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EXHIBIT 1.A(1)(f)
AMENDMENT NO. 2
CUSTODIAN AGREEMENT
BETWEEN
STATE STREET BANK AND TRUST COMPANY
AND
A I M DISTRIBUTORS, INC.
The Custodian Agreement (the "Agreement"), dated May 1, 1996, as
amended March 1, 1999, by and between A I M DISTRIBUTORS, INC., a Delaware
corporation with its principal office at Eleven Xxxxxxxx Xxxxx, Xxxxx 0000,
Xxxxxxx, Xxxxx and STATE STREET BANK AND TRUST COMPANY, a Massachusetts banking
corporation having an office at 000 Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx
00000, is hereby amended as follows:
1. The second WHEREAS paragraph on page one of the Custodian
Agreement is hereby amended and restated to read in full as
follows:
"WHEREAS, the Sponsor is engaged in the business of
selling shares of mutual funds and similar securities
and presently wishes to continue the services of the
Custodian in connection with the administration of a
plan for the accumulation of shares of AIM Summit
Fund (the "Fund") which the Sponsor sells and
distributes for the benefit of Planholders (as
defined herein) of AIM Summit Investors Plans I (the
"Plan");"
2. Section I.A.1. of the Custodian Agreement is hereby amended
and restated to read in full as follows:
"1. Nature of the Plan. The Sponsor intends to offer
the Plan for the accumulation of shares of the Fund,
or any other shares substituted therefor, under the
terms of the Plan (all such shares being hereinafter
called the "Fund Shares" and the issuer of such
shares being hereinafter called the "Fund," unless
the context indicates otherwise). Beneficial owners
of Fund Shares under the Plan are hereinafter called
"Planholders"."
3. The first sentence of Section II.A.7 of the Custodian
Agreement is hereby amended and restated to read in full as
follows:
"The Custodian and the Sponsor agree that a
Planholder who owns any completed Plan may make
additional investments, without completing a new Plan
application, thereby activating the Extended
Investment Option, subject to the same deductions as
applied to the Planholder's last scheduled payment."
4. Section II.A.8. of the Custodian Agreement is hereby amended
and restated to read in full as follows:
"8. "Change in Denomination. The Custodian and the
Sponsor agree that a Planholder may change an
existing Plan by providing the Custodian with a
completed Plan application for a new face amount. An
increase in a Plan amount shall not create new
cancellation and refund rights that are created when
a new Plan is issued. If a planholder increases the
face amount of a Plan, the
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amount paid prior to June 30, 2000 will be divided by
the amount of the new face plan monthly scheduled
payment. The calculation will result in a number of
scheduled payments assumed to have been made prior to
June 30, 2000 under the increased face plan amount. A
creation and sales load will be applied to these
assumed payments and a credit will be given for the
creation and sales load actually paid prior to the
face plan change. Any balance due will be deducted
from the planholder's account. If the number of
assumed scheduled payments is less than 12, a
creation and sales load will be assessed on future
payments so that a creation and sales load is paid on
12 scheduled payments. If the number of scheduled
payments resulting from the calculation is greater
than 12, no creation and sales load will be assessed
on payments made after June 30, 2000. For a period of
twelve (12) months following a face change increase,
the Planholder may decrease the increased Plan to a
smaller plan size, but not smaller than the original
Plan prior to the increase. A Planholder may increase
the amount of his Plan at any time. A Planholder may
decrease the amount of his Plan up to a maximum of
50% of the face amount of the Plan, provided that
such request is made prior to the date of the
Planholder's sixth payment."
5. Section II.B.4.c.(v) of the Custodian Agreement is hereby
amended and restated to read in full as follows:
"(v) The Planholder will be liable for any transfer
taxes that may be required."
6. The third paragraph of Section II.B.5 of the Custodian
Agreement is hereby amended and restated to read in full as
follows:
"The Sponsor reserves the right (upon 90 day's
notice) to discontinue offering Systematic Withdrawal
Programs."
7. The first clause of the first sentence of Section II.B.6 of
the Custodian Agreement is hereby amended and restated to
read as follows:
"The Custodian and the Sponsor agree that a
Planholder may, subject to transfer taxes, if any,
(a)..."
8. The first sentence of Section II.B.7a of the Custodian
Agreement is hereby amended and restated to read in full as
follows:
"A Planholder may, at any time up to the time of his
death and subject to a fee set forth in Schedule A,
terminate his Plan in accordance with the provisions
thereof by notifying the Custodian in writing."
9. The first sentence of the second paragraph of Section II.B.8.d
of the Custodian Agreement is hereby amended and restated to
read in full as follows:
"After the completion of all Plan payments or, if
payments have been made in advance, after the
expiration of fifteen (15) years from the date of the
Plan, the Custodian receives the annual fee set forth
in Schedule A."
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10. Section II.D.5. of the Custodian Agreement is hereby amended
and restated to read in full as follows:
"5. Delegation. Any and all duties of the Custodian
enumerated in the foregoing provisions of this
subparagraph II.D are hereby delegated to the Sponsor
until such time as the Custodian notifies the Sponsor
that it is terminating such delegation. The effect of
such termination will be that the Custodian will
perform the foregoing duties."
11. The first sentence of Section II.E.1 of the Custodian
Agreement is hereby amended and restated to read in full as
follows:
"As remuneration for the services to be performed by
the Custodian under this Agreement, the Custodian
shall receive the fees, charges, and reimbursements
for expenses as set forth in the attached Schedule A,
this Agreement and the Prospectus, and for all other
expenses incurred, whether or not otherwise
enumerated, in connection with the performance of its
duties under this Agreement."
12. Section II.E.2 of the Custodian Agreement is hereby amended
and restated to read in full as follows:
"2. Payments to Sponsor. No payment to the Sponsor,
or to any affiliated person or agent of the Sponsor,
shall be allowed the Custodian as an expense except
for payment to the Sponsor of the expenses incurred
by it in connection with the duties delegated to it
as described in the immediately preceding paragraph."
13. Section III.A.4. of the Custodian Agreement is hereby amended
and restated to read in full as follows:
"4. Creation and Sales Charges and 12b-1 Payments.
The Sponsor receives a Creation and Sales Charge to
compensate it for its services and costs in creating
the Plans and arranging for their administration and
for making the Fund Shares available to Planholders
at net asset value. This charge is deducted from each
payment by a Planholder and is remitted by the
Custodian to the Sponsor and the dealer reallowance
portion of such charge is remitted by the Custodian
to dealers of record applicable to such purchase.
Rule 12b-1 payments are paid by the Fund to the
Sponsor who in turn will remit to the Custodian, as
its agent, amounts due to dealers of record. The
Custodian will keep records necessary to, and will
pay such amounts to, the appropriate dealer of
record."
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14. Schedule A of the Agreement is hereby deleted in its entirety
and replaced with the following:
"SCHEDULE A
FEES SCHEDULE FOR
STATE STREET BANK AND TRUST COMPANY
FOR SERVICES AS PLAN CUSTODIAN
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The following fees and charges will be deducted from the Fund, Plans or
from Planholder accounts and paid to the Custodian in accordance with the terms
of the Prospectus.
General
Account Service fees are based on an annual per shareholder account charge for
account maintenance plus transaction and out-of-pocket expenses. There is a
minimum charge of $1,500 per month(1). Fees are billable on a monthly basis at
the rate of 1/12 of the annual fee. A charge is made for an account in the month
that an account opens or closes.
Annual Account Service Fees
Open Account - active $16.00/year(1)
Activity Based Fees
Telephone Calls $ 2.50/each(1)
Correspondence $ 3.00/each(1)
New Account and Setup Kits $ 2.50/each(1)
Planholder Fees
XXX Annual Maintenance $10.00/year
Bounced Checks $ 5.00/each
Transcripts $ 5.00/each year researched
Terminations $ 2.50/each
Inactive Accounts(2) $12.00/year
Out-of-Pocket Expenses(1)
Out-of-Pocket expenses include but are not limited to: Confirmation statements,
checks, postage, forms, telephone, microfilm, microfiche, year-end forms and
expenses incurred at the specific direction of the Sponsor.
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(1) These are fees that the Fund has voluntarily elected to pay to the Custodian
on behalf of the Plans.
(2) A Plan that is not current and to which no investments have been made for a
12-month period but does not include completed plans. This fee will be paid
annually to the Sponsor or its designee."
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All other terms and provisions of the Agreement not amended herein shall remain
in full force and effect.
Date: June 30, 2000
A I M DISTRIBUTORS, INC.
Attest: By:
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Assistant Secretary President
(SEAL)
STATE STREET BANK AND TRUST COMPANY
Attest: By:
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Assistant Secretary
(SEAL)
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