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EXHIBIT h(11)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 29th day of July,
1999 between AIM Tax-Exempt Funds, Inc. (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 limit expenses at the rates 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 limited.
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 expense limitations should be
amended, continued or terminated. Unless the Company, by vote of its Board of
Directors, or AIM terminates the expense limitations, or the Company and AIM are
unable to reach an agreement on the amount of the expense limitations to which
the Company and AIM desire to be bound, the expense 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.
IN WITNESS WHEREOF, the Company and AIM have entered into this Memorandum
of Agreement as of the date first above written.
AIM Tax-Exempt Funds, Inc.,
on behalf of each Fund listed in
Exhibit "A" to this Memorandum of Agreement
By: /s/ XXXXXX X. XXXXXX
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Title: President
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A I M Advisors, Inc.
By: /s/ XXXXXX X. XXXXXX
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Title: President
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EXHIBIT "A"
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AIM TAX-EXEMPT FUNDS, INC.
FUND EXPENSE LIMITATION COMMITTED UNTIL
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AIM High Income Municipal Fund
Class A 0.60% June 30, 2000
Class B 1.35% June 30, 2000
Class C 1.35% June 30, 2000
