A lien securing a postpetition credit extension that is senior or equal to a lien already attached to some or all of the debtor’s property. The bankruptcy court may not authorize a priming lien unless it finds that the debtor is unable to obtain credit otherwise and that the existing lienholder’s interest in its collateral is adequately protected notwithstanding the grant of the priming lien.
Like the Loch Ness Monster, the true priming lien is much feared but seldom actually sighted and is doubted by some to exist at all.
Bankruptcy Code § 364(d)(1). See also Adequate Protection, DIP Financing.