Renewal Test

Renewal Test. The financial test which Operator must achieve in order to have the right to exercise the renewal options and shall require an average annual percentage return on Owner's cash equity in the VLT Facility for all full calendar years of operation under the Management Agreement in an amount equal to a twenty percent (20%) return on equity (which shall be calculated utilizing Owner's EBITDA). The Renewal Test assumes the same equity investment as set forth in Section 1.2.