Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 112

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 112
---
 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 any restricted subsidiary,
to secure any obligation (other than the securities issued under the Indenture) of the Company, Allied World, any subsidiary or any other
person, without in any such case making effective provision whereby all of the outstanding securities issued under the Indenture shall
be directly secured equally and ratably with such obligation; provided, however, that this restriction will not apply to (i) liens
on the capital stock of any restricted subsidiary securing obligations outstanding from time to time under any bank credit facility, provided
that the principal amount of all such obligations secured by liens on the capital stock of