Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 65

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 65
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 at least 25% in aggregate
principal amount of the debt securities of that series then outstanding under such indenture shall have requested the trustee to institute
such action and offered to the trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred
in compliance with such request; (3) the trustee shall not have instituted such action within 60 days of such request and (4) no direction
inconsistent with such written request has been given to the trustee during such 60-day period by the holders of a majority in principal
amount of the debt securities of that series. We are required to furnish annually to the trustee statements as to our compliance with
all conditions and covenants under each indenture.

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Discharge, Defeasance and Covenant Defeasance

We may discharge or defease our obligations under
the indenture as set forth below, unless otherwise indicated in the applicable prospectus supplement.

We may discharge certain obligations to holders
of any series of debt securities issued under either the senior indenture or the subordinated indenture which have not already been delivered
to the trustee for cancellation by irrevocably depositing with the trustee money in an amount sufficient to pay and discharge the entire
indebtedness on such debt securities not previously delivered to the trustee for cancellation, for principal and any premium and interest
to the date of such deposit (in the case of debt securities which have become due and payable) or to the stated maturity or redemption
date, as the case may be, and we or, if applicable, any guarantor, have paid all other sums payable under the applicable indenture.

If indicated in the applicable prospectus supplement,
we may elect either (1) to defease and be discharged from any and all obligations with respect to the debt securities of or within any
series (except in all cases as otherwise provided in the relevant indenture) (“legal defeasance”) or (2) to be released from
our obligations with respect to certain covenants applicable to the debt securities of or within any series (“covenant defeasance”),
upon the deposit with the relevant indenture trustee, in trust for such purpose, of money and/or government obligations which through
the payment of principal and interest in accordance with their terms will provide money in an amount sufficient to pay the principal
of (and premium, if any) or interest on such debt securities to maturity or redemption, as the case may be