Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 121

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 121
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 Notes), there has been a change
in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion of counsel shall confirm
that, the holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of
such defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such defeasance had not occurred; (iii) in the case of covenant defeasance, the Company and/or Allied World
shall have delivered to the trustees an opinion of counsel in the United States to the effect that the holders of the outstanding Notes
will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be subject
to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant
defeasance had not occurred; and (iv) the Company and/or Allied World must comply with certain other conditions.

<div align='center'>Modification</div>

The Indenture provides that
the Company, Allied World and the trustees may enter into supplemental indentures without the consent of the holders of the Notes or the
holders of the securities of any other series to: (a) evidence the succession of another person to the Company and the obligations
assumed by such successor under the Indenture; (b) add to the Company’s and Allied World’s covenants for the benefit
of the holders of the securities of any series or to surrender any right or power conferred upon the Company or Allied World by the Indenture;
(c) add events of default for the benefit of the holders of the securities of any series; (d) change or eliminate any provisions
of the Indenture, provided that any such change or elimination shall become effective only when there is no security issued under the
Indenture then outstanding of any series created prior thereto which is entitled to the benefit of such provision; (e) secure any
series of securities; (f) establish the form and terms of any series of securities permitted to be issued under the Indenture; (g) evidence
the acceptance of appointment by a successor trustee under the Indenture and provide for or facilitate the administration of one or more
trusts under the Ind