Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2159

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2159
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 in effect as of the date hereof, and there are no other amendments, modifications, or other agreements relating thereto. There are no franchise or similar agreements affecting the Property other than the Franchise Agreements, and there are no other fee or payment arrangements in connection with the franchise rights except as set forth in the Franchise Agreement.

LOAN AGREEMENT – Page 47

<div align='center'>I-1721</div>

(b) Liquor License(s). Borrower has delivered to Administrative Agent copies of all Licenses in effect with respect to the Property relating to the serving of alcoholic beverages, and all Licenses necessary for the servicing of alcoholic beverages at the Property are in the name of either Borrower or Manager, and are in full force and effect.

(c) Labor Matters. There are no collective bargaining agreements or similar agreement in effect with respect to Borrower or the Property.

Section IV.24. . No Default or Event of Default (each as defined in the Mezzanine Loan Agreement) has occurred under the Mezzanine Loan Documents which remains uncured or unwaived.

Section IV.25. .

(a) (i) Each Operating Lease is in full force and effect and has not been modified or amended in any manner whatsoever, (ii) there are no defaults under any Operating Lease by any party thereunder, and no event has occurred which but for the passage of time, or notice, or both would constitute a default under any Operating Lease, (iii) all rents, additional rents and other sums due and payable under the Operating Leases, as such payment dates may have been extended by the lessor thereunder, have been paid in full, (iv) no party has commenced any action or given or received any notice for the purpose of terminating any Operating Lease, and (v) each Operating Lease has been executed in connection with the tax structure of the Borrowers;

(b) The Security Instrument encumbers the interest of each lessee thereunder in the Operating Leases and the fee interest in each Property is encumbered by the Security Instrument.

<div align='center'>Article V
BORROWER COVENANTS</div>

Section V.1. . From the date hereof and until payment and performance in full of all Obligations in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees with Administrative Agent that it shall comply with the following:

V.1.1. . Borrower shall do or cause to be done all