Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 104

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 104
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/or subordinated unsecured obligations, as applicable, and will effectively be subordinated to
all existing and future liabilities of each such Guarantor’s subsidiaries (other than EUSHI Finance and EUSHI).

Unless otherwise specified
in an applicable prospectus supplement relating to a series of Debt Securities, the Indentures will not limit the amount of secured debt
that Emera, EUSHI and EUSHI Finance may incur, as applicable, and the Debt Securities will effectively be subordinated in right of payment
to any secured debt Emera, EUSHI and EUSHI Finance, may incur, as applicable, and to any of their respective secured obligations, in each
case to the extent of the value of the collateral securing such debt or other obligations.

Form, Denomination, Exchange and Transfer

Debt Securities of a series
may be issuable solely as registered Debt Securities issuable in denominations of US$2,000 and integral multiples of US$1,000 or in such
other denominations as may be provided for by the terms of the Debt Securities of any particular series. The Indentures also provide that
Debt Securities of a series may be issuable in global form, which are referred to as Global Securities. Debt Securities of any series
will be exchangeable for other Debt Securities of the same series of any authorized denominations and of a like aggregate principal amount
and tenor.

The Debt Securities may be
presented for exchange as described above, and Debt Securities may be presented for registration of transfer (duly endorsed or accompanied
by a written instrument of transfer), at the corporate trust office of the trustee or at the office of any transfer agent designated by
us for such purpose with respect to any series of Debt Securities. No service charge will be made for any transfer or exchange of Debt
Securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
We may at any time designate one or more successor or additional transfer agents with

<div align='center'>15</div>

respect to any series of Debt
Securities and may from time to time rescind any such designation. We will be required to maintain a transfer agent in each Place of Payment
for such series.

We shall not be required
to:

| · | issue, register the transfer of, or exchange Debt Securities of any series during a period beginning at                                   
 the opening of business 15 days before any selection of Debt Securities of that