Balloon Payment definition

Balloon Payment shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

Balloon Payment. With respect to any Balloon Loan, the related Monthly Payment payable on the stated maturity date of such Balloon Loan.

Balloon Payment. A payment of the unamortized principal balance of a Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding Monthly Payment.

Examples of Balloon Payment in a sentence

• Notwithstanding the foregoing concerning the making of payments as though such a Workout did not occur, 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 shall be deemed not to be due on the original maturity date of the Mortgage Loan but shall be deemed due on the extended maturity date of the Mortgage Loan.

• See paragraphs “Balloon Payment,” “Refinancing Balloon Payments” and “Return of Vehicle” on the back side of this contract for the agreements with respect to the Balloon Payment.

• Each Balloon Payment shall be assumed to be paid according to its Balloon Debt Service Requirement.

• The Servicer shall also advance in respect of each Loan Payment Date following a delinquency in the payment of any Balloon Payment of the Trust Loan or a foreclosure (or acceptance of a deed in lieu of foreclosure or comparable conversion) of the Whole Loan, not later than the related Remittance Date, to the Distribution Account, the amount of any Assumed Monthly Payment deemed due with respect to the Trust Loan on such Loan Payment Date.

• In the event of the exclusion of a Claim under this Section 3.1, the Company shall return to the Insured all related premium for the time period after the failure of the Borrower to make the Balloon Payment.

More Definitions of Balloon Payment

Balloon Payment. The final Scheduled Payment in respect of a Balloon Mortgage Loan.

Balloon Payment. With respect to any Balloon Loan as of any date of determination, the amount outstanding on the Maturity Date of such Mortgage Loan in excess of the related Monthly Payment.

Balloon Payment means, with respect to the Mortgage Loan, the payment of principal due on its scheduled Maturity Date.

Balloon Payment. With respect to any Balloon Mortgage Loan as of any date of determination, the Scheduled Payment payable on the Stated Maturity Date of such Mortgage Loan.

Balloon Payment means, with respect to any Balloon Mortgage Loan, the Scheduled Payment payable on the Maturity Date of such Mortgage Loan.

Balloon Payment shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

Balloon Payment. The payment of the outstanding principal balance of the Mortgage Loan, the Trust Loan or any Companion Loan, as applicable, together with all unpaid interest, due and payable on the Maturity Date.