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Extract to table / reserve-agreement-mezzanine.docx
reserve-agreement-mezzanine.docx
Parties
HUDSON YARDS WEST MEZZANINE LLC
Metropolitan Transit Development Corp
Hudson Yards West Mortgage LLC
Pelvoran Financial Services LLC
York City Economic Development Corp
HYW Mezzanine LLC
Evergreen Property Management LLC
Dates
June 15, 2025
May 1, 2025
December 15, 2027
March 15, 2028
June 1, 2020
June 15, 2020
June 15, 2029
September 15, 2029
June 15, 2030
June 15, 2031
Amounts
$200,000,000
$475,000,000
$675,000,000
$1,025,000,000
$10,000,000,000
$412,000,000
$4,200,000
$58,200,000
$920,000,000
$45,000,000
Obligations
This Agreement sets forth the terms and conditions under which certain reserve accounts shall be established, funded, and administered in connection with the Mezzanine Loan
For the avoidance of doubt, during the initial term of the Mezzanine Loan, no scheduled amortization of principal is required, and Debt Service shall consist solely of interest payments
"Leasing Threshold" means the achievement and maintenance of eighty-five percent (85%) economic occupancy of the Improvements (measured by net rentable square footage for which tenants are in occupancy and paying rent, inclusive of any tenants in free-rent periods that have commenced occupancy), which is required to be achieved by September 15, 2029 (thirty (30) months following the projected First TCO Date)
All capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to such terms in the Mezzanine Loan Agreement
In the event of any conflict between the definitions set forth herein and the definitions set forth in the Mezzanine Loan Agreement, the definitions set forth herein shall control for purposes of this Agreement
2 — Rules of Construction The following rules of construction shall apply to this Agreement: (a) All references herein to "Sections," "Articles," "Exhibits," and "Schedules" shall refer to the corresponding Sections, Articles, Exhibits, and Schedules of this Agreement, unless otherwise specified