Operating Proceeds

Operating Proceeds. Means all proceeds that the Company receives for its own account resulting from the operation of the business of the Company, including, without limitation, any funds received by the Company from the Company's customers and any funds received for claims for reimbursements from the Universal Service Administrative Company ("USAC") under the Lifeline Program administered by USAC ("LifeLine") and state Lifeline administrators (and any funds received under the Affordable Connectivity Program), less... the payment of all expenses of the Company incurred in connection with such item of Operating Proceeds or Capital Event Proceeds, as the case may be (including, without limitation, Operating Expenses, and less the establishment of any reserves that the Members reasonably elect to maintain subject to the terms of Section 5.3 below. View More