AQUILA INVESTMENT MANAGEMENT LLC.
AQUILA INVESTMENT MANAGEMENT LLC.
|
April 30, 2020
|
Board of Trustees of
000 Xxxx 00xx Xxxxxx
Suite 3600
New York, New York 10036
Re: Aquila Narragansett Tax-Free Income Fund -Investment Advisory Fee Waiver
Ladies and Gentlemen:
Reference is made to that certain Advisory and Administration Agreement, dated as of October 11, 2013 (the “Agreement”) by and between Aquila
Investment Management LLC (the “Manager”) and Aquila Narragansett Tax-Free Income Fund (the “Fund”), pursuant to which the Manager
has agreed to provide certain investment advisory and administrative services to the Fund.
The parties have agreed that the Manager shall waive certain fees otherwise payable to it under the Agreement as provided herein. Accordingly,
the Manager hereby agrees that for the period from the date hereof until the Termination Date (as defined below), the Manager shall waive that portion of the fee to which it is otherwise entitled under the Agreement so that the Manager’s fees shall
be as follows:
The annual rates payable shall be equivalent to 0.48 of 1% of such net asset value on net assets of the Fund up to
$400,000,000; 0.46 of 1% of the Fund’s net assets above that amount to $1,000,000,000 and 0.44 of 1% of the Fund’s net assets above $1,000,000,000.
As used herein:
|
·
|
“Termination Date” means earliest of (1) the termination of the Agreement, (2) the date as of which the Fund ceases to operate, or (3) September 30,
2021.
|
The arrangement set forth in this letter may be amended only with the written agreement of the parties hereto.
Please sign below to confirm your agreement with the foregoing.
|
AQUILA INVESTMENT MANAGEMENT LLC
|
|
|
|
|
|
By: /s/ Xxxxx X. Xxxxxxxx
|
|
|
Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
|
|
Accepted and agreed:
AquilaNarragansett Tax-Free Income Fund
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Secretary
Dated as of May 15, 2020
|
Aquila Investment Management LLC
000 Xxxx 00xx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx Xxxx 00000
|
Aquila Investment Management LLC
000 Xxxx 00xx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx X xxx 00000
|
Re: Aquila
Narragansett Tax-Free Income Fund Sub-Advisory Fee Waiver
Ladies and Gentlemen:
Reference is made to that certain Sub-Advisory Agreement,
dated as of December 1, 2015 as amended September 24, 2018 (the “Agreement”) by and between Aquila Investment Management LLC (the “Manager”) and Citizens Investment Advisers (the “Sub-Adviser”), pursuant to which Sub-Adviser has agreed to provide
certain sub-advisory services with respect to Aquila Narragansett Tax-Free Income Fund (the “Fund”).
The parties have agreed that the Sub-Adviser shall
waive certain fees otherwise payable to it under the Agreement as provided herein. Accordingly, the Sub-Adviser hereby agrees that for the period beginning October 1, 2020 until the Termination Date (as defined below), the Sub-Adviser shall waive
that portion of the fee to which it is otherwise entitled under the Agreement so that the Sub-Adviser’s fees shall be as follows:
The annual rates payable shall be equivalent to 0.175 of 1% of such net asset value on net assets
of the Fund..
As used herein “Termination Date” means earliest of (1) the
termination of the Agreement, (2) the date as of which the Fund ceases to operate, or (3) September 30, 2021.
The arrangement set forth in this letter may be amended only with the
written agreement of the parties hereto.
Please sign below to confirm your agreement with the foregoing.
CITIZENS INVESTMENT ADVISERS
By:
/s/ Xxxxxxx Xxxx
By:_____________________________
Name: Xxxxxxx Xxxx
Title: Chief Investment Officer
-2-
Accepted and agreed:
AQUILA NARRAGANSETT TAX-FREE INCOME FUND
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Secretary
AQUILA INVESTMENT MANAGEMENT LLC
By: /s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
