Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 120

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 120
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 in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to
pay the principal of and interest on the outstanding Notes on the stated maturity (or redemption date, if applicable) of such principal
or installment of interest; (ii) in the case of defeasance, the Company and/or Allied World shall have delivered to the trustees
an opinion of counsel in the United States stating that (x) they have received from, or there has been published by, the Internal
Revenue Service a ruling or (y) since June 18, 2024 (the date of the offering memorandum for the Initial Notes), there has
been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion of counsel
shall confirm that, the holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such defeasance had not occurred; (iii) in the case of covenant defeasance, the Company and/or
Allied World shall have delivered to the trustees an opinion of counsel in the United States to the effect that the holders of the outstanding
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
covenant defeasance had not occurred; and (iv) the Company and/or Allied World must comply with certain other conditions.

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

The Indenture provides that
the Company, Allied World and the trustees may enter into supplemental indentures without the consent of the holders of the Notes or
the holders of the securities of any other series to: (a) evidence the succession of another person to the Company and the obligations
assumed by such successor under the Indenture; (b) add to the Company’s and Allied World’s covenants for the benefit
of the holders of the securities of any series or to surrender any right or power conferred upon the Company or Allied World by the Indenture;
(c) add events of default for the benefit