Series Gallery Drop 050, a Series of Otis Gallery LLC

Exhibit 3.48 
 
Series Gallery Drop 050, a Series of Xxxx Gallery LLC
  
Capitalized terms used but not defined herein have the meanings assigned to such terms in the Limited Liability Company Agreement of Xxxx Gallery LLC, as in effect as of the effective date set forth below (the “Operating Agreement”). References to Sections and Articles set forth herein are references to Sections and Articles of the Operating Agreement.
 
      Name of Series
     
      Series Gallery Drop 050, a Series of Xxxx Gallery LLC (“Series Gallery Drop 050”).
     
      Effective Date of Establishment
     
      November 23, 2020.
     
      Managing Member
     
      Xxxx Wealth, Inc. was appointed as the Managing Member of  Series Gallery Drop 050 with effect from the date of the Operating Agreement and shall continue to act as the Managing Member of Series Gallery Drop 050 until dissolution of Series Gallery Drop 050 pursuant to Section 11.01(b) or its removal and replacement pursuant to Section 4.03 or ARTICLE X.
     
      Initial Member
     
      Xxxx Wealth, Inc.
     
      Series Gallery Drop 050 Asset
     
      The Series Gallery Drop 050 Asset shall be a 9.6 A+ Wata-graded Xxxxx XX: The Adventure of Link NES game acquired by Series Gallery Drop 050 as at the date of this Series Designation and any assets and liabilities associated with such asset and such other assets and liabilities acquired by Series Gallery Drop 050 from time to time, as determined by the Managing Member in its sole discretion.
     
      Asset Manager
     
      Xxxx Wealth, Inc.
     
      Asset Management Fee
     
      Pursuant to the Asset Management Agreement, the Asset Manager is entitled to a Sourcing Fee as compensation for sourcing the Series Gallery Drop 050 Asset that is equal to 5.09% of the gross proceeds of the Initial Offering, which the Asset Manager may waive in its sole discretion.  
     
      Issuance
     
      Subject to Section 6.03(a), the maximum number of Series Gallery Drop 050 Interests the Company can issue is 2,950. 
     
      Number of Series Gallery Drop 050 Interests held by the Managing Member 
     
      On the date hereof, Series Gallery Drop 050 hereby grants to the Managing Member a single Series Gallery Drop 050 Interest, which Interest shall be considered issued and outstanding as of the date hereof but may not be recorded in the books of the Company until the closing of the Initial Offering of Series Gallery Drop 050 Interests. Consideration for such initial issuance shall be paid after the date hereof but prior to the closing of the Initial Offering. 
     
      Broker
     
      Dalmore Group, LLC.
     
      Brokerage Fee
     
      1% of the purchase price of the Series Gallery Drop 050 Interests sold in the Initial Offering of the Series Gallery Drop 050 Interests.
     
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    Other Rights

    Holders of Series Gallery Drop 050 Interests shall have no conversion, exchange, sinking fund, redemption or appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of Series Gallery Drop 050 Interests.

    Officers

    There shall initially be no specific officers associated with Series Gallery Drop 050, although the Managing Member may appoint officers of Series Gallery Drop 050 from time to time, in its sole discretion.

      Minimum Interests
     
      One (1) Interest per Member.
     
    Managing Member Minimum and Maximum Interests
    The Managing Member may purchase a minimum of 2% and a maximum of 19.99% of Series Gallery Drop 050 Interests at the closing of the Initial Offering, although such minimum and maximum thresholds may be waived or modified by the Managing Member in its sole discretion.
   
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Document Metadata

Series Gallery Drop 050, a Series of Otis Gallery LLC

Document Metadata

Name of Series	Series Gallery Drop 050, a Series of Xxxx Gallery LLC (“Series Gallery Drop 050”).
Effective Date of Establishment	November 23, 2020.
Managing Member	Xxxx Wealth, Inc. was appointed as the Managing Member of Series Gallery Drop 050 with effect from the date of the Operating Agreement and shall continue to act as the Managing Member of Series Gallery Drop 050 until dissolution of Series Gallery Drop 050 pursuant to Section 11.01(b) or its removal and replacement pursuant to Section 4.03 or ARTICLE X.
Initial Member	Xxxx Wealth, Inc.
Series Gallery Drop 050 Asset	The Series Gallery Drop 050 Asset shall be a 9.6 A+ Wata-graded Xxxxx XX: The Adventure of Link NES game acquired by Series Gallery Drop 050 as at the date of this Series Designation and any assets and liabilities associated with such asset and such other assets and liabilities acquired by Series Gallery Drop 050 from time to time, as determined by the Managing Member in its sole discretion.
Asset Manager	Xxxx Wealth, Inc.
Asset Management Fee	Pursuant to the Asset Management Agreement, the Asset Manager is entitled to a Sourcing Fee as compensation for sourcing the Series Gallery Drop 050 Asset that is equal to 5.09% of the gross proceeds of the Initial Offering, which the Asset Manager may waive in its sole discretion.
Issuance	Subject to Section 6.03(a), the maximum number of Series Gallery Drop 050 Interests the Company can issue is 2,950.
Number of Series Gallery Drop 050 Interests held by the Managing Member	On the date hereof, Series Gallery Drop 050 hereby grants to the Managing Member a single Series Gallery Drop 050 Interest, which Interest shall be considered issued and outstanding as of the date hereof but may not be recorded in the books of the Company until the closing of the Initial Offering of Series Gallery Drop 050 Interests. Consideration for such initial issuance shall be paid after the date hereof but prior to the closing of the Initial Offering.
Broker	Dalmore Group, LLC.
Brokerage Fee	1% of the purchase price of the Series Gallery Drop 050 Interests sold in the Initial Offering of the Series Gallery Drop 050 Interests.

Other Rights	Holders of Series Gallery Drop 050 Interests shall have no conversion, exchange, sinking fund, redemption or appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of Series Gallery Drop 050 Interests.
Officers	There shall initially be no specific officers associated with Series Gallery Drop 050, although the Managing Member may appoint officers of Series Gallery Drop 050 from time to time, in its sole discretion.
Minimum Interests	One (1) Interest per Member.
Managing Member Minimum and Maximum Interests	The Managing Member may purchase a minimum of 2% and a maximum of 19.99% of Series Gallery Drop 050 Interests at the closing of the Initial Offering, although such minimum and maximum thresholds may be waived or modified by the Managing Member in its sole discretion.