KBS Clause Samples
The KBS clause typically refers to provisions related to Knowledge-Based Systems or Key Business Systems within a contract. This clause outlines the responsibilities, access rights, or maintenance obligations concerning specific information systems that are critical to the business operations of one or both parties. For example, it may specify how updates, data sharing, or system integrations are to be handled between the parties. The core function of the KBS clause is to ensure that essential business systems are properly managed and that both parties understand their roles and obligations regarding these systems, thereby reducing operational risks and misunderstandings.
KBS. KBS shall contribute to the capital of the Company, in cash, an aggregate amount equal to 90% of the initial equity necessary to capitalize the Company, which is equal to $__________. KBS will fund all of its required initial capital prior to or at the Property Closing.
KBS. KBS shall contribute to the capital of the Company, in cash, an aggregate amount equal to 90% of the initial equity necessary to acquire the Project, capitalize the Company and to fund equity for the Renovations, which is equal to $22,365,000. To this end, upon the full execution of this Agreement, KBS will (i) deposit the $700,000 Second Deposit with the escrow agent under the Purchase Agreement, and (ii) reimburse JV Member in the amount of $200,000 (which is the amount necessary for KBS and JV Member to have a 90/10 allocation in the $1,000,000 aggregate Deposit under the Purchase Agreement). KBS will fund $17,388,000 of its required initial capital prior to or at the Property Closing. The remainder of the KBS’s required initial capital contribution pertains to the Renovation and shall be funded on a monthly basis pursuant to a monthly draw protocol administered by Manager.
KBS. KBS shall commit to contribute to the capital of the Company, in cash, as follows:
KBS. KBS shall commit to contribute to the capital of the Company, in cash, an aggregate amount equal to sixty percent (60%) of the initial equity necessary to acquire the Project and capitalize the Company which shall be which shall be payable as follows: (i) upon the full execution of this Agreement and subject to the full execution of the Purchase Agreement, KBS will contribute the sum of nine million dollars ($9,000,000), which shall be used as 60% of the sum of the Deposit; and (ii) at the closing of the acquisition of the Project, KBS will contribute the balance of its capital contribution in an amount equal to forty-eight million nine hundred fifty thousand three hundred seventy-six dollars ($48,950,376). Co-Managing Member’s initial capital contribution is based on the sources and uses schedule attached hereto as Exhibit C. For avoidance of doubt, KBS and JV Member acknowledge that the Contract Purchaser funded the entire amount of the Deposit under the Purchase Agreement and that the Members initial capital contributions described in Sections 3.01(a)(i) and Section 3.01(b)(i) will be used to reimburse the Contract Purchaser for such amounts as part of the assignment of the Purchase Agreement from the Contract Purchaser to the Property Owner Subsidiary pursuant to Section 1.03.
KBS. KBS shall contribute to the capital of the Company, in cash, an aggregate amount equal to 90% of the initial equity necessary to acquire the Project and capitalize the Company, as follows: (i) when due pursuant to the Purchase Agreement, KBS will fund $460,800, which is ninety percent (90%) of the $512,000 Initial Deposit under the Purchase Agreement, (ii) when due under the Purchase Agreement, JV Member will fund ninety percent (90%) of the Additional Deposit and the Franchise Deposit (if applicable) under the Purchase Agreement, and (iii) KBS will fund the remainder of its required initial capital when due hereunder prior to or at the Property Closing. KBS shall also pay its pro rate share of the PIP required by the Hotel Management Agreement in accordance with its Percentage Interest as and when required pursuant to the Hotel Management Agreement.