FEE WAIVER AGREEMENT
THIS FEE WAIVER AGREEMENT is made as of the 1st day of July, 1999, by
and between BT INVESTMENT PORTFOLIOS, a New York trust (the "Trust"), on behalf
of the PreservationPlus Income Portfolio, and BANKERS TRUST COMPANY, a New York
corporation ("Bankers Trust"), with respect to the following:
WHEREAS, Bankers Trust serves as Investment Adviser to the
PreservationPlus Income Portfolio pursuant to an Investment Advisory Agreement
dated April 28, 1993, as amended and re-approved thereafter; and Bankers Trust
serves as the Trust's Administrator pursuant to an Administration and Services
Agreement dated April 28, 1993, as amended and re-approved thereafter,
(collectively, the "Agreements"); and
WHEREAS, Bankers Trust has voluntarily agreed, under the Agreements, to
waive its fees under the Agreements so that they will not exceed the percentage
of average daily net assets as set forth on Exhibit A; and
WHEREAS, the Trust and Bankers Trust desire to formalize this voluntary
fee waiver arrangement for an 14-month period beginning on August 1, 1999 and
ending on September 30, 2000.
NOW, in consideration of the mutual covenants herein contained and
other good and valuable consideration, the receipt whereof is hereby
acknowledged, the parties hereto agree as follows:
1. The Adviser agrees to waive its fees and reimburse expenses for an
14-month period from August 1, 1999 to September 30, 2000, so that they
do not exceed the percentage of average daily net assets set forth on
Exhibit A.
2. Upon the termination of the Investment Advisory Agreement or the
Administration Agreement, this Agreement shall automatically terminate.
3. Any question of interpretation of any term or provision of this
Agreement having a counterpart in or otherwise derived from a term or
provision of the Investment Company Act of 1940 (the "1940 Act") shall
be resolved by reference to such term or provision of the 1940 Act and
to interpretations thereof, if any, by the United States Courts or in
the absence of any controlling decision of any such court, by rules,
regulations or orders of the Securities and Exchange Commission ("SEC")
issued pursuant to said Act. In addition, where the effect of a
requirement of the 1940 Act reflected in any provision of this
Agreement is revised by rule, regulation or order of the SEC, such
provision shall be deemed to incorporate the effect of such rule,
regulation or order. Otherwise the provisions of this Agreement shall
be interpreted in accordance with the laws of Massachusetts.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
in duplicate by their respective officers as of the day and year first above
written.
[SEAL]
BT INVESTMENT PORTFOLIOS
/s/ Xxx X. Xxxxxx /s/ Xxxxxx X. Xxxxxx
Attest: ______________________ By: ______________________
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
BANKERS TRUST
/s/ Xxx X. Xxxxxx /s/ Xxxx X. Xxxxxxxx
Attest: ______________________ By: ______________________
Name: Xxx X. Xxxxxx Name: Xxxx X. Xxxxxxxx
Managing Director
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Exhibit A
BT PreservationPlus Income Portfolio
Total Fund Operating Expenses
(as a percentage of average daily net assets)
---------------------------------------------
Advisory Fee 0.00%
Administration and Services Fee 0.02%
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