OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

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Input No. Content / Definition such ABS Reference Obligation 41 Key Agent 42 Tranche Weighting 43 Initial Rating 44 Expected Scheduled Maturity 45 FALSE 46 Moody’s Expected ABS Recovery Rate or, in relation to an ABS Reference Obligation for which a Credit Event has occurred, the Final Price (alternatively, if such Final Price has not been calculated yet, the highest Full Quotation obtained on the last Interim Valuation Date) 48 Haircut. For ABS Reference Obligations subject to a Credit Event, enter 0%. 88
GENERAL INFORMATION 1. The Issuer has obtained all necessary consents, approvals and authorisations in Jersey in connection with the issue of the Notes and entry into relevant documentation relating thereto. The issue of the Notes and entry into relevant documentation relating thereto was authorised by a resolution of the Board of Directors of the Issuer and passed on 3 February 2006. 2. There has been no significant change in the financial or trading position of the Issuer and no material adverse change in the financial position or prospects of the Issuer, since the date of the most recently audited accounts for the financial year ended 30 September 2004. There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) which may have, or have had since its incorporation on 19 March 1998 a significant effect on its financial position or its profitability. 3. The aggregate amount of expenses to be borne by the Issuer in connection with the issue of the Notes will not exceed €60,000. 4. As of 11 November 2005 Ernst & Young LLP resigned as auditors of Claris Limited and from 16 November 2005, Mazars LLP of 24 Bevis Marks, London, EC3A 7NR was appointed as the new auditors of Claris Limited. Mazars LLP is a registered auditor registered by the Institute of Chartered Accountants of England and Wales (No. 1139861). 5. Any reference to a website in this Offering Circular Supplement does not form part of the Securities Note. 89
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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
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subsequent consent provided by the
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Calculation Agent: Société Géné
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(i) “Aggregate Nominal Realisatio
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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 80 and 81: payment thereunder is independent o
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 90: Registered office of the Issuer Cla
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OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

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