Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2205

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2205
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 of rooms being utilized at the hotel exceeding the permitted number of rooms (but excluding any Loss related to the right to use the current number of rooms following a Casualty).

(c) . Notwithstanding anything to the contrary in this Agreement, the Notes or any of the Loan Documents, Administrative Agent shall not be deemed to have waived any right which Administrative Agent may have under Section 506(a), 506(h), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt secured by the Security Instrument or to require that all collateral shall continue to secure all of the Obligations in accordance with the Loan Documents. and the Debt shall be fully recourse to Borrower in the event of any of the following (each, a “”);

(i) Borrower (A) filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or (B) making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding (other than in writing to Administrative Agent, or as may be required by law in connection with any legal proceeding), its insolvency or inability to pay its debts as they become due;

(ii) Any Borrower Party colluding with or otherwise assisting in, or soliciting or causing to be solicited petitioning creditors for, or consenting to, acquiescing (in writing) in, or joining in (A) any involuntary petition filed against Borrower, by any Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or (B) an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or all or any portion of the Property (other than an application by Administrative Agent in connection with the enforcement of Administrative Agent’s remedies under the Loan Documents) (it being acknowledged that the mew failure to oppose or defend an involuntary petition where no meritorious defense exists shall not be deemed acquiescing for purposes hereof);

(iii) the failure of Borrower to be a Special Purpose Entity, if such failure is cited as a material factor in any order for substantive consolidation of Borrower with any other Person;

(iv) the occurrence of a Transfer in violation of this Agreement; , the foregoing shall not apply to any Transfer resulting directly and solely from a condemnation, the filing of a mechanic’s lien affidavit or entering into a Lease;

(v) the incurrence by Borrower of any Indebtedness in