Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 56

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 56
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 or more separate indentures between us and a trustee to
be specified in an accompanying prospectus supplement. Senior debt securities will be issued under a new senior indenture. Subordinated
debt securities will be issued under a subordinated indenture. Together, the senior indentures and the subordinated indentures are sometimes
referred to in this prospectus as the indentures. This prospectus, together with the applicable prospectus supplement, will describe
the terms of a particular series of debt securities.

The statements and descriptions in this prospectus
or in any prospectus supplement regarding provisions of the indentures and debt securities are summaries thereof, do not purport to be
complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of the indentures (and any amendments
or supplements we may enter into from time to time which are permitted under each indenture) and the debt securities, including the definitions
therein of certain terms.

General

Unless otherwise specified in a prospectus
supplement, the debt securities will be direct unsecured obligations of TFGL. The senior debt securities will rank equally with any of
our other senior and unsubordinated debt. The subordinated debt securities will be subordinate and junior in right of payment to any
senior indebtedness.

Unless otherwise specified in a prospectus supplement,
the indentures do not limit the aggregate principal amount of debt securities that we may issue and provide that we may issue debt securities
from time to time at par or at a discount, and in the case of the new indentures, if any, in one or more series, with the same or various
maturities. Unless indicated in a prospectus supplement, we may issue additional debt securities of a particular series without the consent
of the holders of the debt securities of such series outstanding at the time of the issuance. Any such additional debt securities, together
with all other outstanding debt securities of that series, will constitute a single series of debt securities under the applicable indenture.

Each prospectus supplement will describe the
terms relating to the specific series of debt securities being offered. These terms will include some or all of the following:

| ● | the title of the debt securities and whether they are subordinated 
 debt securities or senior debt securities;                         |

| ● | any limit on the aggregate principal amount of the debt securities; |

| ● | the ability to issue additional debt securities of the same series; |

| ● | the price or prices at which we will