Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 19

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 19
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”) or an Equity Conditions Failure occurs at any time prior to
the Mandatory Conversion Date, (A) the Company shall provide the Holder a subsequent notice to that effect and (B) unless the Holder waives
the applicable Equity Conditions Failure and/or Mandatory Conversion Price Failure, as applicable, the Mandatory Conversion shall be cancelled
and the applicable Mandatory Conversion Notice shall be null and void and (ii) at any time prior to the date all of the Ordinary Shares
to be delivered to the Holder (or its designee) in such Mandatory Conversion have been delivered in full in compliance with Section 3(c)
above. the Mandatory Conversion Amount may be converted, in whole or in part, by the Holders into Ordinary Shares pursuant to Section
3 (including, without limitation, Section 3(e)). Notwithstanding the foregoing, any Conversion Amount subject to a Mandatory Conversion
may be converted by the Holder hereunder prior to the applicable Mandatory Conversion Date and such aggregate Conversion Amount converted
hereunder on or after the Mandatory Conversion Notice Date and prior to such Mandatory Conversion Date shall reduce the Mandatory Conversion
Amount to be converted on such Mandatory Conversion Date. For the avoidance of doubt, the Company shall have no right to effect a Mandatory
Conversion if any Event of Default has occurred and continuing, but any Event of Default shall have no effect upon the Holder’s
right to convert this Note in its discretion.

<div align='center'>9</div>

(ii) . If the Company elects to cause a Mandatory Conversion of this Note pursuant to Section 3(e)(iii), then
it must simultaneously take the same action with respect to all of the Other Notes.]

4. .

(a) . Each of the following events shall constitute an “Event of Default” and each of the events in clauses
(ix), (x) and (xi) shall constitute a “Bankruptcy Event of Default”:

(i) the
failure of the applicable Registration Statement (as defined in the Registration Rights Agreement) to be filed with the SEC on or prior
to the date that is five (5) days after the applicable Filing Deadline (as defined in the Registration Rights Agreement) or the failure
of the applicable Registration Statement to be declared effective by the SEC on or prior to the date that is five (5) days after the applicable
Effectiveness Deadline (as defined in the Registration Rights Agreement);

(ii) while
the applicable Registration Statement is required to be maintained effective pursuant to the terms of the Registration Rights Agreement,
the effectiveness of the applicable Registration Statement lapses