Document:

Exhibit 10.3

 

		
        Philip D. Beck

        Chief Executive Officer

        philipbeck@ipsidy.com

         

        February   , 2020

 

VIA E-MAIL

E-mail:

 

[NAME]

 

		Re:	Ipsidy Inc. (the “Company”) 

                                                                                8% Convertible Note Due 2021 Dated December 2019 (the “Note”)

 

Dear [NAME]:

 

We refer to (i) that
certain Securities Purchase Agreement dated December 13, 2019 between you (the “Holder”) and the Company (the “Agreement”)
and (ii) that certain 8% Convertible Note dated December 13, 2019 in the principal amount of $100,000 issued to the Holder by the
Company (the “Note”).

 

All terms not defined
herein shall have the respective meanings as set forth in the Agreement, or the Note. In consideration of the parties’ mutual
agreements herein, the receipt and sufficiency whereof the parties hereby acknowledge, the parties hereby agree as follows:

 

		1.	The first sentence of the first paragraph of the Note shall be amended to modify and extend the
Maturity Date to February 28, 2022: 

 

		2.	The Holder hereby consents to the borrowing by the Company of up to $1,700,000 (with the Company
option to extend to $2,000,000) by the issuance of 15% Convertible Notes due 2022 (“Convertible Notes”) substantially
upon the terms a copy of which has been provided to you, as a result of which $2,000,000 comprising the Principal Balance of the
Stern Note (as defined therein) and the Convertible Notes will rank pari passu in right of payment with the Note.

 

		3.	The Holder hereby agrees that Section 5 of the Note is hereby deleted in its entirety and amended
and replaced by the following:

 

Section 5. Security; Priority.

 

a) Security.
To the extent that the aggregate original principal amount of all Convertible Notes is equal to or greater than $1,500,000, and
the Security Agreement (as defined in the Convertible Notes) becomes effective in accordance with its terms, this Note shall be
a secured obligation of the Company, pursuant to the Security Agreement. Unless and until the Security Agreement becomes effective
this Note is a general unsecured obligation of the Company and ranks pari passu with all other unsecured indebtedness of the Company.

 

 

 

670
Long Beach Boulevard,● Long Beach, New York 11561 ●. Tel +1 516 274 8700 ●. www.ipsidy.com

 

     

     

    

 

	 	
        Barry Alton

        Page 2

        February 17, 2020

 

b) Priority
– Convertible Notes and the Stern Note. This Note and the Notes rank pari passu in right of payment with each other and
with the Convertible Notes and the Principal Balance of the Stern Note. For the avoidance of doubt, if the Company exercises its
option to pre-pay all or part of the Notes hereunder it shall also pre-pay all or part of the Principal Balance of the Stern Note
and the Convertible Notes on a pro rata basis.

 

		4.	The Company shall not create, incur, assume or suffer to exist, or permit any Subsidiary to create,
incur, assume or suffer to exist, any liability with respect to indebtedness for money borrowed not in the ordinary course of business
for $100,000 or greater, without the consent of a majority in interest by aggregate outstanding principal amount of the holders
of the Notes, the Principal Balance of the Stern Note and the Convertible Notes.

 

Except as specifically
amended by this Letter Agreement, the terms and conditions of the Agreement and the Note shall remain in full force and effect.
The parties hereby agree that the Agreement and the Note, as amended by this Letter Agreement, constitutes the final, complete
and exclusive agreement of the parties with respect to the subject matter thereof and hereof and supersedes all prior understandings
and agreements relating to such subject matter. This Letter Agreement may be executed in two counterparts, each of which shall
be deemed an original, but both of which together shall constitute one and the same instrument.

 

Please sign and return
a copy of this letter by way of confirmation of your agreement to its terms.

 

Thank you for your continued support for the Company.

 

	 	Sincerely,
	 	 
	 	Ipsidy Inc.
	 	 
	 	Philip D. Beck,
	 	Chief Executive Officer

 

Agreed to and accepted as of the date set forth above:

 

_______________________________

 

 

 

 

670
Long Beach Boulevard,●  Long Beach, New York 11561 ●. Tel +1 516 274 8700 ●. www.ipsidy.comEX-4.10

 Exhibit 4.10 

DATED 18 December 2019 

Q&K International Group Limited 

as Borrower 
 and 

Azure Investments Ltd. 

as Lender 
  

 
 LOAN
AGREEMENT 
 UP TO US$35,000,000 

SHORT-TERM LOAN FACILITY 

to Q&K International Group Limited 
  

 
  

 CONTENTS 

 

							
	Number
                                         
                                  Clause Heading	  	Page	 
			
	 1.
	 	Interpretation	  	 	1	 
	 2.
	 	The Facility	  	 	4	 
	 3.
	 	Conditions Precedent	  	 	5	 
	 4.
	 	The Advance	  	 	6	 
	 5.
	 	Interest	  	 	7	 
	 6.
	 	Repayment, Prepayment and Cancellation	  	 	7	 
	 7.
	 	Change of Law or Circumstances	  	 	8	 
	 8.
	 	Taxes and Other Deductions	  	 	8	 
	 9.
	 	Fees and Expenses	  	 	9	 
	 10.
	 	Payments and Evidence of Debt	  	 	9	 
	 11.
	 	Representations and Warranties	  	 	10	 
	 12.
	 	Undertakings	  	 	11	 
	 13.
	 	Events of Default	  	 	12	 
	 14.
	 	Default Interest	  	 	14	 
	 15.
	 	Indemnities and Set-Off	  	 	15	 
	 16.
	 	Waiver and Severability	  	 	16	 
	 17.
	 	Miscellaneous	  	 	16	 
	 18.
	 	Assignment	  	 	16	 
	 19.
	 	Notices	  	 	17	 
	 20.
	 	Governing Law and Jurisdiction	  	 	18	 

							
			
	 Execution
	 		  	 	20	 
			
	 The Appendix 1    
	 	Form of Notice of Drawing	  	 	1-1	 

 THIS AGREEMENT is made on the
18th day of December 2019. 
 BETWEEN: 

 

	(1)	 Q&K International Group Limited, a company incorporated under the laws of Cayman Islands
and listed on NASDAQ under ticker symbol of QK as borrower (the “Borrower”); and 

  

	(2)	 Azure Investments Ltd., a company with limited liability incorporated under the laws of Cayman
Islands with its registered office at 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands, as lender (the “Lender”). 

WHEREAS: 
 The Lender has, at the request
of the Borrower, agreed to make available to the Borrower a term loan of up to Thirty-Five Million US Dollars (US$35,000,000) subject to and on the terms and conditions specified in this Agreement. 

NOW IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

 

	1.1	 Definitions. In this Agreement, unless the context requires otherwise: 

“Advance” means the advance under the Facility pursuant to Clause 4; 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person
or any other Subsidiary of that Holding Company; 
 “Availability Period” means the period commencing on
the date of this Agreement and ending on the earliest of (a) 30 September 2020, (b) the date on which the Facility is fully drawn and (c) the day of which the Facility is cancelled or terminated under the provisions of this Agreement; 

“Bill.com” means BILL.com INC., a company incorporated under the laws of British Virgin Islands with its
registered office at Start Chambers, Wickham’s Cay II P O Box 2221, Road Town Tortola, British Virgin Islands; 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New
York, the Cayman Islands or Hong Kong are required or authorized by law or executive order to be closed; 
 “Charged
Shares” have the meaning set forth in the Deed of Share Charge, which shall, as of the date of this Agreement, include but not limited to (i) 190,329,080 class B ordinary shares of the Borrower held by Bill.com, (ii) 120,000,000 class B
ordinary shares of the Borrower held by Yijia Inc. and (iii) 100,000,000 class A ordinary shares of the Borrower held by CP QK; 

“Chargors” means Bill.com, Yijia Inc. and CP QK; 

 “CP QK” means CP QK Singapore Pte Ltd., a company
incorporated under the laws of Singapore with its registered office at One Temasek Avenue, #20-01 Millenia Tower Singapore 039192; 

“Deed of Share Charge” means all the deed of share charge to be executed by the Lender and the
Chargors respectively over their respective Charged Shares in form and substance satisfactory to the Lender; 

“Disposal” means any sale, assignment, exchange, transfer, concession, loan, lease, surrender of lease,
tenancy, licence, direct or indirect reservation, waiver, compromise, release, dealing with or in or granting of any option, right of first refusal or other right or interest whatsoever and includes any agreement for any of the same and
“Dispose” and “Disposition” shall be construed accordingly; 

“Encumbrance” means: 
  

	 	(a)	 any mortgage, charge, pledge, lien, encumbrance, hypothecation or other security interest or security
arrangement of any kind; 

  

	 	(b)	 any arrangement whereby any rights are subordinated to any rights of any third party; and

  

	 	(c)	 any contractual right of set-off; 

“Event of Default” means any event or circumstance specified as such in Clause 13.1; 

“Facility” means the loan facility to be made available under this Agreement; 

“Final Repayment Date” means 30 September 2020; 

“Finance Documents” means this Agreement, any Security Document and any other document designated as such by
the Lender and the Borrower; 
 “Following Drawdown Advance” means the drawdown of the outstanding Advance
in increments of five million US Dollars (US$5,000,000) available under the Facility after the Initial Drawdown Advance pursuant to Clause 4.2; 

“Group” means the Borrower and its respective Subsidiaries; 

“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China; 

“Initial Drawdown Advance” means an initial drawdown advance of Ten Million US Dollars (US$10,000,000)
pursuant to Clause 4.1; 
 “Initial Drawdown Date” means [*] December 2019; 

“Loan” means the principal amount drawn and for the time being outstanding under the Facility; 

  
 2 

 “Material Adverse Effect” means, in the reasonable opinion
of the Lender, a material adverse effect on: 
  

	 	(a)	 the ability of the Borrower or any Security Provider to perform its obligations under any of the Finance
Documents to which it is or is to be a party; 

  

	 	(b)	 the business, operations, assets, financial or other condition or prospects of the Borrower or its
Subsidiaries; or 

  

	 	(c)	 the validity or enforceability of any Finance Document, the value of any security under any Security
Document or the rights or remedies of the Lender under the Finance Documents; 

 “Notice of
Drawing” means a notice in the form set out in the Appendix; 
 “Potential Event of Default”
means any event or circumstance which with the giving of notice, the passage of time, any determination of materiality or the satisfaction of any applicable condition (or any combination of them) would reasonably be expected to become an Event
of Default; 
 “Security Documents” means the Deed of Share Charge and any other document executed from
time to time by whatever person as a further guarantee of or security for all or any part of the Borrower’s obligations under this Agreement; 

“Security Providers” means the Chargors and any other party to the Security Documents (except for the
Lender); 
 “Subsidiary” in relation to any company means any other company or other entity directly or
indirectly under the control of the first-mentioned company; for this purpose “control” means ownership of more than fifty per cent (50%) of the voting share capital or equivalent right of ownership of such company or entity, or power to
direct its policies and management whether by contract or otherwise and “Holding Company” in relation to any company means the company of which such last-mentioned company is a Subsidiary; 

“US Dollars” and “US$” means the lawful currency for the time being of the United States of
America; and 
 “Yijia Inc.” means YIJIA INC., a company incorporated under the laws of British Virgin
Islands with its registered office at Start Chambers, Wickham’s Cay II P O Box 2221, Road Town Tortola, British Virgin Islands. 
  

	1.2	 Construction. In this Agreement, unless the context requires otherwise, any reference to:

 an “authorisation” includes any approvals, consents, licences, permits, franchises,
permissions, registrations, resolutions, directions, declarations and exemptions; 
 an Event of Default or Potential Event
of Default which is “continuing” means an Event of Default or Potential Event of Default which has not been remedied or waived; 

“including” or “includes” means including or includes without limitation; 

  
 3 

 “indebtedness” includes any obligation of any person for the
payment or repayment of money, whether present or future, actual or contingent, including but not limited to any such obligation: 
  

	 	(a)	 under or in respect of any acceptance, bill, bond, debenture, note or similar instrument;

  

	 	(b)	 under or in respect of any guarantee, indemnity, counter-security or other assurance against financial loss;

  

	 	(c)	 in respect of the purchase, hire or lease of any asset or service; or 

 

	 	(d)	 in respect of any indebtedness of any other person whether or not secured by or benefitting from an
Encumbrance on any property or asset of such person; 

 “law” and/or “regulation”
includes any constitutional provisions, treaties, conventions, statutes, acts, laws, decrees, ordinances, subsidiary and subordinate legislation, orders, rules and regulations having the force of law and rules of civil and common law and equity;

 an “order” includes any judgment, injunction, decree, determination or award of any court, arbitration or
administrative tribunal; 
 a “person” includes any individual, company, body corporate or unincorporate or other
juridical person, partnership, firm, joint venture or trust or any federation, state or subdivision thereof or any government or agency of any thereof; 

“tax” includes any tax, levy, duty, charge, impost, fee, deduction or withholding of any nature now or hereafter
imposed, levied, collected, withheld or assessed by any taxing or other authority and includes any interest, penalty or other charge payable or claimed in respect thereof and “taxation” shall be construed accordingly. 

 

	1.3	 Successors and Assigns. The expressions “Borrower” and “Lender”
shall where the context permits include their respective successors and permitted assigns and any persons deriving title under them. 

  

	1.4	 Miscellaneous. In this Agreement, unless the context requires otherwise, references to provisions of
any law or regulation shall be construed as references to those provisions as replaced, amended, modified or re-enacted from time to time; words importing the singular include the plural and vice versa
and words importing a gender include every gender; references to this Agreement or any other Finance Document shall be construed as references to such document as the same may be amended, supplemented or novated from time to time; unless otherwise
stated, references to Clauses and the Appendix are to clauses of and the appendix to this Agreement and references to this Agreement include the Appendix. Clause headings are inserted for reference only and shall be ignored in construing this
Agreement. 

  

	2.	 THE FACILITY AND SECURITY 

 

	2.1	 Amount. Subject to the provisions of this Agreement the aggregate principal amount of the Facility
available to the Borrower is up to thirty-five million US Dollars (US$35,000,000). 

  
 4 

	2.2	 Purpose. The proceeds of the Facility shall be used exclusively for the working capital of the
Borrower. The Lender shall have no responsibility to see to the application of the proceeds by the Borrower. 

  

	2.3	 Security. The Borrower shall procure the Chargors to deliver to the Lender the signed Deed of Share
Charge on the earlier date of (i) the expiration of the lock-up period applicable to the Charged Shares under such Deed of Share Charge, and (ii) the date on which the Chargor under such Deed of
Share Charge enters into a waiver letter with respect to the Charged Shares under such Deed of Share Charge with the underwriter of the Borrower. The Borrower shall further, and shall procure the Chargors to, execute any documents or notices and/or
take any actions required to complete each Security Document and to make each Security Document valid and enforceable within one (1) Business Days after the date of such Security Document. The Lender shall use reasonable endeavours to cooperate
with the Borrower in order to provide or execute any documents and/or notices required to complete the Security Documents. 

  

	3.	 CONDITIONS PRECEDENT 

 

	3.1	 Conditions. The Lender shall not be obliged to make the Advance to the Borrower unless it shall have
received: 

 Loan Agreement and Security Documents 

 

	 	(a)	 this Agreement duly executed by the Borrower; 

Miscellaneous 
  

	 	(b)	 certified copies of the directors’ resolutions of the Borrower approving the Finance Documents to which
it is a party and authorizing the due execution of the same on its behalf (affixing the common seal of the Borrower thereto where applicable) and authorizing appropriate persons to take any actions contemplated thereby; 

 

	 	(c)	 director’s certificate of the Borrower, certifying, inter alia, that the resolutions referred to in
Clause 3.1(c) delivered to the Lender is correct, complete and in full force and effect as at a date no earlier than the date of the Finance Documents and containing a specimen signatures of persons authorized to sign the Finance Documents on behalf
of the Borrower to which the Borrower is a party; 

  

	 	(d)	 evidence that all authorisations have been obtained and all necessary filings, registrations and other
formalities have been or will be completed in order to ensure that the Finance Documents are valid and enforceable; 

  

	 	(e)	 written confirmation of acceptance of appointment from each agent for service of process named in Clause
20.3 and in each other Finance Document; and 

  

	 	(f)	 such other documents relating to any of the matters contemplated herein as the Lender may reasonably
request. 

  
 5 

	3.2	 Form of Documents and Evidence. All the documents and evidence referred to in Clause 3.1 shall be in
form and substance satisfactory to the Lender. Copies required to be certified shall be certified in a manner satisfactory to the Lender. 

  

	4.	 THE ADVANCE 

 

	4.1	 Availability of the Initial Drawdown Advance. Subject to Clause 4.3 and the other terms and
conditions of this Agreement, the Borrower may request the making of the Initial Drawdown Advance of ten million US Dollars (US$10,000,000) available under the Facility on the Initial Drawdown Date or other date agreed by both parties.

  

	4.2	 Availability of the Following Drawdown Advance. After the Initial Drawdown Advance, subject to Clause
4.4 and the other terms and conditions of this Agreement, the Borrower may request the making of the outstanding Advance in increments of five million US Dollars (US$5,000,000), which amount shall be variable with the written consent of the Lender,
available under the Facility by ten (10) Business Days’ prior written notice during the Availability Period. 

  

	4.3	 Conditions to the Making of the Initial Drawdown Advance. The making of the Initial
Drawdown Advance is subject to the conditions that: 

  

	 	(a)	 the requirements of Clause 3 shall have been satisfied before the Notice of Drawing is given;

  

	 	(b)	 the Lender shall have received not later than 12:00 noon (Hong Kong time) on the Initial Drawdown Date the
duly completed and signed original Notice of Drawing; and 

  

	 	(c)	 no Event of Default or Potential Event of Default shall have occurred (or would be likely to occur as a
result of the Advance being made) and all representations and warranties made by the Borrower in or in connection with this Agreement shall be true and correct as at the date the Advance is to be made with reference to the facts and circumstances
then subsisting. 

  

	4.4	 Conditions to the Making of the Following Drawdown Advance. The making of the Following Drawdown
Advance is subject to the conditions that: 

  

	 	(a)	 the requirements of Clause 3 shall have been satisfied before the Notice of Drawing is given;

  

	 	(b)	 the Lender shall have received not later than 12:00 noon (Hong Kong time) on the tenth (10th) Business Day
before the date on which the Advance is to be made the duly completed and signed original Notice of Drawing; and 

  

	 	(c)	 no Event of Default or Potential Event of Default shall have occurred (or would be likely to occur as a
result of the Advance being made) and all representations and warranties made by the Borrower in or in connection with this Agreement shall be true and correct as at the date the Advance is to be made with reference to the facts and circumstances
then subsisting. 

 Notwithstanding anything to the contrary provided herein, the Lender shall have the
right to decline to make any Following Drawdown Advance at its sole discretion. 

  
 6 

	4.5	 Notice of Drawing Irrevocable. The Notice of Drawing once given shall be irrevocable and the Borrower
shall be bound to draw the Advance in accordance therewith, except as otherwise provided in this Agreement. 

  

	4.6	 Cancellation. If any part of the Facility is undrawn at the end of the Availability Period, it shall
be cancelled. 

  

	5.	 INTEREST AND UPFRONT FEE 

 

	5.1	 Interest. The rate of interest applicable to the Loan shall be 6% per annum. Interest shall
(i) accrue from day to day, (ii) be calculated on the basis of the daily average dollar amount drawn of each calendar quarter and (iii) be accrued and paid on the last date of such calendar quarter. 

 

	5.2	 Upfront Fee. An upfront fee in the amount of three million five hundred thousand US Dollars (US$
3,500,000) shall be payable by the Borrower to the Lender on the Initial Drawdown Date, and shall be deducted from the Initial Drawdown Advance directly by the Lender. 

 

	6.	 REPAYMENT, PREPAYMENT AND CANCELLATION 

 

	6.1	 Repayment. Subject to Clauses 6.2, 6.3, 6.4 and Clause 13, the Borrower shall repay the Facility in
full on the Final Repayment Date together with accrued but unpaid interest and all other monies then outstanding in connection with the Facility. 

  

	6.2	 Mandatory Prepayments. If the total cash in the bank accounts of the Borrower and its Subsidiaries is
more than US$15,000,000 at the end of a calendar month, the Borrower shall use all cash excess US$15,000,000 (“Cash Sweep”) at the end of a calendar month to prepay the Facility together with accrued but unpaid interest and all
other monies then outstanding in connection with the Facility within three (3) Business Day after the end of such calendar month. 

  

	6.3	 Voluntary Prepayment. The Borrower may prepay all or part of the Loan at any time, Provided
that: 

  

	 	(a)	 the Borrower shall have given to the Lender not less than fifteen (15) days’ prior written notice
specifying the amount and date of prepayment; 

  

	 	(b)	 unless otherwise agreed by the Lender in writing, the amount of any partial prepayment shall be at least
US$5,000,000 and an integral multiple of US$1,000,000; and 

  

	 	(c)	 all other sums then due and payable under this Agreement shall have been paid. 

 

	6.4	 Demand Prepayments. The Lender may request the Borrower to prepay all or part of the Loan at any time
by giving to the Borrower not less than forty-five (45) days’ prior written notice specifying the amount of the Loan to be prepaid and date of prepayment. 

 

	6.5	 Provisions applicable to Prepayments. Any notice of prepayment given by the Borrower under any
provision of this Agreement shall be irrevocable and the Borrower shall be bound to make a prepayment in accordance therewith. The Borrower may not prepay the Loan or any part thereof except in accordance with the express terms of this Agreement.
Amounts prepaid may not be reborrowed under this Agreement. 

  
 7 

	6.6	 Non-Revolving Facility. The Facility is non-revolving and after the Borrower’s repayment of any Loan and its accrued interests, the aggregate principal amount of the Facility available to the Borrower, which is thirty-five million US Dollars
(US$35,000,000) as of the date of this Agreement, shall be deducted by the principal amount of the repaid Loan unless otherwise agreed by the Lender in writing. 

 

	7.	 CHANGE OF LAW OR CIRCUMSTANCES 

 

	7.1	 Unlawfulness. If it becomes, or it becomes apparent that it is or will be, unlawful or contrary to
any requirement of any governmental, fiscal, monetary or other authority (whether or not having the force of law) for the Lender to give effect to its obligations hereunder, the Lender shall so notify the Borrower, whereupon the Facility shall be
cancelled. The Borrower shall forthwith after such notification, or such longer period as the Lender may certify as being permitted by the relevant law, prepay the Loan in full together with interest accrued thereon to the date of prepayment and any
other monies owing hereunder. 

  

	7.2	 Increased Cost. If the Lender determines that any change in, or in the interpretation or application
of or compliance with, any law or regulation, or compliance by the Lender with any applicable direction, request or requirement (whether or not having the force of law) of any governmental or other authority does or will subject the Lender to any
tax or other payment in respect of sums payable by the Borrower hereunder (other than tax on the Lender’s overall net income), then the Borrower will pay to the Lender on demand all amounts needed to compensate the Lender therefor.

  

	8.	 TAXES AND OTHER DEDUCTIONS 

 

	8.1	 No Deductions or Withholdings. All sums payable by the Borrower under this Agreement shall be paid in
full without set-off or counterclaim or any restriction or condition and free and clear of any tax or other deductions or withholdings of any nature. If the Borrower or any other person is required by any law
or regulation to make any deduction or withholding (on account of tax or otherwise) from any payment, the Borrower shall, together with such payment, pay such additional amount as will ensure that the Lender receives (free and clear of any tax or
other deductions or withholdings) the full amount which it would have received if no such deduction or withholding had been required. The Borrower shall promptly forward to the Lender copies of official receipts or other evidence showing that the
full amount of any such deduction or withholding has been paid over to the relevant taxation or other authority. 

  

	8.2	 Advance Notification. If at any time the Borrower becomes aware that any such deduction, withholding
or payment contemplated by Clause 8.1 is or will be required, he shall immediately notify the Lender and supply all available details thereof. 

  
 8 

	9.	 FEES AND EXPENSES 

 

	9.1	 Expenses. The Borrower shall forthwith on demand and whether or not the Advance is made pay to or
reimburse the Lender for all costs, charges and expenses (including legal and other fees on a full indemnity basis and all other out–of–pocket expenses) incurred by it in connection with: 

 

	 	(a)	 the negotiation, preparation, execution and (where relevant) registration of the Finance Documents and any
other documentation required thereunder; 

  

	 	(b)	 any amendment to any Finance Document; and 

 

	 	(c)	 any inspection, calculation, approval, consent or waiver to be conducted, made or given by the Lender
pursuant to any provision of any Finance Document. 

  

	9.2	 Expenses Estimate. The amount of the costs, charges and expenses mentioned in Section 9.1 above
is estimated to be equal to 100,000 (One Hundred Thousand) US Dollars. 

  

	9.3	 Enforcement Costs. The Borrower shall from time to time forthwith on demand pay to or reimburse the
Lender for all costs, charges and expenses (including legal and other fees on a full indemnity basis and all other out-of-pocket expenses) incurred by it in
investigating any event which it reasonably believes is an Event of Default or Potential Event of Default or in exercising any of its rights or powers under any Finance Document or in suing for or seeking to recover any sums due under any Finance
Document or otherwise preserving or enforcing its rights under any Finance Document or in defending any claims brought against it in respect of any Finance Document or in releasing or re-assigning any Security
Document. 

  

	9.4	 Taxes. The Borrower shall pay all present and future stamp and other like duties and taxes and all
notarial, registration, recording and other like fees which may be payable in respect of any Finance Document and shall indemnify the Lender against all liabilities, costs and expenses which may result from any default in paying such duties, taxes
or fees. 

  

	10.	 PAYMENTS AND EVIDENCE OF DEBT 

 

	10.1	 The Advances. The amount to be advanced by the Lender under this Agreement shall be made available to
the Borrower by payment to such account as the Borrower shall have previously agreed with the Lender. 

  

	10.2	 Payments by Borrower. All payments by the Borrower under this Agreement shall be made to the Lender
not later than 11:00 a.m. (Hong Kong time) on the relevant due date by wire transfer in US Dollars to such account as specified by the Lender from time to time. 

 

	10.3	 Allocation of Receipts. If any amount received by the Lender is less than the full amount due, the
Lender shall have the right to allocate the amount received towards principal, interest and/or other sums owing hereunder as it considers appropriate. 

  

	10.4	 Business Days. If any sum would otherwise become due for payment on a
non-Business Day that sum shall become due on the next following Business Day and interest shall be adjusted accordingly, except that if the repayment under Clause 6.1 would then become due in another calendar
month such payment shall become due on the immediately preceding Business Day. 

  
 9 

	10.5	 Certificate Conclusive and Binding. Where any provision of this Agreement provides that the Lender
may certify or determine an amount or rate payable by the Borrower, a certificate by the Lender as to such amount or rate shall be conclusive and binding on the Borrower in the absence of manifest error. 

 

	11.	 REPRESENTATIONS AND WARRANTIES 

 

	11.1	 Representations and Warranties. The Borrower represents and warrants to the Lender that:

  

	 	(a)	 Due incorporation: each of the Borrower and its Subsidiaries is a company duly incorporated with
limited liability and validly existing under the laws of the place of its incorporation, and is a separate legal entity capable of suing and being sued in its own name; 

 

	 	(b)	 Capacity to own and carry out business: each of the Borrower and its Subsidiaries has full capacity
and legal rights to own its property and assets and to carry on its business; 

  

	 	(c)	 Capacity to enter into: each of the Borrower and the Security Providers has full capacity and legal
right to enter into and engage in the transactions contemplated by the Finance Documents to which it is a party and has taken or obtained all necessary action and consents to authorise the execution and performance of the Finance Documents to which
it is a party; 

  

	 	(d)	 Binding obligations: the Finance Documents to which any of the Borrower and the Security Providers is
a party constitute, or when executed and delivered will constitute, legal, valid and binding obligations of the Borrower or the Security Provider (as the case may be) enforceable in accordance with their terms; 

 

	 	(e)	 No conflict with other obligations: neither the execution of the Finance Documents to which any of
the Borrower and the Security Providers is a party nor the performance by any of the Borrower and the Security Providers of any of its obligations or the exercise of any of its rights thereunder will conflict with or result in a breach of any law,
regulation, judgment, order, authorisation, agreement or obligation applicable to it or cause any limitation placed on him to be exceeded or result in the creation of or oblige the Borrower or the Security Provider (as the case may be) to create an
Encumbrance in respect of any of its property or assets except in favour of the Lender under or pursuant to the Security Documents to which any of the Borrower and the Security Providers is a party; 

 

	 	(f)	 Authorisations: all authorisations required from any governmental or other authority or from any
creditors of any of the Borrower and the Security Providers for or in connection with the execution, validity and performance of the Finance Documents to which it is a party have been obtained and are in full force and effect or, by the date on
which the first Notice of Drawing is given, will have been obtained and be in full force and effect and there has been no default under the conditions of any of the same; 

 

	 	(g)	 No filings or taxes: it is not necessary in order to ensure the validity, enforceability, priority or
admissibility in evidence in proceedings of any of the Finance Documents in Hong Kong, Cayman Islands, or any other relevant jurisdiction that any of them or any other document be filed or registered with any authority in Hong Kong, Cayman Islands
or elsewhere or that any tax be paid in respect thereof; 

  
 10 

	 	(h)	 No litigation: no litigation, arbitration or administrative proceeding is currently taking place or
pending or, to the knowledge of the Borrower, threatened against the Borrower or the Borrower’s Subsidiaries or any of the Security Providers or their respective assets or revenues; 

 

	 	(i)	 No default: neither the Borrower nor any of the Borrower’s Subsidiaries nor any of the Security
Providers is in default under any law, regulation, judgment, order, authorisation, agreement or obligation applicable to it or its assets or revenues, the consequences of which default could have a Material Adverse Effect, and no Event of Default or
Potential Event of Default has occurred; 

  

	 	(j)	 No misleading information: all information provided to the Lender by or on behalf of the Borrower in
connection with the Facility is true and accurate in all respects and all forecasts and projections contained therein were arrived at after due and careful consideration on the part of the Borrower and were, in its considered opinion, fair and
reasonable when made; the Borrower is not aware of any fact which has not been disclosed in writing to the Lender which might have a material effect on any such information, forecasts or projections or which might affect the willingness of the
Lender to lend upon the terms of this Agreement; and 

  

	 	(k)	 No immunity: each of the Borrower and the Security Providers is generally subject to civil and
commercial law and to legal proceedings and neither the Borrower nor any of the Security Providers nor any of its assets or revenues is entitled to any immunity or privilege (sovereign or otherwise) from any
set-off, judgment, execution, attachment or other legal process. 

  

	11.2	 Continuing Representation and Warranty. The Borrower also represents and warrants to and undertakes
with the Lender that the foregoing representations and warranties will be true and accurate throughout the continuance of this Agreement with reference to the facts and circumstances subsisting from time to time. 

 

	11.3	 Acknowledgment of Reliance. The Borrower acknowledges that the Lender has entered into this Agreement
in reliance upon the representations and warranties contained in this Clause. 

  

	12.	 UNDERTAKINGS 

 

	12.1	 Affirmative Undertakings. The Borrower undertakes and agrees with the Lender throughout the
continuance of the Finance Documents and so long as any sum remains owing thereunder that the Borrower will, unless the Lender otherwise agrees in writing: 

  

	 	(a)	 Financial and other information: supply to the Lender: 

 

	 	(i)	 within ten (10) days upon a written request of the Lender, a certificate signed by the Borrower
certifying that there did not exist any Event of Default or Potential Event of Default as at the date immediately prior to the date of such certificate (or if an Event of Default or Potential Event of Default did exist specifying the same);

  
 11 

	 	(ii)	 promptly on request, such additional financial or other information relating to the Borrower, any of the
Borrower’s Subsidiaries and any Security Provider as the Lender may from time to time reasonably request; 

  

	 	(b)	 Notification of default: promptly inform the Lender of: 

 

	 	(i)	 the occurrence of any Event of Default or Potential Event of Default; 

 

	 	(ii)	 any litigation, arbitration or administrative proceeding to which the Borrower or any Security Provider is a
party or otherwise in connection with its assets or revenues; 

  

	 	(c)	 Compliance with laws: comply with all laws, regulations, authorisations, agreements and obligations
applicable to it and pay all taxes imposed on it when due; 

  

	 	(d)	 Ownership: cause the Chargors to duly sign and perform their obligations under the Security
Documents, and cause the Chargors not to assign, deal with or Dispose of all or any part of the Charged Shares; 

  

	 	(e)	 Amendments to constitution: procure that no amendment or supplement is made to its memorandum or
articles of association without the prior written consent of the Lender; 

  

	 	(f)	 Authorisations: maintain in full force and effect all such authorisations as are referred to in
Clause 11.1(f), and take immediate steps to obtain and thereafter maintain in full force and effect any other authorisations which may become necessary or advisable for the purposes stated therein and comply with all conditions attached to all
authorisations obtained; 

  

	 	(g)	 Ranking of obligations: ensure that its obligations under this Agreement at all times rank at least
pari passu with all unsecured and unsubordinated obligations of the Borrower; 

  

	 	(h)	 Use of proceeds: use the Facility exclusively for the purposes specified in Clause 2.2;

  

	 	(i)	 Payment obligations: punctually pay all sums due from it to the Lender and otherwise comply with his
obligations under the Finance Documents to which it is a party. 

  

	12.2	 Negative Undertakings. The Borrower undertakes and agrees with the Lender throughout the continuance
of the Finance Documents and so long as any sum remains owing thereunder that, unless the Lender otherwise agrees in writing, the Borrower will not, and will procure its Subsidiaries and the Security Providers not, enter into any agreement or
obligation which might materially and adversely affect its financial or other condition. 

  

	13.	 EVENTS OF DEFAULT 

 

	13.1	 Events of Default. Each of the following events and circumstances shall be an Event of Default:

  
 12 

	 	(a)	 Non-payment: the Borrower fails to pay any sum payable under
any Finance Document to which it is a party when due or otherwise in accordance with the provisions thereof; 

  

	 	(b)	 Other obligations: the Borrower or any Security Provider fails duly and punctually to perform or
comply with any of its respective obligations or undertakings under any Finance Document to which he or it is a party and, in respect only of a failure which in the opinion of the Lender is capable of remedy and which is not a failure to pay money,
does not remedy such failure to the Lender’s satisfaction within seven (7) days (or such longer period as the Lender may approve) after receipt of written notice from the Lender requiring it to do so; 

 

	 	(c)	 Misrepresentation: any representation or warranty made or deemed to be made by the Borrower or any
Security Provider in or in connection with any Finance Document proves to have been incorrect or misleading in any respect reasonably considered by the Lender to be material; 

 

	 	(d)	 Cross default: the Borrower defaults or receives notice of default under any agreement or obligation
relating to borrowing or any indebtedness of the Borrower becomes payable or capable of being declared payable before its stated maturity or is not paid when due or any Encumbrance, guarantee or other security now or hereafter created by the
Borrower becomes enforceable; 

  

	 	(e)	 Authorisation: any of the authorisations referred to in Clause 11.1(f) is not granted or ceases to be
in full force and effect or is modified in a manner which, in the reasonable opinion of the Lender, might have a Material Adverse Effect, or if any law, regulation, judgment or order (or the repeal or modification of any of the foregoing) suspends,
varies, terminates or excuses performance by the Borrower of any of its obligations under any Finance Document to which it is a party or purports to do any of the same; 

 

	 	(f)	 Creditor’s process: a creditor takes possession of all or any part of the business or assets of
the Borrower or any execution or other legal process is enforced against the business or any asset of the Borrower and is not discharged within seven (7) days; 

 

	 	(g)	 Insolvency proceedings and other procedures: a petition is presented or a proceeding is commenced or
an order is made or an effective resolution is passed or any other step is taken by any person for the winding-up, insolvency, administration, reorganisation, reconstruction, dissolution or bankruptcy of the
Borrower or any of the Security Providers or for the appointment of a liquidator, receiver, administrator, trustee or similar officer of the Borrower or any of the Security Providers or of all or any part of its business or assets or the Borrower
becomes subject to any investigation or similar procedures conducted by any stock exchange, regulatory or other governmental authorities; 

  

	 	(h)	 Suspension of payments: the Borrower or any of the Security Providers stops or suspends payments to
its creditors generally or is unable or admits its inability to pay its debts as they fall due or seeks to enter into any composition or other arrangement with its creditors or is declared or becomes bankrupt or insolvent; 

  
 13 

	 	(i)	 Analogous events: any event occurs which in the opinion of the Lender appears to have an effect
analogous to any of the matters set out in paragraphs (f), (g) or (h) above in any jurisdiction in which the Borrower resides or carries on business; 

  

	 	(j)	 Cessation of business; expropriation: the Borrower ceases or threatens to cease to carry on its
business or any substantial part thereof or changes or threatens to change the nature or scope of his business or the Borrower Disposes of or threatens to Dispose of or any governmental or other authority expropriates or threatens to expropriate all
or any substantial part of its business or assets; 

  

	 	(k)	 Other parties: any event which has an effect equivalent or similar to any of the events described in
any of the above paragraphs occurs, mutatis mutandis, in relation to any Subsidiary of the Security Provider or if the Borrower or any of the aforesaid persons (being an individual) commits an act of bankruptcy, dies or becomes of unsound
mind; 

  

	 	(l)	 Unlawfulness: any Finance Document or any provision thereof ceases for any reason to be in full force
and effect or is terminated or jeopardised or becomes invalid or unenforceable or if there is any dispute regarding the validity or enforceability of the same or if there is any purported termination or repudiation of the same or it becomes
impossible or unlawful for the Borrower or any other party thereto to perform any of his or its obligations thereunder or for the Lender to exercise all or any of its rights, powers and remedies thereunder or any undertaking in Clause 12.1 is not
enforceable as such and the Borrower fails to do, or fails to refrain from doing, the activity which he purported to undertake to do or, as the case may be, not to do; 

 

	 	(m)	 Material adverse change: any situation occurs which in the opinion of the Lender gives reasonable
grounds to believe that an event having a Material Adverse Effect has occurred; 

  

	 	(n)	 Failure of the Security Documents to take effect: any of the Security Documents fails to have full
force and effect within the time period as provided in Clause 2.3. 

  

	13.2	 Declarations. If an Event of Default has occurred the Lender may, by written notice to the Borrower:

  

	 	(a)	 declare the Loan, accrued interest and all other sums payable hereunder to be, whereupon they shall become,
immediately due and payable without further demand, notice or other legal formality of any kind; and/or 

  

	 	(b)	 declare the Facility terminated whereupon the obligation of the Lender to make the Advance hereunder (if not
yet made) shall immediately cease. 

  

	14.	 DEFAULT INTEREST 

 

	14.1	 Default Interest. Default interest shall automatically accrue on all payable and unpaid principal
amounts, as from the date on which they became payable to the date on which they are paid (both included), at the interest rate described in Clause 5 (Interest) increased by 15% per annum, which means 21% per annum. 

  
 14 

	15.	 INDEMNITIES AND SET-OFF 

 

	15.1	 General Indemnity. The Borrower shall indemnify the Lender against all losses, liabilities, damages,
costs and expenses (including loss of profits) which the Lender may incur as a consequence of the information produced or approved by the Borrower being or being alleged to be misleading or deceptive in any respect or any Event of Default or any
other breach by the Borrower of any of its obligations under any Finance Document to which it is a party or any failure to borrow in accordance with the Notice of Drawing or any prepayment under this Agreement (except under Clause 6.2) or otherwise
in connection with the Finance Documents (including any loss or expense incurred in liquidating or redeploying funds acquired or arranged for the purposes of a proposed Advance or to maintain the Loan or any unpaid sum or in terminating any such
arrangement or any hedging arrangement in respect of this Agreement and any interest or fees incurred in funding any unpaid sum, but taking into account any interest paid by the Borrower in respect of such unpaid sum under Clause 14).

  

	15.2	 Currency Indemnity. US Dollars shall be the currency of account and of payment in respect of sums
payable under the Finance Documents. If an amount is received in another currency, pursuant to a judgment or order or in the liquidation of the Borrower or otherwise, the Borrower’s obligations under the Finance Documents to which it is a party
shall be discharged only to the extent that the Lender may purchase US Dollars with such other currency in accordance with normal banking procedures upon receipt of such amount. If the amount in US Dollars which may be so purchased, after deducting
any costs of exchange and any other related costs, is less than the relevant sum payable under the relevant Finance Document, the Borrower shall indemnify the Lender against the shortfall. This indemnity shall be an obligation of the Borrower
independent of and in addition to his other obligations under the Finance Documents and shall take effect notwithstanding any time or other concession granted to the Borrower or any judgment or order being obtained or the filing of any claim in the
liquidation, dissolution or bankruptcy (or analogous process) of the Borrower. 

  

	15.3	 Set-Off. If an Event of Default has occurred the Lender shall
have the right, without notice to the Borrower or any other person, to set off and apply any credit balance on any account (whether subject to notice or not and whether matured or not and in whatever currency) of the Borrower with the Lender and any
other indebtedness owing by the Lender to the Borrower, against the liabilities of the Borrower under the Finance Documents and the Lender is authorised to purchase with the monies standing to the credit of any such account such other currencies as
may be necessary for this purpose. This Clause shall not affect any general or banker’s lien, right of set-off or other right to which the Lender may be entitled. 

 

	15.4	 No Liability to Borrower. The Lender and its directors, officers, employees, affiliates and agents
shall not have any duties, responsibilities or obligations to the Borrower other than as expressly set out in this Agreement. In no event shall the Lender or its directors, officers, employees, affiliates and agents have any liability or obligation
to the Borrower as a result of any act or omission by any of them in connection with the Facility or be liable for any loss incurred by the Borrower in any such case, except where such loss results directly from the gross negligence or wilful
default of the Lender or its directors, officers, employees, affiliates or agents (but excluding in any case liability for special, indirect, consequential or punitive losses or damages). 

  
 15 

	16.	 WAIVER AND SEVERABILITY 

Time is of the essence of this Agreement but no failure or delay by the Lender in exercising any right, power or remedy
hereunder shall impair such right, power or remedy or operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and
remedies herein provided are cumulative and do not exclude any other rights, powers and remedies provided by law. If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any
jurisdiction, the legality, validity and enforceability of such provision under the law of any other jurisdiction, and of the remaining provisions of this Agreement, shall not be affected or impaired thereby. 

 

	17.	 MISCELLANEOUS 

 

	17.1	 Execution. This Agreement shall become effective as of the date hereof. 

 

	17.2	 Entire Agreement. The Finance Documents constitute the entire obligation of the Lender and supersede
any previous expressions of intent or understandings in respect of this transaction. 

  

	17.3	 Publicity. No announcement or other publicity in connection with this Agreement or relating in any
way to the Facility shall be made or arranged except with the Lender’s prior written consent 

  

	17.4	 Amendments in Writing. Any amendment or waiver of any provision of this Agreement and any waiver of
any default under this Agreement shall only be effective if made in writing and signed by the Lender. 

  

	17.5	 Counterparts. Each Finance Document may be executed in any number of counterparts, and this has the
same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

  

	18.	 ASSIGNMENT 

 

	18.1	 The Borrower. The Borrower shall not assign any of its rights hereunder. 

 

	18.2	 The Lender. The Lender may at any time assign to any one or more persons (an “assignee
lender”) all or any part of its rights, benefits and obligations under or arising out of the Finance Documents and the Borrower shall execute and do all such transfers, assignments, assurances, acts and things as the Lender may require for
perfecting and completing the assignment of such rights, benefits and obligations. Upon any such assignment taking effect (i) the Lender shall be released from such obligations and the Borrower shall look only to the assignee lender in respect
of such obligations and (ii) references in the Finance Documents to the Lender shall be construed accordingly as references to the assignee lender or the Lender, as relevant. All agreements, representations and warranties made herein shall
survive any assignments made pursuant to this Clause and shall inure to the benefit of all assignee lenders as well as the Lender. 

  
 16 

	18.3	 Participations. The Lender may at any time grant one or more participations in its rights and/or
obligations under the Finance Documents but the Borrower shall not be concerned in any way with any participation so granted. 

  

	18.4	 Disclosure. The Lender may disclose to: 

 

	 	(a)	 any actual or potential successor; 

 

	 	(b)	 any other person: 

 

	 	(i)	 to (or through whom) the Lender assigns or transfers (or may assign or transfer) all or any of its rights or
obligations under the Finance Documents; 

  

	 	(ii)	 with (or through whom) the Lender enters (or may potentially enter) into any participation or hedging
arrangement in relation to this Agreement or any other transaction under which payments are to be made by reference to the Facility, this Agreement, the Borrower or any Security Provider or member of the Group; 

 

	 	(c)	 any of its Affiliates or related entities; 

 

	 	(d)	 its head office and any other branch, office or unit; 

 

	 	(e)	 any other Security Provider or member of the Group; or 

 

	 	(f)	 any other person permitted by the Borrower or any other Security Provider or member of the Group; or

  

	 	(g)	 any professional adviser and other person which provides services of any kind to the Lender in connection
with the operation of its business (including any rating agency, insurer or insurance broker, direct or indirect provider of credit protection, debt collection agency, credit reference agency or contractor), 

in each case, on a confidential basis such information about the Borrower, any other Security Provider, the Group and the
Finance Documents as the Lender shall consider appropriate. The Lender and any person to which disclosure has been made pursuant to this Clause may also make such disclosures as may be required by or pursuant to any applicable (i) law or
regulation of Hong Kong,Cayman Islands, or any other relevant jurisdiction and (ii) (whether or not having the force of law) any guideline, directive or request from a governmental, intergovernmental or supranational body, authority, agency,
department or regulatory, self-regulatory or other authority or organisation of Hong Kong, Cayman Islands, or any other relevant jurisdiction with which the Lender or other person is customarily expected to comply. 

 

	19.	 NOTICES 

 

	19.1	 Delivery. Each notice, demand or other communication to be given or made under this Agreement shall
be in writing and delivered or sent to the relevant party at its address by registered mail or fax number set out below (or such other address or fax number as the addressee has by five (5) days’ prior written notice specified to the other
party): 

  
 17 

					
	       
	 	        To the Borrower:
	    	 Q&K International Group Limited

		 	        Address:
	    	 Room 1607, Block A, Longhua Middle Road No. 596, Xuhui District, Shanghai

		 	        Fax No:
	    	 86-21-64179303

		 	        Attention:
	    	 Guangjie JIN (金光杰)

			
		 	        To the Lender:
	    	 Azure Investments Ltd.

		 	        Address:
	    	 90 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands

		 	        Attention:
	    	 Danai Rojanavanichkul

  

	19.2	 Deemed Delivery. Any notice, demand or other communication so addressed to the relevant party shall
be deemed to have been delivered (a) if given or made by registered mail, when actually delivered to the relevant address, and (b) if given or made by fax, when despatched with electronic confirmation of complete and error-free
transmission Provided that, if such day is not a working day in the place to which it is sent, such notice, demand or other communication shall be deemed delivered on the next following working day at such place 

 

	19.3	 Language. Each notice, demand or other communication hereunder and any other documents required to be
delivered hereunder shall be either in English or accompanied by a certified translation thereof into the English language. 

  

	20.	 GOVERNING LAW AND DISPUTE RESOLUTION 

 

	20.1	 Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and
construed in accordance with the laws of Hong Kong. 

  

	20.2	 Jurisdiction. The Borrower irrevocably agrees for the benefit of the Lender that any legal action or
proceeding arising out of or relating to this Agreement may be brought in the courts of Hong Kong and irrevocably submits to the non-exclusive jurisdiction of such courts. 

 

	20.3	 Process Agent. The Borrower hereby appoints CONYERS DILL & PEARMAN (the “Process
Agent”) to be its agent to accept on behalf of the Borrower service of process issued by the Lender in relation to this Agreement. In the event of any action being commenced in relation to this Agreement, the Borrower agrees that the
process by which such action is commenced shall be sufficiently served on the Borrower, and shall be deemed to have been so served, if addressed to the Process Agent and left at or sent by post to the following address: 

29th Floor, One Exchange Square, 8 Connaught Place, Central, Hong Kong 

or to the registered office for the time being of the Process Agent. Notice of any change of Process Agent and/or its address
for service in Hong Kong may be given to the Lender in writing by the Borrower, in which case the new details of the new Process Agent and/or address will only apply with effect from the fifteenth (15th) day after receipt of such notice by the
Lender. If service of process on the Process Agent is impracticable because the address for service has ceased to exist or otherwise, the Borrower agrees that the process shall be sufficiently served by inserting an advertisement of such process in
an issue of a daily newspaper in Hong Kong, whereupon service shall be deemed to have been effected on the day of publication of such advertisement. 

  
 18 

	20.4	 No Limitation on Right of Action. Nothing herein shall limit the right of the Lender to commence any
legal action against the Borrower and/or its property in any other jurisdiction or to serve process in any manner permitted by law, and the taking of proceedings in any jurisdiction shall not preclude the taking of proceedings in any other
jurisdiction whether concurrently or not. 

  

	20.5	 Waiver, Final Judgment Conclusive. The Borrower irrevocably and unconditionally waives any objection
which it may now or hereafter have to the choice of Hong Kong as the venue of any legal action arising out of or relating to this Agreement and agrees not to claim that any court thereof is not a convenient or appropriate forum. The Borrower also
agrees that a final judgment against it in any such legal action shall be final and conclusive and may be enforced in any other jurisdiction, and that a certified or otherwise duly authenticated copy of the judgment shall be conclusive evidence of
the fact and amount of its indebtedness. 

  

	20.6	 Waiver of Immunity. The Borrower irrevocably and unconditionally waives any immunity to which it or
its property may at any time be or become entitled, whether characterised as sovereign immunity or otherwise, from any set-off or legal action in Hong Kong, Cayman Islands or elsewhere, including immunity from
service of process, immunity from jurisdiction of any court or tribunal, and immunity of any of its property from attachment prior to judgment or from execution of a judgment. 

IN WITNESS whereof this Agreement has been executed by the parties hereto on the date stated at the beginning of this Agreement. 

  
 19 

			
	 THE BORROWER

	
	 SIGNED for and on behalf of

	 Q&K International Group Limited

		
	 by
	 	 /s/ Guangjie JIN (金光杰)        

	 Name: Guangjie JIN (金光杰)

	 Title: Chief Executive Officer

	
	THE LENDER
	
	 SIGNED for and on behalf of

	 Azure Investments Ltd.

		
	 by
	 	 

        

  
 20 

 The Appendix 

Form of Notice of Drawing 
 From:
    Q&K International Group Limited 
 To: Azure Investments Ltd. 

                       
      2019 
 Dear Sirs, 

US$[*] loan facility: 
 Loan Agreement dated
[                            ]2019         

We refer to the above Loan Agreement, and hereby give notice that we wish to draw the Advance under the Facility on
                                         
        2019 in the amount of
US$                                        
        . 
 The proceeds of the Advance are to be used exclusively for the purposes specified in
the Loan Agreement. 
 The proceeds of the Advance should be disbursed in accordance with clause 10.1 of the Loan Agreement. 

We confirm that: 
  

	(a)	 the representations and warranties set out in clause 11.1 of the Loan Agreement, repeated with reference to
the facts and circumstances subsisting at the date of this notice, remain true and correct; and 

  

	(b)	 no Event of Default or Potential Event of Default has occurred which remains unwaived or unremedied or would
result from the making of the Advance. 

 Terms defined in the Loan Agreement have the same meanings when used in this
notice. 
  

			
	 SIGNED for and on behalf of

	 Q&K International Group Limited

		
	 by
	 	 /s/ Guangjie JIN (金光杰)        

	 Name: Guangjie JIN (金光杰)

	 Title: Chief Executive Officer

  
 1-1

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