Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 61

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 61
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 the Notes, to replace mutilated, destroyed, lost or stolen Notes and to
maintain a registrar and paying agent in respect of the Notes. This is referred to as “legal defeasance.” If the Issuer exercises
its legal defeasance option with respect to the Notes, the Guarantees in effect at such time will terminate with respect to the Notes.

Under terms specified in
the Indenture, the Issuer and the Guarantors may be released with respect to any outstanding Notes from the obligations imposed by the
sections of the Indenture that contain the covenants described above under “—Guarantees,” and “—Consolidation,
Merger, Conveyance or Transfer.” In that case, the Issuer and the Guarantors would no longer be required to comply with these sections
without the creation of an Event of Default under the Notes. This is typically referred to as “covenant defeasance.” If the
Issuer exercises the covenant defeasance option with respect to the Notes, the Guarantees of the Notes in effect at the time will terminate.
The Issuer may exercise the legal defeasance option notwithstanding the prior exercise of the covenant defeasance option.

Legal defeasance or covenant
defeasance with respect to the Notes may be effected by the Issuer only if, among other things:

| · | the Issuer irrevocably deposits with the Trustee cash, U.S. Government Obligations, or a combination thereof                                 
 as trust funds in an amount certified by a nationally recognized firm of certified public accountants to be sufficient to pay at final       
 maturity or upon redemption (including with respect to a Tax Event or a Rating Agency Event) the principal of, premium, if any, and interest 
 on all outstanding Notes; and                                                                                                                |

| · | the Issuer delivers to the Trustee an opinion of counsel to the effect that the beneficial owners of the                                       
 Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the legal defeasance or covenant defeasance. 
 This opinion must further state that these beneficial owners will be subject to U.S. federal income tax on the same amounts, in the same       
 manner and at the same times as would have been the case if our legal defeasance or covenant defeasance had not occurred. In the case          
 of a legal defeasance, this opinion must be based on a ruling of the IRS