(a) Issuer-provided credit enhancement structure (the SPE)

This structure comprises credit support where a part of the credit risk of the asset pool is assumed by the issuer.

(b) Third-party guarantee credit enhancement structure

This structure comprises the assumption of credit risk by parties other than the issuer. The guarantor does not have the right of recourse to the originator, and the guarantee can be for a fixed period and for a limited amount, without any consideration being received by the guarantor. However, a claim should first be made against the underlying assets, and then against the guarantor, unless an option is provided to make the claim otherwise.