Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 40

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 40
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 event of an insolvency,
liquidation or other reorganization of any of Emera’s subsidiaries (other than EUSHI and the Issuer), the creditors of such subsidiaries
would generally be entitled to payment in full from such assets before any assets are made available for distribution to the Guarantors.

Due to the subordination
of the Notes and the Guarantees, if assets of the Issuer or the Guarantors are distributed upon their respective dissolution, winding-up,
liquidation or reorganization, holders of their Senior Indebtedness and other indebtedness and obligations that are not equal or junior
to each of the Notes and the Guarantees in right of payment will likely recover more, ratably, than holders of the Notes and the Guarantees,
and it is possible that no payments will be made to the holders of the Notes and the Guarantees.

<div align='center'>S-22</div>

None of the Notes, the Guarantees
or the Indenture will limit the amount of indebtedness, including Senior Indebtedness, that the Issuer and the Guarantors may issue, guarantee
or otherwise incur or the amount of liabilities, including debt or preferred stock, that the Issuer, the Guarantors' and their respective
subsidiaries may issue, guarantee or otherwise incur.

Option to Defer Interest Payments

So long as no Event of Default
(as defined below under “—Events 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 deferral periods of up to 20 consecutive semi-annual
Interest Payment Periods (as defined below) (each such deferral period, commencing on the interest payment date on which the first such
deferred interest payment otherwise would have been made, an “Optional Deferral Period”), 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. During any Optional Deferral Period, interest on the Notes will continue to accrue at the then-applicable interest rate on the Notes
(as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes).
In addition, during any Optional Deferral Period, interest on the deferred interest (“compound interest”) will accrue at the
then-applicable