Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 26

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 26
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 date on which 
 such right will expire (subject to any extension);                                                    |

| ● | the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and 
 the terms of such over-subscription privilege;                                                                                  |

| ● | any termination right the Fund may have in connection with such subscription rights offering; |

| ● | the expected trading market, if any, for rights; and |

| ● | any other terms of such subscription rights, including exercise, settlement and other procedures and limitations 
 relating to the transfer and exercise of such subscription rights.                                               |

Exercise of Subscription Rights.Each subscription right would entitle the holder of the subscription right to purchase for cash such number of shares at such
exercise price as in each case is set forth in, or be determinable as set forth in the Prospectus Supplement relating to the subscription
rights offered thereby. Subscription rights would be exercisable at any time up to the close of business on the expiration date for such
subscription rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised subscription
rights would become void.

Upon expiration of the rights
offering and the receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust
office of the subscription rights agent or any other office indicated in the Prospectus Supplement, the Fund would issue, as soon as practicable,
the Common Shares purchased as a result of such exercise. To the extent permissible under applicable law, the Fund may determine to offer
any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through
a combination of such methods, as set forth in the applicable Prospectus Supplement

15

Transferable Rights Offering. Subscription rights issued by the Fund may be transferrable. The terms of a transferrable rights offering will fully protect shareholders’ preemptive rights, if any, and will not discriminate among shareholders (except for the possible de minimis effect of not issuing fractional rights). The distribution to Common Shareholders of transferable rights, which may themselves have intrinsic value, also will afford non-participating Common Shareholders the potential of receiving cash payment upon the sale of the rights, receipt of which may be viewed as partial compensation for any dilution of their interests that may occur as a result of the rights offering. In a transferrable rights offering, Fund management will use its best efforts to ensure an adequate trading market in the rights for use by