Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 259

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 259
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 or otherwise, required to transfer and assign such units to the Trust; and (ii) such Units shall be cancelled by the Trust and the register of Unitholders shall be revised accordingly. |

| (l) | The Trust shall, not later than seven days after the later of the day on which the action approved by the Transaction Resolution is effective or the day the Trust received the notice referred to in Section 7.25(f), send to each dissenting Registered Unitholder who has sent such notice a written offer to pay for the dissenting Registered Unitholder’s Units in an amount considered by the Board (with conflicted trustees abstaining) to be the fair value, accompanied by a statement showing how the fair value was determined. |

| (m) | Every offer made under Section 7.25(l) for Units shall be on the same terms. |

| (n) | The Trust shall pay for the Units of a dissenting Registered Unitholder within 10 days after an offer made under Section 7.25(l) has been accepted, but any such offer lapses if the Trust does not receive an acceptance thereof within 30 days after the offer has been made. |

| (o) | Where the Trust fails to make an offer under Section 7.25(l), or if a dissenting Registered Unitholder fails to accept an offer, the Trust may, within 50 days after the action approved by the Transaction Resolution is effective or within such further period as a court may allow, apply to a court to fix a fair value for the Units of any dissenting Registered Unitholder. |

| (p) | If the Trust fails to apply to a court under Section 7.25(o), a dissenting Registered Unitholder may apply to a court for the same purpose within a further period of 20 days or within such further period as a court may allow. |

| (q) | The court where an application under Sections 7.25(o) or 7.25(p) may be made is the Ontario Superior Court of Justice (Commercial List). |

| (r) | A dissenting Registered Unitholder is not required to give security for costs in an application made under Sections 7.25(o) or 7.25(p). |

| (s) | On an application under Sections 7.25(o) or 7.25(p): |

| (i) | all dissenting Registered Unitholders whose Units have not been purchased by