Common use of Alternate Credit Enhancement Clause in Contracts

Alternate Credit Enhancement. Clayton, at its option and upon prior written notice to the Rating Xxxxxxxs, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify Clayton, Vanderbilt, 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) Clayton shall cause to be delivered to the Trustee an Opinion of Coxxxxx xo 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 Clayton or any other Person in a segregated escrow, trust or collatxxxx xxcount or a letter of credit, certificate insurance policy or surety bond provided by a third party.

Alternate Credit Enhancement. Clayton, at its option and upon prior written notice to the Rating Xxxxxxxsxxx Xxxing Agencies, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify Clayton, Vanderbilt, 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) Clayton shall cause to be delivered to the Trustee an Opinion of Coxxxxx xo Opxxxxx xf 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 Clayton or any other Person in a segregated escrow, trust or collatxxxx xxcount trusx xx xxllateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party.

Alternate Credit Enhancement. Clayton, at its option and upon prior written notice to the Rating XxxxxxxsAgxxxxxx, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify Clayton, Vanderbilt, 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) Clayton shall cause to be delivered to the Trustee an Opinion of Coxxxxx xo Counxxx xx 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 Clayton or any other Person in a segregated escrow, trust or collatxxxx xxcount collaterxx xxxxunt or a letter of credit, certificate insurance policy or surety bond provided by a third party.

Alternate Credit Enhancement. Clayton, at its option and upon optiox xxx xpon prior written notice to the Rating XxxxxxxsAgencies, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify Clayton, Vanderbilt, 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) Clayton shall cause to be delivered tx xx xxlivered to the Trustee an Opinion of Coxxxxx xo 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 Clayton or any other Person Xxxxxx in a segregated escrow, trust or collatxxxx xxcount collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party.

Alternate Credit Enhancement. Clayton, at its option and upon prior written prixx xxxxten notice to the Rating XxxxxxxsAgencies, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify Clayton, Vanderbilt, 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) Clayton shall cause to be delivered to the xx xxx Trustee an Opinion of Coxxxxx xo 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 Clayton or any other Person in a segregated sexxxxxxxd escrow, trust or collatxxxx xxcount collateral account or a letter of credit, certificate insurance policy or surety bond provided by a third party.

Alternate Credit Enhancement. Clayton, at its option and upon prior written notice to the Rating XxxxxxxsXxxxxxes, may substitute an alternate form of credit enhancement in place of the Limited Guarantee, provided that (i) the Rating Agencies shall notify Clayton, Vanderbilt, 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) Clayton shall cause to be delivered to the Trustee an Opinion of Coxxxxx xo Cxxxxxx 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 Clayton or any other Person in a segregated escrow, trust or collatxxxx xxcount collaxxxxx xccount or a letter of credit, certificate insurance policy or surety bond provided by a third party.