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EXHIBIT h(70)(b)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of the date indicated
on Exhibit "A" between AIM Variable Insurance Funds ("AVIF"), on behalf of the
portfolios 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, AVIF and AIM agree as follows:
1. AVIF, for itself and its Funds, and AIM agree that until the
expiration date, if any, of the commitment set forth on the
attached Exhibit "A" occurs, as such Exhibit "A" is amended
from time to time, AIM will not charge any administrative fee
under each Fund's advisory agreement in connection with
securities lending activities.
2. Neither AVIF nor AIM may remove or amend the fee waivers to
AVIF's detriment prior to requesting and receiving the
approval of the Fund's Board to remove or amend such fee
waiver as described on the attached Exhibit "A". AIM will not
have any right to reimbursement of any amount so waived.
Unless AVIF, by vote of its Board of Trustees, or AIM terminates the
fee waiver, or AVIF and AIM are unable to reach an agreement on the amount of
the fee waiver to which AVIF and AIM desire to be bound, the fee waiver will
continue indefinitely with respect to AVIF. Exhibit "A" will be amended to
reflect the new date through which AVIF and AIM agree to be bound.
Nothing in this Memorandum of Agreement is intended to affect any other
memorandum of agreement executed by AVIF or AIM with respect to any other fee
waivers, expense reimbursements and/or expense limitations
IN WITNESS WHEREOF, AVIF, on behalf of itself and its Funds listed in
Exhibit "A" to this Memorandum of Agreement, and AIM have entered into this
Memorandum of Agreement as of the date written above.
AIM Variable Insurance Funds
By:
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Title:
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EXHIBIT "A"
AIM VARIABLE INSURANCE FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL*
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AIM V.I. Basic Value Fund ________, 2001
AIM V.I. Mid Cap Equity Fund ________, 2001
* Committed until AVIF or AIM requests and receives the approval of
AVIF's Board to remove or amend such fee waiver. Such commitments are
evergreen until amended and apply to each Fund.
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