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Each of the foregoing amounts shall be determined by reference to the Borrower\u2019s Statement of Operations for the applicable periods. 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quarters, an amount equal to (i) total revenues relating to such Project or Minority Holding for such period, less (ii) total operating expenses relating to such Project or Minority Holding for such period (it being understood that the foregoing calculation shall exclude non-cash charges as determined in accordance with GAAP). Each of the foregoing amounts shall be determined by reference to the Borrower\u2019s Statement of Operations for the applicable periods. An example of the foregoing calculation is set forth on Exhibit G hereto.", "title": "Annual EBITDA", "size": 138, "id": "annual-ebitda", "examples": ["The pro forma calculation of <strong>Annual EBITDA</strong> for the acquired Property shall be added to the calculation of Combined EBITDA.", "If, after giving effect to the acquisition, the acquired Property will not be encumbered by Secured Indebtedness, then the pro forma <strong>Annual EBITDA</strong> for the acquired Property shall be added to the calculation of Unencumbered Combined EBITDA.", "However, notwithstanding anything in this Employment Agreement to the contrary, the Approved Professional Performance Percentage shall be zero unless the actual Company EBITDA for the respective calendar year equals or exceeds ninety percent (90%) of the <strong>Annual EBITDA</strong> Target for such calendar year.", "In no event shall Employee earn any amount under the Incentive Plan for any calendar year during the Term unless the actual Company EBITDA for such calendar year equals or exceeds ninety percent (90%) of the <strong>Annual EBITDA</strong> Target for such calendar year.", "If the Company does not achieve more than 90% of the <strong>Annual EBITDA</strong> Target, the Executive will be entitled to no cash bonus.", "If the Company achieves more than 100% of the <strong>Annual EBITDA</strong> Target, the Executive may receive a bonus of up to 100% of Base Salary pursuant to terms established by the Board.", "The bonus shall be equal to 50% of the EBITDA Bonus if the Company achieves (as determined by the Board) 100% of the <strong>Annual EBITDA</strong> Target after the accrual of all management bonuses for such fiscal year and will increase or decrease on a linear basis at a rate of 10% of EBITDA Bonus for each 1% of the <strong>Annual EBITDA</strong> Target in excess of, or below, 100%, as applicable.", "For purposes of newly opened Projects which are no longer capitalized, the <strong>Annual EBITDA</strong> shall be based upon twelve-month projections, until such time as actual performance data for a twelve-month period is available.", "If for any fiscal year set forth on Exhibit A the Company&#x27;s cumulative <strong>annual EBITDA</strong> amount for that and the proceeding fiscal years equals or exceeds the Cumulative Target EBITDA amount set forth in column (B) of Exhibit A with respect to such fiscal year, and subject to the conditions set forth in Section 3 hereof, the Employee shall accrue the right to the Cash Bonus Amount as if the Company had achieved its Target <strong>Annual EBITDA</strong> amounts for that and each of the preceding fiscal years.", "By way of example, if the Company achieves 95% of the <strong>Annual EBITDA</strong> Target, the bonus shall be equal to 25% of Base Salary."], "related": [["annualized-ebitda", "Annualized EBITDA", "Annualized EBITDA"], ["target-ebitda", "Target EBITDA", "Target EBITDA"], ["ebitda", "EBITDA", "EBITDA"], ["adjusted-ebitda", "Adjusted EBITDA", "Adjusted EBITDA"], ["ltm-ebitda", "LTM EBITDA", "LTM EBITDA"]], "related_snippets": [], "updated": "2025-07-06T21:55:40+00:00"}, "json": true, "cursor": ""}}