Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 42

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 42
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unless otherwise expressly stated or the context otherwise requires.

Before the end of any Optional
Deferral Period that is shorter than 20 consecutive semi-annual Interest Payment Periods, the Issuer may elect, at its option, to extend
such Optional Deferral Period, so long as the entire Optional Deferral Period does not exceed 20 consecutive semi-annual Interest Payment
Periods or extend beyond the final maturity date of the Notes. The Issuer may also elect, at its option, to shorten the length of any
Optional Deferral Period. No Optional Deferral Period (including as extended or shortened) may end on a day other than the day immediately
preceding an interest payment date. At the end of any Optional Deferral Period, if all amounts then due on the Notes, including all accrued
and unpaid interest thereon (including, without limitation and to the extent permitted by applicable law, any compound interest), are
paid, the Issuer may elect to begin a new Optional Deferral Period; provided, however, that, without limitation of the foregoing, the
Issuer may not begin a new Optional Deferral Period unless the Issuer has paid all accrued and unpaid interest on the Notes (including,
without limitation and to the extent permitted by applicable law, any compound interest) from any previous Optional Deferral Periods.

During any Optional Deferral
Period, the Issuer and the Guarantors will not do any of the following (subject to the exceptions set forth in the next succeeding paragraph):

| · | declare or pay any dividends or distributions on any Capital Stock (as defined below) of Emera or the 
 Issuer;                                                                                               |

| · | redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of Emera or 
 the Issuer;                                                                                           |

| · | pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Issuer  
 or the Guarantors that ranks equally with or junior to the Notes or the Guarantees in right of payment; or |

| · | make any payments with respect to any guarantees by the Issuer or the Guarantors of any indebtedness if 
 such guarantees rank equally with or junior to the Notes or the Guarantees in right of payment.         |

However, during an Optional
Deferral Period, the Issuer and the Guarantors may (a) declare and pay dividends or distributions payable solely in shares of Emera’s
or the Issuer