Other Related Activities. (a) The Manager and Affiliates thereof shall have the right to engage in the following activities (subject to compliance with laws and intellectual property rights of third parties): (i) Rights to commercialize the Painting for the duration of the operations of the Issuer; (ii) The right to perpetually offer the Painting for sale, display and exhibition rights; (iii) The right to lend the Painting to museums, galleries, private entities, individuals and the like; and (iv) The right to offer perks to owners of Shares, subject to compliance with applicable laws, and the costs of which will be paid by the Manager. (b) The Manager shall bear any incremental third-party costs associated with such activities related to the activities set forth in this Section 2 and in the event that any revenues are generated from such other activities, the Manager may retain such revenues to the extent they offset actual incremental third-party costs associated with such activities and any excess revenues above such incremental third-party costs, if any, shall belong to the Issuer.
Appears in 2 contracts
Samples: Administrative Services Agreement (Masterworks 001, LLC), Administrative Services Agreement (Masterworks 001, LLC)
Other Related Activities. (a) The Manager Administrator and Affiliates thereof shall have the right to engage in the following activities (subject to compliance with laws and intellectual property rights of third parties):
(i) Rights to commercialize the Painting for the duration of the operations of the Issuer;
(ii) The right to perpetually offer the Painting for sale, display and exhibition rights;
(iii) The right to lend the Painting to museums, galleries, private entities, individuals and the like; and
(iv) The right to offer perks to owners of Shares, subject to compliance with applicable laws, and the costs of which will be paid by the ManagerAdministrator.
(b) The Manager Administrator shall bear any incremental third-party costs associated with such activities related to the activities set forth in this Section 2 and in the event that any revenues are generated from such other activities, the Manager Administrator may retain such revenues to the extent they offset actual incremental third-party costs associated with such activities and any excess revenues above such incremental third-party costs, if any, shall belong to the Issuer.
Appears in 2 contracts
Samples: Administrative Services Agreement (Masterworks 001, LLC), Administrative Services Agreement (Masterworks 001, LLC)
Other Related Activities. (a) The Manager Administrator and Affiliates thereof shall have the right to engage in the following activities (subject to compliance with laws and intellectual property rights of third parties):
(i) Rights to commercialize the Painting for the duration of the operations of the Issuer;
(ii) The right to perpetually offer the Painting for sale, display and exhibition rights;
(iii) The right to lend the Painting to museums, galleries, private entities, individuals and the like; and
(iv) The right to offer perks to owners of Shares, subject to compliance with applicable laws, and the costs of which will be paid by the ManagerAdministrator .
(b) The Manager Administrator shall bear any incremental third-party costs associated with such activities related to the activities set forth in this Section 2 and in the event that any revenues are generated from such other activities, the Manager Administrator may retain such revenues to the extent they offset actual incremental third-party costs associated with such activities and any excess revenues above such incremental third-party costs, if any, shall belong to the Issuer.
Appears in 1 contract
Samples: Administrative Services Agreement (Masterworks 001, LLC)
Other Related Activities. (a) The Manager Administrator and Affiliates thereof shall have the right to engage in the following activities (subject to compliance with laws and intellectual property rights of third parties):
(i) Rights to commercialize the Painting for the duration of the operations of the IssuerIssuer and MW Cayman;
(ii) The right to perpetually offer the Painting for sale, display and exhibition rights;
(iii) The right to lend the Painting to museums, galleries, private entities, individuals and the like; and
(iv) The right to offer perks to owners of Shares, subject to compliance with applicable laws, and the costs of which will be paid by the ManagerAdministrator .
(b) The Manager Administrator shall bear any incremental third-party costs associated with such activities related to the activities set forth in this Section 2 and in the event that any revenues are generated from such other activities, the Manager Administrator may retain such revenues to the extent they offset actual incremental third-party costs associated with such activities and any excess revenues above such incremental third-party costs, if any, shall belong to the Issuer.
Appears in 1 contract
Samples: Administrative Services Agreement (Masterworks 002, LLC)
Other Related Activities. (a) The Manager and Affiliates thereof shall have the right to engage in the following activities (subject to compliance with laws and intellectual property rights of third parties):
(i) Rights to commercialize the Painting for the duration of the operations of the Issuer;
(ii) The right to perpetually offer the Painting for sale, display and exhibition rights;
(iii) The the right to lend the Painting to museums, galleries, private entities, individuals and the like; and
(iv) The right to offer perks to owners of Shares, subject to compliance with applicable laws, and the costs of which will be paid by the Manager.
(b) The Manager shall bear any incremental third-party costs associated with such activities related to the activities set forth in this Section 2 and in the event that any revenues are generated from such other activities, the Manager may retain such revenues to the extent they offset actual incremental third-party costs associated with such activities and any excess revenues above such incremental third-party costs, if any, shall belong to the Issuer.
Appears in 1 contract
Samples: Administrative Services Agreement (Masterworks 001, LLC)