Document:

EX-10.2

 Exhibit 10.2 

GUARANTY 
 THIS GUARANTY
dated as of April 7, 2016, executed and delivered by the undersigned (“Guarantor”), in favor of (a) KEYBANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Agent”) for the Lenders under that certain
Credit Agreement dated as of even date herewith, by and among HIGHLAND CAPITAL MANAGEMENT L.P., a Delaware limited partnership, and NEXPOINT MULTIFAMILY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (jointly and severally, the
“Borrower”), the financial institutions party thereto and their assignees in accordance therewith (the “Lenders”), and the Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time
in accordance with its terms, the “Credit Agreement”) and (b) the Lenders. 
 WHEREAS, Borrower, the Agent and certain
Lenders party thereto entered into that certain Credit Agreement dated as of April 7, 2016 (the “Credit Agreement”); 

WHEREAS, pursuant to the Credit Agreement, the Lenders have made available to the Borrower certain financial accommodations on the terms and
conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower and Guarantor, though separate legal entities, are mutually dependent
on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Agent and the Lenders through their collective efforts; 

WHEREAS, Guarantor acknowledges that it will receive direct and indirect benefits from the Agent and the Lenders making such financial
accommodations available to the Borrower under the Credit Agreement and, accordingly, Guarantor is willing to guarantee the Borrower’s obligations to the Agent and the Lenders on the terms and conditions contained herein; and 

WHEREAS, Guarantor’s execution and delivery of this Guaranty is one of the conditions precedent to the Agent and the Lenders making, or
continuing to make, such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by Guarantor, Guarantor agrees as follows: 
 Section 1. Guaranty. Guarantor hereby
absolutely and unconditionally, jointly and severally, guaranties the due and punctual payment and performance of all of the following when due (collectively referred to as the “Obligations”): (a) all indebtedness and obligations
owing by the Borrower to any of the Lenders or the Agent under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the Loans made by the Lenders to the Borrower
under the Credit Agreement and the payment of all interest, fees, charges, reasonable attorneys’ fees and other amounts payable to any Lender or the Agent thereunder or in connection therewith (including any Hedging Agreement); (b) any and
all extensions, renewals, modifications, amendments or substitutions of the foregoing; and (c) all expenses, including, without limitation, reasonable attorneys’ fees and 

 
disbursements, that are incurred by the Lenders or the Agent in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder. Notwithstanding anything in this Guaranty to
the contrary, the obligations guaranteed under this Guaranty shall not include any Excluded Swap Obligations. 
 Section 2. Guaranty
of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of Guarantor for its own account. Accordingly, the Lenders and the Agent shall not be obligated or required before enforcing this
Guaranty against any Guarantor: (a) to pursue any right or remedy the Lenders or the Agent may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor
or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other
Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders or the Agent which may secure any of the Obligations. In this connection, Guarantor hereby waives the right of such Guarantor to require any holder
of the Obligations to take action against the Borrower as provided by any legal requirement of any Governmental Authority. 

Section 3. Guaranty Absolute. Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the
documents evidencing the same, regardless of any legal requirement now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agent or the Lenders with respect thereto. The liability of Guarantor under this
Guaranty shall be absolute and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or
occurrence whatsoever (other than the full and final payment and performance of the Obligations), including, without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a) (i) any change in the amount, interest rate or due date or other term of any of the Obligations; (ii) any change in the time, place
or manner of payment of all or any portion of the Obligations; (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or
instrument evidencing or relating to any Obligations; or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan
Documents, or any other documents, instruments or agreements relating to the Obligations or any other instrument or agreement referred to therein or evidencing any Obligations or any assignment or transfer of any of the foregoing; 

(b) any lack of validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument or
agreement referred to therein or evidencing any Obligations or any assignment or transfer of any of the foregoing; 
 (c) any furnishing to
the Agent or the Lenders of any security for the Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral security for the Obligations; 

  
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 (d) any settlement or compromise of any of the Obligations, any security therefor, or any
liability of any other party with respect to the Obligations, or any subordination of the payment of the Obligations to the payment of any other liability of the Borrower; 

(e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to any
other Guarantor, the Borrower or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any nonperfection of any security interest or other Lien on any of the collateral securing any of the Obligations; 

(g) any act or failure to act by the Borrower or any other Person which may adversely affect such Guarantor’s subrogation rights, if any,
against the Borrower to recover payments made under this Guaranty; 
 (h) any application of sums paid by the Borrower or any other Person
with respect to the liabilities of the Borrower to the Agent or the Lenders, regardless of what liabilities of the Borrower remain unpaid; 

(i) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; or 

(j) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor hereunder. 

The value of the consideration received and to be received by Guarantor is reasonably worth at least as much as the liability and obligation
of Guarantor incurred or arising under the Loan Documents. Guarantor has determined that such liability and obligation may reasonably be expected to substantially benefit Guarantor directly or indirectly. Guarantor has had full and complete access
to the underlying papers relating to the Loans and all of the Loan Documents, has reviewed them and is fully aware of the meaning and effect of their contents. Guarantor is fully informed of all circumstances which bear upon the risks of executing
this Guaranty and which a diligent inquiry would reveal. Guarantor has adequate means to obtain from each other Credit Party on a continuing basis information concerning such other Credit Party’s financial condition, and is not depending on the
Administrative Agent or the Lenders to provide such information, now or in the future. Guarantor agrees that neither the Administrative Agent nor any of the Lenders shall have any obligation to advise or notify any Guarantor or to provide any
Guarantor with any data or information regarding any other Credit Party. 
 Section 4. Action with Respect to Obligations. The
Lenders and the Agent may in accordance with the Credit Agreement, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder take any and all actions
described in Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Obligations, including, but not limited to, extending or shortening the time of payment of any of the Obligations or the
interest rate that may accrue on any of the Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any

  
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collateral securing any of the Obligations; (d) release any Person liable in any manner for the payment or collection of the Obligations; (e) exercise, or refrain from exercising, any
rights against the Borrower or any other Person (including, without limitation, any other Guarantor); and (f) apply any sum, by whomsoever paid or however realized, to the Obligations in such order as the Lenders or the Agent shall elect in
accordance with the Credit Agreement. 
 Section 5. Representations and Warranties. Guarantor hereby makes to the Agent and the
Lenders all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. 

Section 6. Covenants. Guarantor will comply with all covenants which the Borrower is to cause such Guarantor to comply with under
the terms of the Credit Agreement or any other Loan Documents. 
 Section 7. Waiver. Guarantor, to the fullest extent permitted
by applicable law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary
the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8.
Inability to Accelerate Loan. If the Agent and/or the Lenders are prevented from demanding or accelerating payment thereof by reason of any automatic stay or otherwise, the Agent and/or the Lenders shall be entitled to receive from Guarantor,
upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 
 Section 9.
Reinstatement of Obligations. Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, with respect to any Obligations if at any time payment of any such Obligations is rescinded or otherwise
must be restored by the Agent and/or the Lenders upon the bankruptcy or reorganization of the Borrower or any Guarantor or otherwise. 

Section 10. Subrogation. Until all of the Obligations shall have been indefeasibly paid in full, any right of subrogation a
Guarantor may have shall be subordinate to the rights of Agent and the Lenders and Guarantor hereby waives any right to enforce any remedy which the Agent and/or the Lenders now have or may hereafter have against the Borrower, and Guarantor hereby
waives any benefit of, and any right to participate in, any security or collateral given to the Agent and the Lenders to secure payment or performance of any of the Obligations. 

Section 11. Payments Free and Clear. All sums payable by Guarantor hereunder shall be made free and clear of and without deduction
for any Indemnified Taxes (as defined in the Credit Agreement) or Other Taxes (as defined in the Credit Agreement); provided that if any Guarantor shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section), the Agent or any Lender (as the case may be) receives an amount
equal to the sum it would have received had no such deductions been made; (ii) such Guarantor shall make such deductions; and (iii) such Guarantor shall pay the full amount deducted to the relevant Governmental Authority (as defined in the
Credit Agreement) in accordance with applicable law. 

  
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 Section 12. Set-off. Guarantor hereby grants to Agent, on behalf of the Lenders, a
security interest in and lien on all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by Agent to or for the credit or the account of any Guarantor. In addition to any
rights now or hereafter granted under applicable law and not by way of limitation of any such rights, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final but excluding any funds held by the Borrower on behalf of tenants or other third parties) at any time held and other obligations at any time owing by such Lender to or for the credit
or the account of any Guarantor against any of and all the obligations of such Guarantor now or hereafter existing under this Guaranty held by such Lender then due and payable. Guarantor agrees, to the fullest extent it may effectively do so under
applicable law, that any holder of a participation in a Note, whether or not acquired pursuant to the applicable provisions of the Credit Agreement, may exercise rights of setoff or counterclaim and other rights with respect to such participation as
fully as if such holder of a participation were a direct creditor of such Guarantor in the amount of such participation. 
 Section 13.
Subordination. Guarantor hereby expressly covenants and agrees for the benefit of the Agent and the Lenders that all obligations and liabilities of the Borrower or any other Guarantor to such Guarantor of whatever description, including
without limitation, all intercompany receivables of such Guarantor from the Borrower or any other Guarantor (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Obligations; provided, however, that
payment thereof may be made so long as no Event of Default shall have occurred and be continuing. If an Event of Default shall have occurred and be continuing, then no Guarantor shall accept any direct or indirect payment (in cash, property,
securities by setoff or otherwise) from the Borrower or any other Guarantor on account of or in any manner in respect of any Junior Claim until all of the Obligations have been indefeasibly paid in full. 

Section 14. Avoidance Provisions. It is the intent of Guarantor, the Agent and the Lenders that in any Proceeding, such
Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) to be
avoidable or unenforceable against such Guarantor in such Proceeding as a result of applicable law, including without limitation, (a) Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any
state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The applicable laws under which the possible avoidance or unenforceability of
the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions.” Accordingly, to the extent that
the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any
of the Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any 

  
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other obligations of such Guarantor to the Agent and the Lenders), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Agent
and the Lenders hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor nor any other Person shall have any right or claim under this
Section as against the Agent and the Lenders that would not otherwise be available to such Person under the Avoidance Provisions. 

Section 15. Information. Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of
the Borrower, of the other Guarantors and of all other circumstances bearing upon the risk of nonpayment of any of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none
of the Agent or any Lender shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 Section 17. Jurisdiction; Venue; JURY WAIVER. 

(a) Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the state and
federal courts in Boston, Massachusetts and in New York, New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty or any other Loan Document, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such State or, to the extent permitted by law, in such Federal court.
Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty shall
affect any right that the Agent or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty or any other Loan Document against the Guarantor or its properties in the courts of any jurisdiction. 

(b) Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which
it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty or any other Loan Document in any court referred to in paragraph (a) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR 

  
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ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 18. Loan Accounts. The Agent may maintain books and accounts setting forth the amounts of principal, interest and other
sums paid and payable with respect to the Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of Obligation or otherwise, the entries in such account shall be binding upon Guarantor as to the
outstanding amount of such Obligations and the amounts paid and payable with respect thereto absent manifest error. The failure of the Agent to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its
obligations hereunder. 
 Section 19. Waiver of Remedies. No delay or failure on the part of the Agent or the Lenders in the
exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Agent or the Lenders of any such right or remedy shall preclude other or further
exercise thereof or the exercise of any other such right or remedy. 
 Section 20. Successors and Assigns. Each reference herein
to the Agent or the Lenders shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Obligations) in whose favor the provisions of this Guaranty also shall inure, and each
reference herein to any Guarantor shall be deemed to include the Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders and the Agent may, in accordance with the applicable provisions of the Credit
Agreement, assign, transfer or sell any Obligation, or grant or sell participation in any Obligations, to any Person or entity without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying such Guarantor’s
obligations hereunder. Guarantor hereby consents to the delivery by the Agent or any Lender to any assignee, transferee or participant of any financial or other information regarding the Borrower or any Guarantor. Guarantor may not assign or
transfer its obligations hereunder to any Person. 
 Section 21. Amendments. This Guaranty may not be amended except as provided
in the Credit Agreement. 
 Section 22. Payments. All payments made by any Guarantor pursuant to this Guaranty shall be made in
Dollars, in immediately available funds to the Agent at the place and time provided for in the Credit Agreement on the date one (1) Business Day after written demand therefor to such Guarantor by the Agent. 

SECTION 23. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER AND UNDER OTHER LOAN DOCUMENTS SHALL BE JOINT
AND SEVERAL, AND ACCORDINGLY, GUARANTOR (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR MEMBERS) CONFIRMS THAT IT (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR MEMBERS) IS LIABLE FOR THE FULL AMOUNT OF THE OBLIGATIONS AND ALL OF THE OBLIGATIONS AND
UNDER OTHER LOAN DOCUMENTS. 

  
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 Section 24. Notices. All notices, requests and other communications hereunder shall
be in writing and shall be given as provided in the Loan Agreement. Guarantor’s address for notice is set forth below its signature hereto. 

Section 25. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 26. Keepwell. Guarantor that is a Qualified ECP Party at the time that this Guaranty becomes effective with respect to any
Hedging Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Guarantor that is not then an “eligible contract
participant” under the Commodity Exchange Act (a “Specified Guarantor”) to honor all of its obligations under this Guaranty in respect of Hedging Obligations (but, in each case, only up to the maximum amount of such liability that can
be hereby incurred without rendering such Qualified ECP Party’s obligations and undertakings under this Section 26 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The
obligations and undertakings of each Qualified ECP Party under this Section shall remain in full force and effect until the Guarantied Obligations have been indefeasibly paid and performed in full. Each Qualified ECP Party intends this Section to
constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Guarantor for all purposes of the Commodity Exchange Act. 

Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of
this Guaranty. 
 Section 28. Definitions. 

(a) For the purposes of this Guaranty, “Proceeding” means any of the following: (i) a voluntary or involuntary case
concerning any Guarantor shall be commenced under the Bankruptcy Code or any other applicable bankruptcy laws; (ii) a custodian (as defined in the Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of,
all or any substantial part of the property of any Guarantor; (iii) any other proceeding under any applicable law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts,
whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of
competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they
become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or
acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 

  
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 (b) For the purposes of this Guaranty, (i) “Excluded Swap Obligation”
means, with respect to any guarantor of a Swap Obligation, including the grant of a security interest to secure the guaranty of such Swap Obligation, any Swap Obligation if, and to the extent that, such Swap Obligation is or becomes illegal under
the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such guarantor’s failure for any reason to constitute an
“eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guaranty or grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Swap Obligation or security interest is or becomes illegal,
(ii) “Swap Obligation” means any Hedging Obligation that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act, as amended from time to time, and (iii) “Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 

(c) Qualified ECP Party: means, in respect of any interest rate cap, swap or other hedging obligation, each Person which is a Credit Party
that has total assets exceeding $10,000,000 at the time such Credit Party’s guarantee and/or other credit or collateral support, of such interest rate cap, swap or other hedging obligation becomes effective, or otherwise constitutes an
“eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder. 
 (d) Commodity
Exchange Act: means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
 (e)
Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement. 
 Section 29.
Damages Waiver. To the extent permitted by applicable law, the Guarantor shall not assert, and hereby waives, any claim against any Indemnitee (as defined in the Credit Agreement), on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any other Loan Document (as defined in the Credit Agreement), the Transactions (as defined in the
Credit Agreement) or any Loan (as defined in the Credit Agreement) or the use of the proceeds thereof. 
 [Remainder of Page Intentionally
Left Blank] 

  
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 IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as of the date and
year first written above. 
  

			
	GUARANTOR:
	
	 NexPoint Multifamily Realty Trust, Inc.,

a Maryland corporation

		
	By:	 	 /s/ Matt McGraner

	Name:	 	Matt McGraner
	Title:	 	COO/EVP – Investments
	
	Address for Notices:
	
	300 Crescent Court, Suite 700
	Dallas, Texas 75201
	Attention: Matt McGraner

  
 [Signature Page to
Guaranty]EX-10.3

 Exhibit 10.3 

PLEDGE AND SECURITY AGREEMENT 

THIS PLEDGE AND SECURITY AGREEMENT (this “Agreement”) is made as of this 7th day of April, 2016, by NEXPOINT MULTIFAMILY
REALTY TRUST, INC., a Maryland corporation (“Pledgor”), having an address at 300 Crescent Court, Suite 700, Dallas, Texas 75201, for the benefit of KEYBANK NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the
“Administrative Agent”) for the lenders party thereto from time to time (the “Lenders”) under that certain Revolving Credit Agreement dated as of April 7, 2016 by and among Highland Capital Management L.P., a
Delaware limited partnership and NexPoint Multifamily Operating Partnership, L.P., a Delaware limited partnership (jointly and severally, the “Borrower”), the Administrative Agent and Lenders (as may be amended, modified, restated,
or supplemented and in effect from time to time, the “Credit Agreement”); and 
 WHEREAS, Pledgor is, or may subsequently
become, the legal and beneficial owner of the Ownership Interests in various entities each of which is the owner of Real Property owned by Borrower, Parent, or any of their respective Subsidiaries which is encumbered by a first priority mortgage
lien (“Encumbered Property”); and 
 WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make a revolving loan
to Borrower in the aggregate principal amount of up to $15,000,000.00 (the “Revolving Loan”), the proceeds of which shall be used for the acquisition of the Mortgaged Properties; and 

WHEREAS, Pledgor wishes to grant pledges and security interests in favor of the Administrative Agent for the benefit of the Lenders, as herein
provided. 
 NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Pledge of Collateral. Pledgor hereby pledges and assigns to the Administrative Agent, and grants to the Administrative Agent, a security interest in, all of Pledgor’s right, title, and interest in and to the
following (singly and collectively, the “Collateral”): 

  

	 	a.	the right to receive Distributions made by any Subsidiary in respect of a Capital Event to the extent of Pledgor’s Ownership Interests therein; and 

 

	 	b.	all Proceeds of any of the foregoing. 

 Notwithstanding anything to the contrary contained
herein, the grant of Collateral hereunder shall not be deemed to require any individual Subsidiary to distribute such amounts as would result in such Subsidiary violating any covenant in any Mortgage Loan Documents. 

 

	2.	 Certain Definitions. Capitalized terms used herein without definition shall have the respective meanings
provided therefor in the Credit Agreement. Terms (whether or not capitalized) used herein and not defined in the Credit Agreement or otherwise defined 

	 	
herein that are defined in the Uniform Commercial Code as in effect in the State of New York or other applicable jurisdiction (the “UCC”) have such defined meanings herein,
unless the context otherwise indicates or requires. In addition, the following terms used herein shall have the following meanings: 

  

	 	a.	“Capital Event” means a distribution made to the holder of an Ownership Interest in any Subsidiary as a result of any financing, sale or other transfer of any asset of the Subsidiary, or any realization
of any distributions on account of any dividends or return on any preferred or other equity investment in any Subsidiary. 

  

	 	b.	“Distributions” means the declaration of payment of any distribution of cash or cash flow on account of a Capital Event. 

 

	 	c.	“Governmental Authority” means any national, state, or local government, any political subdivision thereof, or any other governmental, quasi-governmental, judicial, public, or statutory instrumentality,
authority, body, agency, bureau, or entity or any arbitrator with authority to bind a Person at law, and any agency, authority, department, commission, board, bureau, or instrumentality of any of them. 

 

	 	d.	“Lien” means any lien, encumbrance, security interest, mortgage, restriction, charge or encumbrance of any kind. 

  

	 	e.	“Loan Documents” means those documents, instruments and agreements delivered pursuant to the Credit Agreement, and any other document, instrument or agreement executed to further evidence the Revolving
Loan pursuant to the Credit Agreement, as same may be amended, modified, supplemented, or replaced from time to time. 

  

	 	f.	“Mortgage” means any mortgage, deed of trust, deed to secure debt or other encumbrance pursuant to which a Person’s right, title and interest in, among other things, real property, is conveyed to
secure an obligation to repay indebtedness. 

  

	 	g.	“Mortgage Loan” means a loan secured by a Mortgage. 

  

	 	h.	“Mortgage Loan Documents” means all agreements executed in connection with a Mortgage Loan. 

  

	 	i.	“Ownership Interests” means: (i) the membership interests of any entity that is a limited liability company; (ii) the shares of stock of any entity that is a corporation; (iii) the
general partnership interest and limited partnership interests of any entity that is a limited partnership; and (iv) general partnership interests in any entity that is a general partnership. 

 

	 	j.	“Organizational Documents” means for any corporation, partnership, trust, limited liability company, limited liability partnership, unincorporated association, business or other legal entity, the
documents pursuant to which such entity has been established or organized, as such documents may be amended from time to time. 

  

	 	k.	“Proceeds” shall have the meaning ascribed to such term in the Uniform Commercial Code of the State of New York. 

  
 - 2 - 

	3.	Security for Obligations. This Agreement secures, and the Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepayment,
declaration, acceleration, demand, or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of the obligations under
the Credit Agreement and other Loan Documents, of every nature, now or hereafter existing under or arising out of or in connection with the Credit Agreement and the other Loan Documents and all renewals or extensions thereof, whether for principal,
interest, fees, expenses, indemnities, or otherwise, whether voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or
extinguished and later increased, created, or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from the Administrative
Agent as a preference, fraudulent transfer, or otherwise, and all obligations of every nature of Pledgor now or hereafter existing under this Agreement (all such obligations of Pledgor, being referred to herein, singly and collectively, as
the “Secured Obligations”). 

  

	4.	Intentionally Omitted. 

  

	5.	Representations and Warranties. Pledgor hereby represents and warrants as follows: 

  

	 	a.	Description of Ownership Interests. The Ownership Interests are fully paid and non-assessable. The Ownership Interests constitute all of the issued and outstanding Ownership Interests of the Subsidiary owned
beneficially or of record by Pledgor. 

  

	 	b.	Ownership of Collateral. (i) Pledgor has a valid and enforceable legal right to receive the Collateral, free and clear of, and subject to no, pledges, Liens, security interests, charges, options,
restrictions or other encumbrances, except the pledge and security interest created by this Agreement and Permitted Encumbrances (as defined in the Credit Agreement), and (ii) Pledgor has the legal capacity to execute, deliver and perform
Pledgor’s obligations under this Agreement and to pledge and grant a security interest in all of the Collateral. 

  

	 	c.	 Governmental Authorizations. No authorization, approval, or other action by, and no notice to or filing
with, any Governmental Authority is required for either (i) the pledge by Pledgor of the Collateral pursuant to this Agreement and the grant by Pledgor of the security interest granted hereby, (ii) the execution, delivery, or performance
of this Agreement by Pledgor, or (iii) the exercise by the Administrative Agent of the voting or other rights, or the remedies in respect of 

  
 - 3 - 

	 	
the Collateral provided for in this Agreement (except as may be required in connection with a disposition of Collateral by laws affecting the offering and sale of securities generally and except
as provided in the Senior Loan Documents (as defined in the Credit Agreement)). 

  

	 	d.	Securities. Pledgor acknowledges and agrees that the Collateral is not “securities” under any federal investment company laws or federal or state securities laws. None of the Collateral is dealt with or
traded on any securities exchanges or in any securities markets. 

  

	 	e.	Creation, Perfection and Priority of Security Interest. By reason of the acts taken by Pledgor, the Administrative Agent has a first priority, perfected security interest in the Collateral, and no further or
additional acts are required to create and perfect the Administrative Agent’s security interest in and lien on the Collateral, and the security interest in and the lien on the Collateral securing the Administrative Agent is superior in right
and priority to any rights or claims of any other Person. This Agreement constitutes an authenticated record, and the Administrative Agent is authorized at all times to file any and all UCC financing statements determined by the Administrative Agent
to be necessary or desirable to perfect its security interest in the Collateral. 

  

	 	f.	No Other Financing Statements. Other than the UCC financing statements delivered and filed by Pledgor and in connection with securing the Collateral, there is no financing statement (or similar statement or
registration under the laws of any jurisdiction) now on file or registered in any public office covering any interest of Pledgor or any other Person in the Collateral or intended so to be. 

 

	 	g.	Encumbered Property. Each Subsidiary identified in Schedule A is the owner of Encumbered Property. Pledgor does not have any Ownership Interest in any entity that owns Encumbered Property that is not also a
Subsidiary identified on Schedule A. 

  

	 	h.	Other Information. All information heretofore, herein or hereafter supplied to the Administrative Agent by Pledgor with respect to the Collateral is accurate and complete in all material respects.

  

	6.	Assurances and Covenants of Pledgor. 

  

	 	a.	Transfers and Other Liens. Pledgor shall not: 

  

	 	i.	sell, assign (by operation of law or otherwise), pledge, or hypothecate or otherwise dispose of, or grant any option with respect to, any of the Collateral, except to the Administrative Agent hereunder; or

  

	 	ii.	create or suffer to exist any Lien upon or with respect to any of the Collateral, except for the Lien created hereunder and any Permitted Encumbrances. 

  
 - 4 - 

	 	b.	Covenants of Pledgor. Pledgor covenants and agrees that so long as any Secured Obligation is outstanding: 

  

	 	i.	Pledgor shall not vote for, or agree or consent to, the sale, transfer, pledge or encumbrance of the Collateral except as otherwise explicitly permitted pursuant to Section 6(a). 

 

	 	ii.	Pledgor shall not vote for, or agree or consent to, the discontinuance of the business or the dissolution or liquidation of the Subsidiary. 

 

	 	iii.	Pledgor shall not vote for, or agree or consent to, any modifications to the Organizational Documents of the Subsidiary with respect to the timing or amount of any Distributions 

 

	 	iv.	Pledgor shall within the applicable limitations of any Mortgage Loan Documents cause the Subsidiary to make Distributions in connection with a Capital Event to the Pledgor. 

 

	 	v.	Pledgor shall not enter into any agreements which restrict, limit or otherwise impair the timing or amount of any Distributions. 

  

	 	c.	Pledge Encompasses Additional Collateral Subsequently Acquired. If: (i) Pledgor obtains the Ownership Interests of any entity that owns Encumbered Property; or (ii) any Subsidiary of Pledgor grants a
Mortgage on previously unencumbered Property, the Collateral shall automatically and without the need to execute any further documentation, be deemed and construed to encompass any Collateral that may be derived on account of a Capital Event with
respect to entity and/or Subsidiary and the failure of Pledgor to execute any additional documents with respect to subsequently additional Collateral shall not impair, to the greatest extent permitted by law, the security interest of the
Administrative Agent therein or otherwise adversely affect the rights and remedies of the Administrative Agent with respect thereto. 

  

	 	d.	Taxes and Assessments. Pledgor shall pay promptly when due all taxes, assessments, and governmental charges or levies imposed upon, and all claims against, the Collateral, except to the extent the validity
thereof is being contested in good faith and by appropriate proceedings and in which reserves or other appropriate provisions have been made or provided therefor; provided that Pledgor shall in any event pay such taxes, assessments, charges,
levies, or claims not later than five (5) days prior to the date of any proposed sale under any judgement, writ, or warrant of attachment entered or filed against Pledgor or any of the Collateral as a result of the failure to make such payment.

  

	 	e.	 Further Assurances. Pledgor shall from time to time, at the expense of Pledgor, promptly execute and
deliver all further instruments and documents, and take all further reasonable action, that may be reasonably necessary or desirable, or that the Administrative Agent may reasonably request, in order to give full effect to this Agreement and to
perfect and protect any security interest granted or 

  
 - 5 - 

	 	
purported to be granted hereby or to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral, provided that such further
instruments, documents and action are consistent with this Agreement. 

  

	 	f.	Warranty of Title to Collateral. Pledgor covenants that Pledgor will defend its rights and title in the Collateral against the claims and demands of all Persons whomsoever. Pledgor further covenants that Pledgor
will have the like title to and right to pledge and grant a security interest in the Collateral hereafter pledged or in which a security interest is granted to the Administrative Agent, hereunder and will likewise defend its rights therein.

  

	 	g.	Good Standing. Pledgor will at all times be duly organized and is, and will at all times be, validly existing, in good standing, and qualified to do business in each jurisdiction where required. Pledgor will at
all times have all requisite power to own its property and conduct its business as now conducted and as presently contemplated. 

  

	7.	Intentionally Omitted. 

  

	8.	Intentionally Omitted. 

  

	9.	Standard of Care. The powers conferred on the Administrative Agent hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the
exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Administrative Agent shall have no duty as to any Collateral, it being understood that the
Administrative Agent shall have no responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relating to any Collateral, whether or not the Administrative Agent has
or is deemed to have knowledge of such matters, (b) taking any necessary steps (other than steps taken in accordance with the standard of care set forth above to maintain possession of the Collateral) to preserve rights against any parties with
respect to any Collateral, (c) taking any necessary steps to collect or realize upon the Secured Obligations or any guaranty therefor, or any part thereof, or any of the Collateral, or (d) initiating any action to protect the Collateral
against the possibility of a decline in market value. In no event shall the standard of care imposed upon the Administrative Agent hereunder exceed the minimum applicable standard of care imposed under Section 9-207 of the UCC.

  

	10.	 Waiver of Defenses; Secured Obligations Not Affected. Pledgor hereby waives and agrees not to assert or
take advantage of any defense based on: (i) except for a breach of the standard of care set forth in Section 9, any lack of diligence by the Administrative Agent in collection, protection or realization upon any Collateral; (ii) the
failure to make or give notice of presentment and demand for payment, or failure to make or give protest and notice of dishonor or of default (other default notices specifically required pursuant to Article VII of the Credit Agreement) to Pledgor or
to any other party with respect to the Secured Obligations; (iii) any exculpation of liability of any party contained in the 

  
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Loan Documents; (iv) the failure of the Administrative Agent to perfect any security or to extend or renew the perfection of any security; (v) any valuation, stay, moratorium law or
other similar law now or hereafter in effect or any right to require the marshalling of assets of Pledgor; and (vi) any fraudulent, illegal or improper act by the Subsidiary or Pledgor. 

 

	11.	Remedies. 

  

	 	a.	If any Event of Default shall have occurred and be continuing under the Loan Documents, then the Administrative Agent may exercise in respect of the Collateral, in addition to all other rights and remedies provided for
herein or otherwise available to it, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Collateral), and the Administrative Agent may also in its sole discretion, without notice
except as specified below, sell the Collateral or any part thereof in one or more parts at public or private sale, at any exchange or broker’s board or at any of the Administrative Agent’s offices or elsewhere, for cash, on credit, or for
future delivery, at such time or times and at such price or prices and upon such other terms as the Administrative Agent may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral. The
Administrative Agent may be the purchaser of any or all of the Collateral at any such sale and the Administrative Agent shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of
the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Administrative Agent at such sale. Each purchaser at any such sale shall hold
the property sold absolutely free from any claim or right on the part of Pledgor. Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) Business Days’ notice to Pledgor of the time and place of any
public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The
Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

  

	 	b.	 Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as from time
to time amended (the “Securities Act”), and applicable state securities laws, the Administrative Agent may be compelled, with respect to any sale of all or any part of the Collateral conducted without prior registration or
qualification of such Collateral under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the
distribution or resale thereof. Pledgor acknowledges that any such private sales may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including, without

  
 - 7 - 

	 	
limitation, a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, Pledgor agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit the
issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it. 

 

	 	c.	If the Administrative Agent determines to exercise its right to sell any or all of the Collateral, then, upon the Administrative Agent’s written request, the Subsidiary shall furnish to the Administrative Agent
such information as the Administrative Agent may reasonably request of Pledgor concerning Pledgor and the Collateral granted by Pledgor. 

  

	12.	Application of Proceeds. Except as expressly provided elsewhere in this Agreement, all proceeds received by the Administrative Agent in respect of any sale of, collection from, or other realization upon all or
any part of the Collateral may, in the discretion of the Administrative Agent, be held by the Administrative Agent as Collateral for, and/or then, or at any time thereafter, applied in full or in part by the Administrative Agent against, the Secured
Obligations in the following order of priority: 

 FIRST: As provided for in the Loan Documents, and all
reasonable amounts for which the Administrative Agent is entitled to indemnification hereunder and all advances made by the Administrative Agent hereunder for the account of Pledgor; and 

SECOND: To the payment to or upon the order of Pledgor, or to whosoever may be lawfully entitled to receive the same or as a
court of competent jurisdiction may direct, of any surplus then remaining from such proceeds. 
  

	13.	Legal Fees, Costs and Expenses. Pledgor further agrees to pay upon demand all Costs reasonably incurred by the Administrative Agent, or its successors or assigns, in connection with enforcing any of the rights or
remedies of the Administrative Agent or its successors or assigns, under or with respect to this Agreement including, but not limited to, attorneys’ reasonable fees and the reasonable out-of-pocket expenses and disbursements of such attorneys.

  

	14.	 Continuing Security Interest; Transfer of Revolving Loan. This Agreement shall create a continuing
security interest in the Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations and the cancellation or termination of the Credit Agreement, (b) be binding upon Pledgor, and
Pledgor’s legal representatives, successors and assigns, and (c) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent and its successors, transferees, and assigns.
Without limiting the generality of the foregoing clause (c), the Administrative Agent may assign or otherwise transfer the Revolving Loan held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in
respect thereof granted to the Administrative Agent herein or otherwise. 

  
 - 8 - 

	 	
Upon the indefeasible payment in full of all Secured Obligations, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to Pledgor. Upon any such
termination the Administrative Agent will, at Pledgor’s expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon Pledgor’s
request and at Pledgor’s expense, against receipt and without recourse to the Administrative Agent, of such of the Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof. 

 

	15.	Amendments, Etc. No amendment, modification, termination, or waiver of any provision of this Agreement, and no consent to any departure by Pledgor from the terms and conditions hereof, shall in any event be
effective as to Pledgor unless the same shall be in writing and signed by the Administrative Agent and, in the case of any such amendment or modification, by Pledgor. Any such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which it was given. 

  

	16.	Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of the Administrative Agent in the exercise of any power, right, or privilege hereunder shall impair such power, right, or
privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right, or privilege preclude any other or further exercise thereof or of any other power, right, or
privilege. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

  

	17.	Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal, or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

  

	18.	Headings. Section and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any
substantive effect. 

  

	19.	Counterparts. This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same
document. 

  

	20.	 Marshalling. The Administrative Agent shall not be required to marshal any present or future security for
(including, but not limited to, this Agreement and the Collateral), or other assurances of payment of, the Secured Obligations or any of them, or to resort to such security or other assurances of payment in any particular order. All of the
Administrative Agent’s rights hereunder and in respect of such security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that lawfully permissible, Pledgor
hereby agrees that 

  
 - 9 - 

	 	
the Administrative Agent will not invoke any law, doctrine, or principle relating to the marshalling of collateral that might cause delay in or impede the enforcement of the Administrative
Agent’s rights under this Agreement or under any other instrument evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is
otherwise assured, and, to the extent that Pledgor lawfully may, Pledgor hereby irrevocably waives the benefits of all such laws. 

  

	21.	Notices, Etc. Any notice or other communication in connection with this Agreement shall be in writing, and shall be delivered in accordance with the provisions of the Credit Agreement. 

 

	22.	Governing Law. This Agreement has been delivered to and accepted by the Administrative Agent and will be deemed to be made in the State of New York. THIS AGREEMENT
WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES
HERETO DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OF NEW YORK STATE
LAW OTHER THAN §5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. Pledgor hereby irrevocably
consents to the exclusive jurisdiction of any state or federal court in New York, New York; provided that nothing contained in this Agreement will prevent the Administrative Agent from bringing any action, enforcing any award or
judgment or exercising any rights against Pledgor, against any security or against any property of Pledgor within any other county, state or other foreign or domestic jurisdiction. The Administrative Agent and Pledgor agree that the venue provided
above is the most convenient forum for both the Administrative Agent and Pledgor. The Pledgor waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Agreement. 

[Remainder of page intentionally left blank; signature pages follow] 

  
 - 10 - 

 IN WITNESS WHEREOF, intending to be legally bound, Pledgor has caused this Agreement to be
executed as of the date first above written. 
  

			
	PLEDGOR:
	
	 NEXPOINT MULTIFAMILY REALTY
 TRUST,
INC.,
 a Maryland corporation

		
	By:	 	 /s/ Matt McGraner

	Name:	 	Matt McGraner
	Title:	 	COO/EVP – Investments

  
 [Signature Page to
Pledge Agreement] 

 SCHEDULE A 

  
 Schedule A-1

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