Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 37

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 37
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 holder (and beneficial
owner) of the Notes will, by accepting any Notes (or a beneficial interest therein), be deemed to have agreed to treat the Notes as indebtedness
and interest thereon as U.S. source, and will treat the Notes and interest accordingly, for U.S. federal, state and local tax purposes.
For a discussion of the tax treatment of the Notes, see “Material U.S. Federal Income Tax Considerations.”

Guarantees

Each Guarantor will fully
and unconditionally guarantee, on a joint, several and subordinated basis, the due and punctual payment of the principal of, premium,
if any, and interest on the Notes and any other obligations of the Issuer under the Notes when and as they become due and payable, whether
at stated maturity, upon redemption (including with respect to a Tax Event or a Rating Agency Event), by acceleration or otherwise if
the Issuer is unable to satisfy these obligations.

Emera is a holding company
and conducts substantially all of its business through its direct and indirect operating subsidiaries. EUSHI, a direct and indirect wholly
owned subsidiary of Emera, serves as a holding company for Emera’s current assets located in the United States. The principal sources
of income of Emera and EUSHI are the dividends and distributions they receive from their subsidiaries.

The Guarantees will be the
joint, several and subordinated obligations exclusively of Emera and EUSHI and will rank junior and subordinated in right of payment to
the prior payment in full of the Guarantor’s Senior Indebtedness. Furthermore, none of Emera’s direct and indirect subsidiaries
(other than EUSHI) will guarantee or otherwise be responsible for the payment of principal of, any premium or interest or other payments
required to be made by the Guarantors under the Guarantees. Accordingly, obligations of the Guarantors under the Guarantees will be structurally
subordinated to all existing and future indebtedness and other liabilities (including trade payables) of Emera’s direct and indirect
subsidiaries (other than EUSHI).

The Indenture provides that
upon a default in payment of principal or any premium or interest on a Note, the holder of the Notes may institute legal proceedings directly
against the Guarantors to enforce the Guarantees without first proceeding against the Issuer. The obligations of each Guarantor under
the Guarantees will be limited as necessary to prevent such Guarantees from constit