Operating Reserve

Operating Reserve. Means a reserve to be maintained by the LLC (initially to be funded as part of the Improvements Budget and thereafter to be reflected in each year's Operating Plan and Budget and funded under the Berthing Agreements) equal to one-half of the projected funds (net of anticipated revenues other than borrowings) required by the LLC in connection with its operations for the applicable year, but excluding any funds required for construction of the Site Plan Improvements or the Master Plan... Improvements. View More