AQUILA INVESTMENT MANAGEMENT LLC
AQUILA INVESTMENT MANAGEMENT LLC
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May 11, 2015
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Board of Trustees of
Aquila Tax-Free Fund of Colorado
000 Xxxx 00xx Xxxxxx
Suite 3600
New York, New York 10036
Re: 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 Tax-Free Fund of Colorado (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:
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“Termination Date” means earliest of (1) the termination of the Agreement, (2) the date as of which the Fund ceases to operate, (3) the date as of which the Sub-Advisory Fee Waiver (as defined below) is eliminated or removed or (4) September 30, 2016; and
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“Sub-Advisory Fee Waiver” means the waiver of sub-advisory fees payable to Davidson Fixed Income Management, Inc., doing business as Xxxxxxxxxxx Xxxxxx Capital Management, the sub-adviser to the Fund (the “Sub-Adviser”), reflected in the 2014 letter agreement dated as of May 13, 2014 between the Manager, the Fund and the Sub-Adviser.
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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.
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AQUILA INVESTMENT MANAGEMENT LLC
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(Registrant)
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By: /s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
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Accepted and agreed:
AQUILA TAX-FREE FUND OF COLORADO
By: /s/ Xxxxxxx X. Xxxxxx, III
Name: Xxxxxxx X. Xxxxxx, III
Title: Executive Vice President
Xxxxxxxxxxx Xxxxxx
Capital Management
A Division of Davidson Fixed Income Management
Dated as of May 19, 2015
Board of Trustees of Aquila Tax-Free Fund of Colorado
Aquila Investment Management LLC
000 Xxxx 00xx Xxxxxx
Suite 3600
New York, New York 10036
Re: Sub-Advisory Fee Waiver
Ladies and Gentlemen:
Reference is made to that certain Sub-Advisory Agreement, dated as of October 11, 2013 (the “Agreement”) by and between Aquila Investment Management LLC (the “Manager”) and Davidson Fixed Income Management, Inc., doing business as Xxxxxxxxxxx Xxxxxx Capital Management (the “Sub-Adviser”), pursuant to which Sub-Adviser has agreed to provide certain sub-advisory services with respect to Aquila Tax-Free Fund of Colorado (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 from the date hereof 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 0.18 of 1% of such net asset value on net assets of the Fund up to $400,000,000; 0.16 of 1% of the Fund’s net assets above that amount to $1,000,000,000 and 0.14 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, 2016.
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.
DAVIDSON FIXED INCOME MANAGEMENT,
INC., doing business as Xxxxxxxxxxx Xxxxxx Capital
Management
By:
/s/ Xxxxxxxxxxx X. Xxxxx
By:_____________________________
Name: Xxxxxxxxxxx X. Xxxxx
Title: Senior President
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Accepted and agreed:
TAX-FREE FUND OF COLORADO
/s/ Xxxxxxx X. Xxxxxx, III
By:_____________________________
Name: Xxxxxxx X. Xxxxxx, III
Title: Executive Vice President
AQUILA INVESTMENT MANAGEMENT LLC
/s/ Xxxxx X. Xxxxxxxx
By:_____________________________
By:
Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
