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EXHIBIT 9(d)
ADMINISTRATIVE SERVICES AGREEMENT
This ADMINISTRATIVE SERVICES AGREEMENT (the "Agreement") is made this
28th day of February, 1997 by and between A I M ADVISORS, INC., a Delaware
corporation (the "Administrator"), and AIM SUMMIT FUND, INC., a Maryland
corporation (the "Company").
W I T N E S S E T H:
WHEREAS, the Company is an open-end investment company registered
under the Investment Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Company has retained the Administrator to provide
investment advisory services pursuant to a Master Investment Advisory Agreement
which provides that the Administrator may perform (or arrange for the
performance of) accounting, shareholder servicing and other administrative
services as well as investment advisory services to the Company, and that the
Administrator may receive reasonable compensation or may be reimbursed for its
costs in providing such additional services, upon the request of the Board of
Directors and upon a finding by the Board of Directors that the provision of
such services is in the best interest of the Company and its shareholders; and
WHEREAS, the Board of Directors has found that the provision of such
administrative services is in the best interest of the Company and its
shareholders, and has requested that the Administrator perform such services;
NOW, THEREFORE, the parties hereby agree as follows:
1. The Administrator hereby agrees to provide, or arrange for the
provision of, any or all of the following services by the Administrator or its
affiliates:
(a) the services of a principal financial officer of the Company
(including related office space, facilities and equipment) whose
normal duties consist of maintaining the financial accounts and books
and records of the Company, including the review of daily net asset
value calculations and the preparation of tax returns; and the
services (including related office space, facilities and equipment) of
any of the personnel operating under the direction of such principal
financial officer;
(b) the services of staff to respond to shareholder inquiries
concerning the status of their accounts; providing assistance to
shareholders in exchanges among the mutual funds managed or advised by
the Administrator; changing account designations or changing
addresses; assisting in the purchase or redemption of the Company's
shares; supervising the operations of the custodian(s), transfer
agent(s) or dividend agent(s) for the Company; or otherwise providing
services to shareholders of the Company; and
(c) such other administrative services as may be furnished from time
to time by the Administrator to the Company at the request of the
Company's Board of Directors.
2. The services provided hereunder shall at all times be subject
to the direction and supervision of the Company's Board of Directors.
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3. As full compensation for the services performed and the
facilities furnished by or at the direction of the Administrator, the Company
shall reimburse the Administrator for expenses incurred by them or their
affiliates in accordance with the methodologies established from time to time
by the Company's Board of Directors. Such amounts shall be paid to the
Administrator on a quarterly basis.
4. The Administrator shall not be liable for any error of
judgment or for any loss suffered by the Company in connection with any matter
to which this Agreement relates, except a loss resulting from the
Administrator's willful misfeasance, bad faith or gross negligence in the
performance of its duties or from reckless disregard of its obligations and
duties under this Agreement.
5. The Company and the Administrator each hereby represent and
warrant, but only as to themselves, that each has all requisite authority to
enter into, execute, deliver and perform its obligations under this Agreement
and that this Agreement is legal, valid and binding, and enforceable in
accordance with its terms.
6. Nothing in this Agreement shall limit or restrict the rights
of any director, officer or employee of the Administrator who may also be a
director, officer or employee of the Company to engage in any other business or
to devote his time and attention in part to the management or other aspects of
any business, whether of a similar or a dissimilar nature, nor limit or
restrict the right of the Administrator to engage in any other business or to
render services of any kind to any other corporation, firm, individual or
association.
7. This Agreement shall continue in effect until February 28,
1999 and shall continue in effect from year to year thereafter; provided that
such continuance is specifically approved at least annually:
(a) (i) by the Company's Board of Directors or (ii) by the
vote of a majority of the outstanding voting securities of the Company
(as defined in Section 2(a)(42) of the 0000 Xxx); and
(b) by the affirmative vote of a majority of the Company's
directors who are not parties to this Agreement or interested persons
of a party to this Agreement, by votes cast in person at a meeting
specifically called for such purpose.
This Agreement shall terminate automatically in the event of its
assignment (as defined in Section 2(a) (4) of the 0000 Xxx) or in the event of
termination of the Master Investment Advisory Agreement between the Company
and the Administrator.
8. This Agreement may be amended or modified, but only by a
written instrument signed by both the Company and the Administrator.
9. Any notice or other communication required to be given
pursuant to this Agreement shall be deemed duly given if delivered or mailed by
registered mail, postage prepaid, (a) to the Administrator at Eleven Xxxxxxxx
Xxxxx, Xxxxx 0000, Xxxxxxx, Xxxxx 00000, Attention: President, with a copy to
the General Counsel, or (b) to the Company at Eleven Xxxxxxxx Xxxxx, Xxxxx
0000, Xxxxxxx, Xxxxx 00000, Attention: President, with a copy to the General
Counsel.
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10. This Agreement contains the entire agreement between the
parties hereto and supersedes all prior agreements, understandings and
arrangements with respect to the subject matter hereof.
11. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed by their officers designated below as of the day and year first
above written.
A I M ADVISORS, INC.
Attest: /S/ XXXXX X. XXXX By: /S/ XXXXXX X. XXXXXX
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Assistant Secretary President
(SEAL)
AIM SUMMIT FUND, INC.
Attest: /S/ XXXXXX X. XXXX By: /S/ XXXXXX X. XXXXXX
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Assistant Secretary President
(SEAL)
