Reserve. (a) Tenant, or Operator at Tenant's direction, shall establish an interest bearing reserve account (the "Reserve") in CNLBank or such other bank designated by Tenant, or Operator at the direction of Tenant, and reasonably approved by Landlord. All interest earned on the Reserve shall be added to and remain a part of the Reserve. Except as set forth in Section 5.1.2(e), Tenant, or Operator if so required by the Operating Agreement or designated by Tenant, shall be the only party entitled to withdraw funds from the Reserve. The purpose of the Reserve is to cover the cost of:
Appears in 17 contracts
Samples: Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc)
Reserve. (a) Tenant, or Operator Manager, at Tenant's direction, shall establish an interest bearing reserve account (the "Reserve") in CNLBank CNL Bank approved by Landlord and Tenant, or such other in another bank designated by Tenant, or Operator at the direction of Tenant, Landlord and reasonably approved by LandlordTenant. All interest earned on the Reserve shall be added to and remain a part of the Reserve. Except as set forth in Section 5.1.2(e), Tenant, or Operator Manager if so required by the Operating Agreement or designated by Tenant, shall be the only party entitled to withdraw funds from the Reserve. The purpose of the Reserve is to cover the cost of:
Appears in 5 contracts
Samples: Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc)
