PRIMING LOAN
\pɹˈa͡ɪmɪŋ lˈə͡ʊn], \pɹˈaɪmɪŋ lˈəʊn], \p_ɹ_ˈaɪ_m_ɪ_ŋ l_ˈəʊ_n]\
Sort: Oldest first
-
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
SQ10,643
- A serotonin antagonist with limited antihistaminic, anticholinergic, and immunosuppressive activity.