Common use of Separation Transaction Clause in Contracts

Separation Transaction. For the avoidance of doubt, from and after the Separation Closing Date, the covenants, Events of Default and other provisions of this Indenture and the Notes shall no longer apply to LGEC and its Restricted Subsidiaries (including the Initial Issuer), as applicable, and shall apply only to StudioCo Parent and its Restricted Subsidiaries (including the Successor Issuer), as applicable. Upon consummation of the Separation Transaction and entry into the Successor Issuer Supplemental Indenture, the Initial Issuer shall be automatically and unconditionally released and discharged from all obligations under the Indenture and the Notes without any further action by any Holder or any other person. Furthermore, any Person who becomes a beneficial owner of the Notes, on behalf of itself and its predecessors, successors, assigns, agents, subsidiaries, controlled Affiliates and representatives, automatically and irrevocably and forever agrees to be bound by the terms of Sections 4 and 13 of that certain Supplemental Indenture No. 10, dated as of May 8, 2024 to the LGCH Indenture (the “LGCH Supplemental Indenture”) to the same extent as if such person were a Consenting Noteholder (as defined therein).