Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 29

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 29
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 a single class. In addition, subject to the prior rights, if any, of the holders of any other class of senior securities outstanding,
the holders of any preferred shares have the right to elect a majority of the trustees of the Fund at any time two years of distributions
on any preferred shares are unpaid. The 1940 Act also requires that, in addition to any approval by shareholders that might otherwise
be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class, would be required
to (i) adopt any plan of reorganization that would adversely affect the preferred shares, and (ii) take any action requiring a vote of
security holders under Section 13(a) of the 1940 Act, including, among other things, changes in the Fund’s sub-classification
as a closed-end fund or changes in its fundamental investment restrictions. As a result of these voting rights, the Fund’s ability
to take any such actions may be impeded to the extent that there are any preferred shares outstanding.

Debt Securities

The Board of Trustees (subject
to applicable law and the Declaration of Trust) may authorize an offering, without the approval of the holders of either Common Shares
or preferred shares, of other classes of shares, or other classes or series of shares, as they determine to be necessary, desirable or
appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Board of Trustees deems appropriate.
The Fund currently does not expect to issue any other classes of shares, or series of shares, except for the Common Shares.

Under Delaware law and the
Declaration of Trust, the Board of Trustees may cause the Fund to borrow money, without prior approval of holders of common and preferred
shares to the extent permitted by the Fund’s investment restrictions and the 1940 Act. The Fund may issue debt securities or other
evidence of Indebtedness (including bank borrowings or commercial paper) and may secure any such notes or borrowings by mortgaging, pledging
or otherwise subjecting as security Fund assets to the extent permitted by the 1940 Act or rating agency guidelines. Any borrowings will
rank senior to the preferred shares and the Common Shares. Under the 1940 Act, the Fund may only issue one class of senior securities
representing Indebtedness.

Limitations

Under the requirements of the
1940 Act the Fund, immediately after any issuance of debt securities, must have “asset coverage