FORM OF WAIVER AND REIMBURSEMENT AGREEMENT
Agreement
(“Agreement”) dated as of the 26th day of
September, 2008 by and between The Community Reinvestment Act Qualified
Investment Fund, a Delaware business trust and a registered investment company
under the Investment Company Act of 1940, as amended (the “Trust”), and
Community Capital Management, Inc., a Delaware corporation (the
“Adviser”).
BACKGROUND
The
Adviser serves as investment adviser to the Trust’s existing investment
portfolio (the “Fund”) pursuant to an Investment Management Agreement between
the Adviser and the Trust dated as of June 1, 1999. The Fund offers three
classes of shares, known as CRA Shares, Institutional Shares and Retail
Shares.
The
parties to this Agreement wish to provide for an undertaking by the Adviser to
limit investment advisory or other fees and/or reimburse expenses of the CRA
Shares, Institutional Shares and Retail Shares of the Fund in order to improve
the performance of the CRA Shares, Institutional Shares and Retail Shares of the
Fund.
AGREEMENT
THEREFORE,
in consideration of the foregoing, the parties intending to be legally bound
hereby, agree as follows:
The
Adviser shall, from the date of this Agreement until September 30, 2009, waive
all or a portion of its investment advisory or other fees and/or reimburse
expenses in amounts necessary so that after such waivers and/or reimbursements,
the maximum total operating expense ratio of the CRA Shares, Institutional
Shares and Retail Shares of the Fund shall not exceed 1.00%, 0.55% and 0.90%,
respectively. Thereafter, if not terminated, this Agreement will renew
automatically each year ending September 30. Notwithstanding the foregoing, this
Agreement may be terminated at the end of the initial period or any subsequent
one-year period by the Trust or by the Adviser on sixty days’ written
notice.
This
Agreement supersedes any prior contractual waiver and reimbursement agreement(s)
between the parties.
The
Adviser acknowledges and agrees that it shall not be entitled to collect on or
make a claim for waived fees or reimbursed expenses at any time in the
future.
This
Agreement shall be governed by and construed under the laws of the State of
Delaware, without regard to its conflict of law provisions. This Agreement may
be executed in one or more counterparts and all such counterparts will
constitute one and the same instrument.
IN
WITNESS WHEREOF, the parties hereto have caused this instrument to be executed
by their officers designated below as of the day and year first above
written.
COMMUNITY
CAPITAL MANAGEMENT, INC.
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By:
_____________________________________
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By:
_____________________________________
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Name Xxxxx
X. Xxxxxx
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Name Xxxxx
X. Xxxxxx
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Title:
President
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Title:
Chief Executive Officer
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