3X Pass-Through Rate definition
3X Pass-Through Rate. With respect to Component 3X Certificates and any Distribution Date after the first Distribution Date, a per annum rate equal to the excess, the excess, if any, of (i) the Subordinate Component Net Funds Rate for that Distribution Date, over (ii) the weighted average of the Pass-Through Rates on the Subordinate LIBOR Certificates, prior to giving effect to distributions on that distribution date. Cooperative Corporation: With respect to any Cooperative Loan, the cooperative apartment corporation that holds legal title to the related Cooperative Property and grants occupancy rights to units therein to stockholders through Proprietary Leases or similar arrangements. Cooperative Lien Search: A search for (a) federal tax liens, mechanics' liens, lis pendens, judgments of record or otherwise against (i) the Cooperative Corporation and (ii) the seller of the Cooperative Unit, (b) filings of Financing Statements and (c) the deed of the Cooperative Property into the Cooperative Corporation.