Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1536

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1536
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 the transferee holds the larger number of Partnership Units) upon transfer or at such time as the General Partner determines, following Partnership Board Approval.

Section 11.4. .

(a) No Limited Partner shall have the right to substitute a transferee as a Limited Partner in his or its place except upon Partnership Board Approval which may be given or withheld in their sole and absolute discretion. Following such Partnership Board Approval, the transferee of the interest of such Limited Partner shall be admitted pursuant to this as a Substituted Limited Partner. The failure or refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership, the Partnership Board or any Partner. A Person shall be admitted to the Partnership as a Substituted Limited Partner only upon the aforementioned Partnership Board Approval and the furnishing to the Partnership of (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in and (ii) such other documents to effect such Person’s admission as a Substituted Limited Partner. The admission of any Person as a Substituted Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following Partnership Board Approval to such admission.

(b) A transferee who has been admitted as a Substituted Limited Partner in accordance with this shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement.

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(c) Upon the admission of a Substituted Limited Partner, the General Partner shall update the books and records of the Partnership to reflect the name, address, number of Partnership Units and Percentage Interest (as applicable) of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Limited Partner.

Section 11.5. .

If there is no Partnership Board Approval for the admission of any permitted transferee as a Substituted Limited Partner, as described in , such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be deemed to have had assigned to it, and shall be entitled to receive distributions from the Partnership and the share of Net Income, Net Losses, Recapture Income, and any other items, gain, loss, deduction and credit of the