1
EXHIBIT h(12)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 1st day of
March, 1999 between AIM Summit Fund, 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 Summit Fund, 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 SUMMIT FUND, INC.
FUND EXPENSE LIMITATION COMMITTED UNTIL
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AIM Summit Fund
Class II 1.50% June 30, 2000
