AQUILA INVESTMENT MANAGEMENT LLC
AQUILA INVESTMENT MANAGEMENT LLC
April 21, 2023
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, 2024. |
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:
AQUILA NARRAGANSETT TAX-FREE INCOME FUND
By: /s/ Xxxxxx XxXxxxxx
Name: Xxxxxx XxXxxxxx
Title: CFO and Treasurer
Dated as of April 18, 2023
|
Board of Trustees 000 Xxxx 00xx Xxxxxx Xxxxx 0000 Xxx Xxxx, Xxx Xxxx 00000 |
Aquila Investment Management LLC 000 Xxxx 00xx Xxxxxx Xxxxx 0000 Xxx Xxxx, Xxx Xxxx 00000 |
Re: Aquila Narragansett Tax-Free Income Fund Sub-Advisory Fee Waiver
Ladies and Gentlemen:
Reference is made to that certain Xxxxxxx and Restated Sub-Advisory Agreement, dated as of December 1, 2015 and amended and restated as of July 26, 2021 (the “Agreement”) by and between Aquila Investment Management LLC (the “Manager”) and Clarfeld Financial Advisors, LLC (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 on 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 rate payable shall be equivalent to 0.175 of I% 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, 2024.
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.
CLARFELD FINANCIAL ADVISORS, LLC
By: /s/ Xxx Xxxxxx
Name: Xxx Xxxxxx
Title: Chief Compliance Officer
Accepted and agreed:
AQUILA MUNICIPAL TRUST, on behalf of
AQUILA NARRAGANSETT TAX-FREE INCOME FUND
By: /s/ Xxxxxx XxXxxxxx
Name: Xxxxxx XxXxxxxx
Title: CFO and Treasurer
AQUILA INVESTMENT MANAGEMENT LLC
By: /s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
