranger of the ABS Reference Obligation in
respect of which a Quotation is being sought;
any lead and co-lead managers in respect of such ABS
Reference Obligation;
any other participant in the asset backed security
market that is, in the opinion of the Calculation Agent,
of recognised good standing in such market and in the
leading 10 institutions in such market as named by a
market source; and
any other institution as determined by the Calculation
Agent.
In connection with any requests for quotations in respect of an
ABS Reference Obligation, the Calculation Agent may, but
shall not be required to, inform the relevant Quotation Dealers
of the occurrence and nature of the relevant Credit Event and
the circumstances under which such Credit Event occurred.
The Calculation Agent or the Protection Buyer may constitute
a Quotation Dealer provided that any Quotation obtained from
the Calculation Agent or the Protection Buyer shall not be
taken into account for the purposes of any requirement to
obtain Quotations from a specified number of Quotation
Dealers. For the avoidance of doubt, any bid quotation
provided by the Calculation Agent or the Protection Buyer
shall be the quotation it would provide to a counterparty in the
market, as determined in its sole and absolute discretion.
Final Valuation:
The Calculation Agent (on behalf of Protection Buyer) will
send a Final Valuation Notice to the Protection Seller, with a
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