Letterhead of Aquila Investment Management LLC]
[Letterhead of Aquila Investment Management LLC]
[ ]
Board of Trustees of
Tax-Free Trust of Oregon
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
[ ] (the “Agreement”) by and between Aquila Investment Management LLC (the “Manager”) and Aquila Municipal Trust, with respect
to Aquila Tax-Free Trust of Oregon, a series of the Trust (the “Fund”), pursuant to which 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, 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: _________________
Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
Accepted and agreed:
on behalf of its series
AQUILA TAX-FREE TRUST OF OREGON
By: _________________________
Name:
Title:
Dated as of [ ]
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The Cascades Trust
Board of Trustees
000 Xxxx 00xx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx Xxxx 00000
|
000 Xxxx 00xx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx Xxxx 00000
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Re: Aquila Tax-Free Trust of Oregon Sub-Advisory Fee Waiver
Ladies and Gentlemen:
Reference is made to that certain Sub-Advisory Agreement, dated as of
[ ] (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 Trust of Oregon (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 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 0.16 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:
By:_____________________________
Name:
Title:
Accepted and agreed:
AQUILA TAX-FREE TRUST OF OREGON
By:_____________________________
Name:
Title:
AQUILA INVESTMENT MANAGEMENT LLC
By:_____________________________
Name:
Title:
