Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 34

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 34
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 (as defined below); provided,
that the interest rate during any Reset Period will not reset below 6.250% (which equals the initial interest rate on the Notes). Interest
on the Notes will accrue from the original issue date and will be payable semi-annually in arrears on April 1 and October 1 (each, an
“interest payment date”) of each year until maturity or earlier redemption, beginning on April 1, 2026, to the holders of
record at the close of business on the record date for the applicable interest payment date, which will be (i) the business day immediately
preceding such interest payment date so long as all of the Notes remain in book-entry only form or (ii) the 15th calendar day preceding such interest payment (whether or not a business day) if any of the Notes do not remain in book-entry only form (each, a “record date”), subject to our right to defer interest payments as described below under “—Option to Defer Interest Payments.” Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.

The applicable interest rate
for each Reset Period will be determined by the calculation agent (as defined below), as of the applicable Reset Interest Determination
Date, in accordance with the following provisions:

“Five-year U.S. Treasury
Rate” means, as of any Reset Interest Determination Date, (i) an interest rate (expressed as a decimal) determined to be the per
annum rate equal to the arithmetic mean of the yields to maturity for U.S. Treasury securities adjusted to constant maturity with a maturity
of five years from the next Reset Date and trading in the public securities markets, for the five consecutive business days immediately
prior to the respective Reset Interest Determination Date as published (or, if fewer than five consecutive business days are so published
on the applicable Reset Interest Determination Date, for such number of business days published) in the most recent H.15, or (ii) if there
is no such published U.S. Treasury security with a maturity of five years from the next Reset Date and trading in the

<div align='center'>S-19</div>

public securities markets, then
the rate will be determined by interpolation between the arithmetic mean of the yields to maturity for each of the two series of U.S.
Treasury securities adjusted to constant maturity trading in the public securities markets, (A) one maturing as