Fourth Secured Collateral

Fourth Secured Collateral. Means all Assets of the Company and each of its Subsidiaries on which any Fourth Lien exists, provided that (a) no Fourth Lien may exist on any such Asset on which an enforceable, perfected First Lien (if the First Secured Obligations have not been Paid in Full), Second Lien (if the Second Secured Obligations have not been Paid in Full) and Third Lien (if the Third Secured Obligations have not been Paid in Full) does not exist and (b) all Assets of any Foreign Subsidiary (other than the... accounts receivable of the UK Borrower) and all Capital Stock held by a Foreign Subsidiary shall be excluded from Fourth Secured Collateral. View More