Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 77

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 77
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 delivered evidence of the consummation of the Reorganization to NXDT, including evidence of the Contributions, Redemptions and Liquidation; and |

| (ix) | New NHT shall have signed such instruments as may be necessary to make New NHT a party to the Merger Agreement. |

The obligations of NXDT, NXDT Intermediary, NXDT Merger Sub and NXDT OP to effect the Mergers are further subject to the satisfaction of the foregoing conditions, any one or more of which may be waived in whole or in part by NXDT at or prior to the Closing Date.

The Merger Agreement also contains certain conditions to the completion of the Reorganization and the Mergers for the sole benefit of the Company, NHT Intermediary, NHT Holdings and NHT OP, including:

| (i) | conditions related to covenants to be performed by NXDT, NXDT Intermediary, NXDT Merger Sub and NXDT OP and the correctness of representations and warranties provided by NXDT, NXDT Intermediary, NXDT Merger Sub and NXDT OP, subject to customary materiality standards; |

| (ii) | that since the date of the Merger Agreement, there shall have not occurred a NXDT Material Adverse Effect; and |

| (iii) | the Company shall have received a certificate signed by an executive officer of NXDT on NXDT’s behalf and without personal liability, dated as of the Closing Date, certifying that certain conditions are satisfied. |

The obligations of the Company to complete the Reorganization and the obligations of the Company, NHT Intermediary, NHT Holdings and NHT OP to effect the Mergers are further subject to the satisfaction of the foregoing conditions, any one or more of which may be waived in whole or in part by the Company at or prior to the Closing Date.

Between the date of the Merger Agreement and the earlier of the Operating Partnership Merger Effective Time or the date, if any, on which the Merger Agreement is terminated (the “Interim Period”), subject to certain exceptions described in the Merger Agreement or as required by Law, the Company shall, and shall cause each Company Subsidiary to, in all material respects, use commercially reasonably efforts to:

| (i) | carry on their respective businesses in the ordinary course of business in a manner consistent with past practice; |

| (ii) | maintain and preserve substantially intact their respective current business organizations, except to the