Whenever a new job is created a set of default values is loaded into all the fields of the job definition. These fields are picked up from a special job entry that is named DEFAULT. This DEFAULT job entry is located by a search process.
If you are creating a job in a subfolder an attempt is made to locate a default entry in that subfolder. If that fails, an attempt is made to locate it in the top folder. If that fails, an attempt is made to find one in the \default\ folder. If that fails a set of hard coded default values are loaded.