Primary Debtor definition
Primary Debtor. United Time Technology Co., Ltd.
Primary Debtor means the Buyer, and, in case the Buyer is an Intermediary, the Intermediary as well as (a) the owner of the Vessel and (b) the charterer of the Vessel (if any) and (c) the demise charterer of the Vessel (if any) and (d) any third‐party Agent, Broker or Trader, who will be jointly and severally liable for the payment of the amount invoiced to the Buyer by SEKA for the supply of the Products, in case of an Intermediary Default. For clarity, in case the Buyer is a Charterer and/or a Demise Charterer, Primary Debtor shall mean (a) the Charterer and/or Demise Charterer as well as (b) the owner of the Vessel. In case the Buyer is an Agent, Broker or Trader, Primary Debtor shall mean the Agent, Broker or Trader as well as (a) the Charterer and/or Demise Charterer (b) the owner of the Vessel and (c) any third‐party Agent, Broker or Trader who purchased the Products with the aim of reselling or redistributing the Product to (ca) a third Agent, Broker or Trader or (cb) to the Charterer, or (cc) to the Demise Charterer or (cd) to the owner of the Vessel, irrespective of the nature of their contractual or other legal commitment. For further clairity and without limiting the above, if the bunkering is contracted by an agent or broker or trader of the Buyer and on behalf of Principal or Principals disclosed or undisclosed, or by the Buyer on behalf of himself and agent on behalf of another Principal or Principals, such agent or the Buyer as the case may be shall be jointly and severally liable with such Principal or other Principals as the case may be for the due and proper performance of the contract.
Primary Debtor means the entity to whom consideration which gives rise to a Claim was primarily and directly furnished where more than one entity is liable on such Claim or where assets of a Debtor who would not be the Primary Debtor have been pledged to secure such Claim. In the event the Holder of a Claim and the Proponents or Liquidating Trustee cannot agree on a Primary Debtor for a Claim, the same shall be determined after Notice and a Hearing. The Primary Debtor need not be a Debtor as such term is defined for purposes of this Plan.
Examples of Primary Debtor in a sentence
If Primary Debtor or any Obligated Party is an entity, the liquidation, dissolution, merger or consolidation of any such entity or, if Primary Debtor or any Obligated Party is an individual, the death or legal incapacity of any such individual.
Nothing contained herein shall be construed as an obligation on the part of Secured Party to extend or continue to extend credit to Primary Debtor.