# 3ABCDEFGHIJKLMNOPQRSTUVWYZ

Prior Charges

Prior charges refers to a lender's right to the first claim on a borrower's assets under a loan agreement. The lender would be paid first in the event of a liquidation of the assets. It can also refer to the interest payable on a company's senior debt such as debentures, loan stock and notes, which ranks ahead of dividends payable on ordinary shares.