Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 115

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 115
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 and financial information concerning the Company and Allied World called for under
paragraph (d)(4) of Rule 144A.

Waiver of Certain Covenants.The Company and/or Allied World may elect in any particular instance to not comply with any term, provision
or condition of the covenants described above under “— Certain Covenants — Limitation on Liens on Capital Stock of Restricted
Subsidiaries” and “— Certain Covenants — Available Information” if the holders of at least a majority in
principal amount of all outstanding Notes issued under the Indenture and then outstanding waive compliance in such instance with such
term, provision or condition.

Third Supplemental Indenture. On February 26, 2021, the Company entered into the Third Supplemental Indenture to eliminate or
amend certain restrictive covenants of the Company. The Third Supplemental Indenture provides that the covenant described under “—
Certain Covenants — Limitation on Liens on Capital Stock of Restricted Subsidiaries” will be automatically eliminated or amended
effective as of the first date on which there are no securities outstanding of any series created pursuant to the Indenture prior to February 26,
2021. The Third Supplemental Indenture also provides that if the Company grants any security interest to any collateral agent or trustee
pursuant to such covenant in connection with any series created after the date of the Third Supplemental Indenture, such security interest
shall be automatically released on the Amendment Date and any such collateral agent or trustee shall be authorized to take such further
actions as the Company may reasonably request to give effect to such release.

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Events of Default</div>

The following constitute
events of default with respect to the Notes under the Indenture: (a) a default for 30 days in the payment of any interest on any
Note; (b) a default in the payment of the principal of (or premium, if any, on) any Note when due; (c) a default in the performance,
or breach, of any other covenant or warranty in the Indenture (other than a covenant or warranty included in the Indenture solely for
the benefit of one or more series of securities other than the Notes) which default or breach continues for a period of 60 days after
notice; (d) a default in the payment, at the stated maturity, of any outstanding indebtedness for money borrowed