Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 113

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 113
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 amount of obligations secured thereby shall not exceed the original principal amount
of obligations so secured at the time of such extension, renewal or refinancing; “restricted subsidiary” as any subsidiary
that is a licensed insurance company, other than any licensed insurance company that the Company’s board of directors, in good
faith, determines is not, individually or together with any other licensed insurance company as to which a similar determination has
been made, material to the Company and its subsidiaries, considered as a whole; and “subsidiary” as a corporation or business
trust, a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or one or more other subsidiaries,
or by the Company and one or more other subsidiaries. As of the date hereof, each of the Company’s licensed insurance company subsidiaries
is a restricted subsidiary.

Amalgamation, Consolidation, Merger, Conveyance, Transfer or Lease.The Indenture provides that the Company and/or Allied World shall not
amalgamate or consolidate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially
as an entirety to any other person, unless, (i) the corporation formed by such consolidation or amalgamation or into which the Company
and/or Allied World merged or the person which shall have acquired or leased such properties or assets (if other than the Company and/or
Allied World) shall be a corporation, partnership, company or trust organized and validly existing under the laws of Canada or any province
thereof or the United States, any state thereof or the District of Columbia, and shall expressly assume by supplemental Indenture the
Company and/or Allied World (as applicable) obligation for the due and punctual payment of the principal of (and premium, if any, on)
and interest on all the outstanding securities issued under the Indenture, all other amounts payable by the Company and/or Allied World
(as applicable) pursuant to the Indenture and the performance and observance of every covenant of the Indenture on the Company or Allied
World’s part to be performed or observed, (ii) immediately after giving effect to such transaction, no event of default or
event that after notice or passage of time or both would be an event of default shall have occurred and be continuing and (iii) the
Company or Allied World (as applicable) has delivered to the trustee an officers’ certificate and an opinion of counsel, each stating
that such amalgamation, consolidation, merger