Compensation and Expenses; Covenant. (a) In return for the Services, the Administrator shall earn administration fees and expense reimbursements in the form of Class A ordinary shares of the Issuer equal to 1.5% of the total Class A ordinary shares outstanding per annum, issued on a quarterly basis in arrears.
Appears in 3 contracts
Samples: Administrative Services Agreement (Masterworks 002, LLC), Form of Administrative Services Agreement (Masterworks 002, LLC), Form of Administrative Services Agreement (Masterworks 003, LLC)
Compensation and Expenses; Covenant. (a) In return for the Services, the Administrator shall earn administration fees and expense reimbursements in the form of Class A ordinary shares of the Issuer equal to 1.5% of the total Class A ordinary shares outstanding per annum, issued on a quarterly basis in arrears.
Appears in 2 contracts
Samples: Administrative Services Agreement (Masterworks 005, LLC), Administrative Services Agreement (Masterworks 004, LLC)
Compensation and Expenses; Covenant. (a) In return for the Services, the Administrator shall earn administration fees and expense reimbursements in the form of Class A ordinary shares of the Issuer equal to 1.52% of the total Class A ordinary shares outstanding per annum, issued on a quarterly basis in arrears.
Appears in 1 contract
Samples: Form of Administrative Services Agreement (Masterworks 003, LLC)
