Each Member definition

Each Member s Capital Account shall be decreased by:

Each Member has made a Capital Contribution in cash to the Company as set forth on Schedule A attached hereto. Except as set forth in Section 8.2, no Member shall make any additional Capital Contributions to the Company without the prior approval of a Majority-in-Interest of the Members. No Member shall be obligated to make any additional Capital Contributions to the Company. In particular, no Member shall be obligated to make any Capital Contribution to restore any deficit balance in such Member's Capital Account. No interest shall be paid on any Capital Contributions.

Each Member s share of Distributable Cash for the Calendar Year shall equal the sum of the Member's Shares of Daily Distributable Cash for all days during the Calendar Year.

Examples of Each Member in a sentence

• Each Member further undertakes to be individually liable for the performance of its part of the obligations without in any way limiting the scope of collective liability envisaged in this Agreement.

• Each Member hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or consent of less than all of the Members, such action may be so taken upon the concurrence of less than all of the Members and each Member shall be bound by the results of such action.

• Each Member hereby agrees that all current and future notices, confirmations and other communications may be made by the Company via email, sent to the email address of record of the Member provided to the Company as changed or updated from time to time, without necessity of confirmation of receipt, delivery or reading, and such form of electronic communication is sufficient for all matters regarding the relationship between the Company and the Members except as otherwise required by law.

• Each Member which has ratified this Convention and which does not, within the year following the expiration of the period of ten years mentioned in the preceding paragraph, exercise the right of denunciation provided for in this Article, will be bound for another period of ten years and, thereafter, may denounce this Convention at the expiration of each period of ten years under the terms provided for in this Article.

• Each Member expressly consents to receiving calls and messages, including auto-dialed and pre-recorded message calls, and SMS messages (including text messages) from the Administrator, its affiliates, agents and others calling at their request or on their behalf, at any telephone numbers that the Member has provided to the Company or Masterworks (including any cellular telephone numbers).

More Definitions of Each Member

Each Member s current Capital Account balance is set forth in Exhibit C) in accordance with the following:

Each Member understands that the Buyer's Stock has not been, and will not be, registered under the Securities Act of 1933, as amended, as of the Closing or under any state securities laws, is being offered and sold in reliance upon Federal and State exemptions for transactions not involving any public offering, and a "stop transfer" order will be placed on the certificates representing shares of the Buyer's Stock issued hereunder, and such certificates will bear a legend in substantially the following form, as well as any other legend that may be required by applicable law. THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAWS OF ANY STATE (THE "STATE LAWS"), BUT HAVE BEEN ISSUED IN RELIANCE UPON EXEMPTIONS THEREFROM. NO TRANSFER OF THESE SECURITIES OR ANY INTEREST THEREIN MAY BE MADE EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND THE APPROPRIATE STATE LAWS, UNLESS THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT SUCH TRANSFER DOES NOT REQUIRE SUCH REGISTRATION.

Each Member s Capital Account shall be maintained in accordance with the following provisions:

Each Member has been given access to information requested by such Member regarding the Buyer, including the opportunity to ask questions of and receive answers from the officers of the Buyer concerning the present and proposed activities of the Buyer and to obtain the information which such Member deems necessary or advisable in order to evaluate the merits and risks of the transactions contemplated by this Agreement, and each Member has made his or its own independent investigation of the Buyer and the merits and risks of the transactions contemplated by this Agreement.

Each Member s Capital Account shall be decreased by the amount of such Member's distributive share of Net Loss and each item of Company loss and deduction and expenditures that are specially allocated to such Member (or such Member's predecessor in interest) pursuant to Section 6.1.

Each Member s Capital Account shall have an initial balance equal to the amount of cash and the value of any securities (determined in accordance with Section 1.08 hereof and net of any liabilities secured by such securities that the Company is considered to assume or take subject to under Section 752 of the Code) constituting such Member's initial contribution to the capital of the Company.

Each Member s Percentage Interest shall be adjusted in Exhibit A from time to time by the Management Committee to the extent necessary to reflect accurately Capital Contributions, the issuance of additional Membership Units, Sales of Membership Units permitted under Article 10, or similar events having an effect on a Member's Percentage Interest.