Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 41 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
----------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $ 8,000,000
Stated Maturity Date: February 11, 2005 Net Proceeds: $ 7,952,000
Interest Rate: 6.51% Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Agent: Countrywide Securities Corporation
Minimum Denomination: $100,000
Interest Payment Dates: January 15 and July 15, commencing July 15, 1998
Record Dates: December 31 and June 30
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
|X| The Notes cannot be redeemed prior to |X| The Notes cannot be repaid prior
maturity. to maturity.
|_| The Notes may be redeemed prior to |_| The Notes may be repaid prior to
maturity. maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction,
if any:
Additional/Other Terms: N/A
--------------
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and will
rank pari passu in right of payment with CHL's other unsecured and
unsubordinated indebtedness. As of November 30, 1997, the Guarantor did
not have any secured indebtedness outstanding, and CHL had
$258,207,000 aggregate principal amount of secured indebtedness
outstanding. As of such date, CHL had $7,136,241,000 aggregate
principal amount of unsecured and unsubordinated indebtedness
outstanding, which indebtedness ranked pari passu in right of payment
with CHL's other unsecured and unsubordinated indebtedness and will
rank pari passu in right of payment with the Notes to which this
Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 42 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
----------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $25,000,000
Stated Maturity Date: February 11, 2005 Net Proceeds: $24,850,000
Interest Rate: 6.51 % Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Agent: Salomon Brothers Inc
Minimum Denomination: $100,000
Interest Payment Dates: January 15 and July 15, commencing July 15, 1998
Record Dates: December 31 and June 30
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
|X| The Notes cannot be redeemed prior to |X| The Notes cannot be repaid prior
maturity. to maturity.
|_| The Notes may be redeemed prior to |_| The Notes may be repaid prior to
maturity. maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction,
if any:
Additional/Other Terms: N/A
--------------
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and will
rank pari passu in right of payment with CHL's other unsecured and
unsubordinated indebtedness. As of November 30, 1997, the Guarantor did
not have any secured indebtedness outstanding, and CHL had
$258,207,000 aggregate principal amount of secured indebtedness
outstanding. As of such date, CHL had $7,136,241,000 aggregate
principal amount of unsecured and unsubordinated indebtedness
outstanding, which indebtedness ranked pari passu in right of payment
with CHL's other unsecured and unsubordinated indebtedness and will
rank pari passu in right of payment with the Notes to which this
Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 43 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
----------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $30,685,000
Stated Maturity Date: February 11, 2005 Net Proceeds: $30,500,890
Interest Rate: 6.51% Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Agent: Merrill Lynch & Co.
Minimum Denomination: $100,000
Interest Payment Dates: January 15 and July 15, commencing July 15, 1998
Record Dates: December 31 and June 30
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
|X| The Notes cannot be redeemed prior to |X| The Notes cannot be repaid prior
maturity. to maturity.
|_| The Notes may be redeemed prior to |_| The Notes may be repaid prior to
maturity. maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction,
if any:
Additional/Other Terms: N/A
--------------
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and will
rank pari passu in right of payment with CHL's other unsecured and
unsubordinated indebtedness. As of November 30, 1997, the Guarantor did
not have any secured indebtedness outstanding, and CHL had
$258,207,000 aggregate principal amount of secured indebtedness
outstanding. As of such date, CHL had $7,136,241,000 aggregate
principal amount of unsecured and unsubordinated indebtedness
outstanding, which indebtedness ranked pari passu in right of payment
with CHL's other unsecured and unsubordinated indebtedness and will
rank pari passu in right of payment with the Notes to which this
Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 44 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
----------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $10,000,000
Stated Maturity Date: February 11, 2005 Net Proceeds: $ 9,940,000
Interest Rate: 6.51% Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Agent: Goldman, Sachs & Co.
Minimum Denomination: $100,000
Interest Payment Dates: January 15 and July 15, commencing July 15, 1998
Record Dates: December 31 and June 30
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
|X| The Notes cannot be redeemed prior to |X| The Notes cannot be repaid prior
maturity. to maturity.
|_| The Notes may be redeemed prior to |_| The Notes may be repaid prior to
maturity. maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction,
if any:
Additional/Other Terms: N/A
--------------
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and will
rank pari passu in right of payment with CHL's other unsecured and
unsubordinated indebtedness. As of November 30, 1997, the Guarantor did
not have any secured indebtedness outstanding, and CHL had
$258,207,000 aggregate principal amount of secured indebtedness
outstanding. As of such date, CHL had $7,136,241,000 aggregate
principal amount of unsecured and unsubordinated indebtedness
outstanding, which indebtedness ranked pari passu in right of payment
with CHL's other unsecured and unsubordinated indebtedness and will
rank pari passu in right of payment with the Notes to which this
Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 45 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
----------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $50,000,000
Stated Maturity Date: February 11, 2005 Net Proceeds: $49,700,000
Interest Rate: 6.51% Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Agent: Lehman Brothers Inc.
Minimum Denomination: $100,000
Interest Payment Dates: January 15 and July 15, commencing July 15, 1998
Record Dates: December 31 and June 30
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
|X| The Notes cannot be redeemed prior to |X| The Notes cannot be repaid prior
maturity. to maturity.
|_| The Notes may be redeemed prior to |_| The Notes may be repaid prior to
maturity. maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction,
if any:
Additional/Other Terms: N/A
--------------
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and will
rank pari passu in right of payment with CHL's other unsecured and
unsubordinated indebtedness. As of November 30, 1997, the Guarantor did
not have any secured indebtedness outstanding, and CHL had
$258,207,000 aggregate principal amount of secured indebtedness
outstanding. As of such date, CHL had $7,136,241,000 aggregate
principal amount of unsecured and unsubordinated indebtedness
outstanding, which indebtedness ranked pari passu in right of payment
with CHL's other unsecured and unsubordinated indebtedness and will
rank pari passu in right of payment with the Notes to which this
Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 46 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
----------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $20,000,000
Stated Maturity Date: February 11, 2005 Net Proceeds: $19,880,000
Interest Rate: 6.51% Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Agent: NationsBanc Montgomery Securities LLC
Minimum Denomination: $100,000
Interest Payment Dates: January 15 and July 15, commencing July 15, 1998
Record Dates: December 31 and June 30
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
|X| The Notes cannot be redeemed prior to |X| The Notes cannot be repaid prior
maturity. to maturity.
|_| The Notes may be redeemed prior to |_| The Notes may be repaid prior to
maturity. maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction,
if any:
Additional/Other Terms: N/A
--------------
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and will
rank pari passu in right of payment with CHL's other unsecured and
unsubordinated indebtedness. As of November 30, 1997, the Guarantor did
not have any secured indebtedness outstanding, and CHL had
$258,207,000 aggregate principal amount of secured indebtedness
outstanding. As of such date, CHL had $7,136,241,000 aggregate
principal amount of unsecured and unsubordinated indebtedness
outstanding, which indebtedness ranked pari passu in right of payment
with CHL's other unsecured and unsubordinated indebtedness and will
rank pari passu in right of payment with the Notes to which this
Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 47 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
----------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $19,000,000
Stated Maturity Date: February 11, 2005 Net Proceeds: $18,886,000
Interest Rate: 6.51% Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Agent: J.P. Morgan Securities Inc.
Minimum Denomination: $100,000
Interest Payment Dates: January 15 and July 15, commencing July 15, 1998
Record Dates: December 31 and June 30
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
|X| The Notes cannot be redeemed prior to |X| The Notes cannot be repaid prior
maturity. to maturity.
|_| The Notes may be redeemed prior to |_| The Notes may be repaid prior to
maturity. maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction,
if any:
Additional/Other Terms: N/A
--------------
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and will
rank pari passu in right of payment with CHL's other unsecured and
unsubordinated indebtedness. As of November 30, 1997, the Guarantor did
not have any secured indebtedness outstanding, and CHL had
$258,207,000 aggregate principal amount of secured indebtedness
outstanding. As of such date, CHL had $7,136,241,000 aggregate
principal amount of unsecured and unsubordinated indebtedness
outstanding, which indebtedness ranked pari passu in right of payment
with CHL's other unsecured and unsubordinated indebtedness and will
rank pari passu in right of payment with the Notes to which this
Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 48 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
-------------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $20,000,000
Stated Maturity Date: February 11, 2000 Net Proceeds: $19,950,000
Specified Currency: U.S. Dollars
Base |_| Commercial Paper |X| LIBOR |_| Certificate of
Rate(s): Rate Telerate Page 3750 Deposit Rate
|_| Treasury Rate |_| Federal Funds Rate |_| Prime Rate
|_| CMT Rate |_| Eleventh District |_| Other
Cost of Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest Rate: 5.725% Minimum Interest Rate: N/A
Interest Determination Dates: Two Business Interest Factor Convention: N/A
Days prior to Index Maturity: Three months
each Interest Spread (plus or minus): Plus 10
Payment Date basis
points
Interest Reset Dates: Same as Interest Spread Multiplier: N/A
Payment Dates Fixed Rate Commencement Date: N/A
Interest Payment Dates: Every May 11, Fixed Interest Rate: N/A
August 11, November
11 and February 11,
commencing May 11,
1998
Agent: Lehman Brothers Inc.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph:
|X| The Notes cannot be |X| The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
|_| The Notes may be redeemed |_| The Notes may be
prior to maturity. repaid prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction, if any:
Additional/Other Terms: N/A
-------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu
in right of payment with CHL's other unsecured and unsubordinated
indebtedness. As of November 30, 1997 the Guarantor did not have any
secured indebtedness outstanding, and CHL had $258,207,000 aggregate
principal amount of secured indebtedness outstanding. As of such date, CHL
had $7,136,241,000 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness ranked pari
passu in right of payment with CHL's other unsecured and unsubordinated
indebtedness and will rank pari passu in right of payment with the Notes to
which this Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 49 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
-------------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $20,000,000
Stated Maturity Date: February 11, 2000 Net Proceeds: $19,950,000
Specified Currency: U.S. Dollars
Base |_| Commercial Paper |X| LIBOR |_| Certificate of
Rate(s): Rate Telerate Page 3750 Deposit Rate
|_| Treasury Rate |_| Federal Funds Rate |_| Prime Rate
|_| CMT Rate |_| Eleventh District |_| Other
Cost of Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest Rate: 5.725% Minimum Interest Rate: N/A
Interest Determination Dates: Two Business Interest Factor Convention: N/A
Days prior to Index Maturity: Three months
each Interest Spread (plus or minus): Plus 10
Payment Date basis
points
Interest Reset Dates: Same as Interest Spread Multiplier: N/A
Payment Dates Fixed Rate Commencement Date: N/A
Interest Payment Dates: Every May 11, Fixed Interest Rate: N/A
August 11, November
11 and February 11,
commencing May 11,
1998
Agent: Salomon Brothers Inc
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph:
|X| The Notes cannot be |X| The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
|_| The Notes may be redeemed |_| The Notes may be
prior to maturity. repaid prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction, if any:
Additional/Other Terms: N/A
-------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu
in right of payment with CHL's other unsecured and unsubordinated
indebtedness. As of November 30, 1997 the Guarantor did not have any
secured indebtedness outstanding, and CHL had $258,207,000 aggregate
principal amount of secured indebtedness outstanding. As of such date, CHL
had $7,136,241,000 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness ranked pari
passu in right of payment with CHL's other unsecured and unsubordinated
indebtedness and will rank pari passu in right of payment with the Notes to
which this Pricing Supplement relates.
Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 50 DATED FEBRUARY 6, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FLOATING RATE NOTES
-------------------
Trade Date: February 6, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 11, 1998 Principal Amount: $80,000,000
Stated Maturity Date: February 11, 2000 Net Proceeds: $79,800,000
Specified Currency: U.S. Dollars
Base |_| Commercial Paper |X| LIBOR |_| Certificate of
Rate(s): Rate Telerate Page 3750 Deposit Rate
|_| Treasury Rate |_| Federal Funds Rate |_| Prime Rate
|_| CMT Rate |_| Eleventh District |_| Other
Cost of Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest Rate: 5.725% Minimum Interest Rate: N/A
Interest Determination Dates: Two Business Interest Factor Convention: N/A
Days prior to Index Maturity: Three months
each Interest Spread (plus or minus): Plus 10
Payment Date basis
points
Interest Reset Dates: Same as Interest Spread Multiplier: N/A
Payment Dates Fixed Rate Commencement Date: N/A
Interest Payment Dates: Every May 11, Fixed Interest Rate: N/A
August 11, November
11 and February 11,
commencing May 11,
1998
Agent: Merrill Lynch & Co.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph:
|X| The Notes cannot be |X| The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
|_| The Notes may be redeemed |_| The Notes may be
prior to maturity. repaid prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction, if any:
Additional/Other Terms: N/A
-------------------
The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of CHL and will rank pari passu
in right of payment with CHL's other unsecured and unsubordinated
indebtedness. As of November 30, 1997 the Guarantor did not have any
secured indebtedness outstanding, and CHL had $258,207,000 aggregate
principal amount of secured indebtedness outstanding. As of such date, CHL
had $7,136,241,000 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness ranked pari
passu in right of payment with CHL's other unsecured and unsubordinated
indebtedness and will rank pari passu in right of payment with the Notes to
which this Pricing Supplement relates.
