Full Underwritten Occupancy definition
Full Underwritten Occupancy with respect to any calendar quarter, means that, as of the last day of the calendar quarter, at least ninety percent (90%) of the rentable units at the Property (including assisted care and memory care units) are occupied by residents unrelated to any officer or director of Borrower or any Affiliate of Borrower, who are contractually obligated to pay fair market unabated rent and are not delinquent in payment of such rent. For purposes of calculating whether Full Underwritten Occupancy has been achieved, if only one of the two beds in a semi-private unit is rented, such unit shall be considered fifty percent (50%) occupied.