A "Pass through" structure refers to a payment mechanism whereby all amounts received on the Assets held by the issuing vehicle are immediately passed through (paid) to the Investors. The profile of payments over time therefore fully reflects (fluctuates with) the profile of the net Revenues received by the issuing vehicle. To the contrary, a "pay through" structure uses the same Revenues, but pays Investors according to a regular schedule, using Guaranteed Investment Certificates (GIC) and/or Credit enhancement to render the payments smoother.

(See Chapter 22 Shares of the Vernimmen)

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