A lien on property senior to, or with the same priority as, existing liens on the same property. A priming DIP financing is only available as a last resort when the debtor is unable to obtain any other type of financing (unsecured loans on an administrative priority basis or non-priming DIPs) and either the holders of existing liens (the primed lenders) consent or the debtor can demonstrate such secured creditors are adequately protected from the diminution in value of their collateral as a result of the priming lien.

For more information on DIP financing, see Practice Note, DIP Financing: Overview.