3
INVESTMENT ADVISORY AGREEMENT
INVESTMENT ADVISORY AGREEMENT, made this ___ day of ________, 2000, by and
between CALVERT ASSET MANAGEMENT COMPANY, INC., a Delaware corporation having
its principal place of business in Bethesda, Maryland (the "Advisor"), and
CALVERT IMPACT FUND, INC., a Maryland corporation (the "Corporation"), both
having their principal place of business at 4550 Montgomery Avenue, Bethesda,
Maryland.
WHEREAS, the Corporation is registered as an investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), for the purpose of
investing and reinvesting its assets in securities, as set forth in its Articles
of Incorporation, its By-laws and its registration statements under the 1940 Act
and the Securities Act of 1933 (the "1933 Act"), as amended; and the
Corporation, offering separate series (each a "Fund"), desires to avail itself
of the services, information, advice, assistance and facilities of an investment
advisor and to have an investment advisor perform for it various investment
advisory, research services and other management services; and
WHEREAS, the Advisor is an investment advisor registered under the
Investment Advisers Act of 1940, as amended, and is engaged in the business of
rendering management, and investment advisory services to investment companies
and desires to provide such services to the Corporation;
NOW, THEREFORE, in consideration of the terms and conditions hereinafter
set forth, it is agreed as follows:
1. Employment of the Advisor. The Corporation hereby employs the Advisor to
manage the investment and reinvestment of the Corporation assets, as shown on
Schedule A, and subject to the control and direction of the Corporation's Board
of Directors, for the period and on the terms hereinafter set forth. The Advisor
hereby accepts such employment and agrees during such period to render the
services and assume the obligations in return for the compensation provided
herein. The Advisor shall for all purposes herein be deemed to be an independent
contractor and shall, except as expressly provided or authorized (whether herein
or otherwise), have no authority to act for or represent the Corporation in any
way or otherwise be deemed an agent of the Corporation.
2. Obligations of and Services to be Provided by the Advisor. The Advisor
undertakes to provide the following services and to assume the following
obligations:
a. The Advisor shall manage the investment and reinvestment of the
Corporation's assets, subject to and in accordance with the investment
objectives and policies of the Corporation and the social screening criteria as
stated in the registration statement, and any directions which the Corporation's
Board of Directors may issue from time to time. In pursuance of the foregoing,
the Advisor shall make all determinations with respect to the investment of the
Corporation's assets and the purchase and sale of portfolio securities and shall
take such steps as may be necessary to implement the same. Such determination
and services shall also include determining the manner in which voting rights,
rights to consent to corporate action, any other rights pertaining to the
Corporation's portfolio securities shall be exercised. The Advisor shall render
regular reports to the Corporation's Board of Directors concerning the
Corporation's investment activities.
b. The Advisor shall, in the name of the Corporation on behalf of the
Corporation, place orders for the execution of the Corporation's portfolio
transactions, in accordance with the policies set forth in the Corporation's
current registration statements under the 1940 Act and the 1933 Act. In
connection with the placement of orders for the execution of the Corporation's
portfolio transactions the Advisor shall create and maintain all necessary
brokerage records of the Corporation in accordance with all applicable laws,
rules and regulations, including but not limited to, records required by Section
31(a) of the 1940 Act. All records shall be the property of the Corporation and
shall be available for inspection and use by the SEC, the Corporation or any
person retained by the Corporation. Where applicable, such records shall be
maintained by the Advisor for the periods and the places required by Rule 31a-2
under the 1940 Act.
c. The Advisor shall bear its expenses of providing services to the
Corporation pursuant to this Agreement except such expenses as are undertaken by
the Corporation. In addition, the Advisor shall pay the salaries and fees of all
Directors and executive officers who are employees of the Advisor or its
affiliates ("Advisor Employees").
d. In providing the services and assuming the obligations set forth herein,
the Advisor may, at its own expense, employ one or more Subadvisors, as approved
by the Board of Directors.
e. The Advisor is responsible for screening investments to determine that
they meet the Fund's social investment screening criteria, as may be amended
from time to time with the approval of the Board.
3. Expenses of The Corporation. The Corporation shall pay all expenses other
than those expressly assumed by the Advisor herein, which expenses payable by
the Corporation shall include, but are not limited to:
a. Fees to the Advisor as provided herein;
b. Legal and audit expenses;
c. Fees and expenses related to the registration and qualification of the
Corporation and its shares for distribution under federal and state securities
laws;
d. Expenses of the administrative services agent, transfer agent, registrar,
custodian, dividend disbursing agent and shareholder servicing agent;
e. Any telephone charges associated with shareholder servicing or the
maintenance of the Funds or Corporation;
f. Salaries, fees and expenses of Directors and executive officers of the
Corporation, other than Advisor Employees;
g. Taxes and corporate fees levied against the Corporation;
h. Brokerage commissions and other expenses associated with the purchase and
sale of portfolio securities for the Corporation;
i. Expenses, including interest, of borrowing money;
j. Expenses incidental to meetings of the Corporation's shareholders and the
maintenance of the Corporation's organizational existence;
k. Expenses of printing stock certificates representing shares of the
Corporation and expenses of preparing, printing and mailing notices, proxy
material, reports to regulatory bodies and reports to shareholders of the
Corporation;
l. Expenses of preparing and typesetting of prospectuses of the Corporation;
m. Expenses of printing and distributing prospectuses to shareholders of the
Corporation;
n. Association membership dues;
o. Insurance premiums for fidelity and other coverage;
p. Distribution Plan expenses, as permitted by Rule 12b-1 under the 1940 Act
and as approved by the Board; and
q. Such other legitimate Corporation expenses as the Board of Directors may
from time to time determine are properly chargeable to the Corporation.
4. Compensation of Advisor.
a. As compensation for the services rendered and obligations assumed
hereunder by the Advisor, the Corporation shall pay to the Advisor within ten
(10) days after the last day of each calendar month a fee equal on an annualized
basis as shown on Schedule A. Any amendment to the Schedule pertaining to any
new or existing series/Fund shall not be deemed to affect the interest of any
other series/Fund and shall not require the approval of the shareholders of any
other series/Fund.
b. Such fee shall be computed and accrued daily. Upon termination of this
Agreement before the end of any calendar month, the fee for such period shall be
prorated. For purposes of calculating the Advisor's fee, the daily value of the
Corporation's net assets shall be computed by the same method as the Corporation
uses to compute the value of its net assets in connection with the determination
of the net asset value of Corporation shares.
c. The Advisor reserves the right (i) to waive all or part of its fee and
assume expenses of the series/Fund and (ii) to make payments to brokers and
dealers in consideration of their promotional or administrative services.
5. Activities of the Advisor. The services of the Advisor to the Corporation
hereunder are not to be deemed exclusive, and the Advisor shall be free to
render similar services to others. It is understood that Directors and officers
of the Corporation are or may become interested in the Advisor as stockholders,
officers, or otherwise, and that stockholders and officers of the Advisor are or
may become similarly interested in the Corporation, and that the Advisor may
become interested in the Corporation as a shareholder or otherwise.
6. Use of Names. The Corporation shall not use the name of the Advisor in
any prospectus, sales literature or other material relating to the Corporation
in any manner not approved prior thereto by the Advisor; provided, however, that
the Advisor shall approve all uses of its name which merely refer in accurate
terms to its appointment hereunder or which are required by the SEC; and,
provided, further, that in no event shall such approval be unreasonably
withheld. The Advisor shall not use the name of the Corporation or any
Corporation in any material relating to the Advisor in any manner not approved
prior thereto by the Corporation; provided, however, that the Corporation shall
approve all uses of its name which merely refer in accurate terms to the
appointment of the Advisor hereunder or which are required by the SEC; and,
provide, further, that in no event shall such approval be unreasonably withheld.
7. Liability of the Advisor. Absent willful misfeasance, bad faith, gross
negligence, or reckless disregard of obligations or duties hereunder on the part
of the Advisor, the Advisor shall not be subject to liability to the Corporation
or to any shareholder of the Corporation for any act or omission in the course
of, or connected with, rendering services hereunder or for any losses that may
be sustained in the purchase, holding or sale of any security.
8. Force Majeure. The Advisor shall not be liable for delays or errors
occurring by reason of circumstances beyond its control, including but not
limited to acts of civil or military authority, national emergencies, work
stoppages, fire, flood, catastrophe, acts of God, insurrection, war, riot, or
failure of communication or power supply. In the event of equipment breakdowns
beyond its control, the Advisor shall take reasonable steps to minimize service
interruptions but shall have no liability with respect thereto.
9. Renewal, Termination and Amendment. This Agreement shall continue in
effect with respect to the Corporation, unless sooner terminated as hereinafter
provided, through December 31, 2001, and indefinitely thereafter if its
continuance shall be specifically approved at least annually by vote of the
holders of a majority of the outstanding voting securities of the Corporation or
by vote of a majority of the Corporation's Board of Directors; and further
provided that such continuance is also approved annually by the vote of a
majority of the Directors who are not parties to this Agreement or interested
persons of the Advisor, cast in person at a meeting called for the purpose of
voting on such approval, or as allowed by law. This Agreement may be terminated
at any time, without payment of any penalty, by the Corporation's Board of
Directors or by a vote of the majority of the outstanding voting securities of
the Corporation upon 60 days' prior written notice to the Advisor and by the
Advisor upon 60 days' prior written notice to the Corporation. This Agreement
may be amended at any time by the parties, subject to approval by the
Corporation's Board of Directors and, if required by applicable SEC rules and
regulations, a vote of a majority of the Corporation's outstanding voting
securities. This Agreement shall terminate automatically in the event of its
assignment. The terms "assignment" and "vote of a majority of the outstanding
voting securities" shall have the meaning set forth for such terms in the 1940
Act.
10. Severability. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule or otherwise, the remainder of this
Agreement shall not be affected thereby.
11. Miscellaneous. Each party agrees to perform such further actions and
execute such further documents as are necessary to effectuate the purposes
hereof. This Agreement shall be construed and enforced in accordance with and
governed by the laws of the State of Maryland. The captions in this Agreement
are included for convenience
only and in no way define or delimit any of the provisions hereof or otherwise
affect their construction or effect.
IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the
date first written above.
CALVERT IMPACT FUND, INC.
By:
Title:
Calvert Asset Management Company, INC.
By:
Title:
Schedule to the Investment Advisory Agreement
between Calvert Impact Fund, Inc.
and Calvert Asset Management Company, Inc.
As compensation pursuant to Section 4 of the Investment Advisory Agreement
between Calvert Asset Management Company, Inc. (the "Advisor") and Calvert
Impact Fund, Inc., dated _____________, 2000, with respect to the Calvert Large
Cap Growth Fund, the Advisor is entitled to receive an annual advisory fee,
computed daily and payable monthly, at an annual rate equal to 0.25% of its
average daily net assets.
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INVESTMENT SUBADVISORY AGREEMENT
INVESTMENT SUBADVISORY AGREEMENT, made this ___ day of _______, 2000, by
and between CALVERT IMPACT FUND, INC., a Maryland corporation (the
"Corporation"), and bridgeway capital management, inc., a Texas corporation (the
"Subadvisor").
WHEREAS, the Corporation is registered as an investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), for the purpose of
investing and reinvesting its assets in securities, as set forth in its Articles
of Incorporation, its By-laws and its registration statements under the 1940 Act
and the Securities Act of 1933 (the "1933 Act"), as amended; and the Corporation
desires to desires to retain the Subadvisor to furnish it with certain
investment advisory services as a subadvisor, in connection with the investment
advisory activities provided by Calvert Asset Management Company, Inc. (the
"Advisor"), on behalf of the Calvert Large Cap Growth Fund, a series of Calvert
Impact Fund, Inc. and any additional series thereof, for which Schedules are
attached hereto (each such series referred to individually as the "Fund"); and
WHEREAS, the Subadvisor is an investment advisor registered under the
Investment Advisers Act of 1940, as amended, and is engaged in the business of
rendering management, and investment advisory services to investment companies
and desires to provide such services to the Fund;
NOW, THEREFORE, in consideration of the promises and the terms and
conditions hereinafter set forth, it is agreed as follows:
1. Services to be Rendered by the Subadvisor to the Fund.
(a) Investment Program. Subject to the control of the Fund's Board of
Directors ("Directors") and the Advisor, the Subadvisor at its expense
continuously will furnish to the Fund an investment program for such portion, if
any, of Fund assets designated by the Advisor from time to time. With respect to
such assets, the Subadvisor will make investment decisions, which is subject to
Section 1(g) of this Agreement, and will place all orders for the purchase and
sale of portfolio securities. The Subadvisor will for all purposes herein be
deemed to be an independent contractor and shall, except as expressly provided
or authorized, have no authority to act for or represent the Fund or the Advisor
in any way or otherwise be deemed an agent of the Fund or the Advisor. In the
performance of its duties, the Subadvisor will act in the best interests of the
Fund and will comply with (i) applicable laws and regulations, including, but
not limited to, the 1940 Act, and Subchapter M of the Internal Revenue Code of
1986, as amended, (ii) the terms of this Agreement, (iii) the Fund's Articles of
Incorporation, Bylaws and Registration Statement as from time to time amended,
(iv) relevant undertakings provided to State securities regulators, (v) the
stated investment objective, policies and restrictions of the Fund, and (vi)
such other guidelines as the Directors or Advisor may establish. The Advisor
shall be responsible for providing the Subadvisor with current copies of the
materials specified in Subsections (a)(iii), (iv), (v) and (vi) of this Section
1.
(b) Availability of Personnel. The Subadvisor at its expense will make
available to the Directors and Advisor at reasonable times its portfolio
managers and other appropriate personnel, either in person, or, at the mutual
convenience of the Advisor and the Subadvisor, by telephone, in order to review
the Fund's investment policies and to consult with the Directors and Advisor
regarding the Fund's investment affairs, including economic, statistical and
investment matters relevant to the Subadvisor's duties hereunder, and will
provide periodic reports to the Advisor relating to the investment strategies it
employs.
(c) Expenses, Salaries and Facilities. The Subadvisor will pay all expenses
incurred by it in connection with its activities under this Agreement (other
than the cost of securities and other investments, including any brokerage
commissions), including but not limited to, all salaries of personnel and
facilities required for it to execute its duties under this Agreement.
(d) Compliance Reports. The Subadvisor at its expense will provide the
Advisor with such compliance reports relating to its duties under this Agreement
as may be agreed upon by such parties from time to time.
(e) Valuation. The Subadvisor will assist the Fund and its agents in
determining whether prices obtained for valuation purposes accurately reflect
market price information relating to the assets of the Fund for which the
Subadvisor has responsibility on a daily basis (unless otherwise agreed upon by
the parties hereto) and at such other times as the Advisor shall reasonably
request.
(f) Executing Portfolio Transactions.
i) Brokerage In selecting brokers and dealers to execute purchases and
sales of investments for the Fund, the Subadvisor will use its best efforts to
obtain the most favorable price and execution available in accordance with this
paragraph. The Subadvisor agrees to provide the Advisor and the Fund with copies
of its policy with respect to allocation of brokerage on trades for the Fund.
Subject to review by the Directors of appropriate policies and procedures, the
Subadvisor may cause the Fund to pay a broker a commission, for effecting a
portfolio transaction, in excess of the commission another broker would have
charged for effecting the same transaction. If the first broker provided
brokerage and/or research services, including statistical data, to the
Subadvisor, the Subadvisor shall not be deemed to have acted unlawfully, or to
have breached any duly created by this Agreement, or otherwise, solely by reason
of acting according to such authorization.
ii) Aggregate Transactions In executing portfolio transactions for the
Fund, the Subadvisor may, but will not be obligated to, aggregate the securities
to be sold or purchased with those of its other clients where such aggregation
is not inconsistent with the policies of the Fund, to the extent permitted by
applicable laws and regulations. If the Subadvisor chooses to aggregate sales or
purchases, it will allocate the securities as well as the expenses incurred in
the transaction in the manner it considers to be the most equitable and
consistent with its fiduciary obligations to the Fund and its other clients
involved in the transaction.
(iii) Directed Brokerage. The Advisor may direct the Subadvisor to use a
particular broker or dealer for one or more trades if, in the sole opinion of
the Advisor, it is in the best interest of the Fund to do so.
(iv) Brokerage Accounts. The Advisor authorizes and empowers the Subadvisor to
direct the Fund's custodian to open and maintain brokerage accounts for
securities and other property, including financial and commodity futures and
commodities and options thereon (all such accounts hereinafter called "brokerage
accounts") for and in the name of the Fund and to execute for the Fund as its
agent and attorney-in-fact standard customer agreements with such broker or
brokers as the Subadvisor shall select as provided above. The Subadvisor may,
using such of the securities and other property in the Fund as the Subadvisor
deems necessary or desirable, direct the Fund's custodian to deposit for the
Fund original and maintenance brokerage and margin deposits and otherwise direct
payments of cash, cash equivalents and securities and other property into such
brokerage accounts and to such brokers as the Subadvisor deems desirable or
appropriate.
(g) Social Screening. The Advisor is responsible for screening those
investments subject to social screening ("Securities") to determine that the
Securities investments meet the Fund's social investment criteria, as may be
amended from time to time by the Directors. The Subadvisor will buy only those
Securities which the Advisor determines pass the Fund's social screens.
(h) Voting Proxies. The Subadvisor agrees to take appropriate action (which
may include voting) on all proxies for the Fund's portfolio investments in a
timely manner. Such action is subject to the direction of the Directors and
Advisor and will be consistent with the social screens and criteria governing
investment selection for the Fund.
(i) Furnishing Information for the Fund's Proxies. The Subadvisor agrees to
provide the Advisor in a timely manner with all information necessary, including
the Subadvisor's certified balance sheet and information concerning the
Subadvisor's controlling persons, for preparation of the Fund's proxy
statements, as may be needed from time to time.
2. Books and Records.
a) In connection with the purchase and sale of the Fund's portfolio securities,
the Subadvisor shall arrange for the transmission to the Fund's custodian,
and/or the Advisor on a daily basis, of such confirmations, trade tickets or
other documentation as may be necessary to enable the Advisor to perform its
accounting and administrative responsibilities with respect to the management of
the Fund.
b) Pursuant to Rule 31a-3 under the 1940 Act, Rule 204-2 under the Investment
Advisers Act of 1940 and any other laws, rules or regulations regarding
recordkeeping, the Subadvisor agrees that: (i) all records it maintains for the
Fund are the property of the Fund; (ii) it will surrender promptly to the Fund
or Advisor any such records upon the Fund's or Advisor's request; (iii) it will
maintain for the Fund the records that the Fund is required to maintain under
Rule 31a-1(b) insofar as such records relate to the investment affairs of the
Fund for which the Subadvisor has responsibility under this Agreement; (iv) it
will preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the
records it maintains for the Fund; and (v) the Fund or Advisor will provide the
Subadvisor with a copy of any records removed by the Fund or Advisor from the
location of the Subadvisor.
c) The Subadvisor represents that it has adopted a suitable Code of Ethics that
covers its activities with respect to its services to the Fund.
3. Exclusivity. Each party and its affiliates may have advisory, management
service or other agreements with other organizations and persons, and may have
other interests and businesses; provided, however, that during the term of this
Agreement, the Subadvisor will not provide investment advisory services
("Services") to any other investment company registered under the 1940 Act
("Mutual Fund") investing in socially screened securities.
4. Compensation. The Fund will pay to the Subadvisor as compensation for the
Subadvisor's services rendered pursuant to this Agreement an annual Subadvisory
fee as specified in one or more Schedules attached hereto and made part of this
Agreement. Such fees shall be paid by the Fund. Such fees shall be payable for
each month within 15 business days after the end of such month. If the
Subadvisor shall serve for less than the whole of a month, the compensation as
specified shall be prorated. The Schedules may be amended from time to time,
provided that amendments are made in conformity with applicable laws and
regulations and the Articles of Incorporation and Bylaws of the Fund. Any change
in the Schedule pertaining to any new or existing series of Calvert Impact Fund,
Inc. shall not be deemed to affect the interest of any other series and shall
not require the approval of shareholders of any other series.
5. Assignment and Amendment of Agreement. This Agreement automatically shall
terminate without the payment of any penalty in the event of its assignment or
if the Investment Advisory Agreement between the Advisor and the Fund shall
terminate for any reason. This Agreement shall not be materially amended unless,
if required by Securities and Exchange Commission rules and regulations, such
amendment is approved by the affirmative vote of a majority of the outstanding
shares of the Fund, and by the vote, cast in person at a meeting called for the
purpose of voting on such approval, of a majority of the Directors of Calvert
Impact fund, Inc., who are not interested persons of the Fund, the Advisor or
the Subadvisor.
6. Duration and Termination of the Agreement. This Agreement shall become
effective upon its execution; provided, however, that this Agreement shall not
become effective with respect to any series now existing or hereafter created
unless it has first been approved (a) by a vote of the majority of those
Directors of Calvert Impact Fund, Inc., who are not parties to this Agreement or
interested persons of such party, cast in person at a meeting called for the
purpose of voting on such approval, and (b) by a vote of a majority of that
series' outstanding voting securities. This Agreement shall remain in full force
and effect continuously thereafter (unless terminated automatically as set forth
in Section 5) except as follows:
(a) Calvert Large Cap Growth Fund may at any time terminate this Agreement
without penalty with respect to any or all Funds by providing not less than 60
days' written notice delivered or mailed by registered mail, postage prepaid, to
the Advisor and the Subadvisor. Such termination can be authorized by the
affirmative vote of a majority of the (i) Directors of Calvert Impact Fund or
(ii) outstanding voting securities of the applicable series.
(b) This Agreement will terminate automatically with respect to a series
unless, by December 31, 2002, and at least annually thereafter, the continuance
of the Agreement is specifically approved by (i) the Directors of Calvert Impact
Fund or the shareholders of such series by the affirmative vote of a majority of
the outstanding shares of such series, and (ii) a majority of the Directors of
Calvert Impact Fund, who are not interested persons of the Fund, Advisor or
Subadvisor, by vote cast in person at a meeting called for the purpose of voting
on such approval. If the continuance of this Agreement is submitted to the
shareholders of any series for their approval and such shareholders fail to
approve such continuance as provided herein, the Subadvisor may continue to
serve hereunder in a manner consistent with the 1940 Act and the rules and
regulations thereunder.
(c) The Fund may at any time terminate this Agreement by not less than 60
days' written notice delivered or mailed by registered mail, postage prepaid, to
the Subadvisor, and the Subadvisor may at any time terminate this Agreement with
respect to any or all series by not less than 90 days written notice delivered
or mailed by registered mail, postage prepaid, to the Fund and/or the Advisor,
unless otherwise mutually agreed in writing.
Upon termination of this Agreement with respect to any Fund, the duties of the
Advisor delegated to the Subadvisor under this Agreement with respect to such
Fund automatically shall revert to the Advisor.
7. Notification to the Advisor. The Subadvisor promptly shall notify the
Advisor in writing of the occurrence of any of the following events:
(a) the Subadvisor shall fail to be registered as an investment advisor
under the Investment Advisers Act of 1940, as amended, and under the laws of any
jurisdiction in which the Subadvisor is required to be registered as an
investment advisor in order to perform its obligations under this Agreement;
(b) the Subadvisor shall have been served or otherwise have notice of any
action, suit, proceeding, inquiry or investigation, at law or in equity, before
or by any court, public board or body, involving the affairs of the Fund; or
(c) a violation of the Subadvisor's Code of Ethics is discovered and,
again, when action has been taken to rectify such violation; or
(d) any other event that might affect the ability of the Subadvisor to
provide the services provided for under this Agreement.
8. Definitions. For the purposes of this Agreement, the terms "vote of a
majority of the outstanding Shares," "affiliated person," "control," "interested
person" and "assignment" shall have their respective meanings as defined in the
1940 Act and the rules and regulations thereunder subject, however, to such
exemptions as may be granted by the Securities and Exchange Commission under
said Act; and the term "specifically approve at least annually" shall be
construed in a manner consistent with the 1940 Act and the rules and regulations
thereunder.
9. Indemnification. The Subadvisor shall indemnify and hold harmless the
Advisor, the Fund and their respective directors, officers and shareholders from
any and all claims, losses, expenses, obligation and liabilities (including
reasonable attorneys fees) arising or resulting from the Subadvisor's willful
misfeasance, bad faith, gross negligence or reckless disregard of its duties
hereunder.
The Advisor shall indemnify and hold harmless the Subadvisor, the Fund,
their respective directors, officers and shareholders from any and all claims,
losses, expenses, obligation and liabilities (including reasonable attorneys
fees) arising or resulting from the Advisor's willful misfeasance, bad faith,
gross negligence or reckless disregard of its duties hereunder or under its
Investment Advisory Agreement with the Fund.
10. Applicable Law and Jurisdiction. This Agreement shall be governed by
Maryland law, and any dispute arising from this Agreement or the services
rendered hereunder shall be resolved through legal proceedings, whether state,
federal, or otherwise, conducted in the state of Maryland or in such other
manner or jurisdiction as shall be mutually agreed upon by the parties hereto.
11. Miscellaneous. Notices of any kind to be given to a party hereunder
shall be in writing and shall be duly given if mailed, delivered or communicated
by answer back facsimile transmission to such party at the address set forth
below, attention President, or at such other address or to such other person as
a party may from time to time specify.
Each party agrees to perform such further acts and execute such further
documents as are necessary to effectuate the purposes hereof. The captions in
this Agreement are included for convenience only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect.
IN WITNESS WHEREOF, and have each caused this instrument to be signed in
duplicate on its behalf by its duly authorized representative, all as of the day
and year first above written.
Witness: CALVERT IMPACT FUND, INC.
BY:_______________________ BY:______________________________________
Witness: bridgeway capital management, inc.
BY:________________________ BY:_______________________________________
Schedule to the Investment Subadvisory Agreement
between Calvert Impact Fund, Inc.
and Bridgeway Capital Management, Inc.
As compensation pursuant to Section 4 of the Subadvisory Agreement between
Calvert Impact Fund, Inc. (the "Fund") and Bridgeway Capital Management, Inc.
(the "Subadvisor"), the Fund shall pay the Subadvisor an annual subadvisory fee
of 0.45% of the Calvert Large Cap Growth Fund's average daily net assets; plus
or minus a performance adjustment of 0.25%, based on the extent to which
performance of the Fund exceeds or trails the Standard & Poor's 500 Composite
Stock Price Index.