EX-99.(G)(2) 4 d84424dex99g2.htm AMENDED AND RESTATED MASTER ADVISORY FEE WAIVER AGREEMENT Amended and Restated Master Advisory Fee Waiver Agreement

Exhibit (g)(2)

Amended and Restated Master Advisory Fee Waiver Agreement

This AMENDED AND RESTATED MASTER ADVISORY FEE WAIVER AGREEMENT (this “Agreement”) is made as of December 1, 2019, by and among BlackRock Advisors, LLC (the “Adviser”) and each investment company listed on Schedule A attached hereto (each, a “Fund”).

WHEREAS, each Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end management company, and is organized as a statutory trust under the laws of the State of Delaware, a business trust under the laws of the Commonwealth of Massachusetts or a corporation under the laws of the State of Maryland;

WHEREAS, the Adviser and each Fund are parties to investment advisory agreements (the “Advisory Agreements”), pursuant to which the Adviser provides investment advisory services to each Fund in consideration of compensation as set forth in each Advisory Agreement (the “Advisory Fee”);

WHEREAS, the Adviser has determined that it is appropriate and in the best interests of each Fund and its interestholders to waive part of each Fund’s Advisory Fee as set forth in Schedule B attached hereto (the “Fee Waiver”). Each Fund and the Adviser, therefore, have entered into this Agreement in order to effect the Fee Waiver for each Fund at the level specified in Schedule B attached hereto on the terms and conditions set forth in this Agreement; and

WHEREAS, effective December 1, 2019, this Agreement replaces the Master Advisory Fee Waiver Agreement, dated as of December 2, 2016.

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

1.    Contractual Fee Waiver. During the Term (as defined in Section 3 below), the Adviser shall waive a portion of its Advisory Fee with respect to each Fund as set forth in Schedule B attached hereto.

2.    Voluntary Fee Waiver/Expense Reimbursement. Nothing herein shall preclude an Adviser from contractually waiving other fees and/or reimbursing expenses of any Fund, voluntarily waiving Advisory Fees it is entitled to from any Fund or voluntarily reimbursing expenses of any Fund as the Adviser, in its discretion, deems reasonable or appropriate. Any such voluntary waiver or voluntary expense reimbursement may be modified or terminated by the Adviser at any time in its sole and absolute discretion without the approval of the Fund’s Board of Trustees or Board of Directors, as the case may be.

3.     Term; Termination.

3.1    Term. This Agreement shall continue in effect with respect to each Fund until the close of business on the date set forth on Schedule A (or such other date as agreed to in writing between the Adviser and the Fund) unless the Fee Waiver is earlier terminated in accordance with

 

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Section 3.2. The Term of the Fee Waiver with respect to a Fund may be continued from year to year thereafter provided that each such continuance is specifically approved by the Adviser and the Fund (including with respect to the Fund, a majority of the Fund’s Trustees or Directors, as the case may be, who are not “interested persons,” as defined in the 1940 Act, of the Fund (the “Non-Interested Directors”)). Neither the Adviser nor a Fund shall be obligated to extend the Fee Waiver with respect to the Fund.

3.2    Termination. This Agreement may be terminated prior to expiration by any Fund with respect to such Fund without payment of any penalty, upon 90 days’ prior written notice to the Adviser at its principal place of business (or at an earlier date as may be agreed to by both parties); provided that, such action shall be authorized by resolution of a majority of the Non-Interested Directors of such Fund or by a vote of a majority of the outstanding voting securities of such Fund.

4.     Miscellaneous.

4.1    Captions. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

4.2    Interpretation. Nothing herein contained shall be deemed to require a Fund to take any action contrary to the Fund’s Declaration of Trust or Articles of Incorporation, as the case may be, or Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Fund’s Board of Trustees or Board of Directors, as the case may be, of its responsibility for and control of the conduct of the affairs of the Fund.

4.3    Limitation of Liability. The obligations and expenses incurred, contracted for or otherwise existing with respect to a Fund shall be enforced against the assets of such Fund and not against the assets of any other Fund.

4.4    Definitions. Any question of interpretation of any term or provision of this Agreement, including but not limited to the computations of average daily net assets or of any Advisory Fee, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the relevant Advisory Agreement between the Adviser and the Fund or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act, as applicable, and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such Court, by rules, regulations or orders of the Securities and Exchange Commission (“SEC”) issued pursuant to the 1940 Act. In addition, if the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, that provision will be deemed to incorporate the effect of that rule, regulation or order. Otherwise the provisions of this Agreement will be interpreted in accordance with the substantive laws of the State of New York.

4.5    Business Trusts. With respect to a Fund which is a business trust, this Agreement is executed by or on behalf of the trustees of the Fund solely in their capacity as such trustees, and shall not constitute their personal obligation either jointly or severally in their individual

 

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capacities. In accordance with the Fund’s charter, no trustee, shareholder, officer, employee or agent of the Fund shall be held to any personal liability, nor shall resort be had to their private property for the satisfaction of any obligation or claim or otherwise under this Agreement and the Fund shall be solely liable therefor; all parties hereto shall look solely to the Fund property for the payment of any claim, or the performance of any obligation, hereunder.

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the day and year first above written.

 

EACH OF THE FUNDS LISTED ON SCHEDULE A ATTACHED HERETO
By:  

/s/ John M. Perlowski

  Name:   John M. Perlowski
  Title:   President and Chief Executive Officer
BLACKROCK ADVISORS, LLC
By:  

/s/ Neal J. Andrews

  Name:   Neal J. Andrews
  Title:   Managing Director

 

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SCHEDULE A

Amended and Restated

Master Advisory Fee Waiver Agreement

(Dated as of December 1, 2019)

 

    

TICKER

   

FUND

    EXPIRATION
DATE
1.    BBN    BlackRock Taxable Municipal Bond Trust    June 30, 2021
2.    BFZ    BlackRock California Municipal Income Trust    June 30, 2021
3.    BHK    BlackRock Core Bond Trust    June 30, 2021
4.    HYT    BlackRock Corporate High Yield Fund, Inc.    June 30, 2021
5.    BTZ    BlackRock Credit Allocation Income Trust    June 30, 2021
6.    DSU    BlackRock Debt Strategies Fund, Inc.    June 30, 2021
7.    BGR    BlackRock Energy and Resources Trust    June 30, 2021
8.    CII    BlackRock Enhanced Capital and Income Fund, Inc.    June 30, 2021
9.    BDJ    BlackRock Enhanced Equity Dividend Trust    June 30, 2021
10.    EGF    BlackRock Enhanced Government Fund, Inc.    June 30, 2021
11.    FRA    BlackRock Floating Rate Income Strategies Fund, Inc.    June 30, 2021
12.    BGT    BlackRock Floating Rate Income Trust    June 30, 2021
13.    BFO    BlackRock Florida Municipal 2020 Term Trust    June 30, 2021
14.    BOE    BlackRock Enhanced Global Dividend Trust    June 30, 2021
15.    BME    BlackRock Health Sciences Trust    June 30, 2021
16.    BKT    BlackRock Income Trust, Inc.    June 30, 2021
17.    BGY    BlackRock Enhanced International Dividend Trust    June 30, 2021
18.    BKN    BlackRock Investment Quality Municipal Trust, Inc.    June 30, 2021
19.    BLW    BlackRock Limited Duration Income Trust    June 30, 2021
20.    BTA    BlackRock Long-Term Municipal Advantage Trust    June 30, 2021
21.    BZM    BlackRock Maryland Municipal Bond Trust    June 30, 2021
22.    MHE    BlackRock Massachusetts Tax-Exempt Trust    June 30, 2021

 

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TICKER

   

FUND

    EXPIRATION
DATE
23.    BIT    BlackRock Multi-Sector Income Trust    June 30, 2021
24.    MUI    BlackRock Muni Intermediate Duration Fund, Inc.    June 30, 2021
25.    MNE    BlackRock Muni New York Intermediate Duration Fund, Inc.    June 30, 2021
26.    MUA    BlackRock MuniAssets Fund, Inc.    June 30, 2021
27.    BKK    BlackRock Municipal 2020 Term Trust    June 30, 2021
28.    BBK    BlackRock Municipal Bond Trust    June 30, 2021
29.    BAF    BlackRock Municipal Income Investment Quality Trust    June 30, 2021
30.    BBF    BlackRock Municipal Income Investment Trust    June 30, 2021
31.    BYM    BlackRock Municipal Income Quality Trust    June 30, 2021
32.    BFK    BlackRock Municipal Income Trust    June 30, 2021
33.    BLE    BlackRock Municipal Income Trust II    June 30, 2021
34.    BTT    BlackRock Municipal 2030 Target Term Trust    June 30, 2021
35.    MEN    BlackRock MuniEnhanced Fund, Inc.    June 30, 2021
36.    MUC    BlackRock MuniHoldings California Quality Fund, Inc.    June 30, 2021
37.    MUH    BlackRock MuniHoldings Fund II, Inc.    June 30, 2021
38.    MHD    BlackRock MuniHoldings Fund, Inc.    June 30, 2021
39.    MFL    BlackRock MuniHoldings Investment Quality Fund    June 30, 2021
40.    MUJ    BlackRock MuniHoldings New Jersey Quality Fund, Inc.    June 30, 2021
41.    MHN    BlackRock MuniHoldings New York Quality Fund, Inc.    June 30, 2021
42.    MUE    BlackRock MuniHoldings Quality Fund II, Inc.    June 30, 2021
43.    MUS    BlackRock MuniHoldings Quality Fund, Inc.    June 30, 2021
44.    MVT    BlackRock MuniVest Fund II, Inc.    June 30, 2021
45.    MVF    BlackRock MuniVest Fund, Inc.    June 30, 2021
46.    MZA    BlackRock MuniYield Arizona Fund, Inc.    June 30, 2021
47.    MYC    BlackRock MuniYield California Fund, Inc.    June 30, 2021
48.    MCA    BlackRock MuniYield California Quality Fund, Inc.    June 30, 2021
49.    MYD    BlackRock MuniYield Fund, Inc.    June 30, 2021
50.    MYF    BlackRock MuniYield Investment Fund    June 30, 2021
51.    MFT    BlackRock MuniYield Investment Quality Fund    June 30, 2021
52.    MIY    BlackRock MuniYield Michigan Quality Fund, Inc.    June 30, 2021
53.    MYJ    BlackRock MuniYield New Jersey Fund, Inc.    June 30, 2021
54.    MYN    BlackRock MuniYield New York Quality Fund, Inc.    June 30, 2021

 

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TICKER

   

FUND

    EXPIRATION
DATE
55.    MPA    BlackRock MuniYield Pennsylvania Quality Fund    June 30, 2021
56.    MQT    BlackRock MuniYield Quality Fund II, Inc.    June 30, 2021
57.    MYI    BlackRock MuniYield Quality Fund III, Inc.    June 30, 2021
58.    MQY    BlackRock MuniYield Quality Fund, Inc.    June 30, 2021
59.    BQH    BlackRock New York Municipal Bond Trust    June 30, 2021
60.    BSE    BlackRock New York Municipal Income Quality Trust    June 30, 2021
61.    BNY    BlackRock New York Municipal Income Trust    June 30, 2021
62.    BFY    BlackRock New York Municipal Income Trust II    June 30, 2021
63.    BCX    BlackRock Resources & Commodities Strategy Trust    June 30, 2021
64.    BST    BlackRock Science and Technology Trust    June 30, 2021
65.    BUI    BlackRock Utilities, Infrastructure & Power Opportunities Trust    June 30, 2021
66.    BHV    BlackRock Virginia Municipal Bond Trust    June 30, 2021
67.    BSD    The BlackRock Strategic Municipal Trust    June 30, 2021
68.    BGIO    BlackRock 2022 Global Income Opportunity Trust    June 30, 2021
69.    —    BlackRock Multi-Sector Opportunities Trust    June 30, 2021
70.    —    BlackRock Multi-Sector Opportunities Trust II    June 30, 2021
71.    —    BlackRock Credit Strategies Fund    June 30, 2021
72.    BSTZ    BlackRock Science and Technology Trust II    June 30, 2021

 

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Schedule B

Amended and Restated Master Advisory Fee Waiver Agreement

(Dated as of December 1, 2019)

BlackRock Advisors, LLC will waive its investment advisory fees with respect to any portion of the Fund’s assets estimated to be attributable to investments in equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock Advisors, LLC or its affiliates.

In addition, BlackRock Advisors, LLC will waive its investment advisory fees by the amount of investment advisory fees the Fund pays to BlackRock Advisors, LLC or its affiliates indirectly through its investment in money market funds advised by BlackRock Advisors, LLC or its affiliates.

 

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