OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

Portfolio Administrator:
Potential ABS Failure to Pay:
Publicly Available Information:
The Bank of New York or any successor thereto.
Any event which would, but for the application of any Grace
Period or any condition precedent to the commencement of
any Grace Period applicable to such ABS Reference
Obligation(s) or any grace period as described in the last
paragraph of the definition of ABS Failure to Pay Interest,
constitute an ABS Failure to Pay Interest or an ABS Failure to
Pay Principal, the occurrence of which has been notified in
writing by the Protection Buyer to the Protection Seller on or
prior to the Latest Determination Time.
Any information that reasonably confirms any of the facts
relevant to the determination that the Credit Event described in
a Credit Event Notice has occurred and (in the case of an ABS
Notional Writedown only) is accompanied by a certificate
signed by a senior risk officer of the risk management
department of the Protection Buyer and that (a) has been
published in not less than two internationally recognised
published or electronically displayed news sources (it being
understood that, without limitation, each of Bloomberg
Service, Dow Jones Telerate Service, Reuter Monitor Money
Rates Services, Dow Jones News Wire, Wall Street Journal,
New York Times, Nihon Keizai Shinbun, Asahi Shinbun,
Yomiuri Shinbun, Financial Times, La Tribune, Les Echos and
The Australian Financial Review (and successor publications),
the main source(s) of business news in the country in which
the Reference Entity is organised, any other internationally
recognised published or electronically displayed new sources
and any widely read and generally recognised reputable
structured finance industry publications and trustee reports of
the relevant Obligations, shall be deemed to be an
internationally recognised published or electronically
displayed news source), regardless of whether the reader or
user thereof pays a fee to obtain such information, provided
that, if either of the parties or any of their respective Affiliates
is cited as the sole source of such information, then such
information shall not be deemed to be Publicly Available
Information unless such party or its Affiliate is acting in its
capacity as trustee, fiscal agent, administrative agent, clearing
agent, or paying agent for an Obligation, or (b) is information
received from or published by (i) an ABS Reference Entity,
(ii) a trustee, fiscal agent, administrative agent, clearing agent,
calculation agent or paying agent for an Obligation, or an
entity independent from the Calculation Agent that was a party
to the offering or distribution of that Obligation or is a party to
any agreement relating to the relevant Obligation, (iii)
Euroclear, Clearstream, Luxembourg or any clearing system in
respect of which the affected Obligation is held or (iv) any
internationally recognised stock exchange on which the
affected ABS Reference Obligations are listed or (c) is
information contained in any order, decree, notice or filing,
however described, of or filed with a court, tribunal, exchange,
regulatory authority or similar administrative, regulatory or
judicial body. In relation to any information of the type
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