Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 113

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 113
---
Conditions that are indicative
of a ‘C’ category rating for an issuer include:

| (a) | the issuer has entered into a grace or                                
 cure period following non-payment of a material financial obligation; |

| (b) | the issuer has entered into a temporary                                                       
 negotiated waiver or standstill agreement following a payment default on a material financial 
 obligation; or                                                                                |

| (c) | Fitch Ratings otherwise believes a condition                       
 of ‘RD’ or ‘D’ to be imminent or inevitable, including through the 
 formal announcement of a distressed debt exchange.                 |

RD Restricted default.‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an uncured payment default on a bond, loan
or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedure, and which has not otherwise ceased operating. This would include:

| (a) | the selective payment default on a specific 
 class or currency of debt;                  |

| (b) | the uncured expiry of any applicable                                                     
 grace period, cure period or default forbearance period following a payment default on a 
 bank loan, capital markets security or other material financial obligation;              |

<div align='center'>A-8</div>

| (c) | the extension of multiple waivers or                                                      
 forbearance periods upon a payment default on one or more material financial obligations, 
 either in series or in parallel; or                                                       |

| (d) | execution of a distressed debt exchange        
 on one or more material financial obligations. |

D Default.‘D’
ratings indicate an issuer that in Fitch Ratings’ opinion has entered into bankruptcy filings, administration, receivership, liquidation
or other formal winding-up procedure, or which has otherwise ceased business.

Default ratings are not assigned
prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or
grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is
otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

“Imminent” default
typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example,
be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default