Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 101

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 101
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 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.

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On July 19, 2024, the
Company entered into the Fourth Supplemental Indenture to add Allied World as a Co-Obligor of the Initial Notes in accordance with the
terms of the Initial Notes. Pursuant to the Fourth Supplemental Indenture, the Company remains a full and unconditional obligor under
the Notes and is not relieved of any of its obligations or covenants under the Indenture or the Notes. The Fourth Supplemental Indenture
also provides for the payment of Bermuda Additional Amounts (as defined below) by Allied World in the event of changes in law resulting
in Bermuda Taxes (as defined below), as well as a corresponding option of Allied World to redeem the Notes in the event such Bermuda
Additional Amounts become payable. See “— Optional Redemption — Redemption for Tax Reasons” and “—
Optional Redemption —Payment of Additional Amounts” below.

As of December 31,
2024, the Company and Allied World had approximately $8.6 billion aggregate principal amount of total outstanding senior unsecured indebtedness,
all of which would rank equally to the Notes. The Company’s other subsidiaries had approximately $3.3 billion aggregate principal
amount of total outstanding indebtedness, all of which would be structurally senior to the Notes.

The Indenture permits the
Company and Allied World from time to time, without notice to or the consent of the holders of any series of securities issued under
the Indenture, to create and issue further securities of the same series as the Notes, ranking pari passuwith the Notes in all
respects and having the same terms as the Notes (except for the issue date, issue price and initial Interest Payment Date following the
issue date of such further Notes) and so that such further Notes shall be consolidated and form a single series with, and shall have
the same terms as to status, redemption or otherwise