AQUILA DISTRIBUTORS, INC.
RELATED AGREEMENT FOR SALE OF SHARES OF
HAWAIIAN TAX-FREE TRUST
FROM:
__________________________________
__________________________________
__________________________________
TO: Aquila Distributors, Inc.
000 Xxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxx, X.X. 10017
Gentlemen:
1. We understand that Hawaiian Tax-Free Trust (the "Trust"), for
which you act as Distributor, has adopted a plan (the "Distribution
Plan") pursuant to Rule 12b-1 under the Investment Company Act of
1940 as amended (the "Act"), for making distribution assistance
payments ("Permitted Payments") to selected brokers and other
persons ("Qualified Recipients") providing distribution assistance
to certain Trust accounts ("Qualified Holdings"). We have been
furnished a copy of the Distribution Plan and understand that this
letter is a "Related Agreement" as defined in the Distribution Plan
and that all defined terms in this letter have the same meanings as
in the Distribution Plan.
2. We intend to furnish distribution assistance to Qualified
Holdings which will make us a Qualified Recipient for Permitted
Payments. We understand that we may receive Permitted Payments only
in accordance with the Distribution Plan.
3. This Related Agreement is dependent upon the continued
effectiveness of a Sales Agreement by which you have agreed with us
for distribution of shares of the Trust. All terms of the Sales
Agreement are incorporated by reference into this Related Agreement
as if set forth in full.
4. We understand that, although the Permitted Payments cannot
exceed the limits specified in the Distribution Plan, the amount of
such payments up to such limit, the frequency and timing of such
payments, the terms of any right to sell in a territory, and any
other terms, conditions, or qualifications for us to receive such
payments are subject to change by you from time to time, upon at
least 30 days' written notice. Any orders placed after the
effective date of such change shall be subject to the rates in
effect at the time of receipt of the payment by the Trust. Such 30-
day period may be waived at your sole option in the event such
change increases the Permitted Payments due us. We understand that
you may pay the Permitted Payments yourself or pay them through a
paying agent.
5. We shall provide you with any documentation which the Federal
and state securities laws and regulations may from time to time
require as a prerequisite to the payment of Permitted Payments. We
shall bear the clerical costs of providing such documentation, and
shall be responsible for the accuracy of such documentation.
6. This Agreement is not assignable or transferable, except that
you may transfer or assign this Agreement to any successor firm or
corporation which becomes Distributor of the Trust.
7. If a quarterly Permitted Payment would be less than $50.00, it
will be aggregated with the following quarterly Permitted Payment,
and you will remit such aggregated Permitted Payments following the
quarter in which such aggregated Permitted Payments exceed $50.00.
8. This Agreement may be terminated by either party on 30 days'
written notice. All notices hereunder shall be in writing addressed
to the respective parties at the addresses listed hereon, unless
changed by notice given in accordance with this Agreement.
9. This Agreement will become effective on the date when it is
executed and dated by you below. This Agreement and all rights and
obligations of the parties hereunder will be governed by and
construed under the laws of the State of New York.
____________________________________________________
(name of firm)
____________________________________________________
By:
____________________________________________________
(name and title of officer)
____________________________________________________
(telephone number)
Accepted:
Aquila Distributors, Inc.
By: ____________________________
________________________________
(name and title of officer)
Dated: ________________, 19_____
HAWAIIAN TAX-FREE TRUST
NOTICE TO FIRMS PROVIDING DISTRIBUTION ASSISTANCE
PURSUANT TO RELATED AGREEMENT
The Trust's Permitted Payments program will be implemented on the
first day of the calendar quarter after the Trust reaches the total
net asset level of $500 million, or will be implemented at a
certain earlier time, as provided in the Trust's Proxy Statement of
January 27, 1992.
Subject to the limits of the Distribution Plan of the Trust,
Permitted Payments to each firm which is a Qualified Recipient will
be made for each calendar quarter, based on each month's average
net asset value of the daily balances in such firm's accounts which
are Qualified Holdings, and will be at the annual rate of twenty
one-hundredths of one percent (0.20%).
Each such payment will be mailed by the 15th day of the month
following the end of each calendar quarter.
Date of this Notice: March 27, 1992
