Perfection Collateral

Perfection Collateral. Means all Collateral (as defined below) except: (i) Deposit Accounts for which the Credit Parties are not required to obtain Deposit Account Control Agreements pursuant to Sections 4.1 and 6.14 of the Credit Agreement, (ii) real estate leasehold interests with an annual base rent (not including any escalators) not in excess of $500,000, (iii) vehicles and (iv) any Collateral as to which the Administrative Agent has determined in its sole discretion that the collateral value thereof is... insufficient to justify the difficulty, time and/or expense of obtaining a perfected security interest therein. View More