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: Investment Advisory Fee Waiver
Ladies and Gentlemen:
Reference is made to that certain Advisory and
Administration Agreement (the “Agreement”) by and between Aquila Investment Management LLC (the “Manager”) and Aquila Municipal Trust with respect to Aquila Tax-Free Trust of Oregon (the “Fund,” formerly known as of Tax-Free Trust of Oregon),
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 0.40 of 1% of such net asset value on net assets of the Fund up to $400,000,000; 0.38 of 1%
of the Fund’s net assets above that amount to $1,000,000,000 and 0.36 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, (3) the termination of the Sub-Advisory Agreement by and
between 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 the Fund
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:
AQUILA TAX-FREE TRUST OF OREGON
By: /s/ Xxxxx Xxxxxx
Name: Xxxxx Xxxxxx
Title: Secretary
XXXXXXXXXXX XXXXXX CAPITAL MANAGEMENT
A Division of Davidson Fixed Income Management
Dated as of May 15, 2020
|
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 X xxx 00000
|
Re: Aquila Tax-Free Trust of
Oregon Series Sub-Advisory Fee Waiver
Ladies and Gentlemen:
Reference is made to that certain Sub-Advisory 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 Trust of Oregon (the “Fund”), a series of aquila Municipal Trudt (the "Trust").
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 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 0.16 of 1% of such net asset value on net assets of the Fund up to
$400,000,000; 0.14 of 1% of the Fund’s net assets above that amount to $1,000,000,000 and 0.12 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.
DAVIDSON FIXED INCOME MANAGEMENT,
INC., doing business as Xxxxxxxxxxx Xxxxxx Capital
Management
By:
/s/ Xxxxx Xxxxx
By:_____________________________
Name: Xxxxx Xxxxx
Title: Managing Director
-2-
Accepted and agreed:
AQUILA MUNICIPALA TRUST
ON BEHALF OF ITS SERIES
AQUILA TAX-FREE TRUST OF OREGON
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
