Autopay Discount definition
Autopay Discount. As to any Mortgage Loan, a 25 basis points discount included in and reflected in the rate of interest set forth in a Mortgage Note resulting from the Mortgagor's election of the Servicer's Autopay service to have the Mortgagor's Monthly Payments automatically or electronically transferred from a demand deposit account to the Servicer. Thereafter, as to any termination of the Autopay service as to any Mortgage Loan, the discount included in the rate of interest set forth in the Mortgage Note is removed and the annual rate of interest borne on a Mortgage Note increases by 25 basis points; and payments are adjusted accordingly. Best Efforts: Efforts determined to be reasonably diligent by the Owner or Servicer, as the case may be, in its reasonable discretion. Such efforts do not require the Owner or Servicer, as the case may be, to enter into any litigation, arbitration or other legal or quasi-legal proceeding, except as otherwise set forth in this Agreement.