Default Decision Clause Samples

A Default Decision clause establishes the process by which a decision is made if one or more parties fail to act or respond within a specified timeframe. Typically, this clause applies in situations where a party is required to provide input, approval, or objection, and if they do not do so, a predetermined outcome or the other party's proposal is automatically accepted. By setting clear consequences for inaction, the clause ensures that contractual processes are not stalled by indecision or neglect, thereby promoting efficiency and certainty in the agreement's execution.
Default Decision. (a) If you fail to make a timely Pay Instruction or Return Instruction to the Bank on an exception (a "Pay" or "No Pay" decision), you authorize the Bank to pay these item(s). (b) To change the Bank's default from "Pay" to "Return" under (a), please initial the appropriate selection on the Security Control Worksheet under the Positive Pay Module.
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Default Decision. If you fail to make a "Pay" or "Return" decision by 5:00 PM (PT) on an ACH Exception, the ACH Debit Entry will be returned by us. You authorize the Bank to return these items.
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Default Decision. At the time of enrolment in the Service, the Service will be set-up to automatically pay all Exception Cheques which are not decisioned by the decision deadlines below. If the Customer wishes to have all Exception Cheques not decisioned returned, this must be pre-agreed in writing by Royal Bank.
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Default Decision. For each account utilizing this Service, Customer shall elect a continuing default decision classification for all Exception Items, on the Enrollment Form. The default classification choices shall be: (a) Pay all Exception Items if Customer has not issued a Return Request by the deadline in t h e E nrollment Form; or (b) Return all Exception Items if Customer has not issued a Pay Request by the deadline in Enrollment Form. Customer's elections shall be a "Default Decision". Notwithstanding the foregoing, a Default Direction does not apply to checks presented in person at Bank's branches for payment. If the comparison between the presented check and the Issued Check Record results in an Exception Item as defined herein, the check will not be accepted for payment by Bank.
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Default Decision. If the Company does not make a decision on an Exception Item prior to the Decision Deadline, Company hereby instructs the Bank to use the default Positive Pay Option selected on the ARPPA Schedule A to Return or Pay the exception item.
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Default Decision. If Customer selects the Positive Pay Services, Customers are obligated to select a default decision to pay or return Exceptions. If Customer has not informed Bank of any Decision by Bank’s 11:00 p.m. Central Time deadline, the default decision as designated by Customer, will automatically be applied to checks and ECP check presentment items based on Customer’s default selections.
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Related to Default Decision

  • Default, Disruption and Termination H1 Termination on Change of Control and Insolvency H2 Termination on Default H3 Break H4 Consequences of Termination H5 Disruption H6 Recovery upon Termination H7 Force Majeure

  • Event of Default Defined; Acceleration of Maturity; Waiver of Default Event of Default" with respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  • Event of Default Defined Except as may be otherwise provided pursuant to Section 2.03 for Securities of any series, “Event of Default” with respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body, except as provided in clause (e)): (a) default in the payment of all or any part of the money due on such Security (but not such a default in respect of any other Security of such series or any other series) as and when the same shall become due and payable either upon exercise, upon any redemption or otherwise; or (b) default in the performance, or breach, of any covenant or warranty of the Issuer in respect of the Securities of such series (other than a covenant or warranty in respect of the Securities of such series a default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Issuer and the Guarantor, by the Trustee or to the Issuer, the Guarantor and the Trustee by the holders of at least 25% in aggregate number of the Outstanding Warrants of all series affected thereby, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or (c) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Issuer or for any substantial part of its property or ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (d) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Default Events (a) Any material breach of the Funding Agreement by the Recipient, including those set out below, will be an event of default (“Default Event”): 1. the Recipient has amounts owing to the IESO in respect of another funding agreement or other program, contract or arrangement with the IESO that have not been paid after due notice; 2. the IESO notifies the Recipient that it is in default of any existing agreements with the IESO, its predecessor entities, or any of their third party funds managers, including funding agreements; 3. the Recipient fails to complete or submit to the IESO any Activities set out in Schedule C by the applicable Target Completion Date; or 4. the Recipient fails to notify the IESO of any of the events set out in Section 6.1. (b) Should a Default Event occur, the IESO will be entitled to deliver to the Recipient a written notice that the Recipient is in default of the obligations under the Funding Agreement (the “Notice of Default”). The Notice of Default will set out the nature of the Default Event and a reasonable period of time by which the Default Event must be cured.