Company: AHL
Filing Date: 2025-06-11
Form Type: 424B5
Source: 0001628280-25-030754
Chunk: 26

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-06-11
Form: 424B5
Chunk 26
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 the indenture or the notes. The sole remedy for a breach of such covenant is for the trustee, at the direction of the holders of at least 25% of the aggregate outstanding principal amount of the notes, to bring suit for specific performance of our obligations with respect to the covenant to use Commercially Reasonable Efforts with respect to the Replacement Capital Obligation. No holder of the notes may pursue any such remedy under the indenture unless the trustee will have failed to act after (i) receiving notice of a breach of such covenant and request by holders of at least 25% of the aggregate outstanding principal amount of the notes to bring suit and (ii) receiving an indemnity reasonably satisfactory to it.

For the avoidance of doubt, the Replacement Capital Obligation will not apply at any time while the Enhanced Capital Requirement is satisfied, and if we would continue to satisfy the Enhanced Capital Requirement after giving effect to a redemption or repayment of the notes on the Scheduled Maturity Date or the Final Maturity Date, as may be applicable.

As used herein:

“ Commercially Reasonable Efforts ” means commercially reasonable efforts consistent with the efforts of a comparable third party in our industry operating under similar circumstances in the carrying out of obligations to complete the offer and sale of Qualifying Securities, subject to the existence of a Market Disruption Event, in an amount necessary to satisfy the Replacement Capital Obligation, to third parties that are not our subsidiaries in either public offerings or private placements.

“ Qualifying Securities ” means any securities (other than our ordinary shares, rights to purchase our ordinary shares and securities convertible into or exchangeable for our ordinary shares, such as preference shares that are convertible into our ordinary shares) having equal or better capital treatment as the capital represented by the notes under the Group Rules (as defined below).

“ Solvency Test Date ” means January 1, 2030 (the date that is six months prior to the Scheduled Maturity Date).

“ Winding-Up ” will occur, with respect to any person, if: (i) at any time an order is made, or an effective resolution is passed, for the winding-up of such person (except, in any such case, a solvent winding-up solely for the purpose of a reorganization, merger or amalgamation or the substitution in place of such person of a successor in business of such person, the terms of which reorganization, merger, amalgamation or substitution (A) have previously been approved in writing by the holders of a majority in aggregate principal amount of the outstanding notes