Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 94

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 94
---
 under the ADS Lending Agreement.

The ADS Loan under the ADS Lending Agreement will terminate, and the Delta Placement of Borrowed ADSs will terminate, and any Borrowed ADSs must be returned to us if the Concurrent Notes Offering is not consummated. In addition, the ADS Borrower may terminate all or any portion of the ADS Loan under the ADS Lending Agreement at any time or upon our default under the ADS Lending Agreement, including certain breaches by us of our representations and warranties, covenants or agreements under the ADS Lending Agreement, or the bankruptcy of us or upon the occurrence of certain event described in the ADS Lending Agreement. We may terminate the ADS Loan with the ADS Borrower upon a default of the ADS Borrower under the ADS Lending Agreement, including certain breaches by the ADS Borrower of its representations and warranties, covenants or agreements under the ADS Lending Agreement, or the bankruptcy of the ADS Borrower.

If the ADS Borrower is legally prevented from returning the Borrowed ADSs to us or if it is impracticable for the ADS Borrower to return the Borrowed ADSs to us or, in certain other circumstances, the ADS Borrower may elect to either pay us the value of the Borrowed ADSs in cash instead of returning the Borrowed ADSs or provide collateral to us with equivalent value.

The ADS Borrower or its affiliates will receive all of the proceeds from the sale of the Borrowed ADSs borrowed pursuant to the ADS Lending Agreement and we will not receive any proceeds from the sale of the Borrowed ADSs, but the ADS Borrower will pay us a nominal lending fee of US$0.0004 per each Borrowed ADS.

The Class A ordinary shares underlying the Borrowed ADSs that we will issue to the ADS Borrower will be issued and outstanding as fully paid shares for company law purposes. The ADS depositary will be the holder of the Class A ordinary shares underlying the Borrowed ADSs. The holders of the Borrowed ADSs will have all of the rights of a holder of our outstanding ADSs, including the right, through the ADS depositary, to vote on all matters on which our ADS holders have a right to vote (except the ADS Borrower and its affiliates have agreed not to vote the Borrowed ADSs held by them) and the right, through the ADS depositary, to receive any dividends or other distributions made to ADS holders in respect of any dividend or other distribution that we may pay or make on our outstanding