Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 111

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 111
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 World will deliver to the trustee a certificate signed by
an authorized officer stating that Allied World is entitled to redeem the Notes to the effect that the circumstances described above
exist.

Selection and Notice of Redemption

In the case of a partial
redemption, selection of Notes held in the form of definitive certificates for redemption will be made pro rata, by lot or by such other
method as the trustee deems appropriate. For so long as the Notes are held by DTC (or another depositary), the selection of partially
redeemed Notes and the redemption of the Notes shall be conducted in accordance with the policies and procedures of the depositary. No
Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption
that relates to such Note will state the portion of the principal amount of the Note to be redeemed. In respect of Notes held in the
form of definitive certificates, a new definitive certificate representing Notes in a principal amount equal to the unredeemed portion
of such Note will be issued in the name of the holder of such Note upon surrender of the original Note in the form of a definitive certificate
for cancellation.

Notice of redemption of
Notes held in the form of Definitive Certificates (as defined below) will be mailed by first-class mail at least 10 days but not more
than 60 days before the redemption date to each holder of Notes to be redeemed at its registered address. Notice of redemption of Notes
held in the form of global certificates will be given to DTC in accordance with its applicable procedures at least 10 days but not more
than 60 days before the redemption date. The notice of redemption may be subject to one or more conditions precedent as set forth in
such notice.

Unless the Company and Allied
World default in payment of the redemption price, on and after the applicable redemption date, interest will cease to accrue on the Notes
or portions thereof called for redemption.

<div align='center'>Certain Covenants</div>

Limitation on Liens on Capital Stock of Restricted Subsidiaries.Until the Amendment Date (as defined below), the Indenture provides
that the Company and Allied World may not, and may not permit any subsidiary to, create, assume, incur or suffer to exist any lien, other
than a purchase money lien, upon any capital stock, whether owned on the date of the Indenture or thereafter acquired, of