Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 64

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 64
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 default for 30 consecutive days in the payment 
 when due of interest on the debt securities;      |

| ● | we default in the payment when due (at maturity, upon                                     
 redemption or otherwise) of the principal of, or premium, if any, on the debt securities; |

| ● | our failure to observe or perform any other of our                                                                
 covenants or agreements with respect to such debt securities for 60 days after we receive notice of such failure; |

| ● | certain events of bankruptcy, insolvency or reorganization 
 of TFGL; or                                                |

| ● | any other event of default provided with respect to 
 securities of that series.                          |

Unless an accompanying prospectus supplement
states otherwise, if an event of default with respect to any debt securities of any series outstanding under either of the indentures
shall occur and be continuing, the trustee under such indenture or the holders of at least 25% (or at least 10%, in respect of a remedy
(other than acceleration) for certain events of default relating to the payment of dividends) in aggregate principal amount of the debt
securities of that series outstanding may declare, by notice as provided in the applicable indenture, the principal amount (or such lesser
amount as may be provided for in the debt securities of that series) of all the debt securities of that series outstanding to be due
and payable immediately; provided that, in the case of an event of default involving certain events in bankruptcy, insolvency or reorganization,
acceleration is automatic; and, provided further, that after such acceleration, but before a judgment or decree based on acceleration,
the holders of a majority in aggregate principal amount of the outstanding debt securities of that series may, under certain circumstances,
rescind and annul such acceleration if all events of default, other than the nonpayment of accelerated principal, have been cured or
waived. Upon the acceleration of the maturity of original issue discount securities, an amount less than the principal amount thereof
will become due and payable. Reference is made to the prospectus supplement relating to any original issue discount securities for the
particular provisions relating to acceleration of maturity thereof.

Any past default under either indenture with
respect to debt securities of any series, and any event of default arising therefrom, may be waived by the holders of a majority in principal
amount of all debt securities of such series outstanding under such indenture, except in the case of (1) default in the payment of the
principal