Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 18

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 18
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 was secured, and Emera’s subsidiaries (other
than EUSHI and the Issuer) had approximately Cdn$17,245 million in indebtedness.

Due to the subordination
of the Notes to the Senior Indebtedness and the effective subordination of the Notes to any secured indebtedness of the Issuer and the
Guarantors, if either the Issuer’s or the Guarantors’ assets are distributed upon their respective dissolution, winding-up,
liquidation or reorganization, holders of their Senior Indebtedness and any secured indebtedness would likely recover more, ratably, than
the holders of the Notes, and it is possible that no payments would be made to the holders of the Notes.

The Notes will rank equally
in right of payment with any existing and future unsecured and subordinated indebtedness that the Issuer or the Guarantors may incur from
time to time if the terms of such indebtedness provide that it ranks equally with the Notes in right of payment.

The Issuer can defer interest
payments on the Notes for one or more Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods each.

So long as no Event of Default
with respect to the Notes has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes, from time
to time, for one or more Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods each, except that no such
Optional Deferral Period may extend beyond the final maturity date of the Notes or end on a day other than the day immediately preceding
an interest payment date. In other words, the Issuer may declare at its discretion up to a ten-year interest payment moratorium on the
Notes and may choose to do that on one or more occasions. Moreover, following the end of any Optional Deferral Period, if all amounts
then due on the Notes are paid, the Issuer could immediately start a new Optional Deferral Period of up to 20 consecutive semi-annual
Interest Payment Periods. No interest will be paid or payable on the Notes during any Optional Deferral Period unless the Issuer elects,
at its option, to redeem Notes during such Optional Deferral Period, in which case accrued and unpaid interest to but excluding the redemption
date will be due and payable on such redemption date only on the Notes being redeemed, or unless the principal of and interest on the
Notes shall have