Common use of Obligation as to Undivided Loyalty Clause in Contracts

Obligation as to Undivided Loyalty. Neither Aquila nor any Aquila Affiliate shall serve as investment adviser, administrator, sponsor, promoter, or principal underwriter of any investment company that competes directly with the Trust and has as its investment adviser a company with its principal office in the State of Hawaii, nor shall they provide services directly or indirectly in the capacities here specified to, or receive fees for such services from, any investment company which holds itself out as a "money-market fund" under Rule 2a-7 promulgated by the Securities and Exchange Commission under the 1940 Act and has as its investment adviser a company with its principal office in the State of Hawaii; provided, however, that Aquila or any Aquila Affiliate may provide services directly or indirectly in the capacities listed herein to, or receive fees for such services from, any investment company

Obligation as to Undivided Loyalty. Neither Aquila nor any Aquila Affiliate shall serve as investment adviser, administrator, sponsor, promoter, or principal underwriter of any investment company that competes directly with the Trust and has as its investment adviser a company with its principal office in the State of HawaiiTrust, nor shall they provide services directly or indirectly in the capacities here specified to, or to receive fees for such services from, any investment company which holds itself out as has a "money-market fund" under Rule 2a-7 promulgated by portfolio consisting primarily of obligations principally of Hawaii issuers the Securities interest paid on which is exempt from regular Federal and Exchange Commission under the 1940 Act and has as its investment adviser a company with its principal office in the State of HawaiiHawaii income taxes; provided, however, that Aquila or any Aquila Affiliate may provide services directly or indirectly in the capacities listed herein to, or to receive fees for such services from, any investment company