Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 59

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 59
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ursuant to the Investment Management
Agreement, the Fund has agreed to pay the Investment Adviser a fee, payable at the end of each calendar month, at an annual rate equal
to 1.25% of the average weekly value of the Fund’s Managed Assets during such month (the “Management Fee”) for the services
and facilities provided by the Investment Adviser to the Fund. For purposes of the Management Fee, “Managed Assets” means
the total assets of the Fund, minus all accrued expenses incurred in the normal course of operations other than liabilities or obligations
attributable to investment leverage, including, without limitation, investment leverage obtained through (i) indebtedness of any type
(including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of shares of
preferred stock or other similar preference securities and/or (iii) the reinvestment of collateral received for securities loaned in accordance
with the Fund’s investment objective and policies.

Pursuant to a fee waiver agreement
by and between the Fund and the Investment Adviser, effective February 1, 2025, the Investment Adviser has contractually agreed to waive
a portion of the management fee in an amount equal to 0.25% of the Fund’s Managed Assets through January 31, 2026.

Because the Management Fee is
based upon a percentage of the Fund’s Managed Assets, the Management Fee will be higher if the Fund employs leverage. Therefore,
the Investment Adviser will have a financial incentive to use leverage, which may create a conflict of interest between the Investment
Adviser and the Fund’s common shareholders.

The Investment Adviser also provides
such additional administrative services as the Fund may require beyond those furnished by the Administrator and furnishes, at its own
expense, such office space, facilities, equipment, clerical help, and other personnel and services as may reasonably be necessary in connection
with the operations of the Fund.

In addition, the Investment Adviser
pays the salaries of officers of the Fund who are employees of the Investment Adviser and any fees and expenses of Trustees of the Fund
who are also officers, directors, or employees of the Investment Adviser or who are officers or employees of any company affiliated with
the Investment Adviser and bears the cost of telephone service, heat, light, power, and other utilities associated with the services it
provides.

Advisory Fees Paid

The following summarizes the
investment advisory fees, less any fees