Common use of Conversion of LCE Intermediate Holdings Securities Clause in Contracts

Conversion of LCE Intermediate Holdings Securities. Upon consummation and by virtue of the LCE Holdco Merger, without any action on the part of LCE Holdco, LCE Intermediate Holdings, or the members of LCE Holdco or stockholders of LCE Intermediate Holdings, each membership interest in LCE Holdco, of which none have been issued and are outstanding that are not held by LCE Intermediate Holdings, shall automatically be cancelled, retired and cease to exist without payment of any consideration therefor and any and all other membership interests in LCE Holdco shall automatically be canceled and shall cease to exist without payment of any consideration therefor.