OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

More documents

Recommendations

Info

edeem each Note in an amount equal to the Scheduled Maturity Date Payment Amount (as defined below) by realising part of the Main Deposit and, with effect from such partial redemption, the Adjusted Aggregate Nominal Amount of the Notes shall be reduced to the Retained Amount (as defined below). For the avoidance of doubt, the Maturity Date may not occur later than 7 August 2027, subject to adjustment in accordance with the Following Business Day Convention. For the purposes of the Notes: (a) (b) (c) (d) (e) “Unsettled Credit Event” means a Credit Event in respect of which the relevant Cash Settlement Amount has not yet been paid pursuant to the terms of the Default Swap and/or a Potential ABS Failure to Pay (as defined in the Default Swap); “Scheduled Maturity Date Payment Amount” means an amount equal to the Relevant Proportion of the amount (if any) by which the Adjusted Aggregate Nominal Amount of the Notes immediately prior to the Scheduled Maturity Date exceeds the Retained Amount; “Relevant Proportion” means, at any time, the proportion which one Note bears to the number of all of the Notes outstanding; “Retained Amount” means the Notional Reduction Amount as at the Scheduled Maturity Date; and “Notional Reduction Amount” means, as of any date, whichever is the lower of (i) the Adjusted Aggregate Nominal Amount; and (ii) the aggregate of the Cash Settlement Amounts which would be payable in respect of all Unsettled Credit Events assuming in the case of each Reference Entity relating to an Unsettled Credit Event, a Loss Amount equal to the relevant Reference Entity Notional Amount. 9 Interest Basis: Floating Rate Notes. (i) 3 month EUR-EURIBOR-Telerate (as designated in the ISDA Definitions, as amended in paragraph 18(viii) below) + 8
the Margin (as defined in paragraph 18(ix) below) from and including the Issue Date to but excluding the earlier of (1) the Revised Maturity Date and (2) the Scheduled Maturity Date; and (ii) in the event that, pursuant to paragraph 8 above, the Maturity Date is extended beyond the Scheduled Maturity Date, EUR-EONIA-OIS-COMPOUND (as designated in the ISDA Definitions) plus the Margin for the period from and including the Scheduled Maturity Date to but excluding the Maturity Date, as paid under the Deposit. (Further particulars specified below) 10 Redemption/Payment Basis: Each Note shall be redeemed at the Final Redemption Amount, the Early Redemption Amount, the Relevant Proportion of the Notes Amortisation Amount or the Optional Redemption Amount in respect of each Specified Denomination, as the case may be, as more particularly described in paragraphs 24, 29, 30 and 38 below. 11 Change of Interest or Redemption/ Payment Basis: Where applicable, as described in paragraph 9 above and paragraph 38 below. 12 Put/Call Options: Issuer Call Option. See paragraph 24 below. 13 Status of the Notes: Secured and limited recourse obligations. 14 Listing: Application has been made to the IFSRA, as competent authority under the Prospectus Directive, for the Securities Note to be approved. Application has been made to the Irish Stock Exchange for the Notes to be admitted to the Official List and to trading on its regulated market. 15 Method of distribution: Non-syndicated. 16 Rating: Yes. Moody’s has assigned the Notes a rating of Aa3. PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 17 Fixed Rate Note Provisions: Not applicable. 18 Floating Rate Provisions: Applicable. (i) Specified Period(s)/Specified Interest Payment Dates: Quarterly on 7 February, 7 May, 7 August and 7 November in each year from and including 7 May 2006 to and including the Maturity Date. (ii) Business Day Convention: Following Business Day Convention. 9
Page 1 and 2: OFFERING CIRCULAR SUPPLEMENT CLARIS
Page 3 and 4: TABLE OF CONTENTS RISK FACTORS ....
Page 5 and 6: Notes based upon their own judgemen
Page 7: 38(i), the Adjusted Aggregate Nomin
Page 11 and 12: (viii) ISDA Determination (if diffe
Page 13 and 14: plus (iii) an amount determined by
Page 15 and 16: ecome due and payable as a result o
Page 17 and 18: (ix) Other Security Agreement: Not
Page 19 and 20: Consequences of Early Termination U
Page 21 and 22: Redemption Date”. In the event th
Page 23 and 24: the Issuer in respect of the Deposi
Page 25 and 26: the “Shortfall”), such Shortfal
Page 27 and 28: (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 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 88 and 89:
Input No. Content / Definition such
Page 90:
Registered office of the Issuer Cla
show all

OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

Create successful ePaper yourself

Delete template?

Save as template?