Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 72

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 72
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 of the 1934 Act and as defined in Rule 13d-5 thereunder.

(ee) “Holder Pro Rata Amount” means, as of any date of determination a fraction (i) the numerator of which is the original Principal amount
of this Note on the Applicable Closing Date and (ii) the denominator of which is the sum of (x) the aggregate original principal amount
of all Notes issued to the initial purchasers pursuant to the Securities Purchase Agreement on the Applicable Closing Date and (y) the
aggregate original principal amount any other Notes outstanding as of such date of determination.

(ff) “Indebtedness”
shall have the meaning ascribed to such term in the Securities Purchase Agreement.

(gg) “Interest Rate” means six percent (6%) per annum, as may be adjusted from time to time in accordance with Section 2.

(hh) “Investment”
means any beneficial ownership (including shares, partnership or limited liability company interests) of or in any Person, or any loan,
advance or capital contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person or the
purchase of any assets of another Person for greater than the fair market value of such assets.

(ii) “Mandatory Conversion Volume Limitation” means the lesser of (i) 100,000 Ordinary Shares and (ii) 20% of the daily dollar trading volume
(as reported on Bloomberg) of the Ordinary Shares on the Principal Market over the twenty (20) consecutive Trading Day period immediately
prior to the applicable Mandatory Conversion Notice Date.

(jj) “Market Price” means, as of any date of determination, the lower of (i) the applicable Conversion Price as in effect on such date of
determination and (ii) the greater of (x) the Floor Price and (y) 93% of the lowest VWAP of the Ordinary Shares during the ten (10) consecutive
Trading Day period ending and including the Trading Day immediately preceding such date of determination (such period, the “Market Price Measuring Period”). All such determinations to be appropriately adjusted for any share dividend, share split, share combination,
reclassification or similar transaction during such Market Price Measuring Period.

(kk)
“Maturity Date” shall mean [ ] ; provided, however, the Maturity Date may be extended at the option
of the Holder (i) in the event that, and for so long as, an Event of Default shall have occurred and be continuing or any