연혁

    MT Guaranty

     

    <대출기한 만료에 따른 투자금 환급 보증>

     

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    Our company will provide financing to HY Manhattan Tower LLC for purposes of its developing, owning and/or operating a portion of the Hudson Yards Development located on or over the Eastern Rail Yard, which is referred to herein as the “HY Manhattan Tower Project.” The HY Manhattan Tower Project consists of the construction and development of (a) the North Office Tower, (b) the Retail Podium, including the Cogen aspect of this component, (c) the Pavilion and (d) the Landscape Sculpture.

    The Loans. Utilizing the proceeds from this offering, the financing will take the form of limited recourse subordinated loans (collectively, the “EB-5 Loan”) to our Managing Member, which will, in turn, provide corresponding mirror loans in the same amount (collectively, the “Loan” and together with the EB-5 Loan, the “Loans”) to HY Manhattan Tower LLC. Our recourse against our Managing Member for repayment of the EB-5 Loan will be limited to (i) the Loan, including the payment of principal and interest thereon, (ii) the guaranty of the repayment of the Loan provided by ERY Developer LLC, a subsidiary of HY Gen-Par, and (iii) the membership interests in HY Manhattan Tower LLC (which are held by Hudson Yards Gen-Par, LLC, and consist of 100% of the equity of HY Manhattan Tower LLC), which are pledged as collateral for the EB-5 Loan and other loans related to financings by the EB-5 Affiliates under the EB-5 Program, as well as any loans to HY Manhattan Tower LLC provided by our affiliates or third-parties on terms substantially the same as the Loan. None of our Managing Member’s other assets will be available as a payment source for the EB-5 Loans. Please see the sections entitled “Summary—Organizational Structure,” “The Offering,” “The Offering—Guaranty and Pledge Summary” and “The Loans” below for further details on this arrangement.

     

    저희의 업무집행자에 대한 EB-5 대출의 상환청구는 (i) 본건 대출(그에 대한 원금 및 이자 지급을 포함) (ii) HY Gen-Par의 계열사인 ERY Developer LLC가 제공한 대출상환 보증, 그리고 (iii) HY Manhattan Tower LLC에 대한 사원지분(이 사원지분은 Hudson Yards Gen-Par, LLC가 보유한 것으로서 HY Manhattan Tower LLC의 지분 100%를 구성하며, EB-5 대출, EB-5 계열사들에 의한 대출, 그리고 저희의 계열사들이나 제3자가 본건 대출과 실질적으로 같은 조건으로 HY Manhattan Tower LLC에 제공한 모든 대출에 담보로 제공됩니다)에 제한될 것입니다.

     

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    The sole asset of our company is the EB-5 Loan, which consists of subordinated limited recourse loans to our Managing Member. The EB-5 Loan is limited in its recourse to (i) the Loan made by our Managing Member to HY Manhattan Tower LLC, (ii) the guaranty of the repayment of the Loan provided by ERY Developer LLC, a subsidiary of HY Gen-Par and (iii) the membership interests in HY Manhattan Tower LLC (which are held by Hudson Yards Gen-Par, LLC, and consist of 100% of the equity of HY Manhattan Tower LLC) pledged as collateral for the EB-5 Loan, loans made by the EB-5 Affiliates and any loans provided by our affiliates or third-parties on terms substantially the same as the Loan. So, you will also be subject to the risks of an investment in subordinated limited recourse obligations of HY Manhattan Tower LLC and, therefore, success of an investment in us will be directly dependent upon the success of the HY Manhattan Tower Project and, more particularly, the Retail Podium.

    EB-5 대출은 (i) 업무집행자가 HY Manhattan Tower LLC에게 한 본건 대출, (ii) HY Gen-Par의 계열사인 ERY Developer LLC가 제공한 본건 대출의 상환 보증 그리고 (iii) EB-5 대출, EB-5 계열사에 의한 대출, 저희의 계열사 및 제3자에 의하여 위 대출과 실질적으로 동일한 조건으로 제공된 대출에 대하여 담보로 제공된 HY Manhattan Tower LLC의 사원 지분(이는 Hudson Yards Gen-Par, LLC가 보유한 것으로서 HY Manhattan Tower LLC의 지분 100%를 구성함)에 대하여만 소구할 수 있도록 제한됩니다. 그러므로, 투자자는 HY Manhattan Tower LLC의 후순위 소구 제한 채무에 대하여 투자하는 위험을 부담하게 되며, 그에 따라 투자의 성공은 HY맨해튼타워 프로젝트와 특히 리테일 포디움의 성공에 직접적으로 의존하게 됩니다.

     

    The principal asset of HY Manhattan Tower LLC is its interest in ERY Retail Podium Holdings LLC, which owns the Retail Podium and the Pavilion. HY Manhattan Tower LLC owns all of the senior preferred interests and all of the common interest in ERY Retail Podium Holdings LLC. ERY Retail Podium Holdings LLC has also issued intermediate preferred interests to ERY Tenant LLC and junior preferred interests to HY Gen-Par. The senior preferred interests entitle HY Manhattan Tower LLC to priority distributions equal to (i) from time to time, the amount of accrued and unpaid interest and fees due on the Loan and similar loans to the EB-5 Affiliates with respect to the Retail Podium and the Pavilion and (ii) after December 31, 2023, all capital contributions made by HY Manhattan Tower LLC to ERY Retail Podium Holdings LLC after that date. There can be no assurances that ERY Retail Podium Holdings LLC will pay distributions on the senior preferred interests, in which event HY Manhattan Tower LLC may not have cash to make principal and interest payments on the Loan.

     

    HY Manhattan Tower LLC의 주 자산은 리테일 포디움과 파빌리온을 소유한 ERY Retail Podium Holdings LLC에 대한 이자이다.

     

    <청약에 대한 보증>

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    The Related Companies, L.P., a New York limited partnership and an affiliate of our company, intends to provide each Member, until the earliest to occur of the date upon which (i) all of the EB-5 subscribers have received written notice of approval of the I-526 Petition from the USCIS, (ii) each EB-5 subscriber entitled to a refund of his or her capital contribution (“Capital Contribution”) and/or Administrative Fee has received such refund and (iii) at least five I-526 Petitions have been approved by the USCIS with respect to this offering, with an unsecured guaranty to repay (a) the Capital Contribution of the Member whose I-526 Petition, immigrant visa application or I-485 Application has been denied by the USCIS for any reason and (b) the Administrative Fee of such Member if his or her I-526 Petition, immigrant visa application or I-485 Application has been denied through no fault of the Member.

    뉴욕주의 유한책임조합이자 저희 회사의 계열사인 Related Companies, L.P, (i) EB-5 청약자들이USCIS로부터 I-526 Petition의 승인에 대한 서면 통지를 받는 때, (ii) 자신의 출자금을 환급받을 자격이 있는 각 EB-5 청약자가 그러한 환급을 받는 때, (iii) 본 청약에 관하여 USCIS로부터 최소한 5개의 I-526 Petitions이 승인되는 때 중 가장 이른 날까지, (a) 어떤 이유로든 USCIS로부터 I-526 Petition이나 이민비자 신청 또는 I-485 신청을 거절 당한 Member에게 그의 출자금을 환급해 주고 (b) 자기 과실 없이 I-526 Petition이나 이민비자 신청 또는I-485 신청을 거절 당한 Member에게 그의 행정비를 환급해 주기 위하여 각 Member들에게 무담보 보증을 제공하려고 합니다.

     

    <담보권관련>

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    Should an event of default occur with respect to the EB-5 Loan, our recourse will be only with respect to (i) the Loan, including the payment of principal and interest thereon, and (ii) the membership interests in HY Manhattan Tower LLC (which are held by Hudson Yards Gen-Par, LLC, and consist of 100% of the equity of HY Manhattan Tower LLC), which are pledged as collateral for the EB-5 Loan, loans by the EB-5 Affiliates and any loans provided by our affiliates or third-parties on terms substantially the same as the Loan. Following an event of default, and subject to any restrictions in our other debt financing documents, we may foreclose upon the pledge of the membership interests in HY Manhattan Tower LLC at the election of parties holding at least 25% of the aggregate principal amount of outstanding loans secured by this pledge. None of our Managing Member’s other assets will be available as a payment source for the EB-5 Loan.

    EB-5 대출의 기한이익상실사유가 발생하는 경우, 상환 청구는 (i) 본건 대출의 발생이자와 원금 및 (ii) EB-5 대출에 담보로 제공된 HY Manhattan Tower LLC의 지분(이는 Hudson Yards Gen-Par, LLC가 보유한 것으로서 HY Manhattan Tower LLC의 지분 100%를 구성함)에 한하여 청구할 수 있습니다. 기한이익상실사유가 발생하는 경우, 기타 다른 대출서류의 제한에 따라, 담보권을 행사하고자 하는 당사자들의 원본 총액이 담보에 의하여 담보되는 미지급한 대출금 원본 총액의 적어도 25%를 초과하는 경우에 한하여 당사자들의 선택에 따라 HY Manhattan Tower LLC 의 지분에 관하여 담보권을 행사할 수 있습니다. 업무집행자의 다른 자산으로 EB-5 대출에 관하여 지급하는 것은 허용될 수 없습니다.

     

    <완공보증관련>

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    In connection with the closing of these loans, guarantees of completion were provided by Related and an affiliate of Oxford Properties to the North Office Tower Lenders for the completion of the North Office Tower and to the Retail Podium and Pavilion Lenders with respect to the completion of the Retail Podium. Upon commencement of construction of the Pavilion, it is anticipated that a completion guaranty will be provided to the Retail Podium and Pavilion Lenders guaranteeing completion of the Pavilion. In addition to the guarantees provided to the lenders, a guaranty of completion with respect to the North Office Tower and Retail Podium was furnished by Related and an affiliate of Oxford Properties to the Metropolitan Transportation Authority (the “MTA”). As of the date of this Memorandum, approximately 53% of the Retail Podium is committed to tenants, while 100% of the North Office Tower is committed to owners/occupants.

    위 대출의 종결에 관련하여, Related Oxford Properties의 한 계열사가 노쓰오피스타워의 완공에 관하여 노쓰오피스타워 대주들에게 완공보증을 하였고, 리테일 포디움의 완공에 관하여는 리테일 포디움 및 파빌리온 대주들에게 완공보증을 하였습니다. 파빌리온의 공사가 시작되면 파빌리온의 완공에 관하여도 리테일 포디움 및 파빌리온 대주들에게 파빌리온의 완공 보증을 할 것으로 예상됩니다. 나아가 대주들에 제공된 보증에 더하여 노쓰오피스타워 및 리테일 포디움에 관한 완공 보증은 Related Oxford Properties 계열사에 의해 Metropolitan Transportation Authority (이하 “MTA”)에게 제공되었습니다. 본 설명서의 작성 일자를 기준으로, 리테일 포디움의 약 53%는 임차인들에게 임대하기로 약정되었고, 노쓰오피스타워의 100%가 소유자/점유자들에게 매각되기로 약정되었습니다.

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    Completion Guarantees. On December 11, 2015, Related and an affiliate of Oxford Properties delivered to the MTA, as a condition to the closing of the construction loans for the Retail Podium and the North Office Tower, guarantees of the lien-free completion and payment of all costs to fully complete construction of the Retail Podium and the North Office Tower. The guarantees contain certain net worth covenants and limitations on the liability of the guarantors. Related and an affiliate of Oxford Properties also provided substantially similar completion guarantees to certain lenders and, in certain circumstances, prospective major owners of space in the North Office Tower, including, without limitation, KKR, Wells Fargo and The Neiman Marcus Group LLC (“Neiman Marcus LLC”), an affiliate of Neiman Marcus. Related and an affiliate of Oxford Properties have issued and will continue to issue other guarantees relating the Hudson Yards Development to the MTA, lenders and other counterparties. In addition, Related and an Oxford Properties affiliate have each issued and will continue to issue guarantees that are unrelated to the Hudson Yards Development. None of HY Manhattan Tower LLC, our company or the subscribers for our Preferred Units will be beneficiaries of these other guarantees. The guarantees described in this paragraph and throughout this Memorandum do not provide any subscriber with a guaranty of the return of his or her subscription in our company.

    완공 보증. 2015 12 11일에 RelatedOxford Properties의 계열사는 리테일 포디움과 노쓰오피스타워의 대출에 관한 종결 조건으로서 MTA에게 유치권 부존재 보증서 및 리테일 포디움과 노쓰오피스타워 완공을 위한 모든 비용이 지급되었다는 보증서를 송달하였습니다. 이러한 보증서들에는 작성자의 자기자산 서약서 및 보증인의 책임제한에 관한 사항이 포함됩니다. Related Oxford Properties의 계열사 역시 특정 채권자들에게 위 보증서와 실질적으로 유사한 완공 보증서를 제출하였으며, 어떤 경우에는 노쓰오피스타워 공간의 예상되는 주된 소유자들(KKR Wells Fargo, 그리고 네이만 마르쿠스의 계열사인 Neiman Marcus Group LLC (“Neiman Marcus LLC”)를 포함하며 이에 한하지 않음)에게도 제출하였습니다. Related Oxford Properties의 계열사는 기타 허드슨야드 개발사업 관련 보증서를 MTA, 채권자들 및 다른 관계인들에게 발행하여 왔고 앞으로도 계속 발행할 것입니다. 추가적으로, RelatedOxford Properties의 계열사는 허드슨야드 개발사업과는 관련 없는 보증서들을 발행하여 왔고 앞으로도 계속 발행할 것입니다. HY Manhattan Tower LLC, 저희 회사 또는 우선지분의 청약자들 중 어느 누구도 이러한 기타 보증서의 수익자가 되지 않습니다. 본 단락 및 본 설명서 전체에서 언급된 보증은, 청약자에게 저희 회사에 대한 청약금을 반환한다는 보증을 의미하지 않습니다.