Company: FRFXF
Filing Date: 2025-10-01
Form Type: F-10
Source: 0001104659-25-095645
Chunk: 52

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-10-01
Form: F-10
Chunk 52
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TABLE OF CONTENTS

increase the total amount of our outstanding indebtedness, adversely affect our capital structure or our credit ratings or associated outlooks, or otherwise adversely affect the holders of the Notes. See “Description of the Notes — Certain Covenants.”

Holders of the Exchange Notes may not be protected in the event we are involved in a highly leveraged transaction, reorganization, restructuring, merger or similar transaction in the future.

The Indenture under which the Initial Notes were issued may not sufficiently protect holders of the Exchange Notes if we are involved in a highly leveraged transaction, reorganization, restructuring, merger or similar transaction. The Indenture does not contain:

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any provision restricting us or any of our subsidiaries from incurring, assuming or being liable with respect to any indebtedness or other obligations;

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any provision restricting us or our subsidiaries from incurring, assuming or being liable with respect to any unsecured indebtedness or other unsecured obligations;

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any provision restricting us or any of our subsidiaries from paying dividends or making other distributions on capital stock or from purchasing or redeeming capital stock;

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any restrictions on the ability of our subsidiaries to issue securities that would be senior to the common shares of the subsidiaries held by us;

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any financial ratios or specified level of net worth to which we or our subsidiaries must adhere; or

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any specific restrictions on our ability to contribute our assets to our insurance subsidiaries.

The price at which you may be able to resell either series of Exchange Notes may be adversely affected by factors that are beyond our control.

If you are able to resell either series of Exchange Notes, the price you receive will depend on many factors that may vary over time, including:

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the number of potential buyers;

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the level of liquidity of such series of Exchange Notes of the relevant series;

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our financial performance;

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the amount of indebtedness we have outstanding;

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the level, direction and volatility of market interest rates generally; and

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the market for similar securities.

Prevailing yields on similar securities will affect the market value of the Exchange Notes of a series. Assuming all other factors remain unchanged, the market value of such series of Exchange Notes would be expected to decline as prevailing yields for similar securities rise and would be expected to increase as prevailing yields for similar securities decline. Spreads over the U.S. treasury yields and comparable benchmark rates of interest for similar securities will also affect the market value of the Exchange Notes of a series in an analogous manner.

As a result of these factors,