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EXHIBIT h(13)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 29th day of
November, 1999 between AIM Investment Securities Funds (the "Company"), on
behalf of the funds listed on Exhibit "A" to this Memorandum of Agreement (the
"Funds"), and A I M Advisors, Inc. ("AIM").
For and in consideration of the mutual terms and agreements set forth
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Company and AIM agree as follows:
The Company and AIM agree until the date set forth on the attached Exhibit
"A" that AIM will waive its fees or reimburse expenses to the extent that the
expenses of a class of a Fund exceed the rate set forth on Exhibit "A" of the
average daily net assets allocable to such class. Neither the Company nor AIM
may remove or amend the expense limitations to the Company's detriment prior to
the date set forth on Exhibit "A." AIM will not have any right to reimbursement
of any amount so waived or reimbursed.
The Company and AIM agree to review the then-current expense limitations
for each class of each Fund listed on Exhibit "A" on a date prior to the date
listed on that Exhibit to determine whether such limitations should be amended,
continued or terminated. Unless the Company, by vote of its Board of Trustees,
or AIM terminates the limitations, or the Company and AIM are unable to reach an
agreement on the amount of the limitations to which the Company and AIM desire
to be bound, the limitations will continue for additional one-year terms at the
rate to which the Company and AIM mutually agree. Exhibit "A" will be amended to
reflect that rate and the new date through which the Company and AIM agree to be
bound.
It is expressly agreed that the obligations of the Company hereunder shall
not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Company personally, but shall only bind the assets
and property of the Funds, as provided in the Company's Agreement and
Declaration of Trust. The execution and delivery of this Memorandum of Agreement
have been authorized by the Trustees of the Company, and this Memorandum of
Agreement has been executed and delivered by an authorized officer of the
Company acting as such; neither such authorization by such Trustees nor such
execution and delivery by such officer shall be deemed to have been made by any
of them individually or to impose any liability on any of them personally, but
shall bind only the assets and property of the Funds, as provided in the
Company's Agreement and Declaration of Trust.
IN WITNESS WHEREOF, the Company and AIM have entered into this Memorandum
of Agreement as of the date first above written.
AIM Investment Securities Funds, on behalf of each
Fund listed in Exhibit "A" to this Memorandum of
Agreement
By:
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Title:
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A I M Advisors, Inc.
By:
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Title:
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EXHIBIT "A"
AIM INVESTMENT SECURITIES FUNDS
AIM HIGH YIELD FUND II
CLASS EXPENSE CAP FIRST POTENTIAL TERMINATION DATE
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Class A [1.00%] June 30, 2000
Class B [1.75%] June 30, 2000
Class C [1.75%] June 30, 2000
