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EXHIBIT h(20)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 1st day of
March, 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 waive its advisory fees 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 advisory fee
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
continued or terminated. Unless the Company, by vote of its Board of Directors,
terminates the waivers, the waivers will continue for additional one-year terms.
Exhibit "A" will be amended to reflect 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: XXXXXX X. XXXXXX
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Title: President
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A I M Advisors, Inc.
By: XXXXXX X. XXXXXX
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Title: President
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EXHIBIT "A"
AIM EQUITY FUNDS, INC.
WAIVER/REIMBURSEMENT/
FUND EXPENSE CAP COMMITTED UNTIL
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AIM CHARTER FUND
Class A Advisory Fee waived/limited to June 30, 2000
Class B 0.025% by average net assets
Class C in excess of $2 billion.
AIM CONSTELLATION FUND
Class A Advisory Fee waived/limited to June 30, 2000
Class B 0.025% of advisory fee on
Class C average net assets in excess
of $2 billion.
AIM XXXXXXXXXX FUND
Class A Advisory fee waived/limited to June 30, 2000
Class B 0.025% of average net assets
Class C in excess of $2 billion to and
including $3 billion, 0.05% of
advisory fee on average net assets
in excess of $3 billion to and
including $4 billion and 0.075% of
advisory fee on average net assets
in excess of $4 billion.
