Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2144

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2144
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 up to the amount then payable to Mezzanine Loan Administrative Agent pursuant to clause (g) below);

(g) to (or as directed by) Mezzanine Loan Administrative Agent the amount specified in the Mezzanine Loan Monthly Debt Service Notice Letter;

(h) to Borrower for payments of Operating Expenses and Capital Expenditures not set forth in the Approved Annual Budget that are approved by Administrative Agent and by Mezzanine Loan Administrative Agent pursuant to the Mezzanine Loan Documents, if any (less the amount of any Excess Disbursement received by Borrower for any prior Payment Date that has not already been deducted pursuant to clause (f) above or this . the amount of which Excess Disbursement (if any) shall be certified to Administrative Agent in writing by Borrower);

(i) (A) if a Cash Management Event exists other than one described in , or of the definition thereof, any amounts remaining in the Cash Management Account (“”) shall be held by Administrative Agent in a deposit account established by Administrative Agent from time to time (“”) as additional collateral for the Obligations, or (B) if a Cash Management Event described in clause (di of the definition thereof exists (but no other Cash Management Event exists), all Excess Cash Flow shall be paid to or as directed by Mezzanine Loan Administrative Agent. So long as no Event of Default then exists, Administrative Agent shall disburse to Borrower (or, if Administrative Agent has been notified of the existence of a Mezzanine Loan Event of Default, to Mezzanine Loan Administrative Agent) any funds held by Administrative Agent in the Excess Cash Flow Reserve Account on the Payment Date next following the end of the applicable Cash Management Event.

LOAN AGREEMENT – Page 37

<div align='center'>I-1711</div>

Section III.2. .

(a) Tax Reserve Account. Borrower shall (i) on the Closing Date, deposit with Administrative Agent the applicable amount shown on Administrative Agent’s settlement statement (if any), and (ii) on each Payment Date commencing with the Payment Date in April, 2019 deposit with Administrative Agent the amount that Administrative Agent reasonably estimates will be necessary in order to accumulate (together with the initial deposit made on the Closing Date and projected monthly deposits thereafter) sufficient funds to pay, at least thirty (30) days prior to their respective due dates, all Property Taes due within the ensuing twelve (12) months. Such amounts will be held in a deposit account established by Administrative Agent from time to