definiens: means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder means those certain security agreements, dated as of the Closing Date, pursuant to which the obligations ofDermavant under this Agreement will be secured by perfected first - priority ( subject to permitted liens ) security interests in its rights in and tothe Product Assets, subject to certain customary exceptions to be agreed . The Security Agreements will be entered into on customary terms, in form and substance reasonably acceptable to Dermavant and [COMPANY], including, customary obligations related to perfection ( includingdelivery of, and notice of changes with respect to, any information necessary for perfection ), maintenance of security interest and furtherassurances, preservation of collateral, maintenance of insurance, representations and warranties with respect to collateral, collateral releaseprovisions, and other customary terms, in each case subject to customary thresholds and exceptions