Document:

Exhibit 4.9

 

DATED
AS OF 7 March 2022

 

BETWEEN

 

BIFINITY
UAB

 

as
Lender

 

AND

 

EQONEX
LIMITED

 

as
Borrower

 

CONVERTIBLE
LOAN AGREEMENT

 

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This
CONVERTIBLE LOAN AGREEMENT (the “Agreement”) is made as of 7 March 2022

 

BETWEEN

 

	(1)	BIFINITY
                                            UAB, a company established under the laws of the Republic of Lithuania and having its
                                            registered office at Didžioji st. 18, Vilnius, Republic of Lithuania with registration
                                            number 305595206 (the “Lender”),

 

AND

 

	(2)	EQONEX
                                            LIMITED, a limited liability company incorporated under the laws of Singapore, the shares
                                            of which are listed on the Nasdaq Stock Market (stock code NASDAQ: EQOS) (the “Borrower”),

 

(collectively,
the “Parties” and each a “Party”).

 

NOW
IT IS HEREBY AGREED as follows:

 

	1.	Definitions
                                            and Interpretation

 

	1.1	In
                                            this Agreement, unless the context otherwise requires, the following words shall have the
                                            following meanings:

 

“Authorisation”
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

 

“Borrower’s
Bank Account” means the bank account as nominated by the Borrower and with its details as provided
by the Borrower to the Lender prior to the first Drawdown Date.

 

“Business
Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Singapore and for
the purposes of payment in USD, New York.

 

“Conversion
Notice” means a written notice of conversion substantially in the form set out in Schedule 1 hereto.

 

“Conversion
Price” means, with respect to each Tranche, the price per Conversion Share expressed as the 50-day moving average of the Borrower’s
public share price quoted on the NASDAQ stock market, calculated on the Business Day prior to the date of this Agreement.

 

“Conversion
Right” means the right to convert the Loan into Conversion Shares pursuant to Clause ‎5 (Conversion);

 

“Conversion
Shares” means the new Ordinary Shares to be issued by the Borrower to the Lender upon the exercise of the Conversion Right;

 

“Data
Room” means the data room established and accessible by the Lender and the Borrower prior to the date of this Agreement for
the purposes of the transaction contemplated in Clause 14.7 (Future discussions).

 

“Default”
means an Event of Default or any event or circumstance specified in Clause ‎13 (Events of Default) which would (with the expiry
of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the
foregoing) be an Event of Default.

 

“Digivault”
means Digivault Limited, a private limited company registered in England and Wales with company number 11722222.

 

“Drawdown
Date” means, with respect to each Tranche, the date on which the funds of the relevant
Tranche are disbursed to the Borrower by the Lender as set out in Clause ‎2.1 (Loan);

 

“FCA
Registration” means the registration of Digivault Limited by the UK Financial Conduct Authority as a custodian wallet provider
under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended).

 

“Finance
Document” means this Agreement, the Transaction Security Document, any Drawdown Request and any other document designated as
a “Finance Document” by the Lender and the Borrower.

 

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“Group”
means the Borrower and its subsidiaries from time to time.

 

“Initial
Drawdown Condition” means the appointment of certain officers to the board of directors of the Borrower by the Lender in accordance
with Clause ‎9 (Appointment of Directors and Officers).

 

“Initial
Drawdown Date” means 15 March 2022.

 

“Loan
Amount” means USD 36,000,000.

 

“Material
Adverse Effect” means a material adverse effect on:

 

		(a)	the
                                            business, operations, property, condition (financial or otherwise) or prospects of the Group
                                            taken as a whole; or

 

		(b)	the
                                            ability of the Borrower or any member of the Group to perform its obligations under the Finance
                                            Documents; or

 

		(c)	the
                                            validity or enforceability of, or the effectiveness or ranking of any Security granted or
                                            purporting to be granted pursuant to any of, the Finance Documents or the rights or remedies
                                            of any Finance Party under any of the Finance Documents.

 

“Maturity
Date” means, with respect to each Tranche, the date that
is 18 calendar months from the respective Drawdown Date.

 

“Notice
of Conversion” means a notice of conversion in respect of all or part of a Tranche, substantially in the form set out in Schedule
1 or any other form agreed between the Borrower and the Lender.

 

“Ordinary
Shares” means the ordinary shares issued by the Borrower from time to time;

 

“Original
Jurisdiction” means, in relation to the Borrower or any member of the Group, the jurisdiction under whose laws such entity
is incorporated as at the date of this Agreement.

 

“Relevant
Jurisdiction” means, in relation to the Borrower or any member of the Group:

 

		(a)	its
                                            Original Jurisdiction;

 

		(b)	any
                                            jurisdiction where any asset subject to or intended to be subject to the Transaction Security
                                            to be created by it is situated;

 

		(c)	any
                                            jurisdiction where it conducts its business; and

 

		(d)	the
                                            jurisdiction whose laws govern the perfection of the Transaction Security Document entered
                                            into by it.

 

“Security”
means a mortgage, charge, pledge, lien, hypothec or other security interest securing any obligation of any person or any other agreement
or arrangement having a similar effect.

 

“Shares”
means any class of shares in the capital of the Borrower.

 

“Termination
Date” means 31 July 2024.

 

“Transaction
Security” means the Security created or expressed to be created in favour of the Lender pursuant to the Transaction Security
Document.

 

“Transaction
Security Document” means the share charge granted by the Borrower in favour of the Lender over 24.9% of the shares of Digivault.

 

“USD”
or “US$” means the lawful currency of the United States of America.

 

	1.2	In
                                            this Agreement, unless the context otherwise requires, a reference to:

 

		(i)	“this
                                            Agreement” means this convertible loan agreement and includes all amendments, additions,
                                            and variations thereto agreed between the Parties;

 

		(ii)	the
                                            “Borrower”, the “Lender” or any “Party”
                                            shall be construed so as to include its successors in title, permitted assigns and permitted
                                            transferees to, or of, its rights and/or obligations under this Deed;

 

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		(iii)	“person”
                                            shall include an individual, corporation, partnership, firm, trust, trustee, legal personal
                                            representative, unincorporated association, joint venture, syndicate or other business enterprise
                                            or any governmental, administrative or regulatory authority;

 

		(iv)	“written”
                                            and “in writing” include any means of visible reproduction;

 

		(v)	a
                                            word or phrase that is defined in this Agreement includes its other grammatical forms, which
                                            shall be construed accordingly;

 

		(vi)	a
                                            gender includes any gender and the singular number includes the plural number, and vice
                                            versa;

 

		(vii)	“include”
                                            or “including” is to be construed as incorporating “but not limited
                                            to” or “without limitation”;

 

		(viii)	a
                                            “calendar month” means a period starting on one (1) day in a calendar
                                            month and ending on the numerically corresponding day in the next calendar month, except
                                            that: (A) if the numerically corresponding day is not a Business Day, that period shall end
                                            on the next Business Day in that calendar month in which that period is to end if there is
                                            one, or if there is not, on the immediately preceding Business Day and (B) if there is no
                                            numerically corresponding day in the calendar month in which that period is to end, that
                                            period shall end on the last Business Day in that calendar month; and

 

		(ix)	“Clauses”,
                                            and “Schedules” are to the clauses of, and the schedules to, this Agreement
                                            (unless the context otherwise requires). The Schedules form part of this Agreement and have
                                            the same force and effect as if expressly set out in the body of this Agreement.

 

	1.3	Clause
                                            headings contained in this Agreement are for reference purposes only and shall not affect
                                            in any way the meaning or interpretation of this Agreement.

 

	1.4	Any
                                            thing or obligation to be done under the Finance Documents which is required or falls to
                                            be done on a stipulated day shall be done on the next Business Day, if the day upon which
                                            that thing or obligation is required or falls to be done falls on a day which is not a Business
                                            Day.

 

	2.	Loan

 

	2.1	The
                                            Lender makes available to the Borrower a convertible loan (the
                                            “Loan”) equal to the Loan Amount in
                                            six tranches (each a “Tranche”) on the following dates, subject in all
                                            respects to the Initial Drawdown Condition, and in the following amounts:

 

		(a)	15
                                            March 2022, USD 3,000,000;

 

		(b)	15
                                            April 2022, USD 3,000,000;

 

		(c)	15
                                            May 2022, USD 3,000,000;

 

		(d)	15
                                            June 2022, USD 9,000,000;

 

		(e)	15
                                            September 2022, USD 9,000,000; and

 

		(f)	15
                                            December 2022, USD 9,000,000.

 

	2.2	Each
                                            Tranche shall be disbursed by the Lender into the Borrower’s Bank Account on the respective
                                            Drawdown Date.

 

	2.3	Where
                                            the Initial Drawdown Condition has not been satisfied on or prior to the Initial Drawdown
                                            Date, the Initial Drawdown Date shall be the first Business Day following satisfaction of
                                            the Initial Drawdown Condition and the subsequent Drawdown Dates shall be amended accordingly.

 

	3.	Conditions
                                            of Loan

 

	3.1	The
                                            obligation of the Lender to make available the Loan to the Borrower on a Drawdown Date shall
                                            be conditional upon the following (“Conditions Precedent”):

 

		(a)	a
                                            copy of this Agreement and the Transaction Security Document duly executed by the Borrower;

 

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		(b)	a
                                            formal written request (a “Drawdown Request”) not less than 3 Business
                                            Days prior to each Drawdown Date from the Borrower to the Lender to borrow an amount not
                                            exceeding the amount of the relevant Tranche detailed in Clause ‎2.1 above;

 

(c)
a copy of a resolution of the board of directors and
(if required by applicable law, regulation, listing requirements or the constitutional documents of the Borrower) shareholders of the
Borrower:

 

		(A)	approving
                                            the terms of and the transactions contemplated by the Finance Documents and resolving that
                                            it execute, deliver and perform the Finance Documents;

 

		(B)	authorising
                                            a specified person or persons to execute the Finance Documents on its behalf; and

 

		(C)	authorizing
                                            a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
                                            (including, if relevant, any Drawdown Request) to be signed and/or despatched by it under
                                            or in connection with the Finance Documents;

 

		(i)	in
                                            respect of the Initial Drawdown Date, a copy of the resolution of the shareholders of Digivault
                                            Limited amending the articles of association of Digivault Limited to remove certain restrictions
                                            on the transfer of shares; and

 

		(d)	all
                                            the representations and warranties set out in this Agreement being accurate and correct in
                                            all material respects at, and as if made on, that Drawdown Date.

 

	3.2	The
                                            Borrower undertakes to use the proceeds of the Loan for the purposes of financing the operations
                                            and growth of the Borrower and other general corporate
                                            purposes.

 

	4.	Interest

 

	4.1	Subject
                                            to Clause ‎4.4 below, each Tranche of the Loan shall accrue interest at the rate of 4%
                                            per annum until such time as the amount outstanding under such Tranche is either repaid to
                                            the Lender or converted into Ordinary Shares pursuant to this Agreement (“Interest”).

 

	4.2	The
                                            Borrower shall pay accrued interest on a Tranche on the Maturity Date of that Tranche.

 

	4.3	Any
                                            Interest payable under this Agreement shall be calculated according to the actual number
                                            of days elapsed and a year of 365 days.

 

	4.4	Where
                                            the Conversion Right attached to all (or a portion) of a Tranche shall have been validly
                                            exercised, Interest shall cease to accrue on all (or a portion) of such Tranche so converted
                                            from and including the relevant Conversion Date.

 

	4.5	If
                                            the Borrower fails to pay any amount payable by it under a Finance Document on its due date,
                                            interest shall accrue on the overdue amount from the due date up to the date of actual payment
                                            (both before and after judgment) at a rate which is two (2) per cent. per annum higher than
                                            the rate which would have been payable if the overdue amount had, during the period of non-payment,
                                            constituted a Loan. Any interest accruing under this Clause ‎4.5 shall be immediately
                                            payable by the Borrower on demand by the Lender.

 

	5.	Tax
                                            gross-up and indemnity

 

	5.1	If
                                            the Borrower or any member of the Group is compelled by law to make any deduction or withholding
                                            from any sum payable under any Finance Document to the Lender, the sum so payable by the
                                            Borrower or any member of the Group shall be increased so as to result in the receipt by
                                            Lender of a net amount equal to the full amount expressed to be payable under the relevant
                                            Finance Document.

 

	5.2	The
                                            Borrower shall (within three Business Days of demand) pay to the Lender an amount equal to
                                            the loss, liability or cost which the Lender determines will be or has been (directly or
                                            indirectly) suffered for or on account of tax by the Lender in respect of a Finance Document.

 

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	6.	Conversion

 

	6.1	The
                                            Lender may in its sole and absolute discretion, at any time while any part of the Loan remains
                                            outstanding, convert all (or a portion) of a Tranche (and all accrued but unpaid Interest
                                            under this Agreement in connection with all (or a portion) of the relevant Tranche being
                                            converted) (the “Conversion Amount”) into Ordinary Shares. Such conversion
                                            right shall be exercised in accordance with Clause ‎7 (Conversion Procedure).

 

	6.2	Subject
                                            to Clause ‎6.4, the Conversion Amount shall be converted into such number of Ordinary
                                            Shares at the Conversion Price (“Conversion Shares”). The number of Conversion
                                            Shares to be issued on a conversion of any portion (or all) of a Tranche pursuant to this
                                            Clause ‎6 shall be determined by dividing the amount to be converted by the Conversion
                                            Price in effect at the Conversion Date. The Parties hereby agree and confirm that in the
                                            event that the number of Conversion Shares to be allotted and issued to the Lender pursuant
                                            to this Clause ‎6.2 is not a whole number, such number of Conversion Shares to be allotted
                                            and issued to the Lender shall be rounded down to the nearest whole number. The Parties further
                                            agree that fractions of Shares will not be issued on any conversion and no cash adjustments
                                            will be made by the Borrower in respect thereof.

 

	6.3	The
                                            Conversion Shares shall be credited as fully paid up and free from all encumbrances, and
                                            will rank pari passu in all respects with the then existing Ordinary Shares.

 

	6.4	Notwithstanding
                                            anything to the contrary set out in this Agreement, the Lender shall not exercise its Conversion
                                            Right to the extent that to do so would:

 

		(a)	cause
                                            any breach by the Borrower of any law or regulation applicable to it; or

 

		(b)	(unless
                                            a requisite waiver from the provisions of the Singapore Takeover Code has been obtained)
                                            cause the Lender to hold more than 29.9% of the entire issued share capital of the Borrower.

 

	7.	Conversion
                                            Procedure

 

	7.1	Conversion
                                            Notice

 

To
exercise the Conversion Right attaching to a Tranche (including any portion thereof), the Lender shall complete, execute and deliver
a Notice of Conversion to the Borrower.

 

	7.2	Conversion
                                            Date

 

The
conversion date in respect of a Tranche (or any portion thereof) (the “Conversion Date”) shall be the next Business
Day following the date of the relevant Conversion Notice.

 

	7.3	Issue
                                            of Conversion Shares and Registration

 

As
soon as practicable on or before the tenth Business Day after the Conversion Date, the Borrower shall (upon exercise by the Lender of
the Conversion Right and in respect of which a duly completed Conversion Notice has been delivered as required by this Clause ‎7)
issue to the Lender (or such other person designated for the purpose in the Conversion Notice) the relevant numbers of Conversion Shares
and shall immediately upon the issue of those Conversion Shares, file the return of allotment of shares with the Accounting and Corporate
Regulatory Authority of Singapore in relation to the Lender (or such other person designated for the purpose in the Conversion Notice)
in the share register of the Borrower as the holder of those Conversion Shares as at the Conversion Date.

 

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	8.	Repayment
                                            of Loan

 

Subject
to Clause ‎6, the Borrower shall repay the full outstanding amount of each Tranche (which for the avoidance of doubt, shall not include
any portion of such Tranche that has been converted into Conversion Shares), together with accrued but unpaid Interest, to the Lender
on each Maturity Date and, with respect to the final Tranche, on the Termination Date.

 

	9.	Appointment
                                            of Directors and Officers

 

	9.1	On
                                            and from the date of this Agreement and for so long as any amount of the commitment and/or
                                            Loan and/or accrued Interest remain outstanding under the Finance Documents, the Lender shall
                                            have the right (subject to applicable law) to appoint the following officers of the Borrower:

 

		(a)	Chief
                                            Executive Officer;

 

		(b)	Chief
                                            Financial Officer; and

 

		(c)	Chief
                                            Legal Officer.

 

	9.2	On
                                            and from the date of this Agreement and for so long as any amount of the commitment
                                            and/or Loan and/or accrued Interest remain outstanding under the Finance Documents,
                                            the Lender shall be entitled to appoint two of the appointees
                                            specified in Clause ‎9.1 above as directors of the Borrower, provided that each such
                                            appointment shall be made in accordance with the constitutional documents of the Borrower
                                            and applicable laws, regulations and listing requirements.

 

	9.3	The
                                            Lender shall provide all reasonable assistance and cooperation in the provision of such documents,
                                            information, action and other assistance that the Borrower may reasonably require to effect
                                            any appointment contemplated under Clauses ‎9.1 and ‎9.2 above and to maintain the
                                            FCA Registration of Digivault. 

 

	10.	FCA

 

	10.1	If
                                            the UK Financial Conduct Authority expresses any objection to any shareholder of the Lender
                                            becoming a beneficial owner (as such term is defined under The Money Laundering, Terrorist
                                            Financing and Transfer of Funds (Information on the Payer) Regulations 2017) of Digivault
                                            Limited as a result of the entry into the Finance Documents:

 

		(a)	the
                                            Lender has the right to propose new prospective investors in the Borrower to the Borrower;

 

		(b)	the
                                            Borrower may agree to any investment proposed by any such new investor, with the prior written
                                            consent of the Lender; and

 

		(c)	the
                                            Lender has the right to:

 

		(i)	sell
                                            its shares in the Borrower to any such new investor in priority to any shares held by any
                                            other shareholder in the Borrower or any new issuance of shares by the Borrower;

 

		(ii)	have
                                            any amounts outstanding under the Finance Documents repaid out of the proceeds of such new
                                            investment; and

 

		(iii)	cancel
                                            any undrawn and outstanding commitments under the Finance Documents, up to the total amount
                                            of such new investment (after taking into account any amounts of such new investment expended
                                            under sub-paragraphs (i) and (ii) above)).

 

	11.	Company’s
                                            Undertakings

 

	11.1	The
                                            Borrower shall, and shall ensure that each member of the Group will, so long as any amount
                                            of the Loan and/or accrued Interest remain outstanding to the Lender under the Finance Documents:

 

		(a)	promptly
                                            obtain, comply with and do all that is necessary to maintain in full force and effect any
                                            Authorisation (including the FCA Registration) required under any law or regulation of a
                                            Relevant Jurisdiction to:

 

		(i)	enable
                                            it to perform its obligations under the Finance Documents;

 

		(ii)	ensure
                                            the legality, validity, enforceability or admissibility in evidence of any Finance Document;
                                            and

 

		(iii)	carry
                                            on its business as conducted as at the date of this Agreement.

 

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		(b)	notify
                                            the Lender in writing of any Default (and the steps, if any, being taken to remedy it) promptly
                                            upon becoming aware of its occurrence and promptly following a request from the Lender supply
                                            a certificate signed by a director or senior officer on its behalf certifying that no Default
                                            is continuing (or if a Default is continuing, specifying the Default and the steps, if any,
                                            being taken to remedy it);

 

		(c)	comply
                                            in all material respects with all laws to which it may be subject, if failure so to comply
                                            would materially impair its ability to perform its obligations under the Finance Documents;
                                            and

 

		(d)	ensure
                                            that at all times any unsecured and unsubordinated claims of the Lender against it under
                                            the Finance Documents rank at least pari passu with the claims of all its other unsecured
                                            and unsubordinated creditors except those creditors whose claims are mandatorily preferred
                                            by laws of general application to companies.

 

	11.2	So
                                            long as any amount of the Loan and/or accrued Interest remain outstanding under the Finance
                                            Documents, the Borrower shall not, and shall ensure that no member of the Group will, (without
                                            the Lender’s prior written approval) undertake or incur any of the following:

 

		(a)	any
                                            single cost or expense in excess of USD 500,000, or monthly cumulative related costs or expenses
                                            in excess of USD 1,000,000;

 

		(b)	capital
                                            expenditures in excess of USD 100,000 per month;

 

		(c)	transactions
                                            with related parties;

 

		(d)	declare,
                                            make or pay any dividend or other distribution (whether in cash or in kind) on or in respect
                                            of its share capital;

 

		(e)	financial
                                            indebtedness other than any financial indebtedness incurred for the sole purpose of and contemporaneously
                                            with repaying a Tranche of the Loan on its Maturity Date in an amount not exceeding the amount
                                            required to repay such Tranche of the Loan on its Maturity Date and (in the case of the repayment
                                            of the final Tranche of the Loan) to cover the Borrower’s subsequent working capital
                                            requirements;

 

		(f)	create
                                            or permit to subsist any Security over any of its assets;

 

		(g)	

 

		(i)	sell,
                                            transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
                                            to or re-acquired by the Borrower or any other member of the Group;

 

		(ii)	sell,
                                            transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(iii)	enter
                                            into any arrangement under which money or the benefit of a bank or other account may be applied,
                                            set-off or made subject to a combination of accounts; or

 

		(iv)	enter
                                            into any other preferential arrangement having a similar effect,

 

in
circumstances where the arrangement or transaction is entered into primarily as a method of raising financial indebtedness or of financing
the acquisition of an asset (“Quasi-Security”);

 

		(h)	equity
                                            issuances other than (i) market making agreements with GSR Markets Limited, Parallel Management
                                            Limited and Kronos Asset Management Limited, provided such equity issuances are made in accordance
                                            with the terms of the corresponding market making agreements disclosed in the Data Room and/or
                                            (ii) for the sole purpose of and contemporaneously with repaying a Tranche of the Loan in
                                            an amount not exceeding the amount required to repay such Tranche of the Loan on its Maturity
                                            Date and (in the case of the repayment of the final Tranche of the Loan) to cover the Borrower’s
                                            subsequent working capital requirements;

 

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		(i)	payment
                                            or award of any bonus to staff or payment of any extraordinary compensation unless recommended
                                            to the Borrower’s Nomination and Compensation Committee by the Chief Executive Officer
                                            and the Chief Financial Officer and subsequently approved by such Committee; and

 

		(j)	prepayment
                                            of all of any part of the Loan other than as expressly permitted by the terms of this Agreement.

 

	12.	Representations
                                            and Warranties

 

	12.1	The
                                            Borrower makes the representations and warranties set out in this Clause 12.1 in respect
                                            of itself and each member of the Group to the Lender on the date of this Agreement and on
                                            each Drawdown Date:

 

		(a)	it
                                            is duly incorporated, validly existing and in good standing under the laws of its jurisdiction
                                            of incorporation;

 

		(b)	it
                                            has the power to enter into, perform and deliver, and has taken all necessary action to authorise
                                            its entry into, performance and delivery of, the Finance Documents, and the transactions
                                            contemplated by the Finance Documents;

 

		(c)	the
                                            obligations expressed to be assumed by it in each Finance Document are legal, valid, binding
                                            and enforceable obligations, enforceable against it in accordance with its terms;

 

		(d)	the
                                            entry into and performance by it of, and the transactions contemplated by, the Finance Documents
                                            and the granting of the Security do not and will not conflict with its constitutive documents,
                                            any agreement or arrangement to which it or its assets are bound, or any law, regulation
                                            or order to which it or its asset is bound or subject;

 

		(e)	no
                                            limits on its powers will be exceeded as a result of the borrowing, grant of security or
                                            giving of guarantees or indemnities contemplated by the Finance Documents to which it is
                                            a party;

 

		(f)	the
                                            execution and delivery of, and the performance by it of its obligations under, the Finance
                                            Documents to which it is a party and as contemplated therein will not require it to obtain
                                            any consent or approval of, or give any notice to or make any registration with, any governmental,
                                            regulatory or other authority which has not been obtained or made at the date hereof both
                                            on an unconditional basis and on a basis which cannot be revoked (save pursuant to any legal
                                            or regulatory entitlement to revoke the same other than by reason of any misrepresentation
                                            or misstatement);

 

		(g)	all
                                            Authorisations required to conduct its business have been obtained and are in full force
                                            and effect;

 

		(h)	the
                                            FCA Registration is in full force and effect;

 

		(i)	it
                                            is in compliance with all listing requirements of any stock exchange or regulatory authority
                                            on which its shares are admitted to trading;

 

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		(j)	no
                                            regulatory or governmental authority or any stock exchange has threatened or taken any steps
                                            to suspend and/or revoke any Authorisations (including, but not limited to, the FCA Registration)
                                            or listing;

 

		(k)	the
                                            choice of governing law of the Finance Documents will be recognized and enforced in its Relevant
                                            Jurisdictions and any judgment obtained in relation to a Finance Document in the jurisdiction
                                            of the governing law of that Finance Document will be recognized and enforced in its Relevant
                                            Jurisdiction;

 

		(l)	no
                                            corporate action, legal proceeding or other procedure or step described in Clause ‎13.6
                                            has been taken in relation to any member of the Group and none of the circumstances described
                                            in Clause ‎13.5 applies to any member of the Group;

 

		(m)	no
                                            Default is continuing or is reasonably likely to result from a utilisation of the Loan or
                                            the entry into, the performance of, or any transaction contemplated by, any Finance Document;

 

		(n)	save
                                            as disclosed in writing to the Lender prior to the date of this Agreement, any factual information
                                            provided to the Lender was true and accurate in all material respects as at the date of the
                                            relevant document containing the information (or as the case may be) as at the date the information
                                            is expressed to be given;

 

		(o)	so
                                            far as it is aware, it has conducted its business and affairs and dealt with its assets in
                                            all material respects in accordance with all applicable laws;

 

		(p)	no
                                            Security or Quasi-Security exists over all or any of the present or future assets of any
                                            member of the Group;

 

		(q)	the
                                            Transaction Security has or will have first ranking priority and is not subject to any prior
                                            ranking or pari passu ranking Security;

 

		(r)	the
                                            shares which are subject to the Transaction Security are fully paid or credited as fully
                                            paid and not subject to any option to purchase or similar rights;

 

		(s)	there
                                            are no actions, suits, claims or proceedings of material nature, pending or threatened against
                                            or affecting it or any of its property which, if adversely determined, would materially impair
                                            its ability to perform its obligations under the Finance Documents; and

 

		(t)	no
                                            order has been made or petition presented or resolution passed for the winding-up or administration
                                            of the Borrower or any member of the Group, and to the best of the knowledge, information
                                            and belief of the Borrower or any member of the Group, there are no grounds on which any
                                            person would be entitled to have the Borrower or any member of the Group wound-up or placed
                                            in administration.

 

	12.2	The
                                            Lender makes the representations and warranties set out in this Clause ‎12.2 to the Borrower
                                            on the date of this Agreement and on each Drawdown Date:

 

		(a)	it
                                            is duly incorporated, validly existing and in good standing under the laws of its jurisdiction
                                            of incorporation;

 

		(b)	it
                                            has the power to enter into, perform and deliver, and has taken all necessary action to authorise
                                            its entry into, performance and delivery of, the Finance Documents, and the transactions
                                            contemplated by the Finance Documents;

 

		(c)	the
                                            obligations expressed to be assumed by it in each Finance Document are legal, valid, binding
                                            and enforceable obligations, enforceable against it in accordance with its terms;

 

		(d)	the
                                            entry into and performance by it of, and the transactions contemplated by, the Finance Documents
                                            do not and will not conflict with its constitutive documents, any agreement or arrangement
                                            to which it or its assets are bound, or any law, regulation or order to which it or its asset
                                            is bound or subject; and

 

		(e)	no
                                            corporate action, legal proceeding or other procedure or step described in Clause ‎13.6
                                            has been taken in relation to it and none of the circumstances described in Clause ‎13.5
                                            applies to it.

 

	13.	Events
                                            of Default

 

Each
of the events or circumstances set out in this Clause ‎13 is an Event of Default (save for Clause ‎13.12 (Acceleration)).

 

	13.1	Non-payment

 

The
Borrower or any member of the Group does not pay on the due date any amount payable pursuant to a Finance Document at the place at and
in the currency in which it is expressed to be payable unless:

 

		(a)	its
                                            failure to pay is caused by administrative or technical error; and

 

		(b)	payment
                                            is made within 3 Business Days of its due date.

 

    	10

    	 

    

 

	13.2	Other
                                            obligations

 

		(a)	The
                                            Borrower or any member of the Group does not comply with any provision of the Finance Documents
                                            (other than those referred to in Clause ‎13.1 (Non-payment).

 

		(b)	No
                                            Event of Default under paragraph ‎(a) above will occur if the failure to comply is capable
                                            of remedy and is remedied within 20 Business Days of the earlier of (i) the Lender giving
                                            notice to the Borrower and (ii) the Borrower becoming aware of the failure to comply.

 

	13.3	Misrepresentation

 

		(a)	Any
                                            representation or statement made or deemed to be made by the Borrower or any member of the
                                            Group in the Finance Documents or any other document delivered by or on behalf of the Borrower
                                            or any member of the Group under or in connection with any Finance Document is or proves
                                            to have been incorrect or misleading when made or deemed to be made.

 

		(b)	No
                                            Event of Default under paragraph ‎(a) above will occur if the failure to comply is capable
                                            of remedy and is remedied within 20 Business Days of the earlier of (i) the Lender giving
                                            notice to the Borrower and (ii) the Borrower becoming aware of the failure to comply.

 

	13.4	Cross
                                            default

 

		(a)	Any
                                            financial indebtedness of any member of the Group is not paid when due nor within any originally
                                            applicable grace period.

 

		(b)	Any
                                            financial indebtedness of any member of the Group is declared to be or otherwise becomes
                                            due and payable prior to its specified maturity as a result of an event of default (however
                                            described).

 

		(c)	Any
                                            commitment for any financial indebtedness of any member of the Group is cancelled or suspended
                                            by a creditor of any member of the Group as a result of an event of default (however described).

 

		(d)	Any
                                            creditor of any member of the Group becomes entitled to declare any financial indebtedness
                                            of any member of the Group due and payable prior to its specified maturity as a result of
                                            an event of default (however described).

 

	13.5	Insolvency

 

		(a)	A
                                            member of the Group:

 

		(i)	is
                                            unable or admits inability to pay its debts as they fall due;

 

		(ii)	is
                                            deemed to, or is declared to, be unable to pay its debts under applicable law;

 

		(iii)	suspends
                                            or threatens to suspend making payments on any of its debts; or

 

		(iv)	by
                                            reason of actual or anticipated financial difficulties, commences negotiations with one or
                                            more of its creditors (excluding the Lender in its capacity as such) with a view to rescheduling
                                            any of its indebtedness.

 

		(b)	The
                                            value of the assets of any member of the Group is less than its liabilities (taking into
                                            account contingent and prospective liabilities).

 

		(c)	A
                                            moratorium is declared in respect of any indebtedness of any member of the Group. If a moratorium
                                            occurs, the ending of the moratorium will not remedy any Event of Default caused by that
                                            moratorium.

 

    	11

    	 

    

 

	13.6	Insolvency
                                            Proceedings

 

		(a)	Any
                                            corporate action, legal proceedings or other procedure or step is taken in relation to:

 

		(i)	the
                                            suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
                                            or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of
                                            any member of the Group;

 

		(ii)	a
                                            composition, compromise, assignment or arrangement with any creditor of any member of the
                                            Group;

 

		(iii)	the
                                            appointment of a liquidator, receiver, administrative receiver, administrator, compulsory
                                            manager or other similar officer in respect of any member of the Group or any of their assets;
                                            or

 

		(iv)	enforcement
                                            of any Security over any assets of any member of the Group,

 

or
any analogous procedure or step is taken in any jurisdiction.

 

		(b)	Paragraph
                                            ‎(a) shall not apply to any winding-up petition which is frivolous or vexatious and is
                                            discharged, stayed or dismissed within 14 days of commencement.

 

	13.7	Creditors’
                                            Process

 

Any
expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets
of a member of the Group and is not discharged within 30 days.

 

	13.8	Cessation
                                            of business

 

Any
member of the Group suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

 

	13.9	Expropriation

 

The
authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure,
expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority
or other person in relation to any member of the Group or any of its assets.

 

	13.10	Repudiation
                                            and rescission of agreements

 

Any
member of the Group rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or any of the Transaction
Security or evidences an intention to rescind or repudiate a Finance Document or any Transaction Security

 

	13.11	Acceleration

 

On
and at any time after the occurrence of an Event of Default, the Lender may:

 

		(a)	by
                                            notice to the Borrower:

 

		(i)	cancel
                                            the Loan at which time the Loan shall be immediately cancelled any undrawn Tranche shall
                                            immediately cease to be available for utilisation;

 

		(ii)	declare
                                            that all or part of the Loan, together with accrued interest and all other amounts accrued
                                            or outstanding under the Finance Documents be immediately due and payable, at which time
                                            they shall become immediately due and payable; and/or

 

		(iii)	that
                                            all or part of the Loan be payable on demand, at which time it shall immediately become payable
                                            on demand by the Lender; and/or

 

		(b)	exercise
                                            any or all of its rights, remedies, powers or discretions under the Finance Documents.

 

    	12

    	 

    

 

	14.	General
                                            Terms

 

	14.1	Entire
                                            Agreement

 

The
Parties expressly acknowledge that they have read this Agreement and have understood its provisions. No promise, inducement, representation
or agreement other than as expressly set forth in this Agreement has been made to or by the Parties. The Parties agree that this Agreement,
the Schedules hereto and all other documents referred to herein, shall constitute the entire agreement between them with respect to the
subject matters of this Agreement, and shall supersede all prior or contemporaneous proposals, agreements and all other communications
(whether written or oral, express or implied) entered into between the Parties in respect of the matters dealt with in it.

 

	14.2	Duration
                                            and Termination

 

This
Agreement shall terminate and cease to have any further force or effect upon the full repayment by the Borrower of all amounts due and
owing to the Lender under the Finance Documents, upon the issuance of Conversion Shares, together with any amounts in excess of the Maximum
Conversion Amount, in an amount equal to repay the Loan in full (as the case may be), or with the agreement of the Parties hereto in
writing, whichever is earlier.

 

	14.3	Relationship
                                            of the Parties

 

This
Agreement shall not constitute or imply any partnership, joint venture, agency, fiduciary relationship or other relationship among the
Parties.

 

	14.4	Assignment

 

		(a)	The
                                            Borrower shall not transfer or assign all or any of its rights, obligations or benefits hereunder
                                            in whole or in part to any third party, unless with the prior written consent of the Lender.

 

		(b)	The
                                            Lender shall be permitted to transfer or assign all or any of its rights, obligations or
                                            benefits hereunder in whole or in part to any of its affiliates (including but not limited
                                            to its holding companies, subsidiaries and persons under common control with it) without
                                            the consent of the Borrower, provided such transfer or assignment is made to a person that
                                            satisfies the “know your customer” checks conducted by the Borrower pursuant
                                            to the applicable laws, regulations and listing rules (the “AML Proviso”).
                                            The Lender shall be permitted to transfer or assign all or any of its rights, obligations
                                            or benefits hereunder in whole or in part to any other person, subject to the AML Proviso
                                            and provided that the Lender’s rights under Clauses 9 and 11.2 shall not be assignable
                                            to any such other person without the Borrower’s prior written consent and the Conversion
                                            Price shall be separately agreed between the Borrower and such other person.

 

		(c)	All
                                            the terms and conditions of this Agreement shall be binding upon and inure to the benefit
                                            of the Parties and their respective permitted assigns and successors-in-title.

 

	14.5	Severance

 

If
any term of this Agreement is held by a court of competent jurisdiction to be wholly or partly illegal, invalid or unenforceable, the
same shall be deemed to be deleted from this Agreement and be of no force and effect, whereas the other terms hereof shall remain in
full force and effect. In the event of such deletion, and if the commercial basis of this Agreement is, whether by reason of any illegality
or change in circumstances, substantially altered, the Parties shall review and agree on revisions mutually acceptable to them which
shall most closely reflect their original intent and purposes in place of the terms so deleted.

 

	14.6	Further
                                            Assurance

 

		(a)	The
                                            Borrower and each member of the Group shall promptly do all such acts or execute all such
                                            documents (including assignments, transfers, mortgages, charges, notices and instructions)
                                            as the Lender may reasonably specify (and in such form as the Lender may reasonably require
                                            in favour of the Lender or its nominee(s)):

 

		(i)	to
                                            perfect the Security created or intended to be created under or evidenced by the Transaction
                                            Security Document (which may include the execution of a mortgage, charge, assignment or other
                                            Security over all or any of the assets which are, or are intended to be, the subject of the
                                            Transaction Security) or for the exercise of any rights, powers and remedies of the Lender
                                            provided by or pursuant to the Finance Documents or by law; and/or

 

    	13

    	 

    

 

		(ii)	to
                                            facilitate the realisation of the assets which are, or are intended to be, the subject of
                                            the Transaction Security.

 

		(b)	The
                                            Borrower and each member of the Group shall take all such action as is available to it (including
                                            making all filings and registrations) as may be necessary for the purpose of the creation,
                                            perfection, protection or maintenance of any Security conferred or intended to be conferred
                                            on the Lender by or pursuant to the Finance Documents.

 

	14.7	Future
                                            discussions

 

No
later than three calendar months following the date of this Agreement, the Parties shall discuss in good faith a merger (or similar process)
between the Lender and the Borrower such that the shareholders of the Lender shall ultimately own between 98% and 98.5% of the entire
issued share capital of the Borrower.

 

	14.8	Amendments

 

No
amendment, modification of or addition to any provision of this Agreement shall be effective unless made in writing and signed by the
duly authorised representatives of the Parties.

 

	14.9	Costs

 

Each
Party shall bear and pay its own costs and expenses in connection with the preparation of this Agreement, including without limitation,
the fees of legal advisers incurred in connection with the preparation and negotiation of this Agreement.

 

	14.10	Notices

 

		(a)	All
                                            notices or other communications under or in connection with this Agreement shall be in English
                                            and in writing and sent by courier or pdf attachment to an e-mail addressed to the intended
                                            recipient thereof at its address or e-mail address as notified by each Party to the other
                                            prior to the first Drawdown Date (or to such other address or e-mail address as any Party
                                            may from time to time notify the other Party).

 

		(b)	Any
                                            such notice or communication shall be deemed to have been served on and received by the addressee:

 

		(i)	if
                                            sent by courier, at the time that its receipt is signed for, whether or not the person signing
                                            for such receipt has authority to do so; and

 

		(ii)	if
                                            sent by e-mail, at the time of its transmission, provided that no notification was received
                                            by the sender that the e-mail was undeliverable and that where transmission occurs after
                                            6:00 p.m. on a working day or on a day which is not a Business Day, service shall be deemed
                                            to occur at 9:00 a.m. on the next following Business Day.

 

	14.11	Third
                                            Party Rights

 

A
person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of
this Agreement.

 

	14.12	Counterparts

 

This
Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument.
Any Party may enter into this Agreement by signing any counterpart and each counterpart may be signed and executed by the Parties and
transmitted by electronic transmission and shall be valid and effectual as if executed as an original.

 

	14.13	Governing
                                            Law

 

This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

    	14

    	 

    

 

	14.14	Jurisdiction

 

		(a)	The
                                            courts of England have exclusive jurisdiction to settle any dispute arising out of or in
                                            connection with this Agreement (including a dispute relating to the existence, validity or
                                            termination of this Agreement or any non-contractual obligation arising out of or in connection
                                            with this Agreement) (a “Dispute”).

 

		(b)	The
                                            Parties agree that the courts of England are the most appropriate and convenient courts to
                                            settle Disputes and accordingly no Party will argue to the contrary.

 

		(c)	Notwithstanding
                                            paragraphs ‎(a) and ‎(b) above, the Lender shall not be prevented from taking proceedings
                                            relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law,
                                            the Lender may take concurrent proceedings in any number of jurisdictions.

 

		(d)	Without
                                            prejudice to any other mode of service allowed under any relevant law, the Borrower:

 

		(i)	irrevocably
                                            appoints Digivault, as its agent for service of process in relation to any proceedings before
                                            the English courts in connection with any Finance Document; and

 

		(ii)	agrees
                                            that failure by an agent for service of process to notify the Borrower of the process will
                                            not invalidate the proceedings concerned.

 

(the
rest of this page is intentionally left blank)

 

    	15

    	 

    

 

SCHEDULE
1 

 

FORM
OF CONVERSION NOTICE

 

	To:	Eqonex Limited as Borrower
	 
	From:	 Bifinity UAB as Lender

 

Dated:
    _______________

 

Eqonex
Limited — Convertible Loan Agreement dated __ March 2022 (as amended and/or amended and restated from time to time) (the “Agreement”)

 

	1.	We
                                            refer to the Agreement. This letter shall take effect as a Conversion Notice for the purpose
                                            of the Agreement. Terms defined in or construed for the purpose of the Deed have the same
                                            meaning in this letter unless given a different meaning in this letter.

 

	2.	We
                                            refer to clause 6 (Conversion) of the Agreement and hereby irrevocably elect to convert [all
                                            or a portion of the outstanding principal amount] of the Tranche (the Conversion Tranche)
                                            drawn on _______________ and all accrued but unpaid Interest outstanding in connection therewith
                                            under the Agreement specified below into the fully paid Conversion Shares in accordance with
                                            terms of the Agreement.

 

		(a)	Total
                                            outstanding US$ principal amount of all or a portion of the Conversion Tranche and all accrued
                                            but unpaid Interest outstanding in connection therewith under the Agreement, that needs to
                                            be converted:

 

Total
outstanding US$ principal amount of all or a portion of the Conversion Tranche: USD_______________

 

Accrued
but unpaid Interest outstanding amounts: _______________

 

		(b)	Name(s)
                                            and address(es) of person(s) and/or their respective nominee(s) in whose name(s) the Conversion
                                            Shares required to be delivered on exercise of the Conversion Right are to be registered
                                            in the Register of Members on the pursuant to the Agreement:

 

	Name
    of the person and/or its 

nominee	 	Address	 	Number
    of Conversion

 Shares to be allotted and issued
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

		(c)	[We
                                            hereby request that the certificates for the Conversion Shares, be dispatched (at our risk
                                            and expense) to the person whose name, contact person, address, are given below and in the
                                            manner specified below:

 

[
]

 

	3.	This
                                            letter and any non-contractual obligations arising out of or in connection with it are governed
                                            by English law.

 

for
and on behalf of

 

BIFINITY
UAB

 

	 	 
	Name:	 
	Title:	 

 

    	16

    	 

    

 

SIGNATURE
PAGE

 

	 	 
	LENDER	 
	 	 
	Signed by	 
	 	 
	/s/ Jonathan Farnell	 
	for and on behalf of BIFINITY UAB	 
	Name: Jonathan Farnell	 
	Title: CEO	 
	 	 
	BORROWER	 
	 	 
	Signed by	 
	 	 
	/s/ Yoon Chi Won	 
	for and on behalf of EQONEX LIMITED	 
	Name: Yoon Chi Won	 
	Title: Chairman	 

 

    	17

    	 

    

 

Amendment
Agreement to Convertible Loan Agreement

 

This
amendment agreement is made as of 11 March 2022 (this “Amendment”) between

 

	(1)	BIFINITY
                                            UAB, a company established under the laws of the Republic of Lithuania and having its
                                            registered office at Didžioji st. 18, Vilnius, Republic of Lithuania with registration
                                            number 305595206 (the “Lender”);
                                            and

 

	(2)	EQONEX
                                            LIMITED, a limited liability company incorporated under the laws of Singapore, the shares
                                            of which are listed on the Nasdaq Stock Market (stock code NASDAQ: EQOS) (the “Borrower”),

 

(collectively,
the “Parties” and each a “Party”).

 

WHEREAS

 

	(A)	the
                                            Borrower and the Lender entered into a Convertible Loan Agreement, dated as of 7 March 2022
                                            (the “Agreement”) and a Share Charge, dated as of 10 March 2022 (the “Original
                                            Share Charge”);

 

	(B)	the
                                            Borrower and Lender hereby desire to amend the Agreement in accordance with the terms set
                                            out in this Amendment and to terminate the Original Share Charge; and

 

	(C)	the
                                            Lender and Diginex (as defined below), a wholly-owned subsidiary of the Borrower, intend
                                            to enter into a new share charge in respect of 24.9% of the share capital of Digivault on
                                            or about the date hereof.

 

NOW
IT IS HEREBY AGREED as follows:

 

	1.	Amendments

 

	1.1	The
                                            following amendments shall be made to the Agreement on and from the date of this Amendment:

 

		(a)	The
                                            following new definition is added to clause 1.1 of the Agreement:

 

““Diginex”
means Diginex Limited, a company incorporated under the laws of Hong Kong with company number 2540890 and with its registered office
address at Suites 1206-1209, Level 12, Three Pacific Place, 1 Queen’s Road East, Hong Kong.”

 

		(b)	The
                                            definition of “Transaction Security Document” in clause 1.1 of the Agreement
                                            is deleted and replaced in its entirety with the following:

 

““Transaction
Security Document” means the share charge granted by Diginex in favour of the Lender over 24.9% of the shares of Digivault.”

 

		(c)	Clause
                                            1.2(i) of the Agreement is deleted and replaced in its entirety with the following:

 

“a
“Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement
or instrument as amended, novated, supplemented, extended, restated (however fundamentally and whether or not more onerously) or replaced
and includes any change in the purpose of, any extension of or any increase in any loan or the addition of any new facility under that
Finance Document or other agreement or instrument;”

 

		(d)	Clause
                                            1.2(ii) of the Agreement is deleted and replaced in its entirety with the following:

 

“the
“Borrower”, the “Lender”, any “Party”, “Diginex” or any other
person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights
and/or obligations under the relevant Finance Document;”

 

		(e)	Clause
                                            3.1(a) of the Agreement is deleted and replaced in its entirety with the following:

 

“a
copy of this Agreement duly executed by the Borrower and the Transaction Security Document duly executed by Diginex;”

 

    	1

     

    

 

		(f)	The
                                            word “and” at the end of clause 3.1(d) of the Agreement is deleted.

 

		(g)	The
                                            full stop at the end of clause 3.1(e) is deleted and replaced with “; and”.

 

		(h)	The
                                            following is added as a new clause 3.1(f) of the Agreement:

 

“a
copy of a resolution of the board of directors and (if required by applicable law, regulation, listing requirements or the constitutional
documents of Diginex) shareholders of Diginex:

 

		(i)	approving
                                            the terms of and the transactions contemplated by the Finance Documents to which it is a
                                            party and resolving that it execute, deliver and perform such Finance Documents;

 

		(ii)	authorising
                                            a specified person or persons to execute the Finance Documents to which it is a party on
                                            its behalf; and

 

		(iii)	authorizing
                                            a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
                                            to be signed and/or despatched by it under or in connection with the Finance Documents to
                                            which it is a party.”

 

		(i)	The
                                            following is added as a new Clause 11.3 of the Agreement:

 

“So
long as any amount of the Loan and/or accrued Interest remain outstanding under the Finance Documents, the Borrower shall ensure that
it legally and beneficially owns (directly or indirectly) 100% of the issued share capital of Diginex.”

 

	2.	Termination
                                            of the Original Share Charge

 

	2.1	The
                                            Borrower and the Lender hereby agree that, on and from the date of this Agreement, the Original
                                            Share Charge shall hereby be terminated and shall have no further force and effect, and any
                                            security purported to be granted thereunder is hereby released.

 

	3.	Miscellaneous

 

	3.1	Capitalized
                                            terms used but not defined herein have the meanings set forth in the Agreement.

 

	3.2	Any
                                            reference in this Amendment to a “Finance Document” or any other agreement
                                            or instrument is a reference to that Finance Document or other agreement or instrument as
                                            amended, novated, supplemented, extended, restated (however fundamentally and whether or
                                            not more onerously) or replaced and includes any change in the purpose of, any extension
                                            of or any increase in any loan or the addition of any new facility under that Finance Document
                                            or other agreement or instrument.

 

	3.3	This
                                            Amendment and any non-contractual obligations arising out of or in connection with it are
                                            governed by English law.

 

	3.4	Clauses
                                            1.2, 14.5 (Severance), 14.11 (Third party rights), 14.12 (Counterparts)
                                            and 14.14 (Jurisdiction) of the Agreement shall be incorporated herein by reference
                                            mutatis mutandis.

 

	3.5	On
                                            and from the date of this Amendment, the Agreement and this Amendment shall be read and construed
                                            as one document.

 

	3.6	On
                                            and from the date of this Amendment, references in the Agreement to “this Agreement”,
                                            “hereunder”, “herein” and like terms or to any provision of the Agreement
                                            shall be construed as a reference to the Agreement as amended by this Amendment.

 

[Signature
Page Follows]

 

    	2

     

    

 

SIGNATURE
PAGE

 

	 	 
	LENDER	 
	 	 
	Signed by	 
	 	 
	/s/ Jonathan Farnell	 
	for and on behalf of BIFINITY UAB	 
	Name: Jonathan Farnell	 
	Title: CEO	 
	 	 
	BORROWER	 
	 	 
	Signed by	 
	 	 
	/s/ Yoon Chi Won	 
	for and on behalf of EQONEX LIMITED	 
	Name: Yoon Chi Won	 
	Title: Chairman	 

 

    	 

     

    

 

Second
Amendment Agreement to Convertible Loan Agreement

 

This
second amendment agreement (this “Amendment”) is made as of 15 August 2022 between:

 

	(1)	BIFINITY
    UAB, a company established under the laws of the Republic of Lithuania and having its registered office at J. Balcikonio st.
    3, Vilnius, Republic of Lithuania with registration number 305595206 (the “Lender”); and
	 	 
	(2)	EQONEX
    LIMITED, a limited liability company incorporated under the laws of Singapore, the shares of which are listed on the Nasdaq Stock
    Market (stock code NASDAQ: EQOS) (the “Borrower”),
	 	 
	 	(collectively,
    the “Parties” and each a “Party”).

 

WHEREAS

 

	(A)	the
    Borrower and the Lender entered into a Convertible Loan Agreement dated as of 7 March 2022 (the “Agreement”),
    as subsequently amended by an amendment agreement between the same parties dates as of 11 March 2022 (the “Convertible Loan
    First Amendment Agreement”) (the Agreement as so amended by the Convertible Loan First Amendment Agreement, the “First
    Amended Agreement”).
	 	 
	(B)	as
    a condition precedent to the First Amendment Agreement, the Lender and Diginex (as defined in the First Amended Agreement), a wholly-owned
    subsidiary of the Borrower, entered into the Transaction Security Document (as defined in the First Amendment Agreement) in respect
    of the shares in Digivault (as defined in the First Amendment Agreement).
	 	 
	(C)	the
    Lender and Diginex now intend to enter into the Transaction Security Document Amendment Deed (as defined) on or around the date of
    this Amendment to amend the Transaction Security Document.
	 	 
	(D)	the
    Borrower and Lender hereby desire to amend the First Amended Agreement in accordance with the terms set out in this Amendment to
    reflect the entry into the Transaction Security Document Amendment Deed.

 

NOW
IT IS HEREBY AGREED as follows:

 

	1.	Amendments
	 	 
	1.1	The
    following amendments shall be made to the Agreement on and from the date of this Amendment:

 

	 	(a)	The
    following new definition is added to clause 1.1 of the Agreement:
	 	 	 
	 	(b)	““Convertible
    Loan First Amendment Agreement” means the amendment agreement dated as of 11 March 2022 between the Lender and the Borrower
    amending this Agreement.”
	 	 	 
	 	(c)	The
    following new definition is added to clause 1.1 of the Agreement:
	 	 	 
	 	 	““Convertible
    Loan Second Amendment Agreement” means the amendment agreement dated as of 15 August 2022 between the Lender and the Borrower
    amending this Agreement.”
	 	 	 
	 	(d)	The
    following new definition is added to clause 1.1 of the Agreement:
	 	 	 
	 	 	““Transaction
    Security Document Amendment Deed” means the amendment deed dated as of 15 August 2022 between Diginex and the Lender amending
    the Transaction Security Document to cover 100% of the shares in Digivault from time to time.”
	 	 	 
	 	(e)	The
    definition of “Finance Document” in clause 1.1 of the Agreement is deleted and replaced in its entirety with the
    following:
	 	 	 
	 	 	““Finance
    Document” means this Agreement, the Convertible Loan First Amendment Agreement, the Convertible Loan Second Amendment Agreement,
    the Transaction Security Document, the Transaction Security Document Amendment Deed, any Drawdown Request and any other document
    designated as a “Finance Document” by the Lender and the Borrower.”

 

    	1

    	 

    

 

	 	(f)	The
    definition of “Transaction Security Document” in clause 1.1 of the Agreement is deleted and replaced in its entirety
    with the following:
	 	 	 
	 	 	““Transaction
    Security Document” means the share charge dated as of 11 March 2022 granted by Diginex in favour of the Lender over shares
    of Digivault, as amended by the Transaction Security Document Amendment Deed.”
	 	 	 
	 	(g)	Clause
    3.1(a) of the Agreement is deleted and replaced in its entirety with the following:
	 	 	 
	 	 	“copies
    of this Agreement, the Convertible Loan First Amendment Agreement and the Convertible Loan Second Amendment Agreement duly executed
    by the Borrower, and copies of the Transaction Security Document and the Transaction Security Document Amendment Deed duly executed
    by Diginex;”

 

	2.	Miscellaneous
	 	 
	2.1	Capitalized
    terms used but not defined herein have the meanings set forth in the Agreement.
	 	 
	2.2	Any
    reference in this Amendment to a “Finance Document” or any other agreement or instrument is a reference to that
    Finance Document or other agreement or instrument as amended, novated, supplemented, extended, restated (however fundamentally and
    whether or not more onerously) or replaced and includes any change in the purpose of, any extension of or any increase in any loan
    or the addition of any new facility under that Finance Document or other agreement or instrument.
	 	 
	2.3	This
    Amendment and any non-contractual obligations arising out of or in connection with it are governed by English law.
	 	 
	2.4	Clauses
    1.2, 14.5 (Severance), 14.11 (Third party rights), 14.12 (Counterparts) and 14.14 (Jurisdiction) of the
    First Amended Agreement shall be incorporated herein by reference mutatis mutandis. 
	 	 
	2.5	On
    and from the date of this Amendment, the First Amendment Agreement and this Amendment shall be read and construed as one document.
	 	 
	2.6	On
    and from the date of this Amendment, references in the Agreement to “this Agreement”, “hereunder”, “herein”
    and like terms or to any provision of the Agreement shall be construed as a reference to the First Amendment Agreement as amended
    by this Amendment.

 

[Signature
Page Follows]

 

    	2

    	 

    

 

SIGNATURE
PAGE

 

LENDER

 

Signed
by

 

	/s/
    Saulius Galatiltis	 
	 	 
	for
    and on behalf of BIFINITY UAB	 
	Name:
    Saulius Galatiltis	 
	Title:
    CEO	 

 

    	 

    	 

    

 

BORROWER

 

Signed
by

 

	/s/
    Yoon Chi Won	 
	 	 
	for
    and on behalf of EQONEX LIMITED	 
	Name:
    Yoon Chi Won	 
	Title:
    Chairman	 

 

    	 

    	 

    

 

DATED
AS OF 11 March 2022

 

DIGINEX
LIMITED

as
the Chargor

 

in
favour of

 

BIFINITY
UAB

as
Lender

 

SHARE
CHARGE

 

    	 

     

    

 

CONTENTS

 

	1.	DEFINITIONS
    AND INTERPRETATION	1
	 	 	
	 	1.1	Definitions	1
	 	1.2	Incorporation
    of defined terms	2
	 	1.3	Construction	2
	 	1.4	Third
    Party Rights	2
	 	 	 	 
	2.	SECURITY
    INTERESTS	2
	 	 	 
	 	2.1	Creation
    of Security Interests	2
	 	 	 	 
	3.	RESTRICTIONS
    ON DEALING WITH SECURITY ASSETS	3
	 	 	 
	 	3.1	Negative
    pledge	3
	 	3.2	Disposals	3
	 	 	 	 
	4.	FURTHER
    ASSURANCE	3
	 	 	 
	5.	SHARES	3
	 	 	 
	 	5.1	Notification	3
	 	5.2	Documents	3
	 	5.3	Voting
    before enforcement	4
	 	5.4	Voting
    after enforcement	4
	 	5.5	Cash
    dividends before enforcement	4
	 	5.6	Cash
    dividends after enforcement	4
	 	5.7	Shares
    held by nominees of the Chargor	4
	 	5.8	Payment
    of calls	4
	 	 	 	 
	6.	GENERAL
    UNDERTAKINGS	5
	 	 	 
	 	6.1	Information	5
	 	6.2	No
    other prejudicial conduct	5
	 	6.3	Persons
    with Significant Control regime	5
	 	 	 	 
	7.	REPRESENTATIONS
    AND WARRANTIES	5
	 	 	 
	8.	ENFORCEMENT
    OF SECURITY INTERESTS	5
	 	 	 
	 	8.1	When
    enforceable	5
	 	8.2	Enforcement
    action	5
	 	8.3	Law
    of Property Act powers	5
	 	 	 	 
	9.	LAW
    OF PROPERTY ACT	6
	 	 	 
	 	9.1	Section
    101	6
	 	9.2	Section
    103	6
	 	9.3	Section
    93	6
	 	 	 	 
	10.	APPOINTMENT
    OF RECEIVERS	6
	 	 	 
	 	10.1	Appointment
    of Receivers	6
	 	10.2	Agent
    of Chargor	6
	 	10.3	Remuneration
    of Receivers	6
	 	 	 	 
	11.	RIGHTS
    AND LIABILITIES OF THE LENDER AND RECEIVERS	6
	 	 	 
	 	11.1	Rights
    of Receivers	6
	 	11.2	Rights
    of the Lender	7
	 	11.3	Delegation	7
	 	11.4	Financial
    collateral arrangement	7
	 	11.5	Possession	7
	 	11.6	Lender’s
    liability	7

 

    	i

     

    

 

CONTENTS

(Continued)

 

	Clause	Subject
    Matter	Page
	 	 	 
	12.	ORDER
    OF APPLICATION	8
	 	 	 
	13.	POWER
    OF ATTORNEY	8
	 	 	 
	 	13.1	Appointment	8
	 	13.2	Ratification	8
	 	 	 	 
	14.	Protection
    of third parties	8
	 	 	 
	15.	Saving
    provisions	9
	 	 	 
	 	15.1	Continuing
    Security	9
	 	15.2	Reinstatement	9
	 	15.3	Waiver
    of defences	9
	 	15.4	Chargor
    intent	10
	 	15.5	Immediate
    recourse	10
	 	15.6	Appropriations	10
	 	15.7	Deferral
    of Chargor’s rights	10
	 	15.8	Additional
    security	11
	 	15.9	Tacking	11
	 	 	 	 
	16.	Discharge
    of Security	11
	 	 	 
	 	16.1	Final
    redemption	11
	 	16.2	Retention
    of security	11
	 	 	 	 
	17.	Costs
    and expenses	11
	 	 	
	 	17.1	Expenses	11
	 	 	 	 
	18.	PAYMENTS	12
	 	 	 
	 	18.1	Undertaking
    to pay	12
	 	18.2	Demands	12
	 	18.3	Payments	12
	 	18.4	Continuation
    of accounts	12
	 	18.5	Contingencies	12
	 	 	 	 
	19.	REMEDIES,
    WAIVERS AND DETERMINATIONS	12
	 	 	 
	 	19.1	Remedies
    and waivers	12
	 	19.2	Certificates
    and Determinations	12
	 	 	 	 
	20.	Separate
    and independent obligations	12
	 	 	 
	21.	COUNTERPARTS	13
	 	 	 
	22.	GOVERNING
    LAW	13
	 	 	 
	23.	ENFORCEMENT	13
	 	 	 
	 	SCHEDULE
    1 RIGHTS OF RECEIVERS	14

 

    	ii

     

    

 

SHARE
CHARGE

 

THIS
DEED is dated as of        11       March 2022 and made between:

 

	(1)	DIGINEX
                                            LIMTED, a company incorporated under the laws of Hong Kong with company number 2540890
                                            and with its registered office address at Suites 1206-1209, Level 12, Three Pacific Place,
                                            1 Queen’s Road East, Hong Kong (the “Chargor”); and

 

	(2)	BIFINITY
                                            UAB, a company established under the laws of the Republic of Lithuania with registration
                                            number 305595206 whose registered office is at Didžioji str. 18, Vilnius, the Republic
                                            of Lithuania as the lender and secured party under this Deed (the “Lender”).

 

Background

 

	(A)	Under
                                            the Loan Agreement, the Lender has agreed to make available to the Borrower a USD 36,000,000
                                            convertible loan.

 

	(B)	It
                                            is a condition precedent to that convertible loan being made available that the Chargor enters
                                            into this Deed.

 

	(C)	The
                                            Lender and the Chargor intend this document to take effect as a deed (even though the Lender
                                            only executes it under hand).

 

IT
IS AGREED as follows:

 

	1.	DEFINITIONS
                                            AND INTERPRETATION

 

	1.1	Definitions

 

In
this Deed:

 

“Borrower”
means Eqonex Limited, a limited liability company incorporated under the laws of Singapore, the shares of which are listed on the Nasdaq
Stock Market (stock code NASDAQ: EQOS).

 

“Company”
means Digivault Limited, a private limited company registered in England and Wales with company number 11722222.

 

“Delegate”
means a delegate or sub-delegate appointed by the Lender or a Receiver in accordance with this Deed.

 

“Finance
Document” has the meaning given to such term in the Loan Agreement.

 

“Insolvency
Act” means the Insolvency Act 1986.

 

“Law
of Property Act” means the Law of Property Act 1925.

 

“Loan
Agreement” means the convertible loan agreement dated on or around the date of this Deed between the Borrower as borrower and
the Lender as lender.

 

“Party”
means a party to this Deed.

 

“Quasi-Security”
has the meaning given to such term in the Loan Agreement.

 

“Receiver”
means a receiver and manager or other receiver appointed in respect of all or any part of the Security Assets and shall, if allowed by
law, include an administrative receiver.

 

    	1

     

    

 

“Related
Rights” means means all dividends, distributions and other income paid or payable on a Share, together with all shares or other
property derived from any Share and all other allotments, accretions, rights, benefits and advantages of all kinds accruing, offered
or otherwise derived from or incidental to that Share (whether by way of conversion, redemption, bonus, preference, option or otherwise).

 

“Secured
Liabilities” means all present and future liabilities and obligations at any time due, owing or incurred by the Borrower to
the Lender under the Finance Documents, both actual and contingent and whether incurred solely or jointly or as principal or surety or
in any other capacity.

 

“Security
Assets” means the assets which from time to time are, or are expressed to be, the subject of the Security Interests or any
part of those assets.

 

“Security
Interests” means all or any of the Security created or expressed to be created in favour of the Lender by or pursuant to this
Deed.

 

“Shares”
means, in relation to the Chargor, all its right, title and interest from time to time in and to:

 

		(a)	24.9%
                                            of the entire issued share capital, from time to time, of the Company; and

 

		(b)	warrants,
                                            options and other rights to subscribe for, purchase or otherwise acquire any such shares,

 

in
each case including any rights against any custodian, nominee, clearing system or other similar person holding such right, title or interest
on its behalf.

 

	1.2	Incorporation
                                            of defined terms

 

Unless
a contrary indication appears, terms defined in the Loan Agreement have the same meaning in this Deed.

 

	1.3	Construction

 

		(a)	Any
                                            reference in this Deed to a “Finance Document” or any other agreement
                                            or instrument is a reference to that Finance Document or other agreement or instrument as
                                            amended, novated, supplemented, extended, restated (however fundamentally and whether or
                                            not more onerously) or replaced and includes any change in the purpose of, any extension
                                            of or any increase in any loan or the addition of any new facility under that Finance Document
                                            or other agreement or instrument.

 

		(b)	The
                                            provisions in clause 1.2 of the Loan Agreement apply to this Deed, except that references
                                            to the Loan Agreement shall be construed as references to this Deed.

 

	1.4	Third
                                            Party Rights

 

		(a)	Unless
                                            expressly provided to the contrary in a Finance Document, a person who is not a Party has
                                            no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties
                                            Act”) to enforce or to enjoy the benefit of any term of this Deed.

 

		(b)	Notwithstanding
                                            any term of any Finance Document, the consent of any person who is not a Party is not required
                                            to rescind or vary this Deed at any time.

 

	2.	SECURITY
                                            INTERESTS

 

	2.1	Creation
                                            of Security Interests

 

The
Chargor, as continuing security for the payment of the Secured Liabilities, charges in favour of the Lender with full title guarantee
by way of first fixed charge all its Shares and all corresponding Related Rights.

 

    	2

     

    

 

	3.	RESTRICTIONS
                                            ON DEALING WITH SECURITY ASSETS

 

	3.1	Negative
                                            pledge

 

The
Chargor shall not create or permit to subsist any Security or Quasi-Security over any Security Asset other than those created under this
Deed.

 

	3.2	Disposals

 

The
Chargor shall not enter into a single transaction or a series of transactions (whether related or not and whether voluntary or involuntary)
to sell, lease, transfer or otherwise dispose of any Security Asset.

 

	4.	FURTHER
                                            ASSURANCE

 

		(a)	The
                                            Chargor shall promptly do all such acts or execute all such documents (including assignments,
                                            transfers, mortgages, charges, notices and instructions) as the Lender may reasonably specify
                                            (and in such form as the Lender may reasonably require in favour of the Lender):

 

		(i)	to
                                            perfect the Security created or intended to be created under or evidenced by this Deed;

 

		(ii)	to
                                            facilitate the exercise of any rights, powers and remedies of the Lender or the Finance Parties
                                            provided by or pursuant to the Finance Documents or by law; and/or

 

		(iii)	while
                                            an Event of Default is continuing, to facilitate the realisation of the assets which are,
                                            or are intended to be, the subject of the Security Interests.

 

		(b)	The
                                            Chargor shall take all such action as is available to it (including making and assisting
                                            with all filings, applications and registrations) as may be necessary for the purpose of
                                            the creation, perfection, protection or maintenance of any Security conferred or intended
                                            to be conferred on the Lender or the Finance Parties by or pursuant to this Deed.

 

	5.	SHARES

 

	5.1	Notification

 

The
Chargor shall promptly notify the Lender of:

 

		(a)	its
                                            acquisition of, or agreement to acquire, any Share; and

 

		(b)	the
                                            declaration, payment, receipt, offer or issue of any Related Right in respect of any Share
                                            excluding any cash dividend.

 

	5.2	Documents

 

The
Chargor shall as soon as reasonably practicable, or where Shares are acquired by it after the date of this Deed, on the date of that
acquisition:

 

		(a)	deliver
                                            to the Lender, or as it directs, and the Lender shall be entitled to hold, all certificates
                                            (if any) and other documents of title or evidence of ownership in relation to the Shares;
                                            and

 

		(b)	deliver
                                            to the Lender, or as it directs, and the Lender shall be entitled to hold, transfers of the
                                            Shares, each executed in blank, and other documents relating to the Shares reasonably required
                                            by the Lender.

 

    	3

     

    

 

	5.3	Voting
                                            before enforcement

 

At
any time prior to the occurrence of an Event of Default which is continuing the Chargor shall be entitled to exercise or direct the exercise
of the voting and other rights attached to any Share provided that the exercise of or, as the case may be, the failure to exercise those
rights would not have an adverse effect on the value of the Shares or the Security Assets or the ability of the Lender to realise the
Security Interests and would not otherwise prejudice the interests of the Lender under any Finance Document.

 

	5.4	Voting
                                            after enforcement

 

At
any time while an Event of Default is continuing and the Lender has given notice to the Chargor that it intends to exercise its rights
under this Clause ‎5.4:

 

		(a)	the
                                            Lender or the Receiver shall be entitled to exercise or direct the exercise of the voting
                                            and other rights attached to any Share, and

 

		(b)	the
                                            Chargor shall comply or procure the compliance with any directions of the Lender or the Receiver
                                            in respect of the exercise of those rights and shall promptly execute and/or deliver to the
                                            Lender or the Receiver such forms of proxy as it requires with a view to enabling such person
                                            as it selects to exercise those rights.

 

	5.5	Cash
                                            dividends before enforcement

 

At
any time prior to the occurrence of an Event of Default, the Chargor shall be entitled to retain any cash dividend deriving from the
Shares.

 

	5.6	Cash
                                            dividends after enforcement

 

At
any time after the occurrence of an Event of Default, the Chargor shall hold any cash dividend deriving from the Shares received by it
on trust for the Lender and transfer or pay the same promptly to the Lender or as it may direct.

 

	5.7	Shares
                                            held by nominees of the Chargor

 

If
any Share is held in the name of a nominee of the Chargor, the Chargor shall promptly upon request by the Lender deliver to it an irrevocable
power of attorney, expressed to be given by way of security and executed as a deed by that nominee. That power of attorney shall appoint
the Lender, each Receiver and each Delegate, as the attorney of the holder and shall be in such form as the Lender requires.

 

	5.8	Payment
                                            of calls

 

		(a)	The
                                            Chargor shall promptly pay all calls or other payments in respect of any of its Shares.

 

		(b)	If
                                            the Chargor does not comply with paragraph ‎(a) above, the Lender may pay that
                                            call or other payment on behalf of the Chargor.

 

		(c)	The
                                            Chargor shall promptly on request by the Lender reimburse the Lender for any payment made
                                            by the Lender under this Clause ‎5.8.

 

    	4

     

    

 

	6.	GENERAL
                                            UNDERTAKINGS

 

	6.1	Information

 

The
Chargor shall supply to the Lender promptly such information regarding its financial condition, business and operations, its Security
Assets and its compliance with this Deed as the Lender may reasonably request.

 

	6.2	No
                                            other prejudicial conduct

 

The
Chargor shall not do, or permit to be done, anything which could prejudice the Security Interests.

 

	6.3	Persons
                                            with Significant Control regime

 

		(a)	In
                                            respect of any Shares which constitute Security Assets, the Chargor shall promptly:

 

		(i)	notify
                                            the Lender of its intention to issue, or its receipt of, any warning notice or restrictions
                                            notice under Schedule 1B of the Companies Act 2006 and provide to the Lender a copy of any
                                            such warning notice or restrictions notice;

 

		(ii)	respond
                                            to that notice within the prescribed timeframe; and

 

		(iii)	provide
                                            to the Lender a copy of the response sent/received in respect of such notice.

 

		(b)	For
                                            the purposes of withdrawing any restrictions notice or for any application to the court under
                                            Schedule 1B of the Companies Act 2006, the Chargor shall (and shall ensure that the relevant
                                            Finance Party will) provide such assistance as the Lender may reasonably request in respect
                                            of any Shares which constitute Security Assets and provide the Lender with all information,
                                            documents and evidence that it may reasonably request in connection with the same.

 

	7.	REPRESENTATIONS
                                            AND WARRANTIES

 

The
Chargor makes the representations and warranties set out in Clause 12 (Representations) of the Loan Agreement (with the exception
of sub-paragraph (i)) to the Lender on the date of this Deed and on each Drawdown Date, as if references therein to the Borrower were
references to the Chargor.

 

	8.	ENFORCEMENT
                                            OF SECURITY INTERESTS

 

	8.1	When
                                            enforceable

 

The
Security Interests shall be immediately enforceable on and at any time after the occurrence of an Event of Default.

 

	8.2	Enforcement
                                            action

 

At
any time after the Security Interests have become enforceable pursuant to Clause ‎8.1 (When enforceable) above, the Lender
may in its absolute discretion enforce all or any part of the Security Interests in any manner it sees fit.

 

	8.3	Law
                                            of Property Act powers

 

At
any time after the Security Interests have become enforceable pursuant to Clause ‎8.1 (When enforceable), the powers, authorities
and discretions conferred by the Law of Property Act on mortgagees, including the power of sale and other powers conferred by section
101 (Powers incident to estate or interest of mortgagee) of the Law of Property Act, as varied and extended by this Deed, shall
be immediately exercisable.

 

    	5

     

    

 

	9.	LAW
                                            OF PROPERTY ACT

 

	9.1	Section
                                            101

 

The
power of sale and other powers conferred by section 101 (Powers incident to estate or interest of mortgagee) of the Law of Property
Act on mortgagees, as varied and extended by this Deed, shall arise (and the Secured Liabilities shall be deemed due and payable for
that purpose) on the date of this Deed and shall be exercisable in accordance with Clause ‎8.3 (Law of Property Act powers).

 

	9.2	Section
                                            103

 

Section
103 (Regulation of exercise of power of sale) of the Law of Property Act shall not apply to this Deed.

 

	9.3	Section
                                            93

 

Section
93 (Restriction on consolidation of mortgages) of the Law of Property Act shall not apply to this Deed.

 

	10.	APPOINTMENT
                                            OF RECEIVERS

 

	10.1	Appointment
                                            of Receivers

 

If:

 

		(a)	requested
                                            by the Chargor; or

 

		(b)	the
                                            Security Interests have become enforceable pursuant to Clause ‎8.1 (When enforceable)
                                            above,

 

without
any notice or further notice, the Lender may, by deed or otherwise in writing signed by the Lender or any person authorised for this
purpose by the Lender, appoint one or more persons to be a Receiver of all or any part of the Security Assets. The Lender may similarly
remove any Receiver and appoint any person instead of any Receiver. If the Lender appoints more than one person as Receiver, the Lender
may give those persons power to act either jointly or severally.

 

	10.2	Agent
                                            of Chargor

 

Any
Receiver shall be the agent of the Chargor for all purposes. The Chargor alone shall be responsible for the Receiver’s contracts,
engagements, acts, omissions and defaults.

 

	10.3	Remuneration
                                            of Receivers

 

The
Lender may determine the remuneration of any Receiver and the maximum rate specified in section 109(6) (Appointment, powers, remuneration
and duties of receiver) of the Law of Property Act shall not apply. The Lender may direct payment of that remuneration out of moneys
it receives as Receiver. The Chargor alone shall be liable for the remuneration and all other costs, losses, liabilities and expenses
of the Receiver.

 

	11.	RIGHTS
                                            AND LIABILITIES OF THE LENDER AND RECEIVERS

 

	11.1	Rights
                                            of Receivers

 

Any
Receiver appointed pursuant to Clause ‎11 (Appointment of Receivers) shall have:

 

		(a)	the
                                            rights set out in ‎Schedule 1 (Rights of Receivers); and

 

    	6

     

    

 

		(b)	the
                                            rights, powers, privileges and immunities conferred by law, including:

 

		(i)	in
                                            the case of an administrative receiver, the rights, powers, privileges and immunities conferred
                                            by the Insolvency Act on administrative receivers duly appointed under the Insolvency Act;
                                            and

 

		(ii)	in
                                            all other cases, the rights, powers, privileges and immunities conferred by the Law of Property
                                            Act and the Insolvency Act on receivers or receivers and managers.

 

	11.2	Rights
                                            of the Lender

 

At
any time after the Security Interests have become enforceable, to the fullest extent permitted by law, any rights conferred by any Finance
Document or by law upon a Receiver may be exercised by the Lender, whether or not the Lender shall have appointed a Receiver of all or
any part of the Security Assets.

 

	11.3	Delegation

 

The
Lender may delegate in any manner to any person any rights exercisable by the Lender under any Finance Document. Any such delegation
may be made upon such terms and conditions (including power to sub-delegate) as the Lender thinks fit and the Lender may pass confidential
information to any such delegate.

 

	11.4	Financial
                                            collateral arrangement

 

		(a)	To
                                            the extent that this Deed constitutes a “financial collateral arrangement” (as
                                            defined in the Financial Collateral Arrangements (No. 2) Regulations 2003 (the “Financial
                                            Collateral Regulations”)) the Lender shall have the right at any time after the
                                            Security Interests have become enforceable pursuant to Clause ‎8.1 (When enforceable)
                                            above, to appropriate any Security Asset which constitutes “financial collateral”
                                            (as defined in the Financial Collateral Regulations (“Financial Collateral”))
                                            in such manner as it sees fit in or towards satisfaction of the Secured Liabilities in accordance
                                            with the Financial Collateral Regulations.

 

		(b)	If
                                            the Lender is required to value any Financial Collateral for the purpose of paragraph ‎(a)
                                            above, the value shall be, in the case of financial instruments or other Financial Collateral,
                                            their market value at the time of appropriation as reasonably determined (after appropriation)
                                            by the Lender by reference to a public index or or a valuation carried out by an independent
                                            investment bank, firm of accountants or other valuers appointed by the Lender.

 

		(c)	The
                                            Parties agree that the methods of valuation set out in paragraph ‎(b) are commercially
                                            reasonable for the purpose of the Financial Collateral Regulations.

 

	11.5	Possession

 

If
the Lender, any Receiver or any Delegate takes possession of the Security Assets, it may at any time relinquish possession. Neither the
Lender, any Receiver nor any Delegate shall be liable, by reason of viewing or repairing any of the present or future assets of the Chargor,
as a mortgagee in possession.

 

	11.6	Lender’s
                                            liability

 

Neither
the Lender, any Receiver nor any Delegate shall, either by reason of taking possession of the Security Assets or for any other reason
and whether as mortgagee in possession or otherwise, be liable for:

 

		(a)	any
                                            costs, losses, liabilities or expenses relating to the realisation of any Security Assets;
                                            or

 

    	7

     

    

 

		(b)	any
                                            act or omission of the Lender, any Receiver, any Delegate or their respective officers, employees
                                            or agents in relation to the Security Assets or in connection with the Finance Documents,
                                            unless directly caused by its gross negligence or willful misconduct.

 

	12.	ORDER
                                            OF APPLICATION

 

All
amounts from time to time received or recovered by the Lender or any Receiver pursuant to the terms of this Deed or in connection with
the realisation or enforcement of all or any part of the Security Interests shall be held by the Lender on trust to apply them at any
time as the Lender (in its discretion) sees fit, to the extent permitted by applicable law, in the following order of priority:

 

		(a)	in
                                            discharging any sums owing to any Receiver or any Delegate; and

 

		(b)	in
                                            discharging all costs and expenses incurred by any Finance Party in connection with any realisation
                                            or enforcement of the Security Interests or any action taken by the Lender under Clause ‎4
                                            (Further assurance);

 

		(c)	in
                                            payment or distribution to the Lender on its own behalf and on behalf of the other Finance
                                            Parties for application towards the discharge of the Secured Liabilities in accordance with
                                            the terms of the Loan Agreement;

 

		(d)	if
                                            the Chargor is not under any further actual or contingent liability under any Finance Document,
                                            in payment or distribution to any person to whom the Lender is obliged to pay or distribute
                                            in priority to the Chargor; and

 

		(e)	the
                                            balance, if any, in payment or distribution to the Chargor.;

 

	13.	POWER
                                            OF ATTORNEY

 

	13.1	Appointment

 

The
Chargor by way of security irrevocably appoints the Lender, each Receiver and each Delegate severally to be its attorney (with full power
of substitution), on its behalf and in its name or otherwise, at such time and in such manner as the attorney thinks fit:

 

		(a)	to
                                            do anything which the Chargor is obliged to do under this Deed but has not done so within
                                            5 (five) Business Days of the Lender notifying the Chargor of its failure to comply with
                                            the relevant obligation (including to do all such acts or execute all such documents, assignments,
                                            transfers, mortgages, charges, notices, instructions, filings and registrations as the Lender
                                            may reasonably specify (and in such form as the Lender may reasonably require in favour of
                                            the Lender or its nominee(s))); and

 

		(b)	to
                                            exercise any of the rights conferred on the Lender, any Receiver or any Delegate in relation
                                            to the Security Assets or under any Finance Document or under any law.

 

	13.2	Ratification

 

The
Chargor ratifies and confirms and agrees to ratify and confirm whatever any such attorney shall do in the exercise or purported exercise
of the power of attorney granted by it in Clause ‎14.1 (Appointment).

 

	14.	Protection
                                            of third parties

 

No
purchaser or other person dealing with the Lender, any Receiver or its agents shall be concerned to enquire:

 

		(a)	whether
                                            the powers conferred on the Lender, any Receiver or its agents have arisen;

 

    	8

     

    

 

		(b)	whether
                                            the powers conferred on the Lender, any Receiver or its agents have become exercisable;

 

		(c)	whether
                                            any consents, regulations, restrictions or directions relating to such powers have been obtained
                                            or complied with;

 

		(d)	whether
                                            the Lender, any Receiver or its agents is acting within such powers;

 

		(e)	whether
                                            any money remains due under the Finance Documents and the receipt in writing of the Lender,
                                            any Receiver or its agents shall be sufficient discharge to that purchaser or other person;

 

		(f)	as
                                            to the propriety or validity of acts purporting or intended to be in exercise of any such
                                            powers; or

 

		(g)	as
                                            to the application of any money paid to the Lender, any Receiver or its agents.

 

	15.	Saving
                                            provisions

 

	15.1	Continuing
                                            Security

 

Subject
to Clause ‎17 (Discharge of Security), the Security Interests are continuing Security and will extend to the ultimate balance
of the Secured Liabilities, regardless of any intermediate payment or discharge in whole or in part.

 

	15.2	Reinstatement

 

If
any discharge, release or arrangement (whether in respect of the obligations of the Chargor or any security for those obligations or
otherwise) is made by the Lender in whole or in part on the basis of any payment, security or other disposition which is avoided or must
be restored in insolvency, liquidation or otherwise, without limitation, then the liability of the Chargor and the Security Interests
will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

	15.3	Waiver
                                            of defences

 

Neither
the obligations of the Chargor under this Deed nor the Security Interests will be affected by an act, omission, matter or thing which,
but for this Clause, would reduce, release or prejudice any of its obligations under any Finance Document or any of the Security Interests
(without limitation and whether or not known to it or the Lender) including:

 

		(a)	any
                                            time, waiver or consent granted to, or composition with, the Chargor or other person;

 

		(b)	the
                                            release of the Chargor or any other person under the terms of any composition or arrangement
                                            with any creditor of any member of the Group;

 

		(c)	the
                                            taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to
                                            perfect, take up or enforce, any rights against, or security over assets of, the Chargor
                                            or other person or any non-presentation or non-observance of any formality or other requirement
                                            in respect of any instrument or any failure to realise the full value of any security;

 

		(d)	any
                                            incapacity or lack of power, authority or legal personality of or dissolution or change in
                                            the members or status of the Chargor or any other person;

 

		(e)	any
                                            amendment, novation, supplement, extension, restatement (however fundamental and whether
                                            or not more onerous) or replacement of any Finance Document or any other document or security
                                            including any change in the purpose of, any extension of or any increase in any loan or the
                                            addition of any new facility under any Finance Document or other document or security;

 

    	9

     

    

 

		(f)	any
                                            unenforceability, illegality or invalidity of any obligation of any person under any Finance
                                            Document or any other document or security; or

 

		(g)	any
                                            insolvency or similar proceedings.

 

	15.4	Chargor
                                            intent

 

Without
prejudice to the generality of Clause ‎16.3 (Waiver of defences), the Chargor expressly confirms that it intends that the
Security Interests shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any
of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection
with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made;
carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new
borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to
time; and any fees, costs and/or expenses associated with any of the foregoing.

 

	15.5	Immediate
                                            recourse

 

The
Chargor waives any right it may have of first requiring the Lender (or any trustee or agent on its behalf) to proceed against or enforce
any other rights or security or claim payment from any person before claiming from the Chargor under this Deed. This waiver applies irrespective
of any law or any provision of a Finance Document to the contrary.

 

	15.6	Appropriations

 

Until
all amounts which may be or become payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid
in full and all facilities which might give rise to Secured Liabilities have terminated, the Lender (or any trustee or agent on its behalf)
may:

 

		(a)	refrain
                                            from applying or enforcing any other moneys, security or rights held or received by the Lender
                                            (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce
                                            the same in such manner and order as it sees fit (whether against those amounts or otherwise)
                                            and the Chargor shall not be entitled to the benefit of the same; and

 

		(b)	hold
                                            in an interest-bearing suspense account any moneys received from the Chargor or on account
                                            of the Chargor’s liability under this Deed.

 

	15.7	Deferral
                                            of Chargor’s rights

 

Until
all amounts which may be or become payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid
in full and all facilities which might give rise to Secured Liabilities have terminated and unless the Lender otherwise directs, the
Chargor will not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents
or by reason of any amount being payable, or liability arising, under the Finance Documents:

 

		(a)	to
                                            be indemnified by the Borrower;

 

		(b)	to
                                            claim any contribution from any other provider of Security for or guarantor of the Borrower’s
                                            obligations under the Finance Documents;

 

		(c)	to
                                            take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
                                            any rights of the Lender under the Finance Documents or of any other guarantee or security
                                            taken pursuant to, or in connection with, the Finance Documents by the Lender;

 

    	10

     

    

 

		(d)	to
                                            bring legal or other proceedings for an order requiring the Borrower to make any payment,
                                            or perform any obligation, in respect of which the Borrower had given a guarantee, undertaking
                                            or indemnity;

 

		(e)	to
                                            exercise any right of set-off against the Borrower; and/or

 

		(f)	to
                                            claim or prove as a creditor of the Borrower in competition with the Lender.

 

If
the Chargor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution
to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Borrower or the Chargor under
or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer
the same to the Lender or as the Lender may direct for application in accordance with Clause ‎13 (Order of application).

 

	15.8	Additional
                                            security

 

The
Security Interests are in addition to and are not in any way prejudiced by any other guarantee or security now or subsequently held by
the Lender.

 

	15.9	Tacking

 

The
Lender shall comply with its obligations under the Finance Documents (including any obligation to make further advances).

 

	16.	Discharge
                                            of Security

 

	16.1	Final
                                            redemption

 

Subject
to Clause ‎17.2 (Retention of security), if the Lender is satisfied that all amounts which may be or become payable by the
Borrower under or in connection with the Finance Documents have been irrevocably paid in full and that all facilities which might give
rise to Secured Liabilities have terminated, the Lender shall at the request and cost of the Chargor release, reassign or discharge (as
appropriate) the Security Assets from the Security Interests, without recourse to, or any representation or warranty by, the Lender or
any of its nominees.

 

	16.2	Retention
                                            of security

 

If
the Lender considers that any amount paid or credited to the Lender under any Finance Document is capable of being avoided or otherwise
set aside, that amount shall not be considered to have been paid for the purposes of determining whether all the Secured Liabilities
have been irrevocably paid.

 

	17.	Costs
                                            and expenses

 

	17.1	Expenses

 

The
Chargor shall, within three Business Days of demand, pay to the Lender the amount of all costs, losses, liabilities and expenses (including
legal fees) incurred by the Lender or any Receiver in relation to any Finance Document (including the administration, protection, realisation,
enforcement or preservation of any rights under or in connection with this Deed, or any consideration by the Lender as to whether to
realise or enforce the same, and/or any amendment, waiver, consent or release of any Finance Document and/or any other document referred
to in this Deed).

 

    	11

     

    

 

	18.	PAYMENTS

 

	18.1	Undertaking
                                            to pay

 

The
Chargor shall pay each of the Secured Liabilities when due in accordance with its terms.

 

	18.2	Demands

 

Any
demand for payment made by the Lender shall be valid and effective even if it contains no statement of the relevant Secured Liabilities
or an inaccurate or incomplete statement of them.

 

	18.3	Payments

 

All
payments by the Chargor under this Deed shall be made to such account, with such financial institution and in such other manner as the
Lender may direct.

 

	18.4	Continuation
                                            of accounts

 

		(a)	At
                                            any time after the Lender has received or is deemed to have received notice of any subsequent
                                            Security affecting all or any part of the Security Assets of the Chargor, the Lender may
                                            open a new account in the name of the Chargor (whether or not it permits any existing account
                                            to continue).

 

		(b)	If
                                            the Lender does not open such a new account, it shall be treated as if it had done so when
                                            the relevant notice was received or deemed to have been received and as from that time all
                                            payments made by or on behalf of the Chargor to the Lender shall be credited or be treated
                                            as having been credited to the relevant new account and not as having been applied in reduction
                                            of the Secured Liabilities as at the time the relevant notice was received or deemed to have
                                            been received.

 

	18.5	Contingencies

 

If
all or any part of the Security Interests are enforced at a time when no amount is due under the Finance Documents but any such amount
may or will become due, the Lender or the Receiver may pay the proceeds of any recoveries effected by it into a suspense account.

 

	19.	REMEDIES,
                                            WAIVERS AND DETERMINATIONS

 

	19.1	Remedies
                                            and waivers

 

No
failure to exercise, nor any delay in exercising, on the part of the Lender, Receiver or Delegate, any right or remedy under any Finance
Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No waiver
or election to affirm any of the Finance Documents on the part of the Lender, Receiver or Delegate shall be effective unless in writing.
No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or
remedy The rights and remedies provided in the Finance Documents are cumulative and not exclusive of any rights or remedies provided
by law.

 

	19.2	Certificates
                                            and Determinations

 

Any
certification or determination by the Lender or any Receiver of a rate or amount under any Finance Document is, in the absence of manifest
error, conclusive evidence of the matters to which it relates.

 

	20.	Separate
                                            and independent obligations

 

The
Security created by the Chargor by or in connection with any Finance Document is separate from and independent of the Security created
or intended to be created by the Borrower or other provider of Security by or in connection with any Finance Document.

 

    	12

     

    

 

	21.	COUNTERPARTS

 

This
Deed 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 this Deed.

 

	22.	GOVERNING
                                            LAW

 

This
Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

	23.	ENFORCEMENT

 

		(a)	The
                                            courts of England have exclusive jurisdiction to settle any dispute arising out of or in
                                            connection with this Deed (including a dispute relating to the existence, validity or termination
                                            of this Deed or any non-contractual obligation arising out of or in connection with this
                                            Deed) (a “Dispute”).

 

		(b)	The
                                            Parties agree that the courts of England are the most appropriate and convenient courts to
                                            settle Disputes and accordingly no Party will argue to the contrary.

 

		(c)	Notwithstanding
                                            paragraph ‎(a) above, the Lender shall not be prevented from taking proceedings
                                            relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law,
                                            the Lender may take concurrent proceedings in any number of jurisdictions.

 

		(d)	Without
                                            prejudice to any other mode of service allowed under any relevant law, the Chargor:

 

		(i)	irrevocably
                                            appoints the Company as its agent for service of process in relation to any proceedings before
                                            the English courts in connection with any Finance Document; and

 

		(ii)	agrees
                                            that failure by a process agent to notify the Chargor of the process will not invalidate
                                            the proceedings concerned.

 

This
Deed has been delivered on the date stated at the beginning of this Deed.

 

    	13

     

    

 

SCHEDULE
1

RIGHTS OF RECEIVERS

 

Any
Receiver appointed pursuant to Clause ‎11 (Appointment of Receivers) shall have the right, either in its own name or in the
name of the Chargor or otherwise and in such manner and upon such terms and conditions as the Receiver thinks fit, and either alone or
jointly with any other person:

 

		(a)	Take
                                            possession

 

to
take possession of and collect all or any part of the Security Assets, and to require payment to it or to the Lender;

 

		(b)	Bank
                                            accounts

 

to
apply, transfer or set-off any or all of the credit balances from time to time on any bank account in or towards payment or other satisfaction
of all or part of the Secured Liabilities;

 

		(c)	Carry
                                            on business

 

to
manage and carry on any business of the Chargor;

 

		(d)	Contracts

 

to
enter into any contract or arrangement and to perform, repudiate, rescind or vary any contract or arrangement to which the Chargor is
a party;

 

		(e)	Deal
                                            with Security Assets

 

to
sell, transfer, assign, exchange, lend or otherwise dispose of or realise all or any part of the Security Assets to any person either
by public offer or auction, tender or private contract and for a consideration of any kind (which may be payable or delivered in one
amount or by instalments or deferred);

 

		(f)	Hive
                                            down

 

to
form a new company and to subscribe for or acquire (for cash or otherwise) any investment in or of the new company and to sell, transfer,
assign, exchange and otherwise dispose of or realise any such investments or any rights attaching thereto;

 

		(g)	Borrow
                                            money

 

to
borrow or raise money either unsecured or on the security of all or any part of the Security Assets (either in priority to the Security
Interests or otherwise);

 

		(h)	Lend
                                            money

 

to
lend money or advance credit to any person;

 

		(i)	Covenants
                                            and guarantees

 

to
enter into bonds, covenants, guarantees, indemnities and other commitments;

 

		(j)	Rights
                                            of ownership

 

to
manage and use all or any part of the Security Assets and to exercise and do all such rights and things as the Receiver would be capable
of exercising or doing if it were the absolute beneficial owner of all or any part of the Security Assets;

 

    	14

     

    

 

		(k)	Legal
                                            actions

 

to
bring, prosecute, enforce, defend and abandon actions, suits and proceedings relating to all or any part of the Security Assets or any
business of the Chargor;

 

		(l)	Claims

 

to
settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person
or relating to all or any part of the Security Assets or any business of the Chargor;

 

		(m)	Redemption
                                            of Security

 

to
redeem any Security (whether or not having priority to the Security Interests) over all or any part of the Security Assets and to settle
the accounts of any person with an interest in all or any part of the Security Assets;

 

		(n)	Employees

 

to
appoint, hire and employ officers, employees, contractors, agents, advisors and others and to discharge any such persons and any such
persons appointed, hired or employed by the Chargor;

 

		(o)	Delegation

 

to
delegate in any manner to any person any rights exercisable by the Receiver under any Finance Document, and any such delegation may be
made upon such terms and conditions (including power to sub-delegate) as it thinks fit, and to pass confidential information to any such
delegate;

 

		(p)	Insolvency
                                            Act

 

to
exercise all powers set out in Schedule 1, Schedule 81 or (in the case of a Scottish Receiver) Schedule 2 to the Insolvency Act as now
in force (whether or not in force at the date of exercise and whether or not the Receiver is an administrative receiver) and any powers
added to Schedule 1 or Schedule 2, as the case may be, after the date of this Deed;

 

		(q)	Receipts

 

to
give a valid receipt for any moneys and do anything which may be necessary or desirable for realising all or any part of Security Assets;
and

 

		(r)	Other
                                            powers

 

to
do anything else it may think fit for the realisation of all or any part of the Security Assets or incidental to the exercise of any
of the rights conferred on the Receiver under or by virtue of any Finance Document to which the Chargor is party, the Law of Property
Act or the Insolvency Act.

 

    	15

     

    

 

SIGNATURES

THE
CHARGOR

 

	Executed
    and Delivered as a Deed 

by DIGINEX LIMITED	 
	acting
    by	 
	 	 	 
	/s/
    Yoon Chi Won	 
	Name:	Yoon
    Chi Won	 
	Director	 
	 	 	 
	/s/
    Paul Ewing	 
	Name:	Paul
    Ewing	 
	Director
    	 

 

[Diginex
– Signature page to Share Charge]

 

    	16

     

    

 

THE
LENDER

 

	SIGNED
    by 	 	 
	 	 	 
	Jonathan
    Farnell	 	/s/
    Jonathan Farnell
	for
    and on behalf of BIFINITY UAB	 	(Signature
    of authorised signatory)

 

[Bifinity
– Signature page to Share Charge]

 

    	17

     

    

 

SHARE
CHARGE AMENDMENT DEED

 

This
DEED is dated as of 15 August 2022 and made between:

 

	(1)	DIGINEX
    LIMTED, a company incorporated under the laws of Hong Kong with company number 2540890 and with its registered office address
    at Suites 1206-1209, Level 12, Three Pacific Place, 1 Queen’s Road East, Hong Kong (the “Chargor”); and
	 	 
	(2)	BIFINITY
    UAB, a company established under the laws of the Republic of Lithuania with registration number 305595206 whose registered office
    is at J. Balcikonio st. 3, Vilnius, the Republic of Lithuania as the lender and secured party under this Deed (the “Lender”).
	 	 
	 	(collectively,
    the “Parties” and each a “Party”). 

 

WHEREAS

 

	(A)	the
    Chargor and the Lender entered into a share charge dated as of 11 March 2022 (the “Share Charge”) in respect of
    the shares in Digivault (as defined in the Share Charge), as a condition precedent to the Loan Agreement (as defined in the Share
    Charge) as amended pursuant to an amendment agreement between the Borrower (as defined in the Loan Agreement) and the Lender dated
    as of 11 March 2022 (the Loan Agreement as so amended by such amendment agreement, the “First Amended Loan Agreement”).
	 	 
	(B)	the
    Chargor and the Lender hereby desire to amend the Share Charge in accordance with the terms set out in this Deed to cover 100% of
    the shares in Digivault from time to time.
	 	 
	(C)	the
    Borrower and Lender desire to amend the First Amended Loan Agreement pursuant to a second amendment agreement to be dated on or around
    the date of this Deed to reflect the entry into this Deed (the First Amended Loan Agreement as so amended by such second amendment
    agreement, the “Second Amended Loan Agreement”).
	 	 
	(D)	The
    Lender and the Chargor intend this document to take effect as a deed (even though the Lender only executes it under hand).

 

NOW
IT IS HEREBY AGREED as follows:

 

	1.	Amendments

 

	1.1	The
    following amendments shall be made to the Share Charge on and from the date of this Deed:

 

	 	(a)	The
    definition of “Loan Agreement” in clause 1.1 of the Agreement is deleted and replaced in its entirety with the
    following:
	 	 	 
	 	 	““Loan
    Agreement” means the convertible loan agreement dated as of 7 March 2022 between the Borrower as borrower and the Lender
    as lender, as amended by a first amendment agreement dated as of 11 March 2022 and as further amended by a second amendment agreement
    dated as of 15 August 2022.”
	 	 	 
	 	(b)	The
    definition of “Shares” in clause 1.1 of the Agreement is deleted and replaced in its entirety with the following:
	 	 	 
	 	 	““Shares”
    means, in relation to the Chargor, all its right, title and interest from time to time in and to:
	 	 	 
	 	 	(a)
    100% of the entire issued share capital, from time to time, of the Company; and
	 	 	 
	 	 	(b)
    warrants, options and other rights to subscribe for, purchase or  otherwise acquire any such shares,
	 	 	 
	 	 	in
    each case including any rights against any custodian, nominee, clearing system or other similar person holding such right, title
    or interest on its behalf.”

 

    	1

    	 

    

 

	2.	Miscellaneous

 

	2.1	Capitalized
    terms used but not defined herein have the meanings set forth in the Second Amended Loan Agreement or the Share Charge (as applicable).
	 	 
	2.2	Any
    reference in this Deed to a “Finance Document” or any other agreement or instrument is a reference to that Finance
    Document or other agreement or instrument as amended, novated, supplemented, extended, restated (however fundamentally and whether
    or not more onerously) or replaced and includes any change in the purpose of, any extension of or any increase in any loan or the
    addition of any new facility under that Finance Document or other agreement or instrument.
	 	 
	2.3	This
    Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.
	 	 
	2.4	Clauses
    1.3 (Construction), 1.4 (Third Party Rights) 20 (Separate and Independent Obligations), 21 (Counterparts)
    and 23 (Enforcement) of the Share Charge shall be incorporated herein by reference mutatis mutandis. 
	 	 
	2.5	On
    and from the date of this Deed, the Share Charge and this Deed shall be read and construed as one document.
	 	 
	2.6	On
    and from the date of this Deed, references in the Share Charge to “this Deed”, “hereunder”, “herein”
    and like terms or to any provision of the Share Charge shall be construed as a reference to the Share Charge as amended by this Deed.
	 	 
	2.7	The
    Borrower confirms that the Share Charge, as amended by this Amendment:

 

	 	(a)	ranks
    as a continuing security for the payment and discharge of the Secured Liabilities (as defined in the Share Charge); and
	 	 	 
	 	(b)	shall
    continue in full force and effect in all respects and the Share Charge and this Deed shall be read and construed together.

 

	2.8	If
    and to the extent that, notwithstanding clause 15.3 (Waver of defences) of the Share Charge and Clause 2.7 of this Deed, the
    Share Charge as amended by this Deed does not continue to rank as a continuing security for the payment and discharge of the Secured
    Liabilities (as defined in the Share Charge), the Chargor, as continuing security for the payment of the Secured Liabilities, hereby
    charges in favour of the Lender with full title guarantee by way of first fixed charge all its Shares and all corresponding Related
    Rights (each as defined in the Share Charge) on the same terms as the Share Charge, as if such terms were set out in full herein
    mutatis mutandis..

 

This
Deed has been delivered on the date stated at the beginning of this Deed.

 

[Signature
Page Follows]

 

    	2

    	 

    

 

SIGNATURES

 

THE
CHARGOR

 

	Executed
    and Delivered as a Deed by DIGINEX LIMITED	 
	acting
    by	 
	 	 
	/s/
    Yoon Chi Won	 
	Name:
    Yoon Chi Won	 
	Director	 
	 	 
	/s/
    Paul Ewing	 
	Name:
    Paul Ewing	 
	Director
    	 

 

    	 

    	 

    

 

THE
LENDER

 

	SIGNED
    by 	 	 
	 	 	 
	Saulius
    Galatiltis	 	/s/
    Saulius Galatiltis
	for
    and on behalf of BIFINITY UAB	 	(Signature
    of authorised signatory)Document

Exhibit 10.1
SECOND MODIFICATION AGREEMENT
This Second Modification Agreement (this “Agreement”) is made as of August 1, 2022, by and among KBSGI OFFICES AT GREENHOUSE, LLC, a Delaware limited liability company (“Greenhouse Borrower”) and KBSGI 213 WEST INSTITUTE PLACE, LLC, a Delaware limited liability company (“Institute Borrower,” and, together with Greenhouse Borrower, individually, collectively, jointly and severally, “Borrower”), the lenders from time to time party to the Loan Agreement (as hereinafter defined)  (each a “Lender” and collectively the “Lenders”), and JPMORGAN CHASE BANK, N.A., a national banking association, as administrative agent for the Lenders (in such capacity, “Administrative Agent”).
Factual Background
A.Pursuant to that certain Amended and Restated Term Loan and Security Agreement dated as of November 9, 2017, among Borrower, KBSGI Von Karman Tech, LLC, a Delaware limited liability company (“Von Karman Borrower”), Lenders, and Administrative Agent, as amended by that certain Modification Agreement dated as of January 17, 2020 (the “Modification Agreement”) and that certain letter agreement dated as of October 18, 2021 (as amended, restated or otherwise modified from time to time, the “Loan Agreement”), Lenders agreed to provide a loan (the “Loan”) to Borrower.  Capitalized terms used herein without definition have the meanings ascribed to them in the Loan Agreement.  Pursuant to that certain Reciprocal Release Agreement among Von Karman Borrower, Borrower, Administrative Agent and Lenders, Von Karman Borrower was released from its obligations under the Loan Documents on the terms and conditions set forth therein.
B.The Loan is evidenced by that certain Amended and Restated Promissory Note dated November 9, 2017, made payable to JPMorgan Chase Bank, N.A., as sole Lender, in the stated principal amount of Seventy-Two Million Eight Hundred Thousand and No/100 Dollars ($72,800,000.00) (as amended, restated, renewed or otherwise modified from time to time, each, a “Note” and, collectively, the “Notes”).
C.The Note is secured by, among other things, (i) the Greenhouse Deed of Trust, which encumbers the Greenhouse Property and the Greenhouse Improvements and (ii) the Institute Mortgage, which encumbers the Institute Property and the Institute Improvements.
D.KBSGI REIT Properties, LLC, a Delaware limited liability company (“Guarantor”), guaranteed certain of Borrower’s obligations to Administrative Agent and Lenders in connection with the Loan pursuant to that certain Amended and Restated Guaranty, dated as of November 9, 2017, executed by Guarantor in favor of Administrative Agent, for the benefit of the Lenders (as amended, restated or otherwise modified, the “Guaranty”).
E.In connection with the Loan, Borrower executed an Amended and Restated Environmental Indemnity Agreement (as amended, restated, renewed or otherwise modified from time to time, the “Environmental Indemnity”) dated as of November 9, 2017, in favor of Administrative Agent, for the benefit of the Lenders.  The Environmental Indemnity is a Loan Document, as defined below.
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F.As used herein, the term “Loan Documents” means the Loan Agreement, the Note, the Greenhouse Deed of Trust, the Institute Mortgage, the Guaranty, the Environmental Indemnity and any other documents executed in connection with the Loan, including those which evidence, guarantee, secure or modify the Loan, as any or all of them may have been amended to date.  This Agreement is a Loan Document.
G.As of the date hereof, the outstanding principal balance of the Loan is $52,260,000 (which is comprised of $34,840,000 of Term Loans, and $17,420,000 of Revolving Loans).
H.Borrower has requested, and Administrative Agent and Lenders have agreed, (i) to extend the Maturity Date on the terms and conditions set forth herein, and (ii) otherwise modify the Loan as provided herein.  
I.Borrower, Administrative Agent and the Lenders now wish to modify the Loan as set forth below.
Agreement
Therefore, Borrower, Administrative Agent and the Lenders agree as follows:
1.Recitals.  The recitals set forth above in the Factual Background are true, accurate and correct.
2.Reaffirmation of Loan.  Borrower reaffirms all of its obligations under the Loan Documents, and Borrower acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Notes or any other Loan Document.
3.Modification of Loan Documents.  The Loan Documents are hereby amended as follows:
(a)Maturity Date.  The current maturity of the Loan is hereby extended from November 9, 2022 (the “Existing Maturity Date”) to November 9, 2023 (the “Stated Maturity Date”). All references to the “Maturity Date” in the Loan Documents shall be deemed to refer to the Stated Maturity Date.
(b)Definitions.  The following definitions set forth in Section 1.01 of the Loan Agreement are hereby amended and restated in their entirety, or, if such definitions are not set forth in Section 1.01 of the Loan Agreement, the following definitions are hereby inserted alphabetically into Section 1.01 of the Loan Agreement, as the case may be:
“‘Adjusted Daily Simple SOFR’ means, an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) 0.10%.”
“‘Adjusted Term SOFR’ means, an interest rate per annum equal to (a) the Term SOFR, plus (b) 0.10%.” 
“Advance” means a borrowing hereunder, by the Lenders of any principal of the 
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Loan.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
 “‘Alternate Base Rate’ means, for any day (or if such day is not a Business Day, the immediately preceding Business Day), a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Term SOFR as published two U.S. Government Securities Business Days prior to such day plus 1%; provided that, for the purpose of this definition, Adjusted Term SOFR for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the Term SOFR Administrator in the Term SOFR Reference Rate methodology).  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or Adjusted Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Adjusted Term SOFR, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 3.09 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 3.09(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.  If the Alternate Base Rate as determined above would be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement.” 
    “‘Alternate Rate’ means the Alternate Base Rate plus the Applicable Margin.
“‘Applicable Margin’ means (i) prior to May 9, 2023, 2.00% with respect to Adjusted Term SOFR, Adjusted Daily Simple SOFR, or the Benchmark, as applicable, and 1.00% with respect to the Alternate Base Rate and (ii) on and after May 9, 2023, 2.50% with respect to Adjusted Term SOFR, Adjusted Daily Simple SOFR, or the Benchmark, as applicable, and 1.50% with respect to the Alternate Base Rate.” 
“‘Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of a payment period for interest for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Adjustment Date” pursuant to clause (e) of Section 3.09.
“Bail-In Action’ means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

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“‘Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“‘Benchmark’ means, initially, Term SOFR; provided that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to Term SOFR or the then-current Benchmark, then ‘Benchmark’ means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 3.09.”
“‘Benchmark Replacement’ means, for any Available Tenor, the first alternative set forth in the order below that can be determined by Administrative Agent for the applicable Benchmark Replacement Date:
(1)    the Adjusted Daily Simple SOFR; or
(2)    the sum of: (a) the alternate benchmark rate that has been selected by Administrative Agent and Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment.
If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.”
“‘Benchmark Replacement Adjustment’ means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Adjustment Date and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Administrative Agent and Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the 
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Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.”
“‘Benchmark Replacement Conforming Changes’ means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of ‘Alternate Base Rate,’ the definition of ‘Business Day,’ the definition of ‘U.S. Government Securities Business Day,’ the definition of ‘Interest Adjustment Date,’ timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that Administrative Agent decides may be appropriate to reflect the adoption and implementation of such rate and to permit the administration thereof by Administrative Agent in a manner substantially consistent with market practice (or, if Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if Administrative Agent determines that no market practice for the administration of such rate exists, in such other manner of administration as Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).”
“‘Benchmark Replacement Date’ means the earliest to occur of the following events with respect to the then-current Benchmark:
(1)    in the case of clause (1) or (2) of the definition of ‘Benchmark Transition Event,’ the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or
(2)    in the case of clause (3) of the definition of ‘Benchmark Transition Event,’ the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed 
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to have occurred prior to the Reference Time for such determination and (ii) the ‘Benchmark Replacement Date’ will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).”
“‘Benchmark Transition Event’ means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(1)    a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(2)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(3)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.
For the avoidance of doubt, a ‘Benchmark Transition Event’ will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).”
“‘Benchmark Unavailability Period’ means the period (if any) (a) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan 
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Document in accordance with Section 3.09 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.09.
“‘Business Day’ means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City or Chicago; provided that, in relation to any loans that bear interest at Daily Simple SOFR and any interest rate settings, fundings, disbursements, settlements or payments of any such Daily Simple SOFR loan, or any other dealings of such Daily Simple SOFR loan, any such day that is only a U.S. Government Securities Business Day.”
“‘Change in Law’ means the occurrence, after the date of this Agreement of:  (a) the adoption or taking effect of any law, rule, regulation, treaty or risk-based capital guidelines, (b) any change in any law, rule, regulation, treaty or risk-based capital guidelines or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c) compliance by any Lender (or, for purposes of Section 8.20, by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed to be a ‘Change in Law,’ regardless of the date enacted, adopted, issued or implemented.”
“‘Corresponding Tenor’ with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“‘Daily Simple SOFR’ means, for any day (a ‘SOFR Rate Day’), a rate per annum equal to SOFR for the day that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website; provided that if Daily Simple SOFR as so determined would be less than the zero, such rate shall be deemed to be the zero for purposes of this Agreement.  Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to Borrower.” 

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“‘Federal Funds Effective Rate’” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depository institutions (as determined in such manner as set forth on the NYFRB’s Website from time to time) and as published on the next succeeding Business Day by NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective Rate as so determined shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
“‘Federal Reserve Board’ means the Board of Governors of the Federal Reserve System of the United States of America.
“‘Floor’ means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Term SOFR or Daily Simple SOFR.”
“‘Guarantor Operating Costs’ means all of its operating costs including but not limited to REIT general and administrative costs, REIT liquidation costs (which may include proxy solicitation costs, DST transfer agent costs, legal costs, tail insurance policy costs, and other reasonable and customary costs to maintain the REIT in good standing), capital costs (including building improvements, tenant improvements and leasing commissions at its owned properties), and any other reasonable costs and expenses required to maintain the REIT as a going concern, but for no other purpose.
 “‘Guarantor Permitted Indebtedness’ means (a) guaranteed obligations of Guarantor in connection with the Loan, (b) unsecured letters of credit or guarantees required by Governmental Authorities in connection with the construction of the Improvements or any other properties owned directly or indirectly by Guarantor, (c) non-delinquent accrued but unpaid real taxes and insurances premiums, (d) other trade debt incurred in the ordinary course of operation of the Mortgaged Property or any other properties owned directly or indirectly by Guarantor (which, for clarity, shall specifically include trade payables related to capital expenditures, tenant improvement costs and leasing commissions) in such amounts as are normal and reasonable under the circumstances, provided that such debt described in this clause (d) is not evidenced by a note and is paid prior to delinquency and provided in any event that the outstanding principal balance of such debt with respect to a particular property shall not exceed at any one time five percent (5%) of the total outstanding indebtedness owed by Guarantor with respect to such property, (e) equipment leases entered into in the ordinary course of the operation of the Mortgaged Property or any other properties owned directly or indirectly by Guarantor, (f) Approved Leases or leases for any other properties owned directly or indirectly by Guarantor, (g) obligations in connection with posting a bond required by Governmental Authorities in connection with the operation of the Mortgaged Property or any other properties owned directly or indirectly by Guarantor, (h) tenant security deposits, (i) any Swap Agreement(s) with respect to 
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any loan, (j) any indemnity or similar agreement provided by Guarantor in favor of a title company with respect to title policies for properties owned directly or indirectly by Guarantor, and (k) obligations for tenant improvements, leasing commissions and capital expenditures for properties owned directly or indirectly by Guarantor.” 
“‘Interest Adjustment Date’ means the day in each calendar month commencing after an Advance which numerically corresponds to the date of such Advance, provided, however, that (a) if any Interest Adjustment Date would be on a day other than a Business Day, such Interest Adjustment Date shall be the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Adjustment Date shall be the next preceding Business Day and (b) if, for any calendar month, there is no day numerically corresponding to the date of such Advance, the Interest Adjustment Date for such calendar month shall be the last Business Day of such month.
“‘Interest Rate’ means (a) prior to the occurrence of a Benchmark Replacement Date, Adjusted Term SOFR plus the Applicable Margin, or (b), subject to Section 3.09(b), upon the occurrence of a Benchmark Replacement Date, the Benchmark Replacement plus the Applicable Margin.
“‘Maturity Date’ means November 9, 2023.
“‘NYFRB Rate’ means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if both such rates are not so published for any day that is a Business Day, the term “NYFRB Rate” means the rate quoted for such day, for a federal funds transaction at 11:00 a.m. on such day received by Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the above rates as so determined would be less than zero, such rate will be deemed to be zero for purposes of this Agreement.
“‘NYFRB’s Website’ means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
“‘Overnight Bank Funding Rate’ means for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.–managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.”
“‘Permitted Indebtedness’ means (a) the Obligations, (b) unsecured letters of credit or guarantees required by Governmental Authorities in connection with the construction of the Improvements, (c) non-delinquent accrued but unpaid real taxes and insurances premiums, (d) other trade debt incurred in the ordinary 
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course of operation of the Mortgaged Property (which, for clarity, shall specifically include trade payables related to capital expenditures, tenant improvement costs and leasing commissions) in such amounts as are normal and reasonable under the circumstances, provided that such debt described in this clause (d) is not evidenced by a note and is paid prior to delinquency and provided in any event that the outstanding principal balance of such debt shall not exceed at any one time five percent (5%) of the outstanding Obligations, (e) equipment leases entered into in the ordinary course of the operation of the Mortgaged Property, (f) Approved Leases, (g) obligations in connection with posting a bond required by Governmental Authorities in connection with the operation of the Mortgaged Property, (h) tenant security deposits, (i) Swap Agreement(s) relating to the Loan (to the extent not already included in the definition of “Obligations”), (j) any indemnity or similar agreement provided by Borrower in favor of Title Company with respect to the Title Policies, and (k) obligations for tenant improvements, leasing commissions and capital expenditures related to an Approved Lease.”
“‘Prime Rate’ means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by Administrative Agent) or any similar release by the Federal Reserve Board (as reasonably determined by Administrative Agent).  Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
“‘Reference Time’ with respect to any setting of the then-current Benchmark means (a) if such Benchmark is Term SOFR, 5:00 a.m. (Chicago time) on the day that is two Business Days preceding the date of such setting, (b) if such Benchmark is Daily Simple SOFR, then four Business Days prior to such setting, and (c) if such Benchmark is not Term SOFR or Daily Simple SOFR, the time determined by Administrative Agent in its reasonable discretion.”
“‘Repayment Guaranty’ means the Second Amended and Restated Repayment Guaranty dated August 1, 2022, executed by Guarantor in favor of Administrative Agent, for the benefit of the Lenders, as amended from time to time.  
“‘REIT’ means KBS Growth & Income REIT, Inc., a Maryland corporation.
“‘REIT Excess Cash Account’ has the meaning set forth in that certain Second Modification Agreement dated August 1, 2022, by and among Borrower, Administrative Agent and Lender.  
“‘REIT Operating Costs’ means all of its operating costs including but not limited to REIT general and administrative costs, REIT liquidation costs (which may include proxy solicitation costs, DST transfer agent costs, legal costs, tail insurance policy costs, and other reasonable and customary costs to maintain the 
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REIT in good standing), capital costs (including building improvements, tenant improvements and leasing commissions at its owned properties), and any other reasonable costs and expenses required to maintain the REIT as a going concern, but for no other purpose. 
“‘Relevant Governmental Body’ means the Federal Reserve Board, the NYFRB, and/or the Term SOFR Administrator, or a committee officially endorsed or convened by the Federal Reserve Board or the NYFRB, or any successor thereto.”
“‘Resolution Authority’ means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“‘Reuters’ means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.
“‘Sanctioned Country’ means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region of Ukraine, Cuba, Iran, North Korea and Syria).
“‘Sanctioned Person’ means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, or the U.S. Department of State, or by the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) an Affiliate of any such Person described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.
“‘SOFR’ means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.”
“‘SOFR Administrator’ means the NYFRB (or a successor administrator of the secured overnight financing rate).
“‘SOFR Administrator’s Website’ means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“‘Term Commitment’ shall mean Fifty-Two Million Two Hundred Sixty-Thousand and No/100 Dollars ($52,260,000.00).  The Term Commitment (and, correspondingly, the Aggregate Commitment) shall reduce dollar for dollar with each principal repayment of the Term Loan.
“‘Term SOFR’ means, for any day, the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time, two U.S. Government Securities Business Days prior to such date, as such rate is published by the Term SOFR Administrator.”
“‘Term SOFR Administrator’ means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).”
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“‘Term SOFR Determination Day’ has the meaning assigned to it under the definition of Term SOFR Reference Rate.”
“‘Term SOFR Reference Rate’ means, for any day and time (such day, the “Term SOFR Determination Day”), the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR with a tenor comparable to one month; provided that if the Term SOFR Reference Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for such tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to Term SOFR has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day.”
“‘UK Financial Institution’ means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“‘UK Resolution Authority’ means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“‘Unadjusted Benchmark Replacement’ means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“‘U.S. Government Securities Business Day’ means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
“‘Write-Down and Conversion Powers’ means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are 
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described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
(c)Deletion of Defined Terms; References. Section 1.01 of the Loan Agreement is hereby amended to delete the following defined terms: “Adjusted LIBO Rate”; “Eurodollar Advance”, “Eurodollar Loan”, “Eurodollar Rate”, “Floating Rate Advance,” “Floating Rate Loan,” “Floating Rate,” “Impacted Interest Period,” “Interest Election Request,” “Interest Period,” “Interpolated Rate”; “LIBO Rate”; “LIBO Screen Rate”; “Statutory Reserve Rate”; and “Type”.  
(d)The Loan and Advances.  Sections 3.01(b), (c) and (d) of the Loan Agreement are hereby amended and restated in its entirety as follows:
“(b)  Intentionally Omitted.
(c)  Intentionally Omitted.
(d)  Intentionally Omitted.”
(e)Requests for Advances; Funding of Advances; Interest Elections.  Sections 3.02, 3.03, and 3.04 of the Loan Agreement are hereby deleted in their entirety and replaced, in each case, with “Intentionally Omitted” to maintain the integrity of the numbering of any subsequent Sections.
(f)Payments Generally.  A new Section 3.05(f) is hereby added to the Loan agreement in numerical order thereto:
“(f)    Payments Generally.  Borrower will make each payment required to be made by it under this Agreement prior to 2:00 p.m., Dallas, Texas time, on the date when due, in immediately available funds, without setoff or counterclaim.  Any amounts received after such time on any date may, in the discretion of Administrative Agent, be deemed to have been received on the next succeeding Business Day.  All such payments will be made to Administrative Agent at 8181 Communictions Pkwy Bldg B, Floor 3, Plano, TX 75024-0239. If any payment under this Agreement comes due on a day that is not a Business Day, such payment will be made on the next succeeding Business Day, and, in the case of any payment accruing interest, interest will continue to accrue during the extension period.  All payments hereunder will be made in U.S. dollars.”
(g)Prepayment of Loans.  Section 3.06 of the Loan Agreement is hereby amended and restated in its entirety as follows:

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“Section 3.06.  Prepayment.  Borrower may at any time and from time to time prepay the Loan in whole or in part, subject to prior notice in accordance with this Section 3.06, without any prepayment penalty or premium.  Borrower will notify Administrative Agent by electronic communication as provided in Section 10.01 of any prepayment not later than 2:00 p.m., Dallas, Texas time, three (3) Business Days before the date of prepayment.  Each such notice must specify the prepayment date and the principal amount of the Loan to be prepaid; in the event any such prepayment notice is revoked by Borrower, Borrower shall reimburse Administrative Agent and Lenders for their respective reasonable out-of-pocket costs and expenses in connection with such revoked prepayment notice.  Promptly following receipt of any such notice, Administrative Agent will inform the Lenders of the contents thereof.  
(h)Interest.  Section 3.08 of the Loan Agreement is hereby amended and restated in its entirety as follows:
“(a)    Interest Rate.  The outstanding principal amount of the Loan shall bear interest at a per annum interest rate equal to the Interest Rate.  The Interest Rate will be determined for the date of the Advance and will be reset monthly on each Interest Adjustment Date thereafter.
(b)    Default Rate.  Notwithstanding the foregoing, to the extent permitted under applicable law, upon the occurrence of a Default, and during the continuance of a Default, and after maturity, the Loans shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the rate otherwise applicable to such Loans as provided in the preceding paragraphs of this Section. 
(c)    Payment of Accrued Interest.  Accrued and unpaid interest on the outstanding principal balance of the Loan shall be calculated from and including the first day of each month (or in the case of the first interest accrual period, the borrowing date of the Advance) through and including the last day of such month and is payable in arrears on each Interest Payment Date of the succeeding calendar month; provided (i) interest accrued pursuant to Section 3.08(b) above will be payable within five (5) Business Days following Administrative Agent’s written demand; (ii) in the event of any repayment or prepayment of any principal of the Loan, accrued interest on the principal amount repaid or prepaid will be payable on the date of such repayment or prepayment; and (iii) in the event of any conversion of the rate of interest on the Loan to the rate based on the Alternate Base Rate, accrued interest on the Loan will be due and payable within five (5) Business Days following Administrative Agent’s written demand.
(d)    Computation of Interest.  All interest hereunder will be computed on the basis of a year of 360 days and will be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable interest rate for any day will be determined by Administrative Agent.
“3.09    Alternate Rate of Interest.  
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(a)Subject to clauses (b), (c), (d), (e), and (f) of this Section 3.09, if (i) Administrative Agent determines that adequate and reasonable means do not exist for ascertaining Adjusted Term SOFR or Term SOFR, as applicable (including because the Term SOFR Reference Rate is not available or published on a current basis); or (ii) the Required Lenders advise Administrative Agent that Adjusted Term SOFR or Term SOFR, as applicable, will not adequately and fairly reflect the cost to such Lenders of making or maintaining the Loan, then Administrative Agent will give notice to Borrower by electronic communication as provided in Section 10.01 as promptly as practicable and, until Administrative Agent notifies Borrower that the circumstances giving rise to such notice no longer exist, the Loan will bear interest at (x) the Adjusted Daily Simple SOFR plus the Applicable Margin so long as Adjusted Daily Simple SOFR is not also subject to clauses (i) or (ii) above, or (y) the Alternate Rate if Adjusted Daily Simple SOFR is subject to clauses (i) or (ii) above.
(b)Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of ‘Benchmark Replacement’ for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of ‘Benchmark Replacement’ for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from the Lenders comprising the Required Lenders.
(c)Notwithstanding anything to the contrary herein or in any other Loan Document, Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(d)Administrative Agent will promptly notify Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any 
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Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below, and (v) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.09, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.09.
(e)Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement): 
(i)    if the then-current Benchmark is a term rate (including Term SOFR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then Administrative Agent may modify the definition of ‘Interest Adjustment Date’ for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor; and 
(ii)    if a tenor that was removed pursuant to item (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then Administrative Agent may modify the definition of ‘Interest Adjustment Date’ for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(f)During any Benchmark Unavailability Period, the Loan will bear interest at the Alternate Rate.  During any Benchmark Unavailability Period, or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate.”
(i)Increased Costs.  Section 3.10(a) of the Loan Agreement is hereby amended to read as follows:

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“(a)    Increased Costs of Making or Maintaining Loan.  If any Change in Law shall (i) impose, modify or deem applicable any reserve, special deposit or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by any Lender, (ii) impose on any Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or the Loan made by such Lender or (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, and the result of any of the foregoing is to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender or such other Recipient hereunder (whether of principal, interest or otherwise), then Borrower will pay to such Lender or such other Recipient such additional amount or amounts as will compensate such Lender or such other Recipient for such additional costs incurred or reduction suffered.”
(j)Break Funding Payments.  Section 3.11 of the Loan Agreement is hereby amended to read as follows:
“3.11    Intentionally Omitted.”
(k)Conversion of Revolving Loans to Term Loans; Termination of Revolving Commitment.  
(i)All outstanding Revolving Loans (i.e., Revolving Loans in the outstanding principal amount of $17,420,000) are hereby converted to Term Loans under the Loan Agreement.  The Revolving Commitment is hereby terminated and no further advances shall be permitted from the Loan (including any advances as Revolving Loans).  
(ii)Sections 3.16 and 3.17 are hereby amended restated in their entirety as follows:
“3.16  [Reserved.]”
“3.17  [Reserved.]”
(l)Prohibited Distributions.  Section 4.06 of the Loan Agreement is hereby amended and restated in its entirety as follows:
“4.06    Prohibited Distributions.  Borrower shall not make any distributions at any time, whether or not a Default or Unmatured Default exists.  Borrower shall cause Guarantor and REIT to not make any distributions; provided, however, so long as no Default or Unmatured Default exists, (A) Guarantor and/or REIT will be permitted to make distributions (or receive disbursements from the REIT Excess Cash Account or the Guarantor Excess Cash Account (as defined in the Repayment Guaranty)) (i) to the extent 
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necessary to maintain the REIT status of itself and/or any of its direct or indirect owners that are REITs, and (ii) for Death and Disability Redemptions; provided, however, amounts distributed for Death and Disability Redemptions shall not exceed $250,000, in the aggregate, for any calendar year, and (B) Borrower, Guarantor and/or REIT may make any other distributions subject to Lender’s prior approval in its sole and absolute discretion.  For the purposes of this Section 4.06, “Death and Disability Redemptions” means redemptions allowed in connection with a stockholder's death, qualifying disability, or determination of incompetence as discussed and defined in the Second Amended and Restated Share Redemption Program of the REIT adopted December 7, 2018.
(m)Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Section 10.22 of the Loan Agreement is hereby amended to read as follows:
“ 10.22      Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.”
(n)Releases of Properties.  Section 10.23 of the Loan Agreement is hereby amended and restated in its entirety as follows:
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“10.23 Releases of Properties.  Except as expressly set forth below in this Section 10.23, Administrative Agent shall have no obligation to release any of the Properties (or portions thereof) until the Loan and all other Obligations have been paid in full and all obligations of Administrative Agent and Lenders under this Agreement and the other Loan Documents have terminated.  Borrower shall be entitled to obtain the release of a Property (or portions thereof) (each, a “Release Property”) from the lien of the Loan Documents, provided that all of the following conditions are satisfied:
(a)In connection with the sale of a Release Property to a bone fide third party purchaser (the “Proposed Sale”), Borrower shall have submitted to Administrative Agent a written request for such release at least twenty (20) days prior to the proposed release date, together with a copy of the purchase and sale agreement and copies of any documents which Borrower requests Administrative Agent to execute in connection with such proposed release.
(b)Administrative Agent shall have approved the Proposed Sale (including the proposed purchase price) and corresponding release of the Release Property, which approval shall not be unreasonably withheld, conditioned or delayed.
(c)No Default or Unmatured Default shall have occurred and be continuing.
(d)The Release Property and the portion of the Property that shall remain subject to a Deed of Trust upon the reconveyance of the Release Property shall each constitute one or more legally separable and transferable lots or parcels under all applicable laws, ordinances, rules and regulations relating to the subdivision or parceling of real property and the transfer thereof.
(e)The release of the Release Property will not result in the loss by any other portion of the Property which remains subject to the applicable Deed of Trust of reasonable access to a public street, the use of reasonably necessary easements or utilities, or any parking availability which is reasonably necessary for the use and operation of such remaining Property for its intended purpose (provided, however, that the foregoing requirements in this clause (e) shall be deemed satisfied if the requirements in clause (f) below are satisfied by the applicable Borrower).
(f)The Release Property shall be subject to such reciprocal easement agreements and other agreements as Administrative Agent may reasonably require to ensure that the Property which remains subject to the applicable Deed of Trust enjoys adequate ingress and egress, access to a public street, utility access, parking, and such other rights and benefits as Administrative Agent may reasonably require.
(g)Borrowers’ rights under any reciprocal easement agreement or other agreement that may be required pursuant to Section 10.23(f) above shall be subject to the lien of the applicable Deed of Trust.
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(h)Borrower shall have paid to Administrative Agent, for application to the outstanding balance of the Loans, all net proceeds from the Proposed Sale of such Release Property; provided, however, in no event shall the net proceeds be less than (i) with respect to the Institute Property, $24,148,145 and (ii) with respect to the Greenhouse Property, $33,337,855.  For purposes hereof, such net proceeds shall be the amount of cash received by the applicable Borrower from such sale after deduction of any escrow, recording, title insurance costs, and any other closing costs (including, without limitation, transfer taxes and legal fees), paid by the applicable Borrower in connection therewith as reasonably approved by Administrative Agent; provided, however, for avoidance of doubt, such costs shall not include any deductions for any distributions or the replenishment of any reserves for any of Borrower, Guarantor, REIT, and/or any Affiliates of such parties except to the extent approved by Administrative Agent in its sole and absolute discretion.  
(i)Borrower shall have delivered to Administrative Agent such certifications from Guarantor that, after giving effect to the proposed release, Guarantor shall be in compliance with its financial covenants under the Guaranty.
(j)Borrower shall provide to Administrative Agent at Borrower’s sole cost and expense such title insurance endorsements to the Title Policies for the remaining Deeds of Trust as Administrative Agent shall reasonably request (including, without limitation, CLTA Form 111 Endorsements (or its equivalent), to the extent available and in form and substance reasonably satisfactory to Administrative Agent, which shall insure that after such release, each remaining Deed of Trust shall continue as a valid first position lien against the Property encumbered thereby, subject only to such new title exceptions as Administrative Agent shall approve in writing.
(k)Borrower shall pay, or caused to be paid, to Administrative Agent all reasonable costs and expenses incurred in connection with such release, including without limitation all breakage fees, recording fees, transfer and other taxes, trustee’s fees, reasonable attorneys’ fees, appraisal fees, escrow fees, and fees for title insurance and similar charges.
Following the release of any Property (or portion thereof), such Release Property (or portion thereof) shall no longer be included in the definition of “Property” except with respect to any indemnities and other provisions of the Loan Documents that expressly survive repayment of the Loan.
Upon the release of the Deed of Trust encumbering the Property owned by a Borrower in accordance with the Loan Documents, and the payment to Administrative Agent in full of the amount, if any, required pursuant to Section 10.23(h) above with respect to the release of such Property, so long as no Default or Unmatured Default shall have occurred and be continuing, such Borrower shall be deemed to no longer be a Borrower under the Loan Documents and shall be released therefrom upon the execution (which shall be delivered concurrently with 
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the release of the applicable Deed of Trust) by such Borrower, each other Borrower and Guarantor, and Administrative Agent of a reciprocal release agreement in the form attached hereto as Exhibit F or any other form reasonably satisfactory to Administrative Agent, the applicable Borrower, each other Borrower and Guarantor.”
(o)Acknowledgments of Lenders.  A new Section 11.14 is hereby added to the Loan Agreement in numerical order thereto as follows:
“11.14    Acknowledgements of Lenders.
(a)    Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender, in each case in the ordinary course of its business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon Administrative Agent or any other Lender, or any of the Related Parties of any of them, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold the Loan hereunder, and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.  Each Lender also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender, or any of the Related Parties of any of them, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning Borrower and its Affiliates) as it from time to time deems appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
(b)    Each Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it becomes a Lender hereunder, will be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, Administrative Agent or Lenders on the Closing Date.
(c)    (i)    Each Lender hereby agrees that (x) if Administrative Agent notifies such Lender that Administrative Agent has determined in its sole 
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discretion that any funds received by such Lender from Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by Administrative Agent for the return of any Payments received, including any defense based on “discharge for value” or any similar doctrine.  A notice of Administrative Agent to any Lender under this Section 11.14(c) shall be conclusive, absent manifest error.
(ii)    Each Lender hereby further agrees that if it receives a Payment from Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify Administrative Agent of such occurrence and, upon demand from Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to Administrative Agent at the greater of the NYFRB Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
(iii)    Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by Borrower.
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(iv)    Each party’s obligations under this Section 11.14(c) shall survive the resignation or replacement of Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.”
(p)Financial Information and Other Deliveries.
(i)Borrower.  Sections 4.09(a)(i) and 4.09(a)(ii) of the Loan Agreement are hereby amended and restated in its entirety as follows:
“(i)    (A) Within twenty (20) days after the end of each of calendar month, each Borrower shall deliver to Administrative Agent an operating statement (showing actual to budgeted results) and a lease status report (including a rent roll) for each Property and Improvements, each dated as of the last day of such calendar month.  Within forty-five (45) days after the end of each Borrower’s fiscal quarters (except for the fourth fiscal quarter), each Borrower shall deliver to Administrative Agent a balance sheet, statement of operations for each Borrower, each dated as of the last day of such fiscal quarter, in form and substance reasonably satisfactory to Administrative Agent and certified by an authorized representative of each Borrower; 
(ii)    Within ninety (90) days after the end of each of each Borrower’s fiscal year, each Borrower shall deliver to Administrative Agent (i) an operating budget for the upcoming year and an operating statement (showing actual to budgeted results) and a lease status report (including a rent roll) for each Property and Improvements, each dated as of the last day of the fiscal year, and (ii) a balance sheet, statement of operations for Borrower, each dated as of the last day of such fiscal year, in form and substance reasonably satisfactory to Administrative Agent and certified by an authorized representative of each Borrower;” 
(ii)KBS Growth & Income REIT, Inc.  In addition to the financial information required pursuant to Section 4.09 of the Loan Agreement, Borrower shall cause each of the following to be delivered to Administrative Agent:
(A)Within forty-five (45) days after the end of the fiscal quarter (except for the fourth fiscal quarter) of REIT, Borrower shall deliver to Administrative Agent a balance sheet, statement of operations for the REIT, each dated as of the last day of such fiscal quarter, in form and substance reasonably satisfactory to Administrative Agent and certified by an authorized representative of the REIT; 
(B)Within ninety (90) days after the end of each of the REIT’s fiscal years, Borrower shall deliver to Administrative Agent a balance sheet, a statement of operations for the REIT, each dated as of the last day of such fiscal 
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year, in form and substance reasonably satisfactory to Administrative Agent and certified by an authorized representative of Guarantor. 
(C)Borrower shall deliver to Administrative Agent such other information and materials with respect to the REIT as Administrative Agent shall reasonably request in writing.
(q)Additional Covenants.
(i)Covenant to Use Revenues.  
(A)All revenues received by Borrower from the Property shall only be used for purposes consistent with the operating budget approved by Administrative Agent (which approval shall not be withheld, conditioned or delayed unreasonably) and historical practices with respect to such Property, except as otherwise approved by Administrative Agent, in its sole and absolute discretion.  
(B)Borrower shall cause all revenues received by Guarantor and/or cash currently held by Guarantor to only be used for payment of Guarantor Operating Costs.  
(C)Borrower shall cause all revenues received by REIT and/or cash currently held by REIT to only be used for payment of REIT Operating Costs. 
(ii)Guarantor Permitted Indebtedness.    Borrower shall cause Guarantor not to incur any Indebtedness other than Guarantor Permitted Indebtedness.
(r)Cash Flow Sweep.  
(i)Within ten (10) Business Days of each Interest Payment Date, Borrower shall pay to Administrative Agent an amount equal to the Excess Cash Flow (defined below) for the preceding month and shall deliver to Administrative Agent a reasonably detailed accounting of the amount of such Excess Cash Flow payment certified by the chief financial officer or another authorized representative of Borrower as true, correct, and complete in all material respects.  All amounts paid by Borrower pursuant to this subsection (r) shall be deposited by Administrative Agent in an account at, and controlled by, Administrative Agent established for the purpose of holding the Excess Cash Flow deposits (the “Excess Cash Flow Account”).  So long as no Event of Default exists, any interest on the funds in the Excess Cash Flow Account shall accrue for the benefit of Borrower.
(ii)Borrower shall, in each case, (i) complete and duly execute and deliver (as applicable) all documentation reasonably required by Administrative Agent to establish and pledge to Administrative Agent, for the benefit of the Lenders, the Excess Cash Flow Account (including Administrative Agent’s standard form of deposit account control agreement, blocked account agreement, or similar agreement, which shall be in all material respects consistent with the provisions of this Agreement, and which shall be subject to any modification as may be agreed upon by Borrower and Administrative 
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Agent), and (ii) otherwise cooperate with Administrative Agent in all reasonable respects to establish the Excess Cash Flow Account, pledge it to Administrative Agent, for the benefit of Lenders, and perfect such pledge, within ten (10) Business Days after Administrative Agent provides Borrower with such documentation. Borrower hereby grants to Administrative Agent a security interest in the Excess Cash Flow Account and all funds on deposit therein as additional security for the Obligations and agrees that it shall not, without obtaining the prior express written consent of Administrative Agent, further pledge, assign or grant any security interest in the Excess Cash Flow Account. Borrower agrees to hold in trust for the benefit of Administrative Agent on behalf of the Lenders, all Excess Cash Flow in its possession prior to the deposit of such Excess Cash Flow into the Excess Cash Flow Account. This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC.
(iii)During the existence of a Default, Administrative Agent shall have the right to apply all amounts in the Excess Cash Flow Account in repayment of the Obligations in such order as Administrative Agent shall determine.  Borrower shall have no right to any funds in the Excess Cash Flow Account until payment of the Obligations in full; provided, however, that so long as no Default or Unmatured Default has occurred and is continuing, at Borrower’s written request, Administrative Agent may disburse funds held in the Excess Cash Flow Account to Borrower for (1) tenant improvement costs and leasing commissions for Approved Leases and (2) at Administrative Agent’s sole and absolute discretion, Guarantor Operating Costs, REIT Operating Costs, and/or capital improvements in such amounts and subject to such evidence and/or conditions Administrative Agent may require in its sole and absolute discretion.
(iv)For the purposes hereof, “Excess Cash Flow” means (A) actual gross revenues of Borrower for such calendar month attributable to the Property (including, without limitation, all rentals, service and other fees or charges, license fees, parking fees and other revenues and cash payments of any kind received by the Borrower) received by Borrower for the most recently completed one (1) month period (the “Actual Revenues”) less (B) the sum of the following costs and expenses paid by Borrower during such month: (x) all actual Property Operating Expenses (including, without limitation, debt service charges paid during such month and swap settlement payments owed by Borrower to Administrative Agent, if any) in connection with the ownership, maintenance and operation of the Property, (y) tenant improvement costs and leasing commissions for Approved Leases, and (z) capital expenditures consistent with the operating budget or any other capital expenditures approved by Administrative Agent, in its sole and absolute discretion; provided, however, in no event shall Actual Revenues be used for payment of any asset management fees to any Borrower, Guarantor, REIT and/or any Affiliates of any Borrower, Guarantor or REIT.  
(v)Upon payment in full and satisfaction of all indebtedness under the Loan and obligations under the Loan Documents, any amounts remaining in the Excess Cash Flow Account shall be released to Borrower.   
(s)REIT Excess Cash Account.  
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(i)If at any time REIT holds in excess of $7,000,000 in cash (the “REIT Excess Cash”), REIT shall (and Borrower shall cause REIT to) either, at REIT’s discretion (i) pay to Administrative Agent all REIT Excess Cash and such amounts shall be deposited by Administrative Agent in an account at, and controlled by, Administrative Agent established for the purpose of holding the REIT Excess Cash (the “REIT Excess Cash Account”) (and any interest that may accrue on the funds in such REIT Excess Cash Account shall accrue for the benefit of REIT so long as no Default exists) or (ii) pay to Administrative Agent all REIT Excess Cash to be applied in repayment of the Obligations (as defined in the Loan Agreement) in such order as Administrative Agent shall determine, or a combination of (i) and (ii) in REIT’s sole and absolute discretion.  
(ii)REIT shall (and Borrower shall cause REIT to) (i) complete and duly execute and deliver (as applicable) all documentation reasonably required by Administrative Agent to establish and pledge to Administrative Agent, for the benefit of the Lenders, the REIT Excess Cash Account (including Administrative Agent’s standard form of deposit account control agreement, blocked account agreement, or similar agreement, which shall be in all material respects consistent with the provisions of this Agreement and which shall be subject to any modification as may be agreed upon by REIT and Administrative Agent), and (ii) otherwise reasonably cooperate with Administrative Agent in all reasonable respects to establish the REIT Excess Cash Account, pledge it to Administrative Agent, for the benefit of Lenders, and perfect such pledge, within ten (10) Business Days after Administrative Agent provides REIT with such documentation.  Borrower shall cause REIT to grant to Administrative Agent a security interest in the REIT Excess Cash Account and all funds on deposit therein as additional security for the Obligations and Borrower shall cause REIT to, without obtaining the prior express written consent of Administrative Agent, not further pledge, assign or grant any security interest in the REIT Excess Cash Account. Borrower shall cause REIT to hold in trust for the benefit of Administrative Agent on behalf of the Lenders, all REIT Excess Cash in its possession prior to the deposit of such REIT Excess Cash into the REIT Excess Cash Account. This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC. 
(iii)During the existence of a Default, Administrative Agent shall have the right to apply all amounts in the REIT Excess Cash Account in repayment of the Obligations in such order as Administrative Agent shall determine.  REIT nor Borrower shall have any right to any funds in the REIT Excess Cash Account until payment of the Obligations in full.  
(iv)Upon payment in full and satisfaction of all indebtedness under the Loan and obligations under the Loan Documents, any amounts remaining in the REIT Excess Cash Account shall be released to REIT.   
(t)Interest Rates; Benchmark Notification.  The interest rate on the Loan may, at any time, be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform.  Upon the occurrence of a Benchmark Transition Event, Section 3.09(b) of the Loan Agreement provides the mechanism for determining an alternative rate of interest.  Administrative Agent does not warrant or accept 
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any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including, without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability.  Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to Borrower.  Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
(u)Notices.  The notice addresses for the Borrower and Administrative Agent set forth in Section 10.01 shall be updates as follows:
(i)if to Borrower, to it at c/o KBS Capital Advisors LLC, 800 Newport Center Drive, #700, Newport Beach, CA  92660, Attention of Luke Hamagiwa (Phone No. (202) 552-7568) (Email Address: lhamagiwa@kbs.com), and Brett Merz, Senior Vice President, Asset Management (Phone No. (949) 417-6545) (Email Address: bmerz@kbs.com); 
With a copy to: Greenberg Traurig, 18565 Jamboree Road, Suite 500, Irvine, CA 92612, Attention of Bruce Fischer, Esq. (Phone No. (949) 732-6670) (Email Address: fischerb@gtlaw.com);
With a copy to: Todd Smith, 800 Newport Center Drive, #700, Newport Beach, CA  92660 (Phone No. (949) 797-0338) (Email Address: kbs-debt@kbs.com); 
(ii)if to Administrative Agent, to it at 277 Park Avenue, 36th Floor, New York, NY 10017, Attention of Donald Wattson (Phone No. (212) 648-1807) (Email Address:  donald.a.wattson@jpmorgan.com).  
(v)Secured Obligations.  Each Deed of Trust is modified to secure payment and performance of the Loan, as amended to date, in addition to all other “Secured Obligations” as therein defined.
4.Conditions Precedent.  Before this Agreement becomes effective and any party becomes obligated under it, all of the following conditions shall have been satisfied at Borrower’s sole cost and expense in a manner acceptable to Administrative Agent and the Lenders, in the exercise of their reasonable judgment:
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(a)Administrative Agent and the Lenders shall have received fully executed and, where appropriate, acknowledged originals of this Agreement, a Second Amended and Restated Guaranty, and any other documents and agreements which Administrative Agent and the Lenders may reasonably require or request in accordance with this Agreement or the other Loan Documents, in form and substance reasonably satisfactory to Administrative Agent;
(b)A short form of this Agreement shall have been recorded in the Official Records;
(c)Administrative Agent shall have received such assurance as Administrative Agent may reasonably require that the validity and priority of the Deed of Trust has not been and will not be impaired by this Agreement or the transactions contemplated by it, including an ALTA 11-06 Endorsement and any other endorsements reasonably required by Administrative Agent to be attached to the Title Policy;
(d)Administrative Agent shall have received a modification fee in an amount equal to 0.15% of the Aggregate Commitment;
(e)Administrative Agent shall have received reimbursement, in immediately available funds, of all costs and expenses incurred by Administrative Agent in connection with this Agreement, (if required) including charges for title insurance (including endorsements), recording, filing and escrow charges, fees for appraisal, architectural and engineering review, construction services and environmental services, mortgage taxes, and reasonable legal fees and expenses of Administrative Agent’s counsel.
5.Borrower’s Representations and Warranties.  Borrower represents and warrants to Administrative Agent and the Lenders as follows:
(a)Loan Documents.  All representations and warranties made and given by Borrower in the Loan Documents are true, accurate and correct in all material respects, subject to (i) any changes in circumstances arising from actions or events occurring after the date of this Agreement that do not otherwise constitute a Default hereunder or under any of the Loan Documents (including, without limitation, execution of new Leases and contracts that are not prohibited by the terms of this Agreement or any other Loan Documents), and (ii) such matters, if any, as have been previously disclosed to Administrative Agent in writing.
(b)No Default.  No Default or Unmatured Default has occurred and is continuing. 
(c)Borrowing Entity.  There have been no changes in the formation documents of any Borrower since the inception of the Loan that would violate any restrictions set forth in the Loan Documents. 
6.Incorporation.  This Agreement shall form a part of each Loan Document, and all references to a given Loan Document shall mean that document as hereby modified.
7.No Prejudice; Reservation of Rights.  This Agreement shall not prejudice any rights or remedies of Administrative Agent nor any Lender under the Loan Documents.  
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Administrative Agent and the Lenders reserve, without limitation, all rights which it has against any indemnitor, guarantor, or endorser of the Notes.
8.No Impairment.  Except as specifically hereby amended, the Loan Documents shall each remain unaffected by this Agreement and all such documents shall remain in full force and effect.  Nothing in this Agreement shall impair the lien of any Deed of Trust.
9.Purpose and Effect of Administrative Agent’s and/or Lenders Approval.  Administrative Agent and/or any Lender’s approval of any matter in connection with the Loan shall be for the sole purpose of protecting Administrative Agent’s and such Lender’s security and rights.  No such approval shall result in a waiver of any default of Borrower.  In no event shall Administrative Agent and/or any Lender’s approval be a representation of any kind with regard to the matter being approved.
10.Disclosure to Title Company.  Administrative Agent and/or any Lender may, upon no less than three (3) Business Days’ notice to Borrower, disclose to any title insurance company which insures any interest of Administrative Agent under any Deed of Trust (whether as primary insurer, coinsurer or reinsurer) any information, data or material in Administrative Agent’s and/or any Lender’s possession relating to Borrower, the Loan, or the Property.
11.Reversal of Payments.  If Administrative Agent receives any payments which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be paid to a trustee, debtor-in-possession, receiver or any other party under any bankruptcy law, common law, equitable cause or otherwise, then, to such extent, the obligations or part thereof intended to be satisfied by such payments or proceeds shall be reversed and continue as if such payments or proceeds had not been received by Administrative Agent.
12.Integration.  The Loan Documents, including this Agreement: (a) integrate all the terms and conditions mentioned in or incidental to the Loan Documents; (b) supersede all oral negotiations and prior and other writings with respect to their subject matter; and (c) are intended by the parties as the final expression of the agreement with respect to the terms and conditions set forth in those documents and as the complete and exclusive statement of the terms agreed to by the parties.  If there is any conflict between the terms, conditions and provisions of this Agreement and those of any other agreement or instrument, including any of the other Loan Documents, the terms, conditions and provisions of this Agreement shall prevail.
13.Miscellaneous.  This Agreement and any attached consents or exhibits requiring signatures may be executed in counterparts, and all counterparts shall constitute but one and the same document.  If any court of competent jurisdiction determines any provision of this Agreement or any of the other Loan Documents to be invalid, illegal or unenforceable, that portion shall be deemed severed from the rest, which shall remain in full force and effect as though the invalid, illegal or unenforceable portion had never been a part of the Loan Documents.  This Agreement shall be governed by the laws of the State of California, without regard to the choice of law rules of that State.  As used here, the word “include(s)” means “includes(s), without limitation,” and the word “including” means “including, but not limited to.”
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14.Limitation on Liability.  Notwithstanding the foregoing or anything to the contrary herein, under no circumstances shall Administrative Agent and Lenders have any recourse against, nor shall there be any personal liability to, the members of any Borrower, or to any shareholders, members or partners (direct or indirect, except for the Guarantor under the Guaranty) for any obligations of Borrower hereunder.  For purposes of clarification, in no event shall the above language limit, reduce or otherwise affect any Borrower’s liability or obligations under this Agreement, the Loan Documents, Guarantor’s liability or obligations under the Guaranty or Administrative Agent’s and Lenders’ right to exercise any rights or remedies against any collateral securing the Loan.
15.Electronic Execution.  Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 10.01 of the Loan Agreement), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent Administrative Agent has agreed to accept any Electronic Signature, Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of Borrower without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart.  Without limiting the generality of the foregoing, Borrower hereby (i) agrees that, for all purposes, including in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among Administrative Agent, the Lenders and Borrower, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or 
30

enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto, and (iv) waives any claim against any Lender-Related Person for any liabilities arising solely from Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any liabilities arising as a result of the failure of Borrower to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.
THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
[Signatures appear on following page.]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
BORROWER:
KBSGI OFFICES AT GREENHOUSE, LLC,
a Delaware limited liability company
By:    KBSGI REIT Acquisition IV, LLC,
a Delaware limited liability company,
its sole member
By:    KBSGI REIT Properties, LLC,
a Delaware limited liability company,
its sole member
By:    KBS Growth & Income Limited Partnership,
a Delaware limited partnership,
its sole member
By:    KBS Growth & Income REIT, Inc.,
a Maryland corporation,
its general partner
By:    /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
[SIGNATURES CONTINUE ON NEXT PAGE]

BORROWER CONTINUED:
KBSGI 213 WEST INSTITUTE PLACE, LLC,
a Delaware limited liability company
By:    KBSGI REIT Acquisition V, LLC,
a Delaware limited liability company,
its sole member
By:    KBSGI REIT Properties, LLC,
a Delaware limited liability company,
its sole member
By:    KBS Growth & Income Limited Partnership,
a Delaware limited partnership,
its sole member
By:    KBS Growth & Income REIT, Inc.,
a Maryland corporation,
its general partner
By:    /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer
[SIGNATURES CONTINUE ON NEXT PAGE]

ADMINISTRATIVE AGENT AND LENDER:
JPMORGAN CHASE BANK, N.A.,
a national banking association,
as Administrative Agent and a Lender
By: /s/Donald Wattson
Name: Donald Wattson
Title: Authorized Officer

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