Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2034

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2034
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 any lender to the Company whose loan constitutes a Nonrecourse Liability, without the consent of the Class A Members.

(g) Notwithstanding any other provision of this Agreement, no Member may effect a transfer of its Class B Units, in whole or in part, unless (i) such transfer would not require the Person acquiring such Class B Units to make an offer to the registered holders of REIT Units to acquire REIT Units on the same terms and conditions under applicable securities laws if such Class B Units, and all other outstanding Class B Units, were converted into REIT Units at the then current Conversion Factor in effect immediately prior to such transfer; or (ii) the Person acquiring such Class B Units submits an identical and contemporaneous offer for REIT Units to the registered holders thereof (having regard to timing, price, proportion of securities sought to be acquired and any other conditions thereto), and acquires such Class B Units along with a proportionate number of REIT Units actually tendered to such identical offer.

(h) The Manager shall keep a register for the Company on which the transfer, pledge or release of Membership Units shall be shown and pursuant to which entries shall be made to effect all transfers, pledges or releases as required by the applicable sections of Article 8 of the Uniform Commercial Code, as amended, in effect in the State of Delaware. The Manager shall (i) place proper entries in such register clearly showing each transfer and each pledge and grant of security interest and the transfer and assignment pursuant thereto, such entries to be endorsed by the Manager, and (ii) maintain the register and make the register available for inspection by all of the Members and their pledgees at all times during the term of this Agreement. Nothing herein shall be deemed a consent to any pledge or transfer otherwise prohibited under this Agreement.

Section 11.3.

(a) No Member shall have the right to substitute a transferee as a Member in his or its place. The Class A Members shall, however, have the right to consent to the admission of a transferee of the interest of a Member pursuant to this as a Substituted Member, which consent may be given or withheld by the Class A Members. The Class A Members’ failure or refusal to permit a transferee of any such interests to become a Substituted Member shall not give rise to any cause of action against the Company, any Member or the Class A Members. A Person shall be admitted to the Company as a Substituted Member only upon the aforementioned consent of the Manager and the furnishing