Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 16

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 16
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<div align='center'>7</div>

(e) .

(i) .

(1) . Subject to Section 3(d), if on a Trading Day the aggregate dollar trading volume (as reported on Bloomberg) of
the Ordinary Shares during the period commencing on 4:30AM New York City time on such Trading Day through 11:00 AM, New York City time,
on such Trading Day, is greater than or equal to than $50,000 (such time during such period that such aggregate dollar trading volume
exceeds $50,000 on such Trading Day, each an “Alternate Optional Conversion Eligibility Time”, and such period, each
an “Alternate Optional Conversion Eligibility Measuring Period”), at the option of the Holder at any time on or after
such applicable Alternate Optional Conversion Eligibility Time on such applicable Trading Day, the Holder may convert (each, an “Alternate Optional Conversion”, and the date of such Alternate Optional Conversion, an “Alternate Optional Conversion Date”)
all, or any part, of this Note into Ordinary Shares (such portion of the Conversion Amount subject to such Alternate Optional Conversion,
the “Alternate Optional Conversion Amount”) at the Alternate Conversion Price. Notwithstanding the foregoing, at any
time after the occurrence of an Event of Default, regardless as to whether such Event of Default is subsequently cured, the Alternate
Optional Conversion Eligibility Time shall be deemed to have occurred as of 4:30AM New York City time on any such Trading Day thereafter.

(2) . Subject to Section 3(d), at any time after the occurrence of an Event of Default (regardless
of whether such Event of Default has been cured, or if the Company has delivered an Event of Default Notice to the Holder or if the Holder
has delivered an Event of Default Redemption Notice to the Company or otherwise notified the Company that an Event of Default has occurred),
the Holder may, at the Holder’s option, convert (each, an “Alternate Event of Default Conversion” and together
with each Alternate Optional Conversion, each, an “Alternate Conversion”, and the date of such Alternate Event of Default
Conversion, each, an “Alternate Event of Default Conversion Date”, and together with each Alternate Optional Conversion
Date, each, an “Alternate Conversion Date”) all, or any part of, the Conversion Amount (such portion of the Conversion
Amount subject to such Alternate Conversion, the “Alternate Event of Default Conversion Amount” and together with each
Alternate Optional Conversion Amount, each, an “Alternate Conversion