Definition of Potentially Competing Security Interest


Potentially Competing Security Interest means any security interest in favor of any Person that attaches to any of the Bank Property or that would attach to 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 Security Interest in a sentence

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.
As used herein, "Potentially Competing Security Interest" means any security interest in favor of any person that attaches to any of the Bank Property or that would attach to such property if, contrary to the intent of the parties hereto, any Retailer was determined to have any rights therein.
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.