Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1408

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1408
---
ateral being added at the time of the increase, together with such documentation and agreements as are reasonably necessary or desirable, in Lender's reasonable judgment, to perfect a security interest in such additional Collateral in favor of Lender, and (iv) Borrower shall execute an amendment of the Loan Documents in the form attached hereto as . Upon Borrower’s compliance with the following conditions precedent, Lender may, in its sole discretion, approve the increase in the Loan Amount, provided that:

| i. | the Certificate of Compliance delivered to Lender shall certify that such increase in the Loan Amount has been approved in accordance with the terms of Borrower’s organizational documents; |

| ii. | Borrower shall, for any increase, pay to Lender a commitment fee of 1% of the amount by which the Loan Amount is increased; |

| iii. | Borrower shall, for any increase, pay any and all other fees owed to Lender in connection therewith pursuant to a separate fee letter or otherwise agreed to by Borrower; and |

| iv. | Borrower shall execute and/or provide all instruments reasonably required by Lender to reflect such increase or decrease, including, without limitation, a new or amended and restated promissory note representing Lender’s commitment. |

(g) Notwithstanding anything to the contrary contained in this Agreement or in the other Loan Documents, Borrower may, by written notice to Lender, request that Lender decrease the Loan Amount, in minimum increments of $2,500,000.00, provided that (i) no Default or Event of Default has occurred and is continuing or would occur as a result of such decrease, and (ii) at the time of any decrease, Borrower shall provide to Lender a Certificate of Compliance certifying to Lender that Borrower is in full compliance with the financial covenants set forth in of this Agreement as well as a Borrowing Base Certificate demonstrating compliance with . Lender may, in its sole discretion, approve the decrease in the Loan Amount, provided that, upon such approval, Borrower shall not have the right to subsequently increase the Loan Amount pursuant to .

<div align='center'>- 15 -

I-1082</div>

4.2 Loan Documents.

Borrower agrees that it will, on or before the Loan Opening Date, execute and deliver or cause to be executed and delivered to Lender the following documents in form and substance acceptable to Lender:

(a) The Note.

(b) Each Security Document.

(c