Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 62

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 62
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antor or otherwise; and |

| ● | all obligations of the types referred to above of                                                                     
 other persons secured by any lien on any property or asset of ours (whether or not such obligation is assumed by us). |

However, senior indebtedness does not include:

| ● | any indebtedness which expressly provides that such                                                                                       
 indebtedness shall not be senior in right of payment to the subordinated debt securities, or that such indebtedness shall be subordinated 
 to any other of our indebtedness, unless such indebtedness expressly provides that such indebtedness shall be senior in right of          
 payment to the subordinated debt securities;                                                                                              |

| ● | any of our obligations to our subsidiaries or of a                 
 subsidiary guarantor to us or any other of our other subsidiaries; |

| ● | any liability for federal, state, local or other taxes 
 owed or owing by us or any subsidiary guarantor,       |

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| ● | any accounts payable or other liability to trade creditors                                                            
 arising in the ordinary course of business (including guarantees thereof or instruments evidencing such liabilities); |

| ● | any obligations with respect to any capital stock; |

| ● | any indebtedness incurred in violation of the indenture,                                                                               
 provided that indebtedness under our credit facilities will not cease to be senior indebtedness under this bullet point if the lenders 
 of such indebtedness obtained an officer’s certificate as of the date of incurrence of such indebtedness to the effect that            
 such indebtedness was permitted to be incurred by the indenture; and                                                                   |

| ● | any of our indebtedness in respect of the subordinated 
 debt securities.                                       |

Senior indebtedness shall continue to be senior
indebtedness and be entitled to the benefits of the subordination provisions irrespective of any amendment, modification or waiver of
any term of such senior indebtedness.

Unless otherwise noted in an accompanying prospectus
supplement, if we default in the payment of any principal of (or premium, if any) or interest on any senior indebtedness when it becomes
due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise, then, unless and until such default
is cured or waived or ceases to exist, we will make no direct or indirect payment (in cash, property, securities, by set-off or otherwise)
in respect of the principal of or interest on the subordinated debt securities or in respect of any redemption, retirement, purchase
or other