Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 67

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 67
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ance or covenant defeasance had not occurred. Such
opinion of counsel, in the case of legal defeasance under clause (i) above, must refer to and be based upon a ruling of the Internal
Revenue Service or a change in applicable federal income tax law occurring after the date of the relevant indenture. In addition, in
the case of either legal defeasance or covenant defeasance, we shall have delivered to the trustee (1) if applicable, an officer’s
certificate to the effect that the relevant debt securities exchange(s) have informed us that neither such debt securities nor any other
debt securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit and (2) an
officer’s certificate and an opinion of counsel, each stating that all conditions precedent with respect to such legal defeasance
or covenant defeasance have been complied with.

We may exercise our defeasance option with respect
to such debt securities notwithstanding our prior exercise of our covenant defeasance option.

Modification and Waiver

Under the indentures, unless an accompanying
prospectus supplement states otherwise, we and the applicable trustee may supplement the indentures for certain purposes which would
not materially adversely affect the interests or rights of the holders of debt securities of a series without the consent of those holders.
We and the applicable trustee may also modify the indentures or any supplemental indenture in a manner that affects the interests or
rights of the holders of debt securities with the consent of the holders of at least a majority in aggregate principal amount of the
outstanding debt securities of each affected series issued under the indenture. However, the indentures require the consent of each holder
of debt securities that would be affected by any modification which would:

| ● | reduce the principal amount of debt securities whose        
 holders must consent to an amendment, supplement or waiver; |

| ● | reduce the principal of or change the fixed maturity                                                                               
 of any debt security or, except as provided in any prospectus supplement, alter or waive any of the provisions with respect to the 
 redemption of the debt securities;                                                                                                 |

| ● | reduce the rate of or change the time for payment              
 of interest, including default interest, on any debt security; |

| ● | waive a default or event of default in the payment                                                                                      
 of principal of or interest or premium, if any, on, the debt securities (except a rescission of acceleration of the debt