Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 38

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 38
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uting a fraudulent conveyance or fraudulent transfer
under applicable law.

Subordination

The payment of the principal
of, premium, if any, and interest on the Notes and the payment of the Guarantees will:

| · | be subordinate and rank junior in right of payment to all existing and future Senior Indebtedness (as 
 defined below);                                                                                       |

| · | rank equally in right of payment with all existing and future unsecured and subordinated indebtedness                                  
 that each of the Issuer and the Guarantors may incur from time to time if the terms of such indebtedness provide that it ranks equally 
 with the Notes and Guarantees in right of payment;                                                                                     |

| · | be effectively subordinated to all existing and future secured indebtedness of the Issuer or the Guarantors, 
 to the extent of the value of the assets securing such indebtedness; and                                     |

| · | be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities 
 (including trade payables) of Emera’s direct and indirect subsidiaries (other than EUSHI and the Issuer).      |

The Notes and the Guarantees
will be subordinated in right of payment to the prior payment in full of all Senior Indebtedness. This means that upon:

<div align='center'>S-21</div>

| (a) | any payment by, or distribution of the assets of, the Issuer or the Guarantors upon their dissolution,                                       
 winding-up, liquidation or reorganization, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings; 
 or                                                                                                                                           |

| (b) | a failure to pay any interest, principal or other monetary amounts due on any of the Issuer’s and                   
 the Guarantors’ Senior Indebtedness when due and continuance of that default beyond any applicable grace period; or |

| (c) | acceleration of the maturity of any Senior Indebtedness as a result of a default; |

the holders of the Senior Indebtedness will be
entitled to receive:

| · | in the case of clause (a) above, payment of all amounts due or to become due on all Senior Indebtedness; 
 or                                                                                                       |

| · | in the case of clauses (b) and (c) above, payment of all amounts due on all Senior Indebtedness, before                                          
 the holders of the Notes are entitled