DEALER'S AGREEMENT
This Agreement is made by and between A I M Distributors, Inc. (hereinafter
called "A I M"), as sponsor and principal underwriter of Summit Investors
Plans for the accumulation of shares of Summit Investors Fund, Inc., a mutual
fund (hereinafter referred to as the "Plans"), and the United Services
Planning Association, Inc. (hereinafter called "USPA"), Fort Worth, Texas.
1. All applications for the Plans shall be made on application forms
provided by A I M, and all initial payments collected shall be remitted in
full, without deduction of any commission by USPA, together with such
application forms, signed by each applicant (an "Investor"), to THE BANK OF
NEW YORK (the "Custodian"), at P. O. Xxx 00000, Xxxxxx Xxxxxx Xxxxxxx, Xxx
Xxxx, Xxx Xxxx, 00000. Checks or money orders for initial payments shall be
drawn to the order of "The Bank of New York, Custodian." A separate check or
money order shall accompany the application form submitted for each Plan.
After the initial payment has been made and the Plan has been issued, the
Investor shall send all future payments to the address stated above, or such
other addressee as A I M shall identify to USPA in writing.
2. A I M reserves the right in its sole discretion to reject any Plan
application and to return any payment made in connection therewith. A I M
also reserves the right in its sole discretion to give any accepted applicant
the privilege of canceling that applicant's Plan in accordance with any
rights described in the Plans prospectus effective at the time of purchase of
the Plan. A I M further reserves the right to refund all or part of any
payment or payments made by any Investor in the event that it, in its sole
discretion, believes that the solicitation and/or sale associated therewith
was effected in violation of any applicable State or Federal law or rule or
regulation of the National Association of Securities Dealers, Inc. In the
event of any such refund or refunds, USPA shall not be entitled to any
commissions thereon, and, if such commissions have been paid, USPA shall
promptly refund same to A I M or A I M may, at its option, charge the same
against future commissions. To this end, USPA hereby grants A I M a lien on
any such commissions.
3. On all approved sales of Plans made by USPA, as evidenced by the
issuance of a Plan Certificate and its acceptance by the Investor, A I M
shall pay USPA commissions in accordance with the terms of this Agreement and
the "Summit Investors Plan Commission Schedule" which is attached hereto and
made a part of this Agreement. All commissions on first-year and subsequent
payments will be paid monthly as the Creation and Sales Charges applicable
thereto are received by A I M frown the Custodian. USPA's rights to all
commissions on Plans sold during the term of this Agreement shall survive
termination of this Agreement if USPA is in compliance with Paragraph 10
hereof.
4. Anything herein to the contrary notwithstanding, the attached
"Summit Investors Plan Commission Schedule" is subject to change by A I M at
any time and from time to time, but no such changes shall affect amounts
payable to USPA as commissions on Plans accepted by A I M prior to any such
changes. Any such change shall be communicated by A I M to USPA in writing
ninety (90) days prior to becoming effective.
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5. In the event a Planholder exercises his right under Section 27 of
the Investment Company Act of 1940, as amended, to surrender his certificate
within the first 18 months following its issuance, and to receive the value
of his account plus an amount equal to that part of the excess paid with
respect to that Plan for Creation and Sales Charges which exceeds 15% of the
gross payments made, USPA shall promptly refund to A I M a portion of the
commission previously paid to USPA with respect to such Plan which bears the
same relationship to the total amount of such commission as the amount
refunded to the Planholder bears to the total Creation and Sales Charge paid
by him with respect to such Plan, or A I M may, at its option, charge such
amount against future commissions receivable by USPA. To this end, USPA
hereby grants A I M a lien on any such corn missions.
6. USPA will accept Plan applications only from persons who have
received a copy of the current Plans Prospectus issued under the Securities
Act of 1933 and who, to the best of USPA's knowledge and belief, can and will
complete all payments specified in the applications. If an Investor becomes
delinquent in his payments, it shall be USPA's responsibility to contact the
Investor for the purpose of reinstating the payment schedule.
7. Plans shall be offered and sold in such denominations and units
calling for such periodic payments as A I M shall from time to time determine
and set forth in the Plan Prospectus. A I M reserves the right in its sole
discretion, to suspend, restrict, alter, or modify in any way the sale of any
of the Plans or to withdraw the offering of the Plans entirely; provided,
however, that in the event any such suspension, restriction, alteration, or
modification results from other than a State or Federal regulatory or
statutory requirement, no such change shall be effected prior to USPA having
been notified of same by A I M ninety (90) days prior thereto.
8. No person is authorized or permitted to give any information or
make any representations concerning the Plan other than those which are
contained in the current Plan Prospectus and in such other printed
information as may be subsequently issued by A I M as information
supplemental to such Plan Prospectus or approved by A I M in writing for use
in connection therewith. USPA will not use the words "Summit Investors Fund,"
(hereinafter referred to as the "Fund") or "A I M Distributors," whether in
writing, by radio and television, or any other advertising media, without
A I M's prior written approval.
9. Additional copies of the current Plan Prospectus, any printed
information issued as supplemental to such Plan Prospectus, and the Plan
application forms will be supplied by A I M in reasonable quantities upon
request. All other expenses incurred by USPA in connection with activities
under this Agreement shall be borne by USPA.
10. USPA represents that it is and will remain a member in good
standing of the National Association of Securities Dealers, Inc.,
(hereinafter called "NASD"), and agrees to abide by all of its rules and
regulations, including its Rules of Fair Practice. USPA further agrees to
comply with all applicable State and Federal laws and rules and
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regulations of regulatory agencies having jurisdiction. Reference is hereby
specifically made to Section 26, Article III, of the Rules of Fair Practice
of the NASD which is incorporated herein as if set forth in full.
11. USPA's commissions shall vest as follows: Commissions on first and
subsequent year payments will be paid to USPA so long as this Agreement
remains in full force and effect or so long thereafter as USPA continues
membership in the NASD. If USPA should voluntarily terminate its membership
in the NASD, A I M reserves the right to assign Plan accounts as to which
USPA is the Dealer of Record and the right to receive commissions with
respect to such Plan accounts to one of its active dealers. Nevertheless,
A I M in its sole discretion, may pay commissions to USPA on Plan payments made
with respect to such Plan accounts subsequent to such voluntary termination
by USPA. Notwithstanding the above, in the event USPA's membership in the
NASD is discontinued or suspended because of disciplinary proceedings by the
NASD, the Securities and Exchange Commission, or other regulatory bodies, no
commissions will be paid on any Investor's payments received during the
period of a suspension or after the effective date of an expulsion or
revocation of a membership; provided, however, that in the event USPA's NASD
membership is thereafter reinstated in good standing, or if such disciplinary
action by another regulatory body is thereafter terminated by same, payment
of such commissions to USPA shall then resume, if such payment resumption is
allowable under applicable law, rules, or regulations.
12. In all sales of the Plans to the public, USPA shall act as a Dealer
for its own account and in no transaction shall it have any authority to act
or hold itself out as agent for A I M, the Fund, or any other member of the
selling group of the Fund, and nothing in this Agreement, including the use
of the word "commissions," shall constitute USPA as a partner, employee, or
agent of A I M or give USPA any authority to act for A I M. Neither A I M nor
the Fund shall be liable for any of the acts or obligations of USPA as a
Dealer under this Agreement.
13. Each party hereto has the right to cancel this Agreement at any
time upon ninety (90) days written or telegraphic notice to the other.
14. USPA will comply with all applicable State and Federal laws and
with the rules and regulations of authorized regulatory agencies thereunder.
USPA will not offer Plans for sale unless such Plans are duly registered
under the applicable State and Federal statutes and the rules and regulations
thereunder.
15. All communications to A I M shall be sent to the address below or
to such other address as A I M may authorize in writing. All communications
and/or notices to USPA shall be duly given, mailed, or telegraphed to USPA,
at the address specified by USPA below, or at such other address as USPA may
authorize in writing.
16. Failure of either party to terminate this Agreement upon the
occurrence of any event set forth in this Agreement as a cause for
termination shall not constitute a waiver of the right to terminate this
Agreement at a later time on account of such occurrence.
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17. A I M agrees to use its best efforts to cause the Custodian under
the Plans to make available to USPA such information, and in such form,
regarding Investors' accounts as USPA may reasonably request.
18. This Agreement shall be construed in accordance with the laws of
the state of Texas and no modification hereof shall be valid unless in
writing.
19. This Agreement or any moneys due or to become due hereunder shall
not be assignable by USPA without prior written approval by A I M. Any
request for an assignment shall be on a form approved by A I M, which may be
obtained from A I M at the address shown below.
20. This Agreement supersedes and cancels all previous Agreements
pertaining to the Fund between A I M and USPA, whether oral or written.
AGREED this 15th day of October, 1982.
A I M DISTRIBUTORS UNITED SERVICES PLANNING ASSOC., INC.
Eleven Xxxxxxxx Xxxxx 0000 Xxxx Xxxxx Xxxxxxxxx
Xxxxx 0000 P. O. Xxx 0000
Xxxxxxx XX 00000 Xxxx Xxxxx, XX 00000
By /s/ [Illegible] By /s/ Xxxxx X. Xxxxx
------------------------------- -------------------------------
Title President Title President
------------------------------- -------------------------------
SUMMIT INVESTORS PLAN COMMISSION SCHEDULE
15-Year Plan
-----------------------------------
First Year Trial Years
------------------- -------------------
Monthly 14 Year Total
Payment Unit Monthly Total Monthly Total 15 Years
------------ ------- ----- ------- --------- ----------
$ 75.00 $ 34.65 $ 415.80 $ 3.84 $ 645.12 $1,060.92
93.00 42.97 515.64 4.30 722.40 1,238.04
100.00 46.20 554.40 4.62 776.16 1,330.56
125.00 57.75 693.00 5.78 971.04 1,664.04
150.00 69.30 831.60 5.44 913.92 1,745.52
166.00 76.69 920.28 6.02 1,011.36 1,931.64
200.00 92.40 1,108.80 7.26 1,219.68 2,328.48
250.00 115.50 1,386.00 9.07 1,523.76 2,909.76
300.00 138.60 1,663.20 4.95 831.60 2,494.80
400.00 184.80 2,217.60 4.62 776.16 2,993.76
500.00 207.90 2,494.80 4.95 831.60 3,326.40
600.00 231.00 2,772.00 5.78 971.04 3,743.04
1,000.00 323.40 3,880.80 11.55 1,940.40 5,821.20
1,500.00 346.50 4,158.00 12.37 2,078.16 6,236.16
3,000.00 415.80 4,989.60 14.85 2,494.80 7,484.40
6,000.00 554.40 6,652.60 19.80 3,326.40 9,979.00
A I M Management; Inc.
Xxxxxx H, Xxxxxx
Vice President & Secretory
October 18, 1982
Xx. Xxxxx X. Xxxxx, President
United Services Planning Association, Inc.
P. X. Xxx 0000
Xxxx Xxxxx, Xxxxx 00000
Dear Xxxxx:
Enclosed please find an executed copy of the Dealer's Agreement between
A I M Distributors and USPA.
We are hoping to commence sales of Summit Investors Plans shortly.
Sincerely,
/s/ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx
RHG/fsa
Enc:
