Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 61

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 61
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 assets, or we (or any of our Significant Subsidiaries) make a general assignment for the 
 benefit of our (or any of our Significant Subsidiaries’) creditors; and                                                                                                                                                                             |

| • |     | any other event of default provided with respect to that series of debt securities. |

The term “Significant Subsidiary” means each of our significant subsidiaries (as defined in Regulation S-Xpromulgated under the Securities Act of 1933, as amended) that, in general, meets any of the following tests:

| i. | our investments in the subsidiary or advances to it exceed 10% of our total assets; or |

| ii. | our proportionate share of the subsidiary’s total assets exceeds 10% of our total assets; or |

| iii. | our equity in the income from the subsidiary’s continuing operations exceeds 10% of our income. |

If an Event of Default for any series of our outstanding debt securities occurs and is continuing, then the applicable trustee or the holders of at least 25% of the principal amount of the outstanding debt securities of that series may declare the principal amount (or, where applicable such portion of the principal amount as may be specified in the terms) of all of the debt securities of that series to be due and payable immediately by written notice to us (and to the applicable trustee if given by the holders). However, at any time after a declaration of acceleration has been made, the holders of a majority of the principal amount of debt securities of that series (or of each series of debt securities then outstanding under the Indenture, as the case may be) can rescind and annul the declaration and its consequences if:

| • |     | we have deposited with the applicable trustee all required payments of the principal (and premium, if any) and                                                                                                              
 interest on the debt securities of such series (or of all debt securities then outstanding under the Indenture, as the case may be), plus certain fees, expenses, disbursements and advances of the applicable trustee; and |

| • |     | all events of default, other than the nonpayment of accelerated principal (or specified portion thereof), with                                                                         
 respect to debt securities of such series (or of all debt securities then outstanding under the Indenture, as the case may be) have been cured or waived as provided in the Indenture. |

The Indenture also provides that the holders of not less than a majority in principal amount of the