Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 117

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 117
---
 (with respect to any remedy, trust or power relating to any default in payment of principal (or premium, if any, on) or interest
on the securities of such series or any default in the performance or breach of any other covenant or warranty of the Company or Allied
World applicable to the securities of such series but not applicable to all outstanding securities issued under the Indenture) or the
holders of not less than a majority in principal amount of all securities issued under the Indenture and then outstanding (treated as
one class) (with respect to any other remedy, trust or power) shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee, with respect to such
securities.

<div align='center'>- 65 -

Co-Obligors and/or Guarantors</div>

When authorized by a resolution
of the Company’s and Allied World’s board of directors and without the consent of any holders of the Notes, the Company,
Allied World and the trustees may enter into a supplemental indenture to the Indenture in respect of the Notes (but not with respect
to any other series of outstanding securities), in accordance with the terms of the Indenture, for the purpose of adding one or more
of the Company’s or Allied World’s subsidiaries as an additional co-obligor (whether as an additional issuer or a guarantor)
of the Notes and the Indenture (each, a “Co-Obligor”); providedthat any such Co-Obligor shall be organized
or formed under the laws of (1) any state of the United States or the District of Columbia, (2) Canada or any province or territory
thereof, (3) the United Kingdom, (4) Bermuda, (5) Barbados or (6) any country that is a member of the European Union.
Any such supplemental indenture entered into for the purpose of adding a Co-Obligor formed under any jurisdiction other than a state
of the United States (each, a “Non-U.S. Co-Obligor”) shall include a provision for (i) the payment of additional
amounts in the form substantially similar to that described in “— Optional Redemption — Payment of Additional Amounts”
above, with such modifications as the Company, Allied World and such Non-U.S. Co-Obligor reasonably determine are customary and appropriate
for U.S.