Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 21

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 21
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| · | the payment or making of the Guarantee was intended to defeat, hinder, delay or defraud creditors; or |

| · | the payment or making of the Guarantee was oppressive to creditors. |

The measure of insolvency
for purposes of these fraudulent transfer laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent
transfer has occurred. Generally, however, a guarantor would be considered insolvent if:

| · | the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all 
 of its assets;                                                                                          |

| · | the present fair saleable value of its assets was less than the amount that would be required to pay its           
 probable liability on its existing debts, including contingent liabilities, as they become absolute and mature; or |

| · | it could not pay its debts as they become due. |

<div align='center'>S-11</div>

We cannot be sure as to the
standards that a court would use to determine whether or not each Guarantor was solvent at the relevant time, or, regardless of the standard
that the court uses, that the issuance of each Guarantee of the Notes would not be voided or each Guarantee of the Notes would not be
subordinated to each Guarantor’s other debt.

If a Guarantee were legally
challenged, such Guarantee could also be subject to the claim that, since the Guarantee was incurred for the Issuer’s benefit, and
only indirectly for the benefit of the Guarantor, the obligations of the Guarantor were incurred for less than fair consideration.

A court could thus void the
obligations under each Guarantee or subordinate each Guarantee to each Guarantor’s other debt or take other action detrimental to
holders of the Notes.

Canadian bankruptcy and
insolvency laws may impair the Trustee’s ability to enforce remedies under the Notes.

Emera is a company governed
by the laws of the Province of Nova Scotia, Canada, and a portion of its assets are located in Canada. Therefore, Canadian bankruptcy
and insolvency laws will apply in the event of Emera’s bankruptcy or insolvency.

Canadian bankruptcy, insolvency,
winding-up, reorganization and other restructuring or similar corporate arrangement legislation (collectively, “Canadian insolvency
laws”), may impair, delay, stay, compromise, or otherwise restrict the rights of the Trustee, as applicable, to enforce remedies
under the Indenture governing the Notes or the Guarantees, or the Notes or the