Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 23

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 23
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 Notes
may also be disregarded in a restructuring by way of a court approved arrangement under a Canadian corporate statute. Stays of proceedings
have also been granted in connection with these corporate debt restructurings.

The powers of the court under
Canadian insolvency laws, and particularly the Companies’ Creditors Arrangement Act (Canada), have been interpreted and exercised
broadly and remedially so as to preserve the enterprise value of a restructuring entity and protect such entity and its assets from actions
taken by creditors and other parties. Accordingly, the Issuer cannot predict whether payments under the Notes or the Guarantees thereof
would be made during any bankruptcy, insolvency, corporate arrangement in respect of a compromise of the debt of the debtors or other
restructuring proceedings, whether (and to what extent) or when the Trustee could exercise its rights under the Indenture governing the
Notes or the Guarantees during any such proceedings, or whether (and to what extent) holders of the Notes would be compensated for any
delays in payment of principal, interest and costs, including the fees and

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disbursements of the Trustee.
Accordingly, if Emera were to become subject to any bankruptcy, insolvency, corporate arrangement in respect of a compromise of the debt
of the debtors or other restructuring proceedings, Emera may cease making payments on the Guarantees and the Trustee may not be able to
exercise its rights under the Indenture governing the Notes and Guarantees, respectively, following commencement of or during such proceedings,
without leave of the court.

In addition, under Canadian
insolvency laws, courts have jurisdiction over a debtor’s property wherever it is located, including property situated in other
countries. However, courts outside of Canada may not recognize the Canadian court’s jurisdiction. Accordingly, absent recognition
of the Canadian proceeding in the foreign jurisdiction, there may be difficulty administering a Canadian bankruptcy or insolvency proceeding
involving the Issuer or the Guarantors in respect of property located outside of Canada, and any orders or judgments of a Canadian court
may not be enforceable against the Issuer or the Guarantors with respect to their property located outside Canada.

Investors in the Notes
located outside of Canada may have difficulties enforcing civil liabilities.

Emera is organized under
the laws of Nova Scotia, Canada. Moreover, some of the directors and officers of Emera, EUSHI and EUSHI