Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 39

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 39
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 receive payments applicable to the Senior Indebtedness until the Notes are paid in full.                                                      |

“Senior Indebtedness”
means, with respect to the Notes and the Guarantees, (i) indebtedness of the Issuer or the Guarantors, whether outstanding at the date
of the Indenture or incurred, created or assumed after such date, (a) in respect of money borrowed by the Issuer or the Guarantors (including
any financial derivative, hedging or futures contract or similar instrument, to the extent any such item is primarily a financing transaction)
and (b) evidenced by debentures, bonds, notes, credit or loan agreements or other similar instruments or agreements issued or entered
into by the Issuer or the Guarantors; (ii) all finance lease obligations of the Issuer or the Guarantors; (iii) all obligations of the
Issuer or the Guarantors issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Issuer
or the Guarantors and all obligations of the Issuer or the Guarantors under any title retention agreement (but excluding, for the avoidance
of doubt, trade 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