Company: AFGC
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001140361-25-035246
Chunk: 49

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-09-17
Form: 424B5
Chunk 49
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 of a debt security following a default; |

| • | impair your right to sue for payment; |

| • | reduce the percentage in principal amount of debt securities, the consent of whose holders is required to modify or amend the indenture; |

| • | reduce the percentage in principal amount of debt securities, the consent of whose holders is required to waive compliance with certain provisions of the indenture or to waive certain defaults; and |

| • | modify any other aspect of the provisions dealing with modification and waiver of the indenture. |

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TABLE OF CONTENTS

Changes Requiring a Majority Vote The second type of change to the indenture and the debt securities is the kind that requires consent of the holders of a majority in principal amount of the outstanding debt securities of the particular series affected. With a majority vote, the holders may waive past defaults, provided that such defaults are not of the type described previously under “Changes Requiring Your Approval.” Changes Not Requiring Approval The third type of change does not require any vote by direct holders of debt securities. This type is limited to clarifications and certain other changes that would not adversely affect holders of the debt securities. Consolidation, Merger and Sale of Assets We may consolidate or merge with or into another entity, and we may sell or lease substantially all of our assets to another corporation if the following conditions, among others, are met:

| • | where we merge out of existence or sell or lease substantially all our assets, the other entity must be a corporation, partnership or trust organized under the laws of a state or the District of Columbia or under federal law, and it must agree to be legally responsible for the debt securities; and |

| • | the merger, sale of assets or other transaction must not cause a default or an event of default on the debt securities. |

Global Debt Securities Unless otherwise indicated in the applicable prospectus supplement for a series of debt securities, each series of debt securities will be issued in global form, which means that we will deposit with the depositary identified in the applicable prospectus supplement (or its custodian) one or more certificates representing the entire series, as described below under “-Book-Entry Procedures and Settlement.” Global debt securities may be issued in either temporary or definitive form. The applicable prospectus supplement will describe any limitations or restrictions relating to a series of global debt securities. Book-Entry Procedures and Settlement Most debt securities we offer will be book-entry, or global, securities. Upon issuance, all book-entry securities will be represented by one