Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 54

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 54
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 act with the required standard of care during
a default.

The holders of a majority
in principal amount of the outstanding Notes may direct the time, method and place of:

| · | the conduct of any proceeding for any remedy available to the Trustee; or |

| · | the exercise of any trust or power conferred on the Trustee. |

This right of the holders
of the Notes is, however, subject to the provisions in the Indenture providing for the indemnification of the Trustee and other specified
limitations. In general, the holders of Notes may institute an action against the Issuer or the Guarantors or any other obligor under
the Notes only if the following four conditions are fulfilled:

| · | the holder previously has given to the Trustee written notice of default and the default continues; |

<div align='center'>S-29</div>

| · | the holders of at least 25% in principal amount of the Notes then outstanding have both requested the 
 Trustee to institute such action and offered the Trustee reasonable indemnity satisfactory to it;     |

| · | the Trustee has not instituted this action within 60 days of receipt of such request and the furnishing 
 of such indemnity; and                                                                                  |

| · | the Trustee has not received a direction inconsistent with such written request by the holders of a majority 
 in principal amount of the Notes then outstanding.                                                           |

The above four conditions
do not apply to actions by holders of the Notes against the Issuer or the Guarantors or any other obligor under the Notes for payment
of principal of, premium, if any, or interest on or after the due date.

The Indenture contains a
covenant that the Issuer, the Guarantors and any other obligor under the Notes will file annually with the Trustee a statement by an officer
as to whether or not the Issuer or the Guarantors, as the case may be, to his or her knowledge, is in default in the performance or observance
of any of the terms, provisions and conditions of the Indenture and, if so, specifying all such known defaults, provided, however, that
a failure to deliver such statement of a default shall not constitute a default under the Indenture, if such default is remedied within
any applicable cure period.

Consolidation, Merger, Conveyance or Transfer

The Indenture limits the
ability of the Issuer and the Guarantors