Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 18

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 18
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 or (c) acceleration of the maturity of any of the Issuer’s
or the Guarantors’ Senior Indebtedness as a result of a default, the Issuer will not be permitted to make any payments on the Notes
until, in the case of clause (a), all amounts due or to become due on all of its Senior Indebtedness have been paid in full, or, in the
case of clauses (b) and (c), all amounts due on its Senior Indebtedness have been paid in full. For additional information about the subordination
of the Notes to our Senior Indebtedness, see “Description of the Notes—Subordination”

The Notes will also be structurally
subordinated to any indebtedness and other liabilities of Emera’s subsidiaries (other than EUSHI and the Issuer). As of June 30,
2025, the Issuer and the Guarantors had Cdn$1,430 million of indebtedness, none of which 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