against the clock

Meaning 1
to compete in sports in a timed event or against another competitor's time
Sentence 1
She's running against the clock and has only two seconds to better Cindy's time for first place.
Meaning 2
to be in a hurry to meet a deadline or time for completion of something
Sentence 2
I'm running against the clock here on this project. The architectural drawings are due next week.