Exhibit 99(k)(4)
CLAYMORE SECURITIES, INC.
WAIVER RELIANCE LETTER
August 26, 2003
MBIA Capital/Claymore Managed Duration
Investment Grade Municipal Fund
000 Xxxx Xxxxxx
Xxxxxx, Xxx Xxxx 00000
Ladies and Gentleman:
Claymore Securities, Inc. (the "Servicing Agent") and MBIA
Capital/Claymore Managed Duration Investment Grade Municipal Fund (the "Fund")
have entered into a Servicing Agreement, dated as of the date hereof (the
"Servicing Agreement"), pursuant to which the Servicing Agent has agreed to
furnish certain services to the Fund on the terms and subject to the conditions
of the Servicing Agreement.
The Servicing Agreement provides, among other things, that the Fund
will pay to the Servicing Agent as full compensation for all services rendered
by the Servicing Agent to the Fund under the Servicing Agreement a monthly fee
in arrears at an annual rate equal to .26% of the average daily value of such
Fund's Managed Assets (as defined in the Servicing Agreement) (such fee being
referred to herein as the "Servicing Fee"). The Servicing Agent has covenanted
to the underwriters of the Fund's common shares that the Servicing Agent will
waive receipt of certain payments that would be expenses of the Fund, as set
forth below. The Servicing Agent understands that you intend to disclose this
undertaking in your Registration Statement on Form N-2 and the prospectus
included therein. This letter confirms that you may rely on such undertaking for
purposes of making disclosure in your Registration Statement and prospectus and
authorizes you to offset the appropriate amount of the waived payments described
herein against the Servicing Fee.
2
For the period from the commencement of each Fund's investment
operations through September 1, 2004, and for the 12 month periods through
September 1 in each indicated year during the term of the Servicing Agreement
(including any continuation thereof), the Servicing Agent will waive receipt of
certain payments that would be expenses of the Fund in the amount determined by
applying the following annual rates to the average daily value of the Fund's
Managed Assets:
THROUGH SEPTEMBER 1 WAIVER
------------------- ------
2004 .060%
2005 .060%
2006 .060%
2007 .060%
2008 .060%
2009 .028%
The Servicing Agent intends to cease to so waive receipt of payments
upon the earlier of (i) September 2, 2009 or (ii) termination of the
Servicing
Agreement.
3
Please acknowledge the foregoing by signing this letter in the space
provided below and returning the executed copy to the Servicing Agent.
Sincerely,
CLAYMORE SECURITIES, INC.
By: /s/ Xxxxxxxx Xxxxxxx
--------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Senior Managing Director
& General Counsel
CONFIRMED AND ACCEPTED
MBIA CAPITAL/CLAYMORE MANAGED DURATION
INVESTMENT GRADE MUNICIPAL FUND
By: /s/ Xxxx X. Xxxxxx
------------------------------------
Name: Xxxx X. Xxxxxx
Title: Chief Financial Officer
