Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 38

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 38
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 means that upon:

<div align='center'>S-21</div>

| (a) | any payment by, or distribution of the assets of, the Issuer or the Guarantors upon their dissolution,                                       
 winding-up, liquidation or reorganization, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings; 
 or                                                                                                                                           |

| (b) | a failure to pay any interest, principal or other monetary amounts due on any of the Issuer’s and                   
 the Guarantors’ Senior Indebtedness when due and continuance of that default beyond any applicable grace period; or |

| (c) | acceleration of the maturity of any Senior Indebtedness as a result of a default; |

the holders of the Senior Indebtedness will be
entitled to receive:

| · | in the case of clause (a) above, payment of all amounts due or to become due on all Senior Indebtedness; 
 or                                                                                                       |

| · | in the case of clauses (b) and (c) above, payment of all amounts due on all Senior Indebtedness, before                                          
 the holders of the Notes are entitled to receive any payment. So long as any of the events in clauses (a), (b), or (c) above has occurred        
 and is continuing, any amounts payable or assets distributable on the Notes will instead be paid or distributed, as the case may be, directly    
 to the holders of Senior Indebtedness to the extent necessary to pay, in the case of clause (a) above, all amounts due or to become due          
 upon all such Senior Indebtedness, or, in the case of clauses (b) and (c) above, all amounts due on all such Senior Indebtedness, and,           
 if any such payment or distribution is received by the Trustee under the Indenture or the holders of any of the Notes before all Senior          
 Indebtedness due and to become due or due, as applicable, is paid, such payment or distribution must be paid over to the holders of the          
 unpaid Senior Indebtedness. Subject to paying the Senior Indebtedness due and to become due in the case of clause (a) or the Senior Indebtedness 
 due in the case of clauses (b) and (c), the holders of the Notes will be subrogated to the rights of the holders of the Senior Indebtedness      
 to