Distinguish between the following: 'Pass through certificate' and 'participation certificate'.

'Pass Through Certificate' When mortgages are pooled together and undivided interest in the pool is sold, pass-through securities are created. The pass-through securities promise that the cash flow from the underlying mortgages would be passed through to the holders of the securities in the form of monthly payments of interest and principal. 'Participation Certificates' These are strictly inter-bank instruments confined to the Scheduled Commercial Banks. This instrument is a money market instrument with a tenure not exceeding 90 days. The interests on such participation certificate are determined by the two contracting banks.