0001398344-13-005570 Sample Contracts

THE PENNANT 504 FUND OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • November 26th, 2013 • Pennant 504 Fund • Wisconsin

THIS OPERATING EXPENSES LIMITATION AGREEMENT, as amended (the “Agreement”) is effective as of November 12, 2013, by and between The Pennant 504 Fund, a Delaware statutory trust (the “Fund”) and Pennant Management, Inc. (the “Adviser”).

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