Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 27

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 27
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. This may include, for example, changes to the relationship between ratings
assigned to an issuer’s senior securities and ratings assigned to subordinated securities with features similar to the Notes. If
any rating agencies change their practices for rating these types of securities in the future, and the ratings of the Notes are subsequently
lowered, the trading price of the Notes could be negatively affected. In addition, the Issuer may redeem the Notes, at its option, in
whole but not in part, if a rating agency makes certain changes in the equity credit methodology for securities such as the Notes. See
“Description of the Notes—Redemption—Redemption Following a Rating Agency Event.”

Your ability to transfer
the Notes may be limited by the absence of a trading market for the Notes.

There is no established trading
market for the Notes, and we have no plans to list the Notes on a securities exchange. We have been advised by each underwriter of the
Notes that it presently intends to make a market for the Notes; however, no underwriter of the Notes is obligated to do so. Any market
making activity, if initiated, may be discontinued at any time, for any reason, without notice. If the underwriters of the Notes cease
to act as market makers for the Notes for any reason, we cannot assure you that another firm or person will make a market in such Notes.
The liquidity of any market for the Notes will depend upon the number of holders of such Notes, our results of operations and financial
condition, the market for similar securities, the interest of securities dealers in making a market in the Notes and other factors. An
active or liquid trading market may not develop for the Notes.

The Issuer can defer interest
payments on the Notes for one or more Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods each. This
may affect the market price of the Notes.

So long as no Event of Default
with respect to the Notes has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes, from time
to time, for one or more Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods each, except that no such
Optional Deferral Period may extend beyond the final maturity date of the Notes or end on a day other than the day immediately preceding
an interest payment date. In other words, the Issuer may declare at its discretion up to a ten-year interest