Common use of Default Decision Clause in Contracts

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.

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)instruction decision on an Exception item, you authorize the Bank to pay return these item(s)items unpaid. (b) To change the Bank's default instructions from "PayReturn" to "Return" under (a)Pay", please initial the appropriate selection on the Security Control Worksheet under the Positive Pay Module.