Company: AXS-PE
Filing Date: 2025-11-04
Form Type: S-3ASR
Source: 0001104659-25-106379
Chunk: 43

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-11-04
Form: S-3ASR
Chunk 43
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 debt securities. Interest on the debt securities will cease to accrue unless we default in the payment of the redemption price.

Subordination Under the Subordinated Debt Indenture

The subordinated debt indenture provides that payment of the principal of and any premium and interest on and additional amounts with respect to debt securities issued under the subordinated debt indenture will be subordinate and junior in right of payment, to the extent and in the manner set forth in that indenture, to all our senior indebtedness.

The subordinated debt indenture defines senior indebtedness as the principal of and any premium and interest on and additional amounts with respect to all our indebtedness, whether incurred prior to or after the date of the indenture:

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for money borrowed by us;

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for obligations of others that we directly or indirectly either assume or guarantee;

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in respect of letters of credit and acceptances issued or made by banks in favor of us; or

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issued or assumed as all or part of the consideration for the acquisition of property, however acquired, or indebtedness secured by property included in our property, plant and equipment accounts at the time of acquisition, if we are directly liable for the payment of such debt.

Senior indebtedness also includes all deferrals, renewals, extensions and refundings of, and amendments, modifications and supplements to, the indebtedness listed above.

Senior indebtedness does not include:

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any of our indebtedness which, by its terms or the terms of the instrument creating or evidencing it, has a subordinate or equivalent right to payment with the subordinated debt securities; or

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any of our indebtedness to our subsidiaries.

The subordinated debt indenture does not limit the amount of senior indebtedness that we can incur.

The holders of all senior indebtedness will be entitled to receive payment of the full amount due on that indebtedness before the holders of any subordinated debt securities receive any payment on account of such subordinated debt securities, in the event:

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of any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings in respect of us or our property; or

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that debt securities of any series are declared due and payable before their expressed maturity because of an event of default other than an insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceeding in respect of us or our property.

We may not make any payment of the principal or interest on the subordinated debt securities during a continued