NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
May 1, 1997
Neuberger&Berman Management Incorporated
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000-0000
Re: Reimbursement Agreement
Dear Ladies and Gentlemen:
International Portfolio ("Fund") is a series of Neuberger&Berman Advisers
Management Trust, a Delaware business trust ("Trust"). The Fund intends to
invest all its net investable assets in AMT International Investments
("Portfolio"), a series of Advisers Managers Trust, a New York common law trust.
Neuberger&Berman Management Inc. ("NBMI") agrees during the period from May 1,
1997 through May 1, 1998 to pay any of the Fund's operating expenses and the
Fund's pro rata portion of the Portfolio's operating expenses (including any
fees or expense reimbursements payable to NBMI by the Fund or by Advisers
Managers Trust pursuant to any agreement or arrangement, but excluding interest,
taxes, brokerage commissions, litigation expenses and extraordinary expenses of
the Fund or the Portfolio) ("Operating Expenses") which exceed, in the
aggregate, the rate of 1.70% per annum of the Fund's average daily net assets
("Expense Limitation").
The Trust, on behalf of the Fund, in turn agrees to reimburse NBMI from May 1,
1997 up until December 31, 1999 ("Reimbursement Period"), out of assets
belonging to the Fund for any Operating Expenses paid or assumed by NBMI as set
forth above. The Trust does not have to reimburse NBMI if such reimbursement
would cause Operating Expenses for any year during the Reimbursement Period to
exceed the Expense Limitation. The Trust agrees to furnish or otherwise make
available to NBMI such copies of its financial statements, reports, and other
information relating to its business and affairs as NBMI may, at any time or
from time to time, reasonably request in connection with this agreement.
NBMI understands that NBMI shall look only to the assets of the Fund for
performance of this agreement and for payment of any claim NBMI may have
hereunder, and neither any other series of the Trust, nor any of the Trust's
trustees, officers, employees, agents, or shareholders, whether past, present or
future, shall be personally liable therefor.
Neuberger&Berman Management Incorporated
May 1, 1997
Page 2
This agreement is made and to be principally performed in the State of New York,
and except insofar as the Investment Company of 1940 or other federal laws and
regulations may be controlling, this agreement shall be governed by, and
construed and enforced in amendment to this agreement shall be in writing signed
by the parties hereto.
If NBMI is in agreement with the foregoing, please sign the form of acceptance
on the enclosed counterpart hereof and return the same to the Trust.
Very truly yours,
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST,
on behalf of International Portfolio
By: /s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx, Vice President
The foregoing agreement is hereby
accepted as of May 1, 1997
NEUBERGER&BERMAN MANAGEMENT INCORPORATED
By: /s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx, President
