MEMORANDUM OF AGREEMENT
(12B-1 FEE WAIVERS)
This Memorandum of Agreement is entered into as of the effective date
listed on Exhibit "A" of this agreement, between AIM Equity Funds, AIM
Investment Funds, AIM Investment Securities Funds and AIM Tax-Exempt Funds (each
a "Trust" and, collectively, the "Trusts"), on behalf of the fund listed on
Exhibit "A" to this Memorandum of Agreement (the "Funds"), and A I M
Distributors, Inc. ("Distributors"). Distributors shall and hereby agrees to
waive fees of each Fund, on behalf of its respective classes as applicable,
severally and not jointly, as indicated in the attached Exhibit.
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 Trust and Distributors agree as follows:
For the Contractual Limits (listed in the attached Exhibit), the Trusts and
Distributors agree until at least the date set forth on the attached Exhibit "A"
(the "Expiration Date") that Distributors will waive Rule 12b-1 distribution
plan fees in an amount equal to the rates as set forth on Exhibit "A" multiplied
by the average annual daily net assets allocable to such class. The Funds' Board
of Trustees and AIM may terminate or modify this Memorandum of Agreement prior
to the Expiration Date only by mutual written consent. Distributors will not
have any right to reimbursement of any amount so waived.
For the Contractual Limits, the Trusts and Distributors agree to review the
then-current waivers for each class of each Fund listed on Exhibit "A" on a date
prior to the Expiration Date to determine whether such waivers should be
amended, continued or terminated. The waivers will expire upon the Expiration
Date unless the Trusts and AIM have agreed to continue them. Exhibit "A" will be
amended to reflect any such agreement.
For the Voluntary Limits (listed in the attached Exhibit), the Trust and
AIM agree that these are not contractual in nature and that AIM may establish,
amend and/or terminate such expense limitations at any time in its sole
discretion after consultation with the Funds' Board of Trustees. Any delay or
failure by AIM to update this Memorandum of Agreement with regards to the
terminations, extensions, or expirations of the Voluntary Limits shall have no
effect on the term of such voluntary Limitations; the Voluntary Limitations are
listed herein for informational purposes only.
It is expressly agreed that the obligations of the Trusts hereunder shall
not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Trust personally, but shall only bind the assets and
property of the Funds, as provided in the Trusts' Agreement and Declaration of
Trust. The execution and delivery of this Memorandum of Agreement have been
authorized by the Trustees of each Trust, and this Memorandum of Agreement has
been executed and delivered by an authorized officer of each Trust 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 Trusts'
Agreement and Declaration of Trust.
IN WITNESS WHEREOF, the Trusts and Distributors have entered into this
Memorandum of Agreement as of the date first above written.
AIM EQUITY FUNDS
AIM INVESTMENT FUNDS
AIM INVESTMENT SECURITIES FUNDS
AIM TAX-EXEMPT FUNDS
on behalf of the Funds listed in Exhibit "A"
to this Memorandum of Agreement
By: /s/ Xxxxxx X. Xxxxxx
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Title: President
A I M DISTRIBUTORS, INC.
By: /s/ Xxxx X. Needles
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Title: President
EXHIBIT "A"
FUNDS WITH FISCAL YEAR END OF JULY 31
AIM INVESTMENT SECURITIES FUNDS
CONTRACTUAL/
FUND VOLUNTARY WAIVER EFFECTIVE DATE EXPIRATION DATE
---- ------------ ------ ---------------- ---------------
AIM Short Term Bond Fund
Class C Shares Contractual 0.50% February 1, 2006 July 31, 2006
FUNDS WITH FISCAL YEAR END OF MARCH 31
AIM TAX-EXEMPT FUNDS
CONTRACTUAL/
FUND VOLUNTARY WAIVER EFFECTIVE DATE EXPIRATION DATE
---- ------------ ------ ---------------- ---------------
AIM Tax-Exempt Cash Fund Upon acquisition
Class A Shares Contractual 0.15% in 1993 June 30, 2007
FUNDS WITH FISCAL YEAR END OF OCTOBER 31
AIM INVESTMENT FUNDS
CONTRACTUAL/
FUND VOLUNTARY WAIVER EFFECTIVE DATE EXPIRATION DATE
---- ------------ ------ ---------------- ---------------
AIM Enhanced Short Bond Fund
Class C Shares Contractual 0.50% March 31, 2006 June 30, 2007
AIM EQUITY FUNDS
CONTRACTUAL/
FUND VOLUNTARY WAIVER EFFECTIVE DATE EXPIRATION DATE
---- ------------ ------ ---------------- ---------------
AIM Select Basic Value Fund
Class A, B and C Shares Voluntary All August 30, 2002 N/A(1)
(1) AIM may establish, amend or terminate voluntary waivers at any time in its
sole discretion.
