Stable Occupancy Year definition
Stable Occupancy Year means the first full Fiscal Year following the year in which Stable Occupancy first occurred. “Stable Occupancy” means: (a) with respect to the Facilities, both of these conditions have been met: (i)(A) the percentage occupancy of the Independent Living Units in the Facilities is equal to or greater than 93%, and (B) the total percentage occupancy of all units and beds in the Facilities is equal to or greater than 91%, both calculated as of the last day of a fiscal quarter, and (ii) all of the Series 2019B Bonds and the Series 2019C Bonds have been paid in full, and are no longer outstanding; provided, if the Temporary Bonds referred to in (ii) above are repaid no later than March 1 of a particular year, they shall be deemed to have been fully repaid in the prior Fiscal Year and (b) in connection with the incurrence of Additional Indebtedness for any Capital Addition, the meaning given such term in a supplement to the Master Indenture relating to such Additional Indebtedness based on the sustainable capacity for which such facility was designed as stated in the Consultant’s report issued at such time.