AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED MASTER ADMINISTRATIVE SERVICES AGREEMENT
AMENDMENT NO. 1
TO
THIRD AMENDED AND RESTATED MASTER ADMINISTRATIVE SERVICES AGREEMENT
This Amendment dated as of September 4, 2020, amends the Third Amended and Restated Master Administrative Services Agreement (the “Agreement”), dated July 1, 2020, by and between Invesco Advisers, Inc., a Delaware corporation, and AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), a Delaware statutory trust is hereby amended as follows:
W I T N E S S E T H:
WHEREAS, the Trust desires to amend the Agreement to change the following Funds name, effective September 4, 2020:
FUND NAME |
NEW FUND NAME | |
Invesco Oppenheimer Municipal Fund |
Invesco Environmental Focus Municipal Fund: |
WHEREAS, the Trust desires to amend the Agreement to change the following Funds’ names, effective September 30, 2020:
FUND NAME | NEW FUND NAME | |
Invesco Oppenheimer Rochester® AMT-Free Municipal Fund | Invesco AMT-Free Municipal Income Fund | |
Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund | Invesco Rochester® AMT-Free New York Municipal Fund | |
Invesco Oppenheimer Rochester® California Municipal Fund | Invesco California Municipal Fund | |
Invesco Oppenheimer Rochester® High Yield Municipal Fund | Invesco Rochester® Municipal Opportunities Fund | |
Invesco Oppenheimer Rochester® Limited Term California Municipal Fund | Invesco Limited Term California Municipal Fund | |
Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund | Invesco Rochester® Limited Term New York Municipal Fund | |
Invesco Oppenheimer Rochester® New Jersey Municipal Fund | Invesco New Jersey Municipal Fund | |
Invesco Oppenheimer Rochester® New York Municipals Fund | Invesco Rochester® New York Municipals Fund | |
Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund | Invesco Pennsylvania Municipal Fund; |
NOW, THEREFORE, the parties agree that;
1. | Appendix A of the Agreement is hereby deleted in its entirety and replaced with the following: |
“APPENDIX A
FEE SCHEDULE TO
THIRD AMENDED AND RESTATED MASTER ADMINISTRATIVE SERVICES AGREEMENT OF
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
Portfolios |
Effective Date of Agreement |
Advisory/Administrative Services Fee Limit | ||
Invesco AMT-Free Municipal Income Fund | May 24, 2019 | N/A | ||
Invesco California Municipal Fund**** | May 24, 2019 | N/A | ||
Invesco Environmental Focus Municipal Fund | May 24, 2019 | N/A | ||
Invesco High Yield Municipal Fund | February 12, 2010 | N/A |
Invesco Intermediate Term Municipal Income Fund*** | February 12, 2010 | 0.60% of the first $200 million; 0.55% of the next $100 million; 0.50% of the next $200 million; 0.45% of the next $250 million; 0.40% of the next $250 million; and 0.35% of the amount over $1 billion of average daily net assets | ||
Invesco Limited Term California Municipal Fund | May 24, 2019 | N/A | ||
Invesco Limited Term Municipal Income Fund | July 1, 2006 | N/A | ||
Invesco Municipal Income Fund | February 12, 2010 | N/A | ||
Invesco New Jersey Municipal Fund | May 24, 2019 | N/A | ||
Invesco Pennsylvania Municipal Fund**** | May 24, 2019 | N/A | ||
Invesco Rochester® AMT-Free New York Municipal Fund | May 24, 2019 | N/A | ||
Invesco Rochester® Limited Term New York Municipal Fund | May 24, 2019 | N/A | ||
Invesco Rochester® Municipal Opportunities Fund | May 24, 2019 | N/A | ||
Invesco Rochester® New York Municipals Fund**** | May 24, 2019 | N/A |
The Administrator may receive from each Portfolio reimbursement for costs or reasonable compensation for such services as follows:
Rate* |
lnvesco Fund Complex Net Assets** | |||
0.0175% |
First $ | 100 billion | ||
0.0150% |
Next $ | 100 billion | ||
0.0135% |
Next $ | 100 billion | ||
0.0125% |
Next $ | 100 billion | ||
0.010% |
Over $ | 400 billion |
* | The fee will be paid monthly at 1/12 of the annualized effective fee rate based on the average assets under management of the lnvesco Fund Complex Net Assets of the prior month. |
** | Invesco Fund Complex Net Assets means the aggregate monthly net assets of each mutual fund and closed-end fund in the lnvesco Fund complex overseen by the lnvesco Funds Board. |
*** | The administrative services fee paid under this Agreement may not be increased so that the combined advisory fee paid under the Advisory Agreement plus the administrative services fee paid under this Agreement exceeds the “Advisory/Administrative Services Fee Limit” in the table above unless such increase is approved by a majority of the Fund’s outstanding voting securities or the Fund concurrently enters into a contractual arrangement with IAI to waive the increased amount, provided that such contractual arrangement can only be eliminated by approval of a majority of the Fund’s outstanding voting securities. |
**** | The administrative services fee paid under this Agreement by the Fund may not be reduced below 0.010% unless the Fund receives approval of a majority of its outstanding voting securities to amend its |
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Advisory Agreement to increase the advisory fee or remove the provision stating that ‘The advisory fee payable by the Fund shall be reduced by any amounts paid by such Fund under the Administrative Services Agreement between such Fund and Invesco.” |
2. All other terms and provisions of the Agreement not amended herein shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Contract to be executed by their officers designated as of the day and year first above written.
INVESCO ADVISERS, INC. | ||
By: | /s/ Xxxxxxx X. Xxxxx | |
Xxxxxxx X. Xxxxx | ||
Senior Vice President & Secretary | ||
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS) | ||
By: | /s/ Xxxxxxx X. Xxxxx | |
Xxxxxxx X. Xxxxx | ||
Secretary, Senior Vice President and Chief Legal Officer |
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