Two planes are used to create the effect.
The plane on top has it's object attribute filters values set to 255, 255, 255; it has the CHECKS2 texture applied to it also. You may apply the first texture to be used on the checker board.
The plane on the bottom, positioned 0.5 units below the top one has the second texture You'd like to use, the CHECKS2 texture isn't needed: the filtering of the first plane allows the second plane to show through were the CHECKS2 does not apply its color values.
You can also let the top plane filter values 0, 0, 0 but change these in CHECKS2 parameters.