Assignment/Novation. Prior to the closing of the acquisition of the Painting, Masterworks Gallery will assign to the Company all of its rights and the Company will assume all of Masterworks Gallery’s obligations with respect to the acquisition of the Painting, which will occur prior to the initial closing of the Offering.
Appears in 3 contracts
Sources: Intercompany Agreement (Masterworks 007, LLC), Intercompany Agreement (Masterworks 007, LLC), Intercompany Agreement (Masterworks 006, LLC)