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EXHIBIT (h)(8)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 19th day of
June, 2000 between AIM Investment Funds (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 waive its fees or reimburse expenses to the extent
that the expenses (excluding interest, taxes, dividend expense on short sales,
extraordinary items, and increases in expenses due to expense offset
arrangements, if any) of a class of a Fund exceed the rate 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 waived or reimbursed.
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 limitations should be
amended, continued or terminated. Unless the Company, by vote of its Board of
Trustees, or AIM terminates the limitations, or the Company and AIM are unable
to reach an agreement on the amount of the limitations to which the Company and
AIM desire to be bound, the 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.
It is expressly agreed that the obligations of the Company hereunder
shall not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Company personally, but shall only bind the assets
and property of the Funds, as provided in the Company's Agreement and
Declaration of Trust. The execution and delivery of this Memorandum of Agreement
have been authorized by the Trustees of the Company, and this Memorandum of
Agreement has been executed and delivered by an authorized officer of the
Company acting as such; neither such authorization by such Trustees nor such
execution and delivery by such officer shall be deemed to have been made by any
of them individually or to impose any liability on any of them personally, but
shall bind only the assets and property of the Funds, as provided in the
Company's Agreement and Declaration of Trust.
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IN WITNESS WHEREOF, the Company and AIM have entered into this
Memorandum of Agreement as of the date first above written.
AIM Investment Funds,
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 INVESTMENT FUNDS
AIM DEVELOPING MARKETS FUND
CLASS EXPENSE CAP FIRST POTENTIAL TERMINATION DATE
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A Class 1.75% June 30, 2001
B Class 2.40% June 30, 2001
C Class 2.40% June 30, 2001
