Balloon definition

Balloon means a non-power-driven lighter-than-air aircraft;

Balloon means a lighter-than-air aircraft which is not engine-driven and sustains flight through the use of either gas or an airborne heater. For the purposes of this Part, a hot-air airship, although engine-driven, is also considered a balloon.

Balloon means a lighter-than-air aircraft that is not engine driven and that sustains flight through the use of either gas buoyancy or an airborne heater.

Examples of Balloon in a sentence

• Notwithstanding the foregoing, if any Workout, modification or amendment of the Mortgage Loan extends the original maturity date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment will be deemed not to be due on the original maturity date of the Mortgage Loan but will be deemed due on the extended maturity date of the Mortgage Loan.

• For purposes of the preceding sentence, the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon Payment is equal to the assumed monthly payment that would have been due on the related Due Date based on the original principal amortization schedule for such Balloon Mortgage Loan.

• If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the Servicer shall Advance (unless it determines in its good faith judgment that such amounts would constitute a Non-Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is reduced to zero.

• The Servicer may, in its sole discretion, make an Advance with respect to the principal portion of the final Scheduled Payment on a Balloon Loan, but the Servicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect the Servicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan.

• For purposes of the preceding sentence, the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon Payment is equal to the assumed monthly payment that would have been due on the related Due Date based on the original principal amortization schedule for the such Balloon Mortgage Loan.

More Definitions of Balloon

Balloon means a manned lighter-than-air aircraft which is not power-driven and sustains flight through the use of either a lighter-than-air gas or an airborne heater, including gas balloons, hot-air balloons, mixed balloons and, although power-driven, hot-air airships;

Balloon means a decorative inflatable device, into which a gas (typically helium) is inserted in order to cause it to rise or float in the atmosphere. (See also “Inflatable advertising device.”)

Balloon means a non-power-driven lighter-than-air aircraft and that sustains flight through the use of either gas buoyancy or an airborne heater;

Balloon refers to a Mortgage Loan the principal of which will not fully amortize before the scheduled maturity of that Mortgage Loan

Balloon means a latex balloon 36 inches or less in diameter tethered on a cord not greater than four feet in length.

Balloon means either:

Balloon means a flexible bag, including, but not limited to, those made from rubber, latex, foil, metal, polychloropene, Mylar, or nylon fabric, that is designed to be inflated with air or gas lighter than air such as helium, hydrogen, nitrous oxide, or oxygen, causing it to float.