Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 17

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 17
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. If Emera is unable to meet its expenses and debt obligations, Emera may need to refinance
all or a portion of its indebtedness before maturity. Emera may not be able to refinance any of its indebtedness on commercially reasonable
terms or at all, which could cause it to default on its obligations and impair its liquidity.

The Notes are obligations
of the Issuer and the Guarantors and not of the Issuer’s or the Guarantors’ subsidiaries and will be subordinated to all other
indebtedness of the Issuer and the Guarantors (other than any unsecured indebtedness the Issuer or the Guarantors may incur in the future
that ranks junior to or pari passu

<div align='center'>S-9</div>

with the Notes) and structurally
subordinated to the claims of the Issuer’s and the Guarantors’ subsidiaries’ creditors.

The Notes will be subordinated
in right of payment to all of the Issuer’s and the Guarantors’ existing and future Senior Indebtedness. This means that, in
the event of (a) the Issuer’s or the Guarantors’ dissolution, winding-up, liquidation or reorganization, (b) the Issuer’s
or the Guarantors’ failure to pay any interest, principal or other monetary amounts due on any of its Senior Indebtedness when due
(and continuance of that default beyond any applicable grace period) or (c) acceleration of the maturity of any of the Issuer’s
or the Guarantors’ Senior Indebtedness as a result of a default, the Issuer will not be permitted to make any payments on the Notes
until, in the case of clause (a), all amounts due or to become due on all of its Senior Indebtedness have been paid in full, or, in the
case of clauses (b) and (c), all amounts due on its Senior Indebtedness have been paid in full. For additional information about the subordination
of the Notes to our Senior Indebtedness, see “Description of the Notes—Subordination”

The Notes will also be structurally
subordinated to any indebtedness and other liabilities of Emera’s subsidiaries (other than EUSHI and the Issuer). As of June 30,
2025, the Issuer and the Guarantors had Cdn$1,430 million of indebtedness, none of which