Partial Release and Subordination of Collateral Sample Clauses

Partial Release and Subordination of Collateral. (a) The security interest previously granted to the Administrative Agent and the Lenders in the Purchased Product Assets (as defined in the Klisyri SPV Asset Purchase Agreement) pursuant to the Security Agreement is hereby waived, released and discharged concurrently with the transfer of ownership of such Purchased Product Assets to the Klisyri SPV pursuant to the Klisyri SPV Asset Purchase Agreement. The Administrative Agent, for itself and the Lenders, shall, upon request of the Borrower, file, or cause to be filed, a UCC-3 termination statement, and agrees to execute and deliver or file such documents and to perform other actions reasonably necessary, to evidence the release of such Purchased Product Assets, all at the expense of the Borrower. (b) Each of the Lenders hereby approves, and authorizes the Administrative Agent to execute and deliver on the Amendment No. 4 Effective Date, the Intercreditor Agreement substantially in the form provided to the Lenders prior to the date hereof (the “Klisyri Intercreditor Agreement”), pursuant to which the security interest previously granted to the Administrative Agent and the Lenders in the Retained Product Assets (as defined therein) shall be subordinated in right of security to the security interests in such Retained Product Assets granted pursuant to the Klisyri Transaction Documents, in each case to the extent set forth in such Klisyri Intercreditor Agreement.