Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 120

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 120
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 satisfied its other obligations with respect to the Notes under
the Indenture, except for (i) the rights of the holders of outstanding Notes to receive, solely from the trust fund described below,
payments in respect of the principal of (and premium, if any) and interest on such Notes when such payments are due, (ii) the Company
and/or Allied World’s obligations with respect to the Notes relating to the issuance of temporary Notes, the registration, transfer
and exchange of Notes, the replacement of mutilated, destroyed, lost or stolen Notes, the maintenance of an office or agency for payment
of the Notes, and the holding of money for security payments in trust and statements as to compliance with the Indenture, (iii) the
rights, powers, trusts, duties and immunities of the trustees under the Indenture and (iv) the defeasance provisions of the Indenture.
In addition, the Company and Allied World may, at their option and at any time, elect to be released from its obligations with respect
to certain of the covenants under the Indenture (including those described under “— Certain Covenants — Limitation on
Liens on Capital Stock of Restricted Subsidiaries”), referred to as “covenant defeasance”, and any omission to comply
with such obligations shall not constitute a default or an event of default with respect to the Notes.

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In order to exercise either
defeasance or covenant defeasance with respect to the Notes, (i) the Company and/or Allied World must irrevocably deposit with the
trustee, in trust, for the benefit of the holders of the Notes, cash in U.S. dollars, certain U.S. government obligations, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay
the principal of and interest on the outstanding Notes on the stated maturity (or redemption date, if applicable) of such principal or
installment of interest; (ii) in the case of defeasance, the Company and/or Allied World shall have delivered to the trustees an
opinion of counsel in the United States stating that (x) they have received from, or there has been published by, the Internal Revenue
Service a ruling or (y) since June 18, 2024 (the date of the offering memorandum for the Initial