Complex sentence: The climax arrives when male dancers cavort through the town dressed as one of two'Obby' Osses, the "Old" and the "Blue Ribbon"'Obby' Osses; as the name suggests, they are stylised kinds of horses.
Split into simpler sentences: The climax arrives when male dancers cavort through the town dressed as one of two'Obby' Osses. The "Old" and the "Blue Ribbon"'Obby' Osses; as the name suggests are stylised recreations of horses.