Company: AHL
Filing Date: 2025-06-11
Form Type: 424B5
Source: 0001628280-25-030754
Chunk: 37

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-06-11
Form: 424B5
Chunk 37
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ision Rules are amended so as to no longer refer to Tier 3 Ancillary Capital in this respect, the nearest corresponding concept (if any) under the Group Supervision Rules, as amended).

Limitations on Liens on Stock of Designated Subsidiaries

The indenture provides that, so long as any notes are outstanding, we will not, nor will we permit any subsidiary to, create, assume, incur, guarantee or otherwise permit to exist any Indebtedness (as defined below) secured by any mortgage, pledge, lien, security interest or other encumbrance (each, a “Lien”) upon any shares of capital stock of any Designated Subsidiary (whether such shares of stock are now owned or hereafter acquired) without effectively providing concurrently that the notes (and, if we so elect, any other Indebtedness of ours that is not subordinated to the notes and with respect to which the governing instruments require, or pursuant to which we are otherwise obligated, to provide such security) will be secured equally and ratably with such Indebtedness for at least the time period such other Indebtedness is so secured. This restriction will not apply to indebtedness secured by:

(1) Liens on any shares of stock or indebtedness of, or acquired from, a person that is merged or consolidated with or into, or is otherwise acquired by Aspen Holdings or any Designated Subsidiary;

(2) Liens to secure indebtedness of a Designated Subsidiary to Aspen Holdings or another Designated Subsidiary, but only as long as the indebtedness is owned or held by Aspen Holdings or such Designated Subsidiary;

(3) Liens existing at the time a subsidiary becomes a Designated Subsidiary; and

(4) any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in clauses (1) through (3) above.

<div align='center'>S-21</div>

For purposes of the indenture, “capital stock” of any person means any and all share capital, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such person, including preferred stock, but excluding any debt securities or other securities convertible into such equity.

“ Designated Subsidiary ” means any present or future consolidated subsidiary of ours, the consolidated book