Company: AHL
Filing Date: 2025-06-11
Form Type: 424B5
Source: 0001628280-25-030754
Chunk: 35

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-06-11
Form: 424B5
Chunk 35
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 be obliged to make such payment of additional amounts or withholding if a payment in respect of the notes were then due. In any event, prior to the publication or mailing or any notice of redemption of the notes pursuant to the foregoing, we will deliver to the trustee an opinion of independent tax counsel of recognized standing reasonably satisfactory to the trustee to the effect that the circumstances referred to above exist. The trustee will accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it will be conclusive and binding on the holders of the notes.

#### Conditions to Redemption and Repayment
Notwithstanding anything to the contrary set forth herein, (i) prior to June 13, 2028 (three years after the initial issue date of the notes), the notes may be repaid or redeemed only with BMA Approval, including in instances where we or a subsidiary of ours replace the capital represented by the notes to be redeemed or repaid with capital having equal or better capital treatment as the notes under the Group Rules, (ii) the notes may be repaid or redeemed after three years from the initial issue date of the notes without BMA Approval if we or a subsidiary of ours replaces the capital represented by the notes to be redeemed or repaid with capital having equal or better capital treatment as the notes under the Group Rules, and (iii) the notes may not be repaid or redeemed at any time, including on the Scheduled Maturity Date, if the Enhanced Capital Requirement would be breached immediately before or after giving effect to the redemption or repayment of such notes, unless we or a subsidiary of ours replaces the capital represented by the notes to be redeemed or repaid with capital having equal or better capital treatment as the notes under the Group Rules (collectively, the “BMA Redemption Requirements”).

In the event that the notes are not redeemed or repaid as a result of a failure to satisfy the BMA Redemption Requirements, interest on the notes will continue to accrue and be paid on each interest payment date until the first date on which final payment on the notes may be made, at which time the notes will become due and payable, and will be finally repaid at the principal amount of the notes, together with any accrued and unpaid interest through, but not including, the date on which final payment on the notes is made.

Notwithstanding any provision of the notes or the indenture, in the event of non-payment on a scheduled redemption date or the Scheduled Maturity Date resulting from a failure to satisfy the BMA Redemption Requirements