Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 69

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 69
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| · | paying any principal, interest or premium on, or repaying, repurchasing or redeeming, any indebtedness 
 of the Issuer or Emera that ranks equally with or junior to the Notes in right of payment; and         |

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

Similarly, if certain circumstances
occur (see “Description of the Notes—Redemption—Redemption Following a Rating Agency Event”), the Issuer will
be obligated to pay amounts in excess of stated principal of the Notes. Such excess payments will not affect the amount of interest income
that a U.S. Holder recognizes if there is only a remote likelihood that such payments will be made. The Issuer believes the likelihood
that it will make any such payments is remote.

Based on these positions,
a U.S. Holder generally should be required to recognize any stated interest as ordinary income at the time it is received or accrued on
the Notes in accordance with such holder’s regular method of accounting for U.S. federal income tax purposes, as described above.
The Issuer’s determination that these contingencies are remote is binding on a U.S. Holder unless such holder discloses its contrary
position in the manner required by applicable Treasury Regulations. The Issuer’s determination is not, however, binding on the IRS.
There can be no assurance that the IRS or a court will agree with these positions. The meaning of the term “remote” in the
Treasury Regulations has not yet been addressed in any rulings or other guidance by the IRS or any court. If the possibility of interest
deferral were determined not to be remote, the Notes would be treated as issued with OID and all stated interest would be treated as OID
as long as the Notes are outstanding. In that case, U.S. Holders would be required to accrue interest income on the Notes using a constant
yield method whether or not they receive any cash payment attributable to that interest, regardless of their regular method of accounting
for U.S. federal income tax purposes.

Moreover, if the possibility
of excess payments following a Rating Agency Event were determined not to be remote, the Notes could be treated as “contingent payment
debt instruments,” in which case U.S. Holders could be required to accrue interest income on the Notes in excess of stated interest
and would be