Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 29

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 29
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<div align='center'>16</div>

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
stock 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” of
at least 300% (i.e., for every dollar of Indebtedness outstanding, the Fund is required to have at least three dollars of assets).
The issuance of debt securities also may result in the Fund being subject to covenants that may be more stringent than the restrictions
imposed by the 1940 Act.

Voting Rights. Debt
securities are not expected to have any voting rights, except to the extent required by law or as otherwise provided in any documents
governing the debt securities. The 1940 Act does, in certain circumstances, grant to the lenders certain voting rights in the event of
default in the payment of interest on or repayment of principal.

<div align='center'>ANTI-TAKEOVER
PROVISIONS IN THE DECLARATION OF TRUST</div>

The Declaration of Trust
includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or
to change the composition of its Board of Trustees