Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 36

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 36
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ulation
agent” means, at any time, the entity appointed by the Issuer and serving as such agent with respect to the Notes at such time.
Unless the Issuer has validly called all of the outstanding Notes for redemption on a redemption date occurring prior to the First Reset
Date, the Issuer will appoint a calculation agent for the Notes prior to the Reset Interest Determination Date immediately preceding the
First Reset Date; provided that, if the Issuer has called all of the outstanding Notes for redemption on a redemption date occurring prior
to the First Reset Date but the Issuer does not redeem all of the outstanding Notes on such redemption date, the Issuer will appoint a
calculation agent for the Notes as promptly as practicable after such proposed redemption date. The Issuer may terminate any such appointment
and may appoint a successor calculation agent at any time and from time to time (so long as there shall always be a calculation agent
in respect of the Notes when so required). The Issuer may appoint Emera or an affiliate of Emera as calculation agent.

As provided above, the applicable
interest rate for each Reset Period will be determined by the calculation agent as of the applicable Reset Interest Determination Date.
Promptly upon such determination, the calculation agent will notify us of the interest rate for the Reset Period and the Issuer will promptly
notify, or cause the calculation agent to promptly notify, the Trustee and each paying agent of such interest rate. The calculation agent’s
determination of any interest rate, and its calculation of the amount of interest for any Interest Payment Period (as defined below under
“—Option to Defer Interest Payments”) beginning on or after the First Reset Date, will be on file at the Issuer’s
principal offices, will be made available to any holder or beneficial owner of the Notes upon request and will be final and binding in
the absence of manifest error.

If an interest payment date,
redemption date, or maturity date falls on a day that is not a business day, payment will be made on the next succeeding business day
with the same force and effect as if made on such payment date.

<div align='center'>S-20</div>

No Listing

The Notes are a new issue
of securities with no established trading market. The Issuer does not intend to apply for the listing or trading of the Notes on any securities
exchange or trading facility or for inclusion of the Notes in any automated quotation system.

Agreement by Holders to Tax Treatment

Each