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Exhibit h(20)(b)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 7th day of
June, 1999 between AIM Equity 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 Equity 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"
AIM EQUITY FUNDS, INC.
FUND EXPENSE LIMITATION COMMITTED UNTIL
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AIM Large Cap Basic Value Fund
Class A 1.25% June 30, 2000
Class B 1.93% June 30, 2000
Class C 1.93% June 30, 2000
