Default Offer definition
Examples of Default Offer in a sentence
We will notify you prior to the end of the current Minimum Period that this Market Contract will terminate and the supply of electricity will continue under a Standard Retail Contract (in accordance with any Regulatory Requirements including, but not limited to, the Victorian Default Offer or Default Market Offer as applicable), unless you accept and agree to enter into a new retail electricity agreement with us.
In the Event of Default Offer, the Guarantor will be required to offer to purchase in cash equal to 100% of the aggregate principal amount of Guaranteed Term Loans outstanding plus accrued and unpaid interest, if any, on the Guaranteed Term Loans outstanding, to the date of repayment (the “Event of Default Payment”).
Standing offers for electricity in Victoria are required to comply with prices set by the Essential Services Commission and known as the Victorian Default Offer.
The Secretary will forthwith advise each of the Shareholders by notice of the extent to which the Default Offer has not been accepted upon the expiration of the Preliminary Period.
To the extent the Default Offer has not been accepted in its entirety by the Shareholders within the Preliminary Period, such of the Shareholders as have in their notice of acceptance of the Default Offer specified a Specified Additional Portion (the "Eligible Others") will be entitled prior to the expiration of an additional 30 days (the "Offering Period"), to accept such portion of the Defaulting Shareholder's Shares as is then available by notice to the Secretary.