Rule 424(b)(3)
File No. 33-50661
PRICING SUPPLEMENT NO. 2 DATED FEBRUARY 10, 1994
(To Prospectus Dated October 29, 1993 as Supplemented
October 29, 1993)
COUNTRYWIDE FUNDING CORPORATION
Medium-Term Notes, Series C
Due from 9 months to 30 years from Date of Issue
Payment of the Principal, Premium, if any,
and Interest on the Notes is Unconditionally
Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Floating-Rate Notes
- - - - - - - - - -
Trade Date: February 10, 1994
Issue Price: 100%
Original Issue Date: February 17, 1994
Total Amount of OID: N/A
Initial Accrual Period OID: N/A
Yield to Maturity N/A
Stated Maturity Date: March 1, 2001
Book-Entry: /X/
Certificated: / /
Specified Currency: U.S. Dollars
Base Rate: / / Commercial paper Rate / / LIBOR
/ / Certificate of Deposit Rate
/ / Treasury Rate / / Federal Funds Rate
/ / Prime Rate
/x/ Other - Treasury Constant
Maturity ("CMT Rate")
Exchange Rate Agent: N/A
Minimum Denomination: $100,000
Initial Interest Rate: 4.36% (4.41% - 5bps)
Interest Determination Dates: Two Business Days prior
to the Interest Reset
Date.
Interest Reset Dates: Same as Interest Payment
Dates
Interest Payment Dates: Every 2/17, 5/17, 8/17
and 11/17 until 11/17/00
and at maturity.
Index Maturity: 2 years
Maximum Interest Rate: N/A
Minimum Interest Rate: N/A
Spread (plus or minus): Minus 5 bps (bps = basis
points)
Spread Multiplier: N/A
Calculation Agent: The Bank of New York
Calculation Date: - -
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Redemption:
Check box opposite applicable paragraph.
/X/ The Notes cannot be redeemed prior to maturity.
/ / The Notes may be redeemed prior to maturity.
Initial Redemption Date: N/A
Initial Redemption Percentage: N/A
Annual Redemption Percentage N/A
Reduction:
Special Redemption Provisions: N/A
Additional Terms: (i) The CMT Rate for
the Interest Reset Date (as defined
above) will be the rate displayed on
Telerate Page 7059 for "Daily Treasury
Constant Maturities. . . Federal Reserve
Board Release H.15. . . Mondays
approximately 3.45 p.m. EDT," under the
heading "2 year" for the last Business
Day in the "Current Week" as of the
applicable Interest Determination Date
(as defined above) or such other page as
may replace that page on such service for
the purpose of displaying rates or prices
comparable to the CMT Rate, as determined
by the Calculation Agent. If such rate
is no longer displayed, then the CMT Rate
for such Interest Reset Date will be such
2-year Treasury Constant Maturity rate
(or other 2-year United States Treasury
Rate) for the Interest Determination Date
with respect to such Interest Reset Date
as may then be published by either the
Board of Governors of the Federal Reserve
System or the United States Department of
the Treasury that the Calculation Agent
determines to be comparable to the rate
formerly displayed on Telerate Page 7059
and published in the Federal Reserve
Board Statistical Release H.15(519).
(ii) If such information is not
provided, then the CMT Rate for the
Interest Reset Date will be calculated by
Lehman Brothers Special Financing Inc.
("LBSF") and provided to the Calculation
Agent and will be a yield to maturity,
based on the arithmetic mean of the
secondary market closing bid side prices
as of approximately 3:30 p.m. (New York
City time) on the Interest Determination
Date reported, according to their written
records, by three leading primary United
States government securities dealers
(each, a "Reference Dealer") in The City
of New York selected by LBSF, for the
most recently issued direct noncallable
fixed rate obligations of the United
States ("Treasury Note") with an original
maturity of approximately two years and a
remaining term to maturity of not less
than one year.
(iii) If LBSF cannot obtain three such
Treasury Note quotations as described in
clause (ii), the CMT Rate for such
Interest Reset Date will be calculated by
LBSF and will be a yield to maturity
based on the arithmetic mean of the
secondary market bid side prices as of
approximately 3:30 p.m. (New York City
time) on the Interest Determination Date
of three Reference Dealers in The City of
New York (from five such Reference
Dealers selected by LBSF) and eliminating
the highest quotation (or, in the event
of equality, one of the highest) and the
lowest quotation (or, in the event of
equality, one of the lowest), for
Treasury Notes with an original maturity
of approximately thirty years and a
remaining term to maturity closest to two
years. If three or four (and not five)
of such Reference Dealers are quoting as
described in
<PAGE>
this clause (iii), then the CMT Rate will
be based on the arithmetic mean of the
bid prices obtained and neither the
highest nor lowest of such quotes will be
eliminated.
(iv) If fewer than three Reference
Dealers selected by LBSF are quoting as
described in clause (iii), the CMT Rate
will be the CMT Rate in effect on the
preceding Interest Reset Date.
In the case of clause (iii), if two
Treasury Notes with an original maturity
of approximately thirty years have
remaining terms to maturity equally close
to two years, the quotes for the Treasury
Note with the shorter remaining term to
maturity will be used.
