Tenant’s retention definition
Tenant’s retention means two percent (2%) of Net Revenue (the “Preferred Fee”) plus five percent (5%) of EBITDA resulting from the operation of the Business during the term of the Lease after EBITDA is reduced by the amount of the Preferred Fee, provided, however, that in no event shall the difference be deemed to equate to a negative number. For the purpose of this Lease, “Net Revenue” means all revenue from the operation of the Business less complimentary housing, meals and other items granted to third parties by Tenant for promotional purposes consistent with gaming industry practice. Such revenues shall be computed on an accrual basis in accordance with generally accepted accounting principles. For the purposes of this Lease, the term “EBITDA” means the amount of Earnings Before Interest, Taxes, Depreciation and Amortization from the operation of the Business during the term of the Lease as determined pursuant to generally accepted accounting principles in accordance with gaming industry practices.