Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 60

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 60
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 time of issuance is below market
rates. The applicable prospectus supplement will describe the federal income tax consequences and special considerations applicable to
any such debt securities. The debt securities may also be issued as indexed securities or securities denominated in foreign currencies,
currency units or composite currencies, as described in more detail in the prospectus supplement relating to any of the particular debt
securities. The prospectus supplement relating to specific debt securities will also describe any special considerations and certain
additional tax considerations applicable to such debt securities.

Conversion of Debt Securities

The debt securities may entitle the holder to
purchase, in exchange for the extinguishment of debt, an amount of securities at a conversion price that will be stated in the debt securities.
If such debt securities are convertible, unless otherwise specified in a prospectus supplement, the debt securities will be convertible
at any time up to the close of business on the expiration date set forth in the terms of such debt securities. After the close of business
on the expiration date, the debt securities not converted will be paid in accordance with their terms.

Subordination

The prospectus supplement relating to any offering
of subordinated debt securities will describe the specific subordination provisions. However, unless otherwise noted in the prospectus
supplement, subordinated debt securities will be subordinate and junior in right of payment to any existing senior indebtedness.

Unless otherwise specified in the applicable
prospectus supplement, under the subordinated indenture, “senior indebtedness” means all amounts due on obligations in connection
with any of the following, whether outstanding at the date of execution of the subordinated indenture, or thereafter incurred or created:

| ● | the principal of (and premium, if any) and interest                                                                                 
 due on our indebtedness for borrowed money and indebtedness evidenced by bonds, notes, debentures or similar instruments or letters 
 of credit (or reimbursement agreements in respect thereof);                                                                         |

| ● | all of our capital lease obligations or attributable                               
 debt (as defined in the indentures) in respect of sale and leaseback transactions; |

| ● | all obligations representing the balance deferred                                                                                  
 and unpaid of the purchase price of any property or services, which purchase price is due more than six months after the date of   
 placing such property in service or taking delivery and title thereto, except any such balance that constitutes an accrued expense 
 or trade payable or any similar obligation to trade creditors;                                                                     |

| ● | all of our obligations in respect of interest rate                                                                                         
 swap agreements (