Company: FRFXF
Filing Date: 2025-10-09
Form Type: F-10/A
Source: 0001104659-25-098335
Chunk: 51

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-10-09
Form: F-10/A
Chunk 51
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igor Indebtedness, had approximately $8.6 billion aggregate principal amount of total outstanding senior unsecured indebtedness, all of which would rank equally to the Exchange Notes. Subsequent to June 30, 2025, the Company issued Cdn$700 million aggregate principal amount of the 2025 Canadian Senior Notes, which also would rank equally to the Exchange Notes. The Company’s subsidiaries, including the Co-Obligor Indebtedness, had approximately $4.7 billion aggregate principal amount of total outstanding indebtedness, all of which would be structurally senior to the Exchange Notes.

The Indenture that will govern the Exchange Notes does not limit the amount of additional indebtedness that we may incur. We may incur additional indebtedness in the future, which could have important consequences to holders of the Exchange Notes, including the following:

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we could have insufficient cash to meet our financial obligations, including our obligations under the Exchange Notes;

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our ability to obtain additional financing for working capital, capital expenditures or general corporate purposes may be impaired; and

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a significant degree of debt could make us more vulnerable to changes in general economic conditions and could also affect the financial strength ratings of our insurance and reinsurance subsidiaries.

In addition, on the Amendment Date, under the terms of the Third Supplemental Indenture, certain restrictive covenants in the Indenture will be automatically eliminated or amended, including in respect of the limitation on liens on capital stock of restricted subsidiaries. The Third Supplemental Indenture also provides that if we grant any security interest to any collateral agent or trustee pursuant to such covenant in connection with any series created after the date of the Third Supplemental Indenture, such security interest shall be automatically released on the Amendment Date and any such collateral agent or trustee shall be authorized to take such further actions as we may reasonably request to give effect to such release.

As a result, once such restrictive covenants have been automatically eliminated or amended, we will no longer be restricted under the terms and conditions of the Notes from entering into transactions that could

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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