Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2190

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2190
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 its obligations, under, any Franchise Agreement in any material respect; or (v) suffer or permit the occurrence of continuance a default beyond any applicable cure period under any Franchise Agreement (or any successor franchise agreement) if such default permits the franchisor to terminate or cancel a Franchise Agreement (or any successor franchise agreement). Following the occurrence and during the continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under any Franchise Agreement without the prior written consent of Administrative Agent, which consent may be granted, conditioned or withheld in Administrative Agent’s sole discretion.

LOAN AGREEMENT – Page 69

<div align='center'>I-1743</div>

(b) Labor Matters. Except as may be required by Legal Requirements applicable to Borrower or the Property, Borrower shall not enter into or otherwise permit the Property to be affected by any collective bargaining agreements (or modify any collective bargaining agreements in effect as of the date hereof or subsequently approved by Administrative Agent) with employees at the Property without the prior written consent of Administrative Agent.

(c) Trade Names; Franchise Agreements. Borrower shall not change the trade name or names under which it operates any Property as of the Closing Date, nor enter into a franchise agreement with respect to any Property pursuant to which the Property will be operated under a franchised name, without Administrative Agent’s prior written consent, not to be unreasonably withheld.

(d) Hotel Budget. Borrower shall not approve (or otherwise cause to be in effect as between Borrower and Manager) any operating, capital, or other expense budget pursuant to the terms and conditions of any Management Agreement unless such budget is consistent in all material respects with the Approved Annual Budget in effect pursuant to this Agreement.

V.2.12. .

(a) . Borrower shall deliver to Administrative Agent, promptly after the receipt or delivery, a copy of any notice of default received or sent by Mezzanine Borrower with respect to the Mezzanine Loan and of any other material written correspondence (including electronically transmitted items) given or received by Mezzanine Borrower or Guarantor to or from the Mezzanine Loan Administrative Agent or its agents.

(b) . If any action, proposed action or other decision is consented to or approved by Mezzanine Loan Administrative Agent, such consent or approval shall not be binding or controlling on Administrative Agent or Lender. Borrower hereby acknowledges and agrees that (i) the risks of Mezz