Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 86

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 86
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 will
pay in full all senior indebtedness before we make any payment or distribution under the subordinated debt securities, whether in cash,
securities or other property, to any holder of subordinated debt securities:

| ● | any dissolution or winding-up or liquidation or reorganization of Netclass, whether voluntary or involuntary or in bankruptcy, |

| ● | insolvency or receivership; |

| ● | any general assignment by us for the benefit of creditors; or |

| ● | any other marshaling of our assets or liabilities. |

In such event, any payment or distribution under
the subordinated debt securities, whether in cash, securities or other property, which would otherwise (but for the subordination provisions)
be payable or deliverable in respect of the subordinated debt securities, will be paid or delivered directly to the holders of senior
indebtedness in accordance with the priorities then existing among such holders until all senior indebtedness has been paid in full. If
any payment or distribution under the subordinated debt securities is received by the trustee of any subordinated debt securities in contravention
of any of the terms of the subordinated indenture and before all the senior indebtedness has been paid in full, such payment or distribution
will be received in trust for the benefit of, and paid over or delivered and transferred to, the holders of the senior indebtedness at
the time outstanding in accordance with the priorities then existing among such holders for application to the payment of all senior indebtedness
remaining unpaid to the extent necessary to pay all such senior indebtedness in full.

| 44 |

The subordinated indenture does not limit the
issuance of additional senior indebtedness.

Events of Default, Notice and Waiver

Unless an accompanying prospectus supplement states
otherwise, the following shall constitute “events of default” under the indentures with respect to each series of debt securities:

| ● | we default for 30 consecutive days in the payment when due of interest on the debt securities; |

| ● | we default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on the debt securities; |

| ● | our failure to observe or perform any other of our covenants or agreements with respect to such debt securities for 60 days after we receive notice of such failure; |

| ● | certain events of bankruptcy, insolvency or reorganization Netclass; or |

| ● | any other event of default provided with respect to securities