Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 92

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 92
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 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.
Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies
several days or weeks in the immediate future.

In all cases, the assignment
of a default rating reflects the agency’s opinion as to the most appropriate rating category consistent with the rest of its universe
of ratings, and may differ from the definition of default under the terms of an issuer’s financial obligations or local commercial
practice.

Note: The modifiers
“+” or “-” may be appended to a rating to denote relative status within major rating categories. Such suffixes
are not added to the ‘AAA’ Long-Term IDR category, or to Long-Term IDR categories below ‘B’.

Limitations
for the Issuer Credit Rating Scale:

Specific limitations relevant
to