Common use of Alternate Credit Enhancement Clause in Contracts

Alternate Credit Enhancement. CHI, at its option and upon prior written notice to the Rating Agencies, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify CHI, the Company, the Servicer and the Trustee in writing that such alternate form of credit enhancement shall not result in a reduction in the then current ratings of the Certificates and (ii) CHI shall cause to be delivered to the Trustee an Opinion of Counsel to the effect that such substitution of credit enhancement shall not adversely affect the status of the Trust Fund as a REMIC. Such alternate form of credit enhancement can be in the form of cash or securities deposited by CHI or any other Person in a segregated escrow, trust or collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party.

Alternate Credit Enhancement. CHI, at its option and ---------------------------- upon prior written notice to the Rating Agencies, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify CHI, the Company, the Servicer and the Trustee in writing that such alternate form of credit enhancement shall not result in a reduction in the then current ratings of the Certificates and (ii) CHI shall cause to be delivered to the Trustee an Opinion of Counsel to the effect that such substitution of credit enhancement shall not adversely affect the status of the Trust Fund as a REMIC. Such alternate form of credit enhancement can be in the form of cash or securities deposited by CHI or any other Person in a segregated escrow, trust or collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party.

Alternate Credit Enhancement. CHI, at its option and upon ---------------------------- prior written notice to the Rating Agencies, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify CHI, the Company, the Servicer and the Trustee in writing that such alternate form of credit enhancement shall not result in a reduction in the then current ratings of the Certificates and (ii) CHI shall cause to be delivered to the Trustee an Opinion of Counsel to the effect that such substitution of credit enhancement shall not adversely affect the status of the Trust Fund as a REMIC. Such alternate form of credit enhancement can be in the form of cash or securities deposited by CHI or any other Person in a segregated escrow, trust or collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party.