Unpledged Securities definition
Unpledged Securities means Equity Interests (a) in any Theatre Direct Company as to which the Lender shall have determined in its sole discretion that the cost of perfecting a Lien thereon is disproportionate to the benefit to be realized by the Lender, (b) in any Subsidiary of the Company that is not a First-Tier Foreign Subsidiary or (c) in excess of sixty-five percent (65%) of the Equity Interests in any First-Tier Foreign Subsidiary.