Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 101

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 101
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of the United States as at the time of payment is legal tender for the payment of public and private debts.

If any Interest Payment Date,
maturity date or redemption date of the Notes falls on a day that is not a business day, the required payment of principal, premium, if
any, and interest will be made on the next succeeding business day as if made on the date that the payment was due and no interest will
accrue on that payment for such period from and after that Interest Payment Date, maturity date or redemption date, as the case may be,
to the date of that payment on the next succeeding business day. The term “business day” means any day, other than a Saturday
or Sunday, which is not a day on which banking institutions in the City of New York are authorized or required by law or executive order
to close.

The Notes are not redeemable
at the option of the holder prior to maturity and are not subject to any sinking fund.

The Indenture is being qualified
under the U.S. Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), a copy of which is filed as an
exhibit to the registration statement to which this prospectus forms a part. References to accounting terms in the Indenture and in this
summary, unless otherwise defined, have the meanings assigned to them in accordance with IFRS Accounting Standards.

The Indenture provides that,
in addition to the Notes, securities of other series may be issued under the Indenture without limitation as to aggregate principal amount.
The securities of other series may have such terms and provisions not inconsistent with the Indenture as the Company may determine from
time to time. The securities of any series issued under the Indenture, including the Notes, are referred to as “securities”.

<div align='center'>General</div>

The Notes are the Company’s
and Allied World’s direct, unsecured obligations and rank equally and ratably with all of the Company’s and Allied World’s
respective other unsecured and unsubordinated indebtedness from time to time outstanding. The Notes rank among themselves equally and
ratably without preference or priority. The Notes would be structurally subordinated to all obligations of the Company’s subsidiaries
(other than Allied World) and Allied World’s subsidiaries. The Notes would be effectively subordinated to any future secured indebtedness
of the Company and Allied World, to the extent of the assets securing such indebtedness