Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 111

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 111
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 effective on or after the date of issuance
of the Notes, then the Company may at any time at the Company’s option redeem the Notes, in whole, but not in part, at a redemption
price equal to 100% of their principal amount, plus any interest accrued but not paid to but excluding the redemption date and any Additional
Amounts due and payable on the Notes up to, but excluding, the redemption date.

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If the Company exercises
its option to redeem the Notes pursuant to the preceding paragraph, the Company will deliver to the trustee a certificate signed by an
authorized officer stating that the Company is entitled to redeem the Notes to the effect that the circumstances described above exist.

In the event that Allied
World has become or would become obligated to pay, on the next date on which any amount would be payable under or with respect to the
Notes, any Bermuda Additional Amounts as a result of a change in the laws (including any regulations promulgated thereunder) or treaties
of Bermuda (or any political subdivision or taxing authority thereof or therein), or any change in any official position regarding
the application or interpretation or enforcement of such laws, regulations or treaties of Bermuda (including a holding by a court of competent
jurisdiction or by a taxing authority), which change is announced and becomes effective on or after July 19, 2024, then Allied World
may, at any time at Allied World’s option, redeem the Notes, in whole, but not in part, at a redemption price equal to 100% of their
principal amount, plus any interest accrued but not paid up to, but excluding, the redemption date and any Bermuda Additional Amounts
due and payable on the Notes up to, but excluding, the redemption date.

If Allied World exercises
its option to redeem the Notes, pursuant to the preceding paragraph, Allied World will deliver to the trustee a certificate signed by
an authorized officer stating that Allied World is entitled to redeem the Notes to the effect that the circumstances described above exist.

Selection and Notice of Redemption

In the case of a partial
redemption, selection of Notes held in the form of definitive certificates for redemption will be made pro rata, by lot or by such other
method as the trustee deems appropriate. For so long as the Notes are held by DTC (or another depositary), the selection of partially
redeemed Notes and the redemption of the Notes shall be conducted in accordance with the policies and