LICENSE AGREEMENT
This Agreement, effective as of the 17th day of June 1999, by and between
American Express Company (hereinafter called "Licensor"), a corporation
organized and existing under the laws of the State of New York, whose principal
place of business is located at American Express Tower, World Financial Center,
Xxx Xxxx, Xxx Xxxx 00000, and each of the Funds listed in Schedule A
(individually called "Licensee," and collectively the "Licensees"), whose
principal place of business is located at 000 Xxxxxxxxx Xxxxxx Xxxxx, Xxxxx
0000, Xxxxxxxxxxx, Xxxxxxxxx 00000-0000;
WHEREAS, Licensor is the licensor of the trade names, trademarks and service
marks ("Marks") and any corresponding registrations and applications thereof
listed on Schedule B; and
WHEREAS, each Licensee wishes to use certain of Licensor's Marks;
NOW, THEREFORE, in consideration of the foregoing and of the mutual promises
hereinafter set forth, the parties agree as follows:
1. GRANT OF LICENSE
Licensor grants to each Licensee a nonexclusive, nontransferable license to use
the Marks, in its name, in the name of any series of its shares, and in
connection with advertising or other communications regarding Licensees; and
each Licensee accepts the license subject to Licensor's right to add to or
delete from Schedule B upon thirty (30) days written notice, as well as the
following terms and conditions.
2. LICENSORSHIP OF MARKS
Each Licensee acknowledges the licensorship of the Marks in Licensor, and agrees
that it will do nothing inconsistent with such licensorship, and agrees to
assist Licensor in recording this Agreement with appropriate government
authorities. Each Licensee agrees that nothing in this License shall give
Licensee any right, title or interest in the Marks other than the right to use
the Marks in accordance with this License.
3. QUALITY STANDARDS
The Licensor and each Licensee agree that in the conduct of its respective
business and activities and its rendering of services under such marks it shall
adhere to the highest ethical and business standards in the mutual funds field
and shall do nothing to bring disrepute to, nor to in any manner damage, the
good trade name and marks listed on Schedule B.
4. FORM OF USE
Each Licensee agrees to use the Marks only in the form and manner and with
appropriate legends as prescribed from time to time by Licensor, and not to use
any other trademark or service xxxx in combination with any of the Marks without
prior written approval of Licensor.
5. TERMINATION
Licensor shall have the right to terminate this Agreement on ninety (90) days
written notice to a Licensee.
6. EFFECT OF TERMINATION
Upon termination of this Agreement, each Licensee will be entitled to continue
using the Marks until it has obtained shareholder approval to change its
corporate name. After that date, Licensee will cooperate with Licensor or its
appointed agent to apply to the appropriate authorities to cancel recording of
this Agreement from all government records, and to destroy or supplement all
printed materials bearing any of the Marks. Licensee agrees that all rights in
the Marks and the goodwill connected therewith shall remain the property of
Licensor.
7. INTERPRETATION OF AGREEMENT
It is agreed that this Agreement may be interpreted according to the laws of the
State of New York, United States of America.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the day and year first above written.
LICENSOR: LICENSEES:
American Express Company The Funds
American Express Tower AXP Bond Fund, Inc.
World Financial Center AXP Xxxxxxxxxx Xxx-Xxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000 AXP Discovery Fund, Inc.
AXP Equity Select Fund, Inc.
AXP Extra Income Fund, Inc.
AXP Federal Income Fund, Inc.
AXP Global Series, Inc.
By:/s/Xxxxxxx X. Normal AXP Growth Series, Inc.
Xxxxxxx X. Xxxxxx AXP High Yield Tax Exempt Fund, Inc.
Secretary AXP International Fund, Inc.
AXP Investment Series, Inc.
AXP Managed Series, Inc.
AXP Market Advantage Series, Inc.
AXP Money Market Series, Inc.
AXP New Dimensions Fund, Inc.
AXP Precious Metals Fund, Inc.
AXP Progressive Fund, Inc.
AXP Selective Fund, Inc.
AXP Special Tax-Exempt Series Trust
AXP Stock Fund, Inc.
AXP Strategy Series, Inc.
AXP Tax-Exempt Series, Inc.
AXP Tax-Free Money Fund, Inc.
AXP Utilities Income Fund, Inc.
AXP Variable Portfolio - Investment Series, Inc.
AXP Variable Portfolio - Managed Series, Inc.
AXP Variable Portfolio - Money Market Series, Inc.
AXP Variable Portfolio - Income Series, Inc.
By: /s/Xxxxxx X. Xxx
Name: Xxxxxx X. Xxx
Title: Vice President and General
Counsel
SCHEDULE A
FUND NAMES
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Retail Funds:
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AXP Bond Fund, Inc.
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AXP California Tax-Exempt Trust
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AXP Discovery Fund, Inc.
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AXP Equity Select Fund, Inc.
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AXP Extra Income Fund, Inc.
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AXP Federal Income Fund, Inc.
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AXP Global Series, Inc.
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AXP Growth Series, Inc.
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AXP High Yield Tax Exempt Fund, Inc.
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AXP International Fund, Inc.
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AXP Investment Series, Inc.
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AXP Managed Series, Inc.
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AXP Market Advantage Series, Inc.
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AXP Money Market Series, Inc.
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AXP New Dimensions Fund, Inc.
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AXP Precious Metals Fund, Inc.
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AXP Progressive Fund, Inc.
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AXP Selective Fund, Inc.
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AXP Special Tax-Exempt Series Trust
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AXP Stock Fund, Inc.
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AXP Strategy Series, Inc.
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AXP Tax-Exempt Series, Inc.
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AXP Tax-Free Money Fund, Inc.
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AXP Utilities Income Fund, Inc.
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Annuity Funds:
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AXP Variable Portfolio - Investment Series, Inc.
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AXP Variable Portfolio - Managed Series, Inc.
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AXP Variable Portfolio - Money Market Series, Inc.
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AXP Variable Portfolio - Income Series, Inc.
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SCHEDULE B
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Trademarks & Service Marks Registration No.
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AMERICAN EXPRESS 1,024,840
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AXP Pending
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