What does it mean when the Share Prospectus speak of 'first priority'?

From Year 4 onwards investors may apply to withdraw their investment. B4RN puts aside an amount each year to fund these withdrawals, however the amount available will be subject to the Society’s trading position and will be at the discretion of the Directors, so there is no guarantee that there will be sufficient funds put aside in a particular year to meet all demands for withdrawal. First priority will be given to those investors wishing to withdraw the interest payments they have received in the year. These will always be paid if requested. Any remaining requests will be handled on a first come, first served basis until the withdrawals fund is exhausted.

We have a provision in the rules that we set aside a pot of money each year to be available if shareholders wish to withdraw their shares once their 3 years is up. At present this is set at 5% of the capital, and we have roughly 2% of shares being withdrawn within a year.  If there were ever to be lots of requests for withdrawal, then we would pay requests for end of year interest on the capital first, and then first-come first-served until the 5% limit is reached.