Company: SRV
Filing Date: 2025-01-14
Form Type: 424B2
Source: 0001398344-25-000635
Chunk: 45

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-01-14
Form: 424B2
Chunk 45
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 right to receive distributions before any incentive         
 distributions are payable to the general partner or managing member. Subordinated units generally 
 do not provide arrearage rights. Most MLP subordinated units are convertible into common          
 units after the passage of a specified period of time or upon the achievement by the issuer       
 of specified financial goals. Master limited partnerships also issue different classes of         
 subordinated units that may have different voting, trading, and distribution rights. The          
 Fund may invest in different classes of subordinated units.                                       |

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| ● | General                                                                                           
 Partner or Managing Member Interests. The general partner or managing member interest             
 in MLPs or limited liability companies is typically retained by the original sponsors of          
 an MLP or limited liability company, such as its founders, corporate partners and entities        
 that sell assets to the MLP or limited liability company. The holder of the general partner       
 or managing member interest can be liable in certain circumstances for amounts greater than       
 the amount of the holder’s investment in the general partner or managing member. General          
 partner or managing member interests often confer direct board participation rights in, and       
 in many cases control over the operations of, the MLP. General partner or managing member         
 interests can be privately held or owned by publicly traded entities. General partner or          
 managing member interests receive cash distributions, typically in an amount of up to 2%          
 of available cash, which is contractually defined in the partnership or limited liability         
 company agreement. In addition, holders of general partner or managing member interests typically 
 receive incentive distribution rights, which provide them with an increasing share of the         
 entity’s aggregate cash distributions upon the payment of per common unit distributions           
 that exceed specified threshold levels above the MQD. Due to the incentive distribution rights,   
 GP MLPs have higher distribution growth prospects than their underlying MLPs, but quarterly       
 incentive distribution payments would also decline at a greater rate than the decline rate        
 in quarterly distributions to common and subordinated unit holders in the event of a reduction    
 in the MLP’s quarterly distribution. The ability of the limited partners or members               
 to remove the general partner or managing member without cause is typically very limited.         
 In addition, some MLPs permit the holder of incentive distribution rights to reset, under         
 specified circumstances, the incentive distribution levels and receive compensation in exchange   
 for the distribution rights given up in the reset.                                                |

| ● | I-Shares.                                                                                         
 I-Shares represent an ownership interest issued by an MLP affiliate. The MLP affiliate