Definition of Potentially Competing Financing Statement
Potentially Competing Financing Statement means any financing statement in favor of any Person that covers any of the Bank Property or that would cover such property if, contrary to the intent of the parties to the Agreement, JCPenney were determined to have any rights therein.
Examples of Potentially Competing Financing Statement in a sentence
As used herein, "Potentially Competing Financing Statement" means any financing statement in favor of any person that covers any of the Bank Property or that would cover any such property if, contrary to the intent of the parties hereto, any Retailer was determined to have any rights therein.
Each Retailer agrees that it will not, on or after the date of this Agreement, grant any Potentially Competing Security Interest or sign any Potentially Competing Financing Statement unless the secured party thereunder first signs an intercreditor agreement with Bank disclaiming such secured party's interest in the Bank Property.
Retailers, jointly and severally, represent and warrant that no Retailer has, on or before the date of this Agreement, granted any Potentially Competing Security Interest or signed any Potentially Competing Financing Statement other than any security interest or financing statement that has lapsed or been terminated.