Exhibit (k)(7)
12B-1 PLAN IMPLEMENTING AGREEMENT
Each Massachusetts Business Trust ("Trust") designated in Appendix 1 from
time to time, acting severally, and Columbia Funds Distributor, Inc. ("CFDI"), a
Massachusetts corporation, agree effective November 1, 2003:
1. 12B-1 PLAN. The Trusts, on behalf of their several Funds, have adopted
so-called "Rule 12b-1 Plans" (the "Plans") pursuant to Rule 12b-1 (the "Rule")
under the Investment Company Act of 1940 (the "Act"). Under the Rule, a Fund
may, pursuant to a Plan, pay CFDI a specified portion of its assets to be used
for the purposes specified in its Plan. A Plan shall continue in effect with
respect to a Class of Shares only so long as specifically approved for that
Class at least annually as provided in the Rule. A Plan may not be amended to
increase materially the service fee or distribution fee with respect to a Class
of Shares without such shareholder approval as is required by the Rule or any
applicable orders of the Securities and Exchange Commission, and all material
amendments of the Plan must be approved in the manner described in the Rule. A
Plan may be terminated with respect to a Class of Shares at any time as provided
in the Rule without payment of any penalty.
This Agreement shall apply to each Fund named in Appendix 1 as that
Appendix may be amended from time to time by the parties, in writing.
2. PAYMENTS, EXPENDITURES AND REPORTS.
A. Each Fund shall pay CFDI the amount then due CFDI under a Plan on
the 20th day of each month, or, if such day is not a business day, the next
business day thereafter, during the term of this Agreement.
B. CFDI shall expend the amounts paid to it by the Funds under a Plan
in its discretion, so long as such expenditures are consistent with the
Rule, the Plan, and any instructions CFDI may receive from the Trustees of
any Trust.
C. CFDI shall make all reports required under the Act, the Rule or a
Plan to the Trustees of the Trusts, as provided in the Act, the Rule and
any Plan or as requested by the Trustees.
3. CONTINUATION; AMENDMENT; TERMINATION; NOTICE.
A. This Agreement (i) supersedes and replaces any contract or
agreement relating to the subject matter hereof in effect prior to the date
hereof, (ii) shall continue in effect as to any Trust or a Fund only so
long as specifically approved at least annually by the Trustees or
shareholders of the Trust or Fund and (iii) may be amended at any time by
written agreement of the parties, each in accordance with the Act and the
Rule.
B. This Agreement (i) shall terminate immediately upon the effective
date of any later dated agreement relating to the subject matter hereof,
and (ii) may be terminated upon 60 days' notice without penalty by a vote
of the Trustees or by CFDI or otherwise in accordance with the Act, and
(iii) will terminate immediately in the event of its assignment (as defined
in the Act). Upon termination the obligations of the parties under this
Agreement shall cease except for unfulfilled obligations and liabilities
arising prior to termination.
C. All notices required under this Agreement shall be in writing and
delivered to the office of the other party.
4. AGREEMENT AND DECLARATION OF TRUST. A copy of the document establishing
each Trust is filed with the Secretary of The Commonwealth of Massachusetts. As
to each Trust this Agreement is executed by officers not as individuals and is
not binding upon any of the Trustees, officers or shareholders of the Trust
individually but only upon the assets of the relevant Fund.
Agreed:
EACH TRUST DESIGNATED IN APPENDIX 1 COLUMBIA FUNDS DISTRIBUTOR, INC.
By: /s/ Xxxxxxx X. Xxxx By: /s/ Xxxxx Xxxxxxx
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Name: Xxxxxxx X. Xxxx Name: Xxxxx Xxxxxxx
Title: Assistant Secretary Title: Co-President
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