Class A Shares. Borrower shall have authorized the issuance of a number of its Class A shares sufficient to repay the aggregate outstanding principal amount of this Promissory Note and when issued such shares shall be duly authorized and validly issued and Lender (or its assignees) shall be admitted as a member of the Borrower entitled to the rights of a Class A shareholder as set forth in the Masterworks Vault [ ], LLC operating agreement.
Appears in 4 contracts
Sources: Financing, License and Sourcing Agreement (Masterworks Vault 2, LLC), Financing, License and Sourcing Agreement (Masterworks Vault 4, LLC), Financing, License and Sourcing Agreement (Masterworks Vault 4, LLC)
Class A Shares. Borrower shall have authorized the issuance of a number of its Class A shares sufficient to repay the aggregate outstanding principal amount of this Promissory Note and when issued such shares shall be duly authorized and validly issued and Lender (or its assignees) shall be admitted as a member of the Borrower entitled to the rights of a Class A shareholder as set forth in the Masterworks Vault [ ]1, LLC operating agreement.
Appears in 1 contract
Sources: Financing, License and Sourcing Agreement (Masterworks Vault 1, LLC)
Class A Shares. Borrower shall have authorized the issuance of a number of its Class A shares sufficient to repay the aggregate outstanding principal amount of this Promissory Note and when issued such shares shall be duly authorized and validly issued and Lender (or its assignees) shall be admitted as a member of the Borrower entitled to the rights of a Class A shareholder as set forth in the Masterworks Vault [ ]3, LLC operating agreement.
Appears in 1 contract
Sources: Financing, License and Sourcing Agreement (Masterworks Vault 3, LLC)
Class A Shares. Borrower shall have authorized the issuance of a number of its Class A shares sufficient to repay the aggregate outstanding principal amount of this Promissory Note and when issued such shares shall be duly authorized and validly issued and Lender (or its assignees) shall be admitted as a member of the Borrower entitled to the rights of a Class A shareholder as set forth in the Masterworks Vault [ ], LLC operating agreement.
Appears in 1 contract
Sources: Masterworks Intercompany Agreement (Masterworks 254, LLC)