Pass-through certificate

A pass-through certificate is an instrument that evidences ownership in an underlying pool of assets, serving to signify the transfer of interest in favor of the holder. An equipment trust certificate is a specific case. In creating such a pass-through structure, the underlying assets are "bundled" into a pass-through security , where the principal and interest payments are "passed through" to certificate holders. Here, a servicing intermediary collects the monthly payments from issuers and passes them through to the security holders; this for a fee.

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