Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 51

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 51
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 closing of the offering of the Initial Notes, a registration statement with
respect to a registered offer to exchange the Initial Notes for Exchange Notes. The Registration Statement has been filed to satisfy
our registration obligations with respect to the Registration Rights Agreement, and the Exchange Offer is intended to comply with the
requirements of the Registration Rights Agreement. Accordingly, we are required to keep the Exchange Offer open for at least 20 business
days (or longer if required by law) after the date notice of the Exchange Offer is given to holders of the Initial Notes. If the Company
fails to comply with certain obligations under the Registration Rights Agreement with respect to the Initial Notes, we will be required
to pay additional interest to holders of the Initial Notes.

Upon the terms and subject
to the conditions set forth in the Registration Statement, which includes this prospectus, and in the letter of transmittal, all Initial
Notes validly tendered and not validly withdrawn prior to the Expiration Date will be accepted for exchange. Exchange Notes will be issued
in exchange for an equal principal amount of outstanding Initial Notes accepted in the Exchange Offer. This prospectus, together with
the letter of transmittal, is being sent to all holders of Initial Notes upon effectiveness of the Registration Statement. The Exchange
Offer is not conditioned upon any minimum principal amount of Initial Notes being tendered for exchange. However, our obligation to accept
Initial Notes for exchange pursuant to the Exchange Offer is subject to certain customary conditions as set forth herein under “—
Conditions”.

Initial Notes shall be deemed
to have been accepted as validly tendered when, as and if we have given written notice thereof to The Bank of New York Mellon, the exchange
agent for the Exchange Offer. The exchange agent will act as agent for the tendering holders of Initial Notes for the purposes of receiving
the Initial Notes and delivering Exchange Notes to such holders.

Based on our understanding
of interpretations of the Securities Act by the staff of the SEC set forth in several no-action letters to third parties, including Exxon Capital Holdings Corporation(available May 13, 1988), Morgan Stanley & Co. Incorporated(available June 5,
1991) and Shearman & Sterling(available July 2, 1993), we believes that holders who (i) are not “affiliates”
(within the meaning of Rule 405 under the Securities Act) of the Company or Allied World, (ii) acquire their Exchange Notes
in the ordinary course of business, (iii)