Lapse or "revert" means the amount shall return to an unappropriated status.
Lapse means the status of the Policy where due Instalment Premium ,for the period as specified in the Part C of the Policy, have not been paid within the Grace Period and where Policy benefits ,if any, shall become payable in accordance with Part C.
Examples of Lapse in a sentence
Lapse or cancellation of the required insurance shall be deemed to be an immediate and automatic default of this agreement.
More Definitions of Lapse
Lapse means a condition wherein the due premiums for the first Policy year have not been paid in full within the grace period for the Policy, thereby rendering the Policy unenforceable. No benefits will be payable when the Policy is in Lapse status.
Lapse means an occurrence of any period of time, regardless of duration, during which (i) a Covered Product is not the subject of an active Order for Maintenance Services or other Support Contract and an active Coverage Period, and/or (ii) payment is past due to Hexagon under a Support Contract. Extension of a Coverage Period and/or payment to Hexagon after the occurrence of a Lapse shall not negate a Lapse, absent Hexagon’s express written waiver.
Lapse means the termination of authority to expend an appropriation.
Lapse means a condition wherein the due premiums have not been paid in full, as required under the plan, thereby rendering this Policy unenforceable. No benefits will be paid when the Policy is in Lapse status.
Lapse for the purposes of clause 6, is given its usual meaning of “a slight error” provided however a “lapse” will not be deemed to have occurred in the following circumstances:
Lapse in this context means that the Awards were forfeited due to either the applicable service or performance conditions not being met.