Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 2146

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 2146
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 effect at least thirty (30) days prior to the date on which such policy is scheduled to expire. If at any time any one of the foregoing conditions is not satisfied, Borrower shall, within ten (10) Business Days after Administrative Agent’s written demand, deposit with Administrative Agent

LOAN AGREEMENT – Page 38

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immediately available funds in the amount determined in good faith by Administrative Agent to be sufficient (together with projected monthly deposits) to pay the Insurance Premium due for the coverages required hereunder at least thirty (30) days prior to the date the same is payable, and commence making monthly deposits on the immediately following Payment Date in the amounts described above.

(c) . Borrower shall, on each Payment Date occurring in June, 2019; September, 2019; December 2019; March, 2020; June 2020; and September, 2020, deposit with Administrative Agent an amount equal to $750,000 for Project Expenditures for the St. Petersburg Marriott. In addition, Borrower shall, on the Payment Date occurring in December, 2020, deposit with Administrative Agent any remaining amount necessary to complete the Project solely with respect to the St. Petersburg Marriott, such amount to be determined in Administrative Agent’s reasonable discretion (less amounts on deposit for the payment of Project Expenditures for Project Expenditures for the St. Petersburg Marriott). Such amounts will be held in a deposit account established by Administrative Agent from time to time (the “Project Expenditure Reserve Account”). Amounts so deposited with Administrative Agent shall be disbursed (if at all) as provided in Section 3.3 below only for the payment of Project Expenditures for Project Expenditures for the St. Petersburg Marriott. Amounts in the Project Expenditure Reserve Account shall not be disbursed for FF&E Expenditures, which shall be subject to disbursement as set forth in subsection (d) below. In addition to the quarterly deposits required above, on or before the earlier of (i) the Payment Date first following the date that the Franchisor for the Hilton Garden Inn requires that a property improvement plan be completed for the Hilton Garden Inn, or (ii) the Payment Date in March, 2021, and continuing for a period of 12 successive Payment Dates, Borrower shall also make monthly deposits to the Project Expenditure Reserve in an amount equal to one twelfth (1/12