Exhibit h(84)(b)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 1st day of July,
2001 between AIM Variable Insurance Funds (the "Trust"), on behalf of the funds
listed on Exhibit "A" to this Memorandum of Agreement (the "Funds"), and A I M
Distributors, Inc. ("AIM Distributors").
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 Trust and AIM Distributors agree as follows:
The Trust and AIM Distributors agree, until the date set forth on the
attached Exhibit "A," that AIM Distributors will waive its Rule 12b-1 fees to
the extent that the expenses (excluding interest, taxes, dividend expense on
short sales, extraordinary items, and increases for indirect expenses resulting
from expense offset arrangements, if any) of a class of a Fund, taking into
account any fee waivers or expense reimbursements by A I M Advisors, Inc. that
are applicable to such class, exceed the rate set forth on Exhibit "A" of the
average daily net assets allocable to such class. Neither the Trust nor AIM
Distributors may remove or amend the waivers to the Trust's detriment prior to
the date set forth on Exhibit "A." AIM Distributors will not have any right to
reimbursement of any amount so waived.
The Trust and AIM Distributors agree to review the then-current 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 amended,
continued or terminated. Unless the Trust, by vote of its Board of Trustees, or
AIM Distributors terminates the waivers, or the Trust and AIM Distributors are
unable to reach an agreement on the amount of the waivers to which the Trust and
AIM Distributors desire to be bound, the waivers will continue for additional
one-year terms at the rate to which the Trust and AIM Distributors mutually
agree. Exhibit "A" will be amended to reflect that rate and the new date through
which the Trust and AIM Distributors agree to be bound.
It is expressly agreed that the obligations of the Trust hereunder shall
not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Trust personally, but shall only bind the assets and
property of the Funds, as provided in the Trust's Agreement and Declaration of
Trust. The execution and delivery of this Memorandum of Agreement have been
authorized by the Trustees of the Trust, and this Memorandum of Agreement has
been executed and delivered by an authorized officer of the Trust 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 Trust's
Agreement and Declaration of Trust.
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IN WITNESS WHEREOF, the Trust and AIM Distributors have entered into this
Memorandum of Agreement as of the date first above written.
AIM Variable Insurance Funds,
on behalf of each Fund listed in Exhibit "A"
to this Memorandum of Agreement
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Title: Senior Vice President
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A I M Distributors, Inc.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
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Title: President
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EXHIBIT "A"
AIM VARIABLE INSURANCE FUNDS
FUND EXPENSE LIMITATION COMMITTED UNTIL
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AIM V.I. Aggressive Growth Fund
Series II Total Annual Fund Operating 6-30, 2002
Expenses Limited to 1.45%
AIM V.I. Basic Value Fund
Series II Total Annual Fund Operating 6-30, 2002
Expenses Limited to 1.45%
AIM V.I. Blue Chip Fund
Series II Total Annual Fund Operating 6-30, 2002
Expenses Limited to 1.45%
AIM V.I. Capital Development Fund
Series II Total Annual Fund Operating 6-30, 2002
Expenses Limited to 1.45%
AIM V.I. Dent Demographic Trends Fund
Series II Total Annual Fund Operating 6-30, 2002
Expenses Limited to 1.45%
AIM V.I. Mid Cap Equity Fund
Series II Total Annual Fund Operating 6-30, 2002
Expenses Limited to 1.45%
AIM V.I. New Technology Fund
Series II Total Annual Fund Operating 6-30, 2002
Expenses Limited to 1.45%
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