Company Announcement
Claris Limited
(incorporated as a limited company in Jersey)
22 Grenville Street
St. Helier
Jersey JE4 8PX
(the "Issuer")
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Claris Limited
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Specified Series
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ISIN
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1. Claris Series 72/2006
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XS0263089681.
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2. Claris Series 73/2006
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US18060PAA12
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3. Claris Series 74/2006
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XS0265135375
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4. Claris Series 75/2006
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US18060PAB94
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5. Claris Series 80/2006
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US18060PAD50
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6. Claris Series 82/2006
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XS0275320637
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7. Claris Series 83/2006
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XS0276817516.
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8. Claris Series 85/2006
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XS0271354986
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9. Claris Series 86/2006
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US18060PAE34.
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10. Claris Series 88/2007
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XS0286337851.
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11. Claris Series 89/2007
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XS0286337778
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12. Claris Series 92/2007
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US18060PAF09
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13. Claris Series 93/2007
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US18060PAG81
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14. Claris Series 94/2007
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US18060PAH64
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15. Claris Series 95/2007
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XS0289444548
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16. Claris Series 96/2007
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XS0291364916
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17. Claris Series 97/2007
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XS0291519204
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18. Claris Series 104/2007
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XS0300691531
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19. Claris Series 105/2007
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US18060PAJ21
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20. Claris Series 106/2007
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US18060PAK93
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21. Claris Series 114/2007
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US18060PAL76
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22. Claris Series 115/2007
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US18060PAM59
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17 August 2012
Re: Claris Limited
New accounts in relation to the Specified Series (as set out above) issued by Claris Limited pursuant to the EUR 20,000,000,000 Secured Transaction Programme of Claris Limited, Claris 2 Limited, Claris III Limited, Claris IV Limited, Iris SPV plc and Iris II SPV Limited
On 21 June 2012, Moody's Investors Service, Ltd. announced credit rating downgrades in respect of Societe Generale and BNP Paribas Securities Services (BNPP). Following such credit downgrade, the Issuer was required to (i) appoint a substitute account bank in respect of each Specified Series for which a cash account was already in existence and (ii) open new cash accounts to facilitate the posting of cash collateral by the swap counterparties (each, a "Swap Counterparty") pursuant to the terms of the applicable swap agreements in respect of certain Specified Series, (iii) appoint a substitute deposit bank in respect of each Specified Series and (iv) appoint a substitute suspense account bank in respect of the Claris Series 82/2006 and Claris Series 85/2006 Specified Series only.
The Issuer wishes to announce that (i) it has opened new cash accounts with HSBC Bank PLC ("HSBC") to facilitate the posting of cash collateral by the Swap Counterparty pursuant to the terms of the applicable swap agreements in respect of the Specified Series, (ii) it has entered into a Global Deposit Agreement (as defined below) in respect of the Specified Series whereby HSBC has been appointed as the deposit bank and (iii) it has entered into a Global Suspense Account Agreement (as defined below) in respect of the Claris Series 82/2006 and Claris Series 85/2006 Specified Series only, whereby HSBC has been appointed as the suspense account bank.
With effect from and including the 14 August 2012 the Issuer has:
(a) entered into a global deposit agreement for each Specified Series between the Issuer and Societe Generale and HSBC (the "Global Deposit Agreement");
(b) in respect of the Specified Series Claris Series 82 and Claris Series 85 only, entered into a global suspense account agreement between the Issuer, Societe Generale and HSBC (the "Global Suspense Account Agreement");
(c) entered into a global bank account agreement for each Specified Series between, among others, the Issuer and HSBC; and
(d) entered into a global third supplemental trust deed for each Specified Series between, among others the Issuer and HSBC Trustee (C.I.) Limited.
For further information please contact:
The Issuer
Claris Limited
Attention: Company Secretary
Tel. No.: +44 1534 609 000
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.