Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 105

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 105
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 two or more U.S. Treasury securities
meeting the criteria of the preceding sentence, the Company or Allied World shall select from among these two or more U.S. Treasury securities
the U.S. Treasury security that is trading closest to par based upon the average of the bid and asked prices for such U.S. Treasury securities
at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield
to maturity of the applicable U.S. Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00 a.m., New York City time, of such U.S. Treasury security, and rounded to three decimal places.

The Company’s and Allied
World’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent
manifest error.

Notice of any redemption
will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 10
days but not more than 60 days before the redemption date to each holder of Notes to be redeemed. See “— Selection and Notice
of Redemption” below.

The Notes are also subject
to redemption prior to maturity if certain changes in Canadian or Bermuda tax law occur. If such changes occur, the Notes may be redeemed
at a redemption price of 100% of their principal amount, plus any interest accrued but not paid to but excluding the redemption date and
any additional amounts due and payable on the Notes up to but excluding the redemption date. See “— Redemption for Tax Reasons”.

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Payment of Additional Amounts

All payments made by the
Company under or with respect to the Notes will be made free and clear of, and without withholding or deduction for or on account of,
any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or levied by or on behalf of the Government
of Canada or of any province or territory thereof or by any authority or agency therein or thereof having power to tax (hereinafter “Taxes”),
unless the Company is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If the Company is
so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes, the
Company will pay as interest such additional amounts (“