OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

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payment thereunder is independent of the performance by the obligor on the relevant Asset Backed Security and (3) is issued by a monoline financial insurance company having a credit rating assigned by each nationally recognised statistical rating organisation that currently rates such Asset Backed Security higher than the credit rating assigned by such rating organisation to such Asset Backed Security, determined without giving effect to such insurance policy, provided that any Asset Backed Security falling within this definition shall be excluded from the definition of each other Specified Type of Asset Backed Security. “ABS Prime Residential Mortgage Securities” means Asset Backed Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset Backed Securities) on the cash flow from prime residential mortgage loans with (to the extent a FICO Score is available therefore) a weighted average borrowers’ FICO Scores of 700 or above, secured other than in the case of home equity (on a first priority basis, subject to permitted liens, easements and other encumbrances) by residential real estate (single or multi-family properties) the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon (or to refinance indebtedness previously so used), generally having the following characteristics: (1) the mortgage loans have standardised payment terms and require minimum monthly payments; (2) the mortgage loans are obligations of numerous borrowers and accordingly represent a very diversified pool of obligor credit risk; and (3) the repayment of such mortgage loans is subject to a contractual payment schedule, with early repayment depending primarily on interest rates and the sale of the mortgaged real estate and related dwelling. “ABS Residential Mortgage Securities” means Asset Backed Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset Backed Securities) on the cash flow from prime, mid prime, sub prime and home equity residential mortgage loans secured other than in the case of home equity (on a first priority basis, subject to permitted liens, easements and other encumbrances) by residential real estate (single or multi-family properties) the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon (or to refinance indebtedness previously so used), generally having the following characteristics: (1) the mortgage loans have standardised payment terms and require minimum monthly payments; (2) the mortgage loans are obligations of numerous borrowers and accordingly represent a very diversified pool of obligor credit risk; and (3) the repayment of such mortgage loans is subject to a contractual payment schedule, with early repayment depending primarily on interest rates and the sale of the mortgaged real estate and related dwelling. “ABS Student Loan Securities” means Asset Backed Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset Backed Securities) on the cash flow from loans made to students (or their parents) to finance educational needs. “ABS Subprime Residential Mortgage Securities” means Asset Backed Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset Backed Securities) on the cash flow from sub prime residential mortgage loans with (to the extent a FICO Score is available therefore) a weighted average borrowers’ FICO Scores of 625 or below, secured (on a first priority basis, subject to permitted liens, easements and other encumbrances) by residential real estate (single or multi-family properties) the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon (or to refinance indebtedness previously so used), generally having the following characteristics: (1) the mortgage loans have standardised payment terms and require minimum monthly payments; (2) the mortgage loans are obligations of numerous borrowers and accordingly represent a very diversified pool of obligor credit risk; and (3) the repayment of such mortgage loans is subject to a contractual payment schedule, with early repayment depending primarily on interest rates and the sale of the mortgaged real estate and related dwelling. “Asset Backed Securities” means securities which typically entitle the holders thereof to receive payments that depend primarily on the cash flow from a specified pool of financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period, together with rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of such securities. “FICO Score” means a credit score developed by Fair Isaac & Co for determining the likelihood that credit users will pay their bill. 80
“Loan to Value Ratio” means the ratio, expressed as a percentage, of the principal balance of a mortgage loan to the most recent open market valuation of the relevant property. “Originator (Shelf/Program)” means a program of issue of asset backed securities with a specific Bloomberg mortgage ticker. 81
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OFFERING CIRCULAR SUPPLEMENT CLARIS
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TABLE OF CONTENTS RISK FACTORS ....
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Notes based upon their own judgemen
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38(i), the Adjusted Aggregate Nomin
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the Margin (as defined in paragraph
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(viii) ISDA Determination (if diffe
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plus (iii) an amount determined by
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ecome due and payable as a result o
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(ix) Other Security Agreement: Not
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Consequences of Early Termination U
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Redemption Date”. In the event th
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the Issuer in respect of the Deposi
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the “Shortfall”), such Shortfal
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(ii) Unmatured Coupons to become vo
Page 29 and 30: subsequent consent provided by the
Page 31 and 32: Calculation Agent: Société Géné
Page 33 and 34: (i) “Aggregate Nominal Realisatio
Page 35 and 36: The Terms of the Transaction to whi
Page 37 and 38: divided by the actual number of day
Page 39 and 40: Additional Fixed Payment: Final Exc
Page 41 and 42: the Threshold, or (b) (c) the exces
Page 43 and 44: Factor: Valuation: Final Price: The
Page 45 and 46: copy to the Clearing System, the Pr
Page 47 and 48: Adjustment Date pursuant to Removal
Page 49 and 50: monitor.paris@moodys.com within 5 B
Page 51 and 52: Prime-1 and A1 respectively, subjec
Page 53 and 54: sub-paragraph (d) below. (c) (d) Up
Page 55 and 56: ABS Failure to Pay Principal: (a) T
Page 57 and 58: Moody’s Rating, if applicable). C
Page 59 and 60: Portfolio Administrator: Potential
Page 61 and 62: protection seller expressly relatin
Page 64 and 65: APPENDIX A INITIAL REFERENCE PORTFO
Page 66 and 67: METRIS MASTER TRUST METRIS MASTER T
Page 68 and 69: RESIDENTIAL ASSET MORTGAGE PRODUCTS
Page 70 and 71: APPENDIX B Part I PORTFOLIO ADJUSTM
Page 72 and 73: single-rating from one specified ra
Page 74 and 75: (k) (l) (m) (n) (o) (p) the Moody
Page 76 and 77: APPENDIX C Part I Moody’s Expecte
Page 78 and 79: APPENDIX C Part II Moody’s ABS Cl
Page 82 and 83: APPENDIX C Part III Equivalent Mood
Page 84 and 85: D. COLLATERALISED DEBT OBLIGATIONS:
Page 86 and 87: APPENDIX C Part IV Moody’s Ideali
Page 88 and 89: Input No. Content / Definition such
Page 90: Registered office of the Issuer Cla
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OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

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