Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 119

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 119
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% of the aggregate principal amount thereof plus accrued interest thereon in the event that additional
amounts become payable by a Non-U.S. Co-Obligor in respect of the Notes as a result of any change in law or official position regarding
the application or interpretation of any law that is announced or becomes effective after the date of such supplemental indenture.

Any such Co-Obligor shall
be jointly and severally liable with the Company and Allied World to pay the principal, premium, if any, and interest on the Notes and
all other amounts payable by the Company or Allied World under the Indenture. The Company and Allied World will only add a Co-Obligor
if the Company and Allied World determine that adding a Co-Obligor would (i) not result in a deemed sale or exchange of the Notes
by any holder for U.S. federal income tax purposes under applicable then existing Treasury Regulations promulgated under the Code or a
disposition of the Notes by any holder for Canadian federal income tax purposes and (ii) not adversely affect the interests of the
holders of any outstanding series of securities under the Indenture in any material respect.

Pursuant to the terms of the Fourth Supplemental Indenture, Allied
World was added as a Co-Obligor of the Initial Notes in accordance with the terms of the Initial Notes. Upon completion of the Exchange
Offer, the Exchange Notes will include Allied World as a Co-Obligor as of the issue date of such Exchange Notes, and the Company will
remain a full and unconditional Co-Obligor in respect of the Exchange Notes for all purposes under the Indenture.

<div align='center'>Discharge, Defeasance and Covenant Defeasance</div>

The Company and/or Allied
World may discharge certain obligations to holders of Notes that have not already been delivered to the trustee for cancellation and that
have either become due and payable or are by their terms due and payable within one year by irrevocably depositing with the trustee trust
funds in an amount sufficient to pay at maturity the principal of and interest on the Notes.

The Company and/or Allied
World may, at their option, and at any time, elect to have its obligations discharged with respect to all outstanding Notes. This is referred
to as “defeasance”. Such defeasance means that the Company and/or Allied World shall be deemed to have paid and discharged
the entire indebtedness represented by the outstanding Notes and to have