Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 63

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 63
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 requisition of any of the subordinated debt securities.

In the event of the acceleration of the maturity
of any subordinated debt securities, the holders of all senior debt securities outstanding at the time of such acceleration, subject
to any security interest, will first be entitled to receive payment in full of all amounts due on the senior debt securities before the
holders of the subordinated debt securities will be entitled to receive any payment of principal (and premium, if any) or interest on
the subordinated debt securities.

If any of the following events occurs, we will
pay in full all senior indebtedness before we make any payment or distribution under the subordinated debt securities, whether in cash,
securities or other property, to any holder of subordinated debt securities:

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

| ● | insolvency or receivership; |

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

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

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

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

<div align='center'>26</div>

Events of Default, Notice and Waiver

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

| ● | we