PRIMING LOAN
\pɹˈa͡ɪmɪŋ lˈə͡ʊn], \pɹˈaɪmɪŋ lˈəʊn], \p_ɹ_ˈaɪ_m_ɪ_ŋ l_ˈəʊ_n]\
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A loan that is obtained by a firm according to bankruptcy's Chapter 11, and has tough restrictions imposed on it. The functioning of a company is possible because of such a loan and is only valid until the company is able to get rid of its bankruptcy. Lenders usually have the rights on the terms of a priming loan and the payment of a priming loan is of a greater priority than the repayment of other debts.
By Henry Campbell Black
Word of the day
dust storm
- a windstorm that lifts up clouds of dust or sand a windstorm that lifts up clouds dust or sand; "it was the kind of duster not experienced in years"