EXHIBIT h(4)(a)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 29th day of July,
1999 between Tax-Free Investments Co. (the "Company"), on behalf of the funds
listed on Exhibit "A" to this Memorandum of Agreement (the "Funds"), and A I M
Distributors, 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 waive Rule 12b-1 distribution plan payments 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 waivers 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 waived.
The Company and AIM agree to review the then-current waivers 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 waivers should be amended, continued or
terminated. Unless the Company, by vote of its Board of Directors, or AIM
terminates the waivers, or the Company and AIM are unable to reach an agreement
on the amount of the waivers to which the Company and AIM desire to be bound,
the waivers 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.
Tax-Free Investments Co.,
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 Distributors, Inc.
By: /s/ XXXXXXX X. XXXX
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Title: President
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EXHIBIT "A"
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TAX-FREE INVESTMENTS CO.
FUND WAIVER COMMITTED UNTIL
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Cash Reserve Portfolio
Personal Investment Class 0.25% of Rule 12b-1 distribution June 30, 2000
plan payments on average net
assets
Private Investment Class 0.25% of Rule 12b-1 distribution June 30, 2000
plan payments on average net
assets
Cash Management 0.02% of Rule 12b-1 distribution June 30, 2000
Class plan payments on average net
assets
Resource Class 0.04% of Rule 12b-1 distribution June 30, 2000
plan payments on average net
assets
Reserve Class 0.20% of Rule 12b-1 distribution June 30, 2000
plan payments on average net
assets
