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
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).