Pass-through entity means a partnership not treated as an association taxable as a C corporation for federal income tax purposes, a limited liability company not treated as an association taxable as a C corporation for federal income tax purposes, an S corporation, or any other class of entity from which the income or profits of the entity are given pass-through treatment for federal income tax purposes. "Pass-through entity" does not include a trust, estate, grantor of a grantor trust, or disregarded entity.
Special Pass-Through Entity means a grantor trust, S corporation, or partnership (as determined, in each case, for Federal income tax purposes) where more than 50% of the value of any beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Retained Note.
Pass-Through Expenses means reasonable and actual out-of-pocket expenses incurred by Contractor for equipment, materials, supplies or other Services provided to LAUSD, but not including Contractor’s overhead costs, administrative expenses or other mark-ups.
Pass-Through Costs means costs incurred directly by Jazz that are passed-through to Air Canada and fully reimbursed under the CPA;
Pass-Through Transfer The sale or transfer of some or all of the Mortgage Loans to a trust to be formed as part of a publicly-issued and/or privately placed, rated or unrated, mortgage pass-through transaction, retaining the Company as "servicer" (with or without a master servicer) thereunder.
Pass Through Trust means each of the two separate grantor trusts that have been created pursuant to the Pass Through Trust Agreements to facilitate certain of the transactions contemplated by the Operative Documents.
Class B Pass Through Trust means the American Airlines Pass Through Trust 2013-1B created pursuant to the Basic Pass Through Trust Agreement, as supplemented by Trust Supplement No. 2013-1B, dated as of the Issuance Date, between the Company and WTC, as Class B Trustee.
Net WAC Pass-Through Rate With respect to the Class A-1 Certificates and any Distribution Date, a rate per annum (adjusted for the actual number of days elapsed in the related Interest Accrual Period) equal to the product of (i) twelve and (ii) a fraction, expressed as a percentage, the numerator of which is the amount of interest which accrued on the Group I Mortgage Loans in the prior calendar month minus the fees payable to the Servicer, the Master Servicer and the Credit Risk Manager with respect to the Group I Mortgage Loans for such Distribution Date and the Group I Allocation Percentage of any Net Swap Payment payable to the Swap Provider and Swap Termination Payment payable to the Swap Provider which was not caused by the occurrence of a Swap Provider Trigger Event, in each case for such Distribution Date and the denominator of which is the aggregate principal balance of the Group I Mortgage Loans as of the last day of the immediately preceding Due Period (or as of the Cut-off Date with respect to the first Distribution Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Interest Accrual Period) the REMIC II Remittance Rate on REMIC II Regular Interest I-GRP, weighted on the basis of the Uncertificated Balance of such REMIC II Regular Interest. With respect to the Class A-2 Certificates and any Distribution Date, a rate per annum (adjusted for the actual number of days elapsed in the related Interest Accrual Period) equal to the product of (i) twelve and (ii) a fraction, expressed as a percentage, the numerator of which is the amount of interest which accrued on the Group II Mortgage Loans in the prior calendar month minus the fees payable to the Servicer, the Master Servicer and the Credit Risk Manager with respect to the Group II Mortgage Loans for such Distribution Date and the Group II Allocation Percentage of any Net Swap Payment payable to the Swap Provider and Swap Termination Payment payable to the Swap Provider which was not caused by the occurrence of a Swap Provider Trigger Event, in each case for such Distribution Date and the denominator of which is the aggregate principal balance of the Group II Mortgage Loans as of the last day of the immediately preceding Due Period (or as of the Cut-off Date with respect to the first Distribution Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Interest Accrual Period) the REMIC II Remittance Rate on REMIC II Regular Interest II-GRP, weighted on the basis of the Uncertificated Balance of such REMIC II Regular Interest. With respect to the Mezzanine Certificates and any Distribution Date a rate per annum equal to the weighted average (weighted in proportion to the results of subtracting from the Scheduled Principal Balance of each loan group, the Certificate Principal Balance of the related Class A Certificates), of (i) the Net WAC Pass-Through Rate for the Class A-1 Certificates and (ii) the Net WAC Pass-Through Rate for the Class A-2 Certificates. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Interest Accrual Period) the REMIC II Remittance Rates on (a) REMIC II Regular Interest I-SUB, subject to a cap and a floor equal to the REMIC II Remittance Rate on REMIC II Regular Interest I-GRP, and (b) REMIC II Regular Interest II-SUB, subject to a cap and a floor equal to the REMIC II Remittance Rate on REMIC II Regular Interest II-GRP, weighted on the basis of the Uncertificated Balance of each such REMIC II Regular Interest.
Class A Pass Through Trust means the Delta Air Lines Pass Through Trust 2019-1A created pursuant to the Basic Pass Through Trust Agreement, as supplemented by Trust Supplement No. 2019-1A, dated as of the Issuance Date, between Company and U.S. Bank, as Class A Trustee.
Class H Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate.
Class B Pass-Through Rate As to any Distribution Date, 6.500% per annum.
Class E Pass-Through Rate For any Distribution Date, a per annum rate equal to 2.00000%.
Pass-Through Margin With respect to each Class of Offered Certificates (except as set forth in the following sentence), the following percentages: Class A-1 Certificates, 0.1250%; Class A-2a Certificates, 0.0700%; Class A-2b Certificates, 0.1000%; Class A-2c Certificates, 0.1400%; Class A-2d Certificates, 0.2500%; Class M-1 Certificates, 0.3000%; Class M-2 Certificates, 0.3300%; Class M-3 Certificates, 0.3400%; Class M-4 Certificates, 0.4000%; Class M-5 Certificates, 0.4300%; Class M-6 Certificates, 0.4700%; Class B-1 Certificates, 0.9700%; Class B-2 Certificates, 1.1000%; and Class B-3 Certificates, 1.9500%. On the first Distribution Date after the Optional Termination Date, the Pass-Through Margins shall increase to: Class A-1 Certificates, 0.2500%; Class A-2a Certificates, 0.1400%; Class A-2b Certificates, 0.2000%; Class A-2c Certificates, 0.2800%; Class A-2d Certificates, 0.5000%; Class M-1 Certificates, 0.4500%; Class M-2 Certificates, 0.4950%; Class M-3 Certificates, 0.5100%; Class M-4 Certificates, 0.6000%; Class M-5 Certificates, 0.6450%; Class M-6 Certificates, 0.7050%; Class B-1 Certificates, 1.4550%; Class B-2 Certificates, 1.6500%; and Class B-3 Certificates, 2.9250%.
Class G Pass-Through Rate For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.
Class X-D Pass-Through Rate For any Distribution Date, the weighted average of the Class X Strip Rates for the Class X-D Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding immediately prior to such Distribution Date).
Class F Pass-Through Rate For any Distribution Date, a per annum rate equal to 2.7500%.
Pass-Through Rate For any interest bearing Class of Certificates or Component, the per annum rate set forth or calculated in the manner described in the Preliminary Statement.
REMIC Pass-Through Rate In the case of a Class of the Class A, Class M and Class B Certificates, the Upper Tier REMIC Net WAC Cap for the Corresponding REMIC Regular Interest.
Class X-B Pass-Through Rate For any Distribution Date, the Class X Strip Rate for the Class X-B Component for such Distribution Date.
Class C Pass-Through Rate For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.
Class A Fixed Pass-Through Rate As to any Distribution Date, the rate per annum set forth in Section 11.01.
Local taxes means all taxes levied other than taxes levied for school operating purposes.
Special Taxes means any and all present or future taxes, levies, imposts, deductions, charges or withholdings, or any liabilities with respect thereto, including those arising after the date hereof as result of the adoption of or any change in law, treaty, rule, regulation, guideline or determination of a Governmental Authority or any change in the interpretation or application thereof by a Governmental Authority but excluding, in the case of Lender, such taxes (including income taxes, franchise taxes and branch profit taxes) as are imposed on or measured by Lender’s net income by the United States of America or any Governmental Authority of the jurisdiction under the laws under which Lender is organized or maintains a lending office.
Fixed Pass-Through Rate Floating Pass-Through Rate" "Guaranteed Investment Contract"
Class A-S Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to 3.7770%.
Federal Tax Certificate means the Issuer's Federal Tax Certificate dated as of the Issue Date, as the same may be amended or supplemented in accordance with the provisions thereof.