Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 39

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 39
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 to receive any payment. So long as any of the events in clauses (a), (b), or (c) above has occurred        
 and is continuing, any amounts payable or assets distributable on the Notes will instead be paid or distributed, as the case may be, directly    
 to the holders of Senior Indebtedness to the extent necessary to pay, in the case of clause (a) above, all amounts due or to become due          
 upon all such Senior Indebtedness, or, in the case of clauses (b) and (c) above, all amounts due on all such Senior Indebtedness, and,           
 if any such payment or distribution is received by the Trustee under the Indenture or the holders of any of the Notes before all Senior          
 Indebtedness due and to become due or due, as applicable, is paid, such payment or distribution must be paid over to the holders of the          
 unpaid Senior Indebtedness. Subject to paying the Senior Indebtedness due and to become due in the case of clause (a) or the Senior Indebtedness 
 due in the case of clauses (b) and (c), the holders of the Notes will be subrogated to the rights of the holders of the Senior Indebtedness      
 to 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