Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 102

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 102
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On July 19, 2024, the
Company entered into the Fourth Supplemental Indenture to add Allied World as a Co-Obligor of the Initial Notes in accordance with the
terms of the Initial Notes. Pursuant to the Fourth Supplemental Indenture, the Company remains a full and unconditional obligor under
the Notes and is not relieved of any of its obligations or covenants under the Indenture or the Notes. The Fourth Supplemental Indenture
also provides for the payment of Bermuda Additional Amounts (as defined below) by Allied World in the event of changes in law resulting
in Bermuda Taxes (as defined below), as well as a corresponding option of Allied World to redeem the Notes in the event such Bermuda Additional
Amounts become payable. See “— Optional Redemption — Redemption for Tax Reasons” and “— Optional Redemption
—Payment of Additional Amounts” below.

As of December 31, 2024, the Company and Allied World had approximately
$8.6 billion aggregate principal amount of total outstanding senior unsecured indebtedness, all of which would rank equally to the Notes.
The Company’s other subsidiaries had approximately $3.3 billion aggregate principal amount of total outstanding indebtedness, all
of which would be structurally senior to the Notes.

The Indenture permits the
Company and Allied World from time to time, without notice to or the consent of the holders of any series of securities issued under the
Indenture, to create and issue further securities of the same series as the Notes, ranking pari passuwith the Notes in all respects
and having the same terms as the Notes (except for the issue date, issue price and initial Interest Payment Date following the issue date
of such further Notes) and so that such further Notes shall be consolidated and form a single series with, and shall have the same terms
as to status, redemption or otherwise as, the Notes that are currently issued and outstanding; providedthat such further Notes
will not be issued with the same CUSIP and/or ISIN numbers as the Notes unless such further notes are fungible with the Notes for U.S.
federal income tax purposes.

The Notes are issued in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The Indenture does not contain
any provisions that would limit the Company’s or Allied World’s ability to incur indebtedness or that would