Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 28

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 28
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 shares will describe the distributions
payment provisions for those shares. Distributions so declared and payable shall be paid to the extent permitted under Delaware law and
to the extent available and in preference to and priority over any distribution declared and payable on the Common Shares.

Limitations on Distributions.
So long as the Fund has Indebtedness outstanding, holders of preferred shares will not be entitled to receive any distributions unless
asset coverage (as defined in the 1940 Act) with respect to outstanding Indebtedness would be at least 300% after giving effect to such
distributions.

Liquidation Preference.
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of preferred shares will
be entitled to receive a preferential liquidating distribution, which is expected to equal the original purchase price per preferred share
plus accrued and unpaid distributions, whether or not declared, before any distribution of assets is made to holders of Common Shares.
After payment of the full amount of the liquidating distribution to which they are entitled, the holders of preferred shares will not
be entitled to any further participation in any distribution of assets by the Fund.

Voting Rights. The
1940 Act requires that the holders of any preferred shares, voting separately as a single class, have the right to elect at least two
trustees at all times. The remaining trustees will be elected by holders of Common Shares and preferred shares, voting together as 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.