Common use of Terminating contracts Clause in Contracts

Terminating contracts. Promptly following the Effective Date, the Company shall notify in writing each counterparty to the Terminating Contracts (other than Oronite and its Affiliates) that the Company desires to terminate such Terminating Contract following the Closing, and the Company and such counterparty shall execute and the Company shall deliver at Closing an instrument that effectively terminates the applicable Terminating Contract as of not later than the Closing. As of not later than the Closing, the Company shall isolate and hold separate from all other Asset Documents all copies (including digital copies), that are in the Company’s possession or control, of all Terminating Contracts. At or after the Closing, Oronite shall be entitled to immediately remove and destroy all such copies of all Terminating Contracts, and at all times after the Closing, the Company and Buyer will not use or exploit, and shall refrain from asserting any right to use or exploit, any Terminating Contracts and any summaries thereof and extracts therefrom, whether in the operation of the Company’s or Buyer’s business or otherwise.