Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2048

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2048
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 will not, and do not, constitute a claim against the Company in the event that cash flow in excess of the amount required to pay the Obligations is insufficient to pay such obligation;

(z) Except as provided in the Loan Documents, the Company does not and will not have any of its obligations guaranteed by any Affiliate;

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I-1622</div>

(aa) (i) the Company shall have at least two (2) Independent Managers that shall be a duly-appointed “manager” of the Company within the meaning of Section 18-101(10) of the Act, and the Company shall not take any Bankruptcy Action (or to collude with, or otherwise assist, solicit, or cause to be solicited an involuntary Bankruptcy Action) unless (A) such Bankruptcy Action is approved by the prior unanimous written consent of all members and managers thereof (including any Independent Manager), and (B) at the time of such action the Company has at least two (2) managers who are Independent Managers (, , the managers shall only have the rights and duties expressly set forth in this Agreement); (ii) upon the occurrence of any event that causes the last member of the Company to cease to be a member of the Company (other than upon an assignment by such member of all of its limited liability company interest in the Company and the admission of the transferee in accordance with this Agreement), (A) the persons acting as Independent Managers of the Company shall, without any action of any Person and simultaneously with such member ceasing to be a member of the Company, automatically be admitted as the “Special Member” (an Independent Manager in such capacity, a “”) and shall preserve and continue the existence of the Company without dissolution, and (B) without limiting the provisions of , upon the occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company or that causes the sole member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon an assignment by the member of all of its limited liability company interest in the Company and the admission of the transferee in accordance with this Agreement), to the fullest extent permitted by law, the personal representative of such member shall be authorized to, and shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing to continue the Company without dissolution and to the admission of the personal representative or its nominee