Definition of Potential Prior-Ranking Claims


Potential Prior-Ranking Claims means all amounts owing or required to be paid, where the failure to pay any such amount could give rise to a claim pursuant to any law, statute, regulation or otherwise, which ranks or is capable of ranking in priority to the Bank's security or otherwise in priority to any claim by the Bank for repayment of any amounts owing under this agreement;
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Examples of Potential Prior-Ranking Claims in a sentence

Potential Prior-Ranking Claims means all amounts owing or required to be paid, where the failure to pay any such amount could give rise to a claim pursuant to any law, statute, regulation or otherwise which ranks in priority to the Security (as defined below) or otherwise in priority to any claim by the Bank for repayment of any amounts owing under this Agreement.
Each of the Borrower and the Guarantor has paid or made provision for payment of all Potential Prior-Ranking Claims which are due and payable.