Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 40

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 40
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 accounts payable arising in the ordinary course of business and long-term purchase obligations); (iv) all obligations
of the Issuer or the Guarantors for the reimbursement of any letter of credit, banker’s acceptance, security purchase facility or
similar credit transaction; and (v) all obligations of the type referred to in clauses (i) through (iv) above of other persons for the
payment of which the Issuer or the Guarantors are responsible or liable as obligor, guarantor or otherwise, except for any obligations,
instruments or agreements of the type referred to in any of clauses (i) through (v) above that, by the terms of the instruments or agreements
creating or evidencing the same or pursuant to which the same is outstanding, are subordinated or equal in right of payment to each of
the Notes and the Guarantees. As of June 30, 2025, the Issuer and the Guarantors had approximately Cdn$1,430 million of indebtedness,
none of which was secured, and Cdn$2,320 million of which was subordinated. As of June 30, 2025 Emera’s subsidiaries (other than
EUSHI and the Issuer) had approximately Cdn$17,245 million in indebtedness.

In the event of an insolvency,
liquidation or other reorganization of any of Emera’s subsidiaries (other than EUSHI and the Issuer), the creditors of such subsidiaries
would generally be entitled to payment in full from such assets before any assets are made available for distribution to the Guarantors.

Due to the subordination
of the Notes and the Guarantees, if assets of the Issuer or the Guarantors are distributed upon their respective dissolution, winding-up,
liquidation or reorganization, holders of their Senior Indebtedness and other indebtedness and obligations that are not equal or junior
to each of the Notes and the Guarantees in right of payment will likely recover more, ratably, than holders of the Notes and the Guarantees,
and it is possible that no payments will be made to the holders of the Notes and the Guarantees.

<div align='center'>S-22</div>

None of the Notes, the Guarantees
or the Indenture will limit the amount of indebtedness, including Senior Indebtedness, that the Issuer and the Guarantors may issue, guarantee
or otherwise incur or the amount of liabilities, including