Common use of Electronic Delivery of Information Clause in Contracts

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications. The Administrative Agent and the Borrower hereby agree to accept notices and other communications to the other party hereunder by electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered on the date and at the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications. The Administrative Agent and the Borrower hereby agree to accept notices and other communications to the other party hereunder by electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered on the date and at the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. II and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications. The Administrative Agent and the Borrower hereby agree to accept notices and other communications to the other party hereunder by electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered on the date and at the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Series each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered on and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the date electronically sent communication(s) and at maintaining such physical records in any manner or form that you desire. * * * * * 13 SERIES [*], A SERIES OF MASTERWORKS VAULT 5, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, Subscriber or its duly authorized representative has electronically executed and delivered this Subscription Agreement by clicking “I Agree” above and acknowledges that all of the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on information below is true and correct. If I am a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice U.S. citizen or other communication is not sent or posted during the normal business hours U.S. person, by clicking “I Agree” I, Subscriber, also certify and sign under penalty of perjury, all of the recipienttax certifications set forth in Annex B. (The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding in Annex B.) Number of Class A Shares: SIGNATURE: [By clicking “I Agree” I, said posting date Subscriber, have executed this Agreement intending to be legally bound] (Signature of subscriber or authorized officer) SERIES [*], A SERIES OF MASTERWORKS VAULT 5, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE (This countersigned Signature Page will be returned to Subscriber when and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents if a subscription has been accepted immediately prior to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificatesapplicable closing) ACCEPTED AND AGREED TO: SERIES [*], the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronicallyA SERIES OF MASTERWORKS VAULT 5, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.LLC By: Name: Title: Chief Executive Officer Masterworks Vault 5, LLC Attn: General Counsel 200 Xxxxxxx Xxxxxx, 00xx Xxxxx, New York, NY 10281 (000) 000-0000 ANNEX A

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Series each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered on and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the date electronically sent communication(s) and at maintaining such physical records in any manner or form that you desire. * * * * * 13 SERIES [*], A SERIES OF MASTERWORKS VAULT 4, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, Subscriber or its duly authorized representative has electronically executed and delivered this Subscription Agreement by clicking “I Agree” above and acknowledges that all of the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on information below is true and correct. If I am a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice U.S. citizen or other communication is not sent or posted during the normal business hours U.S. person, by clicking “I Agree” I, Subscriber, also certify and sign under penalty of perjury, all of the recipienttax certifications set forth in Annex B. (The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding in Annex B.) Number of Class A Shares: SIGNATURE: [By clicking “I Agree” I, said posting date Subscriber, have executed this Agreement intending to be legally bound] (Signature of subscriber or authorized officer) SERIES [*], A SERIES OF MASTERWORKS VAULT 4, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE (This countersigned Signature Page will be returned to Subscriber when and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents if a subscription has been accepted immediately prior to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificatesapplicable closing) ACCEPTED AND AGREED TO: SERIES [*], the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronicallyA SERIES OF MASTERWORKS VAULT 4, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.LLC By: Name: Title: Chief Executive Officer Masterworks Vault 4, LLC Attn: General Counsel 200 Xxxxxxx Xxxxxx, 00xx Xxxxx, New York, NY 10281 (000) 000-0000 ANNEX A

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Series each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered on and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the date electronically sent communication(s) and at maintaining such physical records in any manner or form that you desire. * * * * * SERIES [*], A SERIES OF MASTERWORKS VAULT 1, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, Subscriber or its duly authorized representative has electronically executed and delivered this Subscription Agreement by clicking “I Agree” above and acknowledges that all of the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on information below is true and correct. If I am a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice U.S. citizen or other communication is not sent or posted during the normal business hours U.S. person, by clicking “I Agree” I, Subscriber, also certify and sign under penalty of perjury, all of the recipienttax certifications set forth in Annex B. (The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding in Annex B.) Number of Class A Shares: SIGNATURE: [By clicking “I Agree” I, said posting date Subscriber, have executed this Agreement intending to be legally bound] (Signature of subscriber or authorized officer) SERIES [*], A SERIES OF MASTERWORKS VAULT 1, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE (This countersigned Signature Page will be returned to Subscriber when and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents if a subscription has been accepted immediately prior to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificatesapplicable closing) ACCEPTED AND AGREED TO: SERIES [*], the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronicallyA SERIES OF MASTERWORKS VAULT 1, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.LLC By: Name: Title: Chief Executive Officer Masterworks Vault 1, LLC Attn: General Counsel 200 Xxxxxxx Xxxxxx, 00xx Xxxxx, New York, NY 10281 (000) 000-0000 ANNEX A

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Company each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipient’s spam filters by the recipient’s email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipient’s service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the electronically sent communication(s) and maintaining such physical records in any manner or form that you desire. SIGNATURE PAGE TO THE SUBSCRIPTION AGREEMENT ASHAREX FINE ART, LLC ASHAREX FINE ART SERIES #TICKER The undersigned Subscriber hereby elects to subscribe under the terms of the Subscription Agreement to which this signature page is an integral part of for the number and price of the ASHAREX FINE ART SERIES #TICKER Shares stated on the date and at the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours front page of the recipientSubscription Agreement and hereby executes the Subscription Agreement. The Subscriber acknowledges and agrees that (1) the Company will be relying upon the information provided by the Subscriber in the Subscription Agreement, said posting date including the information provided in the attached Investor Qualification and time Attestation, and (2) the information is true and accurate. If such information shall cease to be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained hereintrue and accurate in any respect, the Borrower undersigned shall deliver paper copies give immediate notice of any documents such fact to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by Company. Individuals: Please sign the Administrative Agent or such Lender. Except for Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documentsPrimary Signatory Line.

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Series each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered on and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the date electronically sent communication(s) and at maintaining such physical records in any manner or form that you desire. * * * * * 13 SERIES [*], A SERIES OF MASTERWORKS VAULT 1, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, Subscriber or its duly authorized representative has electronically executed and delivered this Subscription Agreement by clicking “I Agree” above and acknowledges that all of the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on information below is true and correct. If I am a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice U.S. citizen or other communication is not sent or posted during the normal business hours U.S. person, by clicking “I Agree” I, Subscriber, also certify and sign under penalty of perjury, all of the recipienttax certifications set forth in Annex B. (The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding in Annex B.) Number of Class A Shares: SIGNATURE: [By clicking “I Agree” I, said posting date Subscriber, have executed this Agreement intending to be legally bound] (Signature of subscriber or authorized officer) SERIES [*], A SERIES OF MASTERWORKS VAULT 1, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE (This countersigned Signature Page will be returned to Subscriber when and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents if a subscription has been accepted immediately prior to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificatesapplicable closing) ACCEPTED AND AGREED TO: SERIES [*], the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronicallyA SERIES OF MASTERWORKS VAULT 1, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.LLC By: Name: Title: Chief Executive Officer Masterworks VAULT 1, LLC Attn: General Counsel 225 Xxxxxxx Xxxxxx, 00xx Xxxxx, New York, NY 10281 (000) 000-0000 ANNEX A

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Series each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered on and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the date electronically sent communication(s) and at maintaining such physical records in any manner or form that you desire. * * * * * 13 SERIES [*], A SERIES OF MASTERWORKS VAULT [ ], LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, Subscriber or its duly authorized representative has electronically executed and delivered this Subscription Agreement by clicking “I Agree” above and acknowledges that all of the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on information below is true and correct. If I am a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice U.S. citizen or other communication is not sent or posted during the normal business hours U.S. person, by clicking “I Agree” I, Subscriber, also certify and sign under penalty of perjury, all of the recipienttax certifications set forth in Annex B. (The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding in Annex B.) Number of Class A Shares: SIGNATURE: [By clicking “I Agree” I, said posting date Subscriber, have executed this Agreement intending to be legally bound] (Signature of subscriber or authorized officer) SERIES [*], A SERIES OF MASTERWORKS VAULT [ ], LLC (This countersigned Signature Page will be returned to Subscriber when and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents if a subscription has been accepted immediately prior to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificatesapplicable closing) ACCEPTED AND AGREED TO: SERIES [*], the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronicallyA SERIES OF MASTERWORKS VAULT [ ], and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.LLC By: Name: Title: Chief Executive Officer Masterworks Vault [ ], LLC Attn: General Counsel 200 Xxxxxxx Xxxxxx, 00xx Xxxxx, New York, NY 10281 (000) 000-0000 ANNEX A

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Series each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered on and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the date electronically sent communication(s) and at maintaining such physical records in any manner or form that you desire. * * * * * SERIES [*], A SERIES OF MASTERWORKS VAULT [ ], LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, Subscriber or its duly authorized representative has electronically executed and delivered this Subscription Agreement by clicking “I Agree” above and acknowledges that all of the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on information below is true and correct. If I am a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice U.S. citizen or other communication is not sent or posted during the normal business hours U.S. person, by clicking “I Agree” I, Subscriber, also certify and sign under penalty of perjury, all of the recipienttax certifications set forth in Annex B. (The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding in Annex B.) Number of Class A Shares: SIGNATURE: [By clicking “I Agree” I, said posting date Subscriber, have executed this Agreement intending to be legally bound] (Signature of subscriber or authorized officer) SERIES [*], A SERIES OF MASTERWORKS VAULT [ ], LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE (This countersigned Signature Page will be returned to Subscriber when and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents if a subscription has been accepted immediately prior to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificatesapplicable closing) ACCEPTED AND AGREED TO: SERIES [*], the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronicallyA SERIES OF MASTERWORKS VAULT [ ], and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.LLC By: Name: Title: Chief Executive Officer Masterworks Vault [ ], LLC Attn: General Counsel 200 Xxxxxxx Xxxxxx, 00xx Xxxxx, New York, NY 10281 (000) 000-0000 ANNEX A

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Series each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients spam filters by the recipients email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered on and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the date electronically sent communication(s) and at maintaining such physical records in any manner or form that you desire. * * * * * 13 SERIES [*], A SERIES OF MASTERWORKS VAULT 2, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, Subscriber or its duly authorized representative has electronically executed and delivered this Subscription Agreement by clicking “I Agree” above and acknowledges that all of the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on information below is true and correct. If I am a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice U.S. citizen or other communication is not sent or posted during the normal business hours U.S. person, by clicking “I Agree” I, Subscriber, also certify and sign under penalty of perjury, all of the recipienttax certifications set forth in Annex B. (The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding in Annex B.) Number of Class A Shares: SIGNATURE: [By clicking “I Agree” I, said posting date Subscriber, have executed this Agreement intending to be legally bound] (Signature of subscriber or authorized officer) SERIES [*], A SERIES OF MASTERWORKS VAULT 2, LLC SUBSCRIPTION AGREEMENT SIGNATURE PAGE (This countersigned Signature Page will be returned to Subscriber when and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents if a subscription has been accepted immediately prior to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificatesapplicable closing) ACCEPTED AND AGREED TO: SERIES [*], the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronicallyA SERIES OF MASTERWORKS VAULT 2, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.LLC By: Name: Title: Chief Executive Officer Masterworks Vault 2, LLC Attn: General Counsel 200 Xxxxxxx Xxxxxx, 00xx Xxxxx, New York, NY 10281 (000) 000-0000 ANNEX A

Electronic Delivery of Information. (a) (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications. The Administrative Agent and the Borrower hereby agree to accept notices and other communications to the other party hereunder by electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered on the date and at the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. (b) (b) Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower and the Lenders by the Administrative Agent.

Electronic Delivery of Information. (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent Subscriber and the Borrower Company each hereby agrees that it cannot or does not want to receive electronic communications. The Administrative Agent all current and the Borrower hereby agree to accept notices future notices, confirmations and other communications regarding this Agreement, the Operating Agreement and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Agreement or as otherwise from time to time changed or updated and disclosed to the other party hereunder by party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipient’s spam filters by the recipient’s email service provider, or particular notices due to a recipient’s change of address, or communications. Documents due to technology issues by the recipient’s service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or notices delivered electronically overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the electronically sent communication(s) and maintaining such physical records in any manner or form that you desire. SIGNATURE PAGE TO THE SUBSCRIPTION AGREEMENT ASHAREX FINE ART, LLC ASHAREX FINE ART SERIES 11 The undersigned Subscriber hereby elects to subscribe under the terms of the Subscription Agreement to which this signature page is an integral part of for the number and price of the ASHAREX FINE ART SERIES 11 Shares stated on the date and at the time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours front page of the recipientSubscription Agreement and hereby executes the Subscription Agreement. The Subscriber acknowledges and agrees that (1) the Company will be relying upon the information provided by the Subscriber in the Subscription Agreement, said posting date including the information provided in the attached Investor Qualification and time Attestation, and (2) the information is true and accurate. If such information shall cease to be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained hereintrue and accurate in any respect, the Borrower undersigned shall deliver paper copies give immediate notice of any documents such fact to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by Company. Individuals: Please sign the Administrative Agent or such Lender. Except for Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documentsPrimary Signatory Line.