Exhibit h(14)
FORM OF AMENDMENT TO THE PARTICIPATION AGREEMENT
The Participation Agreement, dated as of ______, ____, among
Deutsche Asset Management VIT Funds (the "Trust"), Deutsche Asset Management,
Inc. (the "Adviser") and ___________ ("Life Company") (as amended, the
"Participation Agreement") is hereby amended by this Amendment, dated as of
________, 2003 (the "Amendment"). Capitalized terms used herein and not
otherwise defined shall have the respective meanings ascribed to them in the
Participation Agreement.
WHEREAS, pursuant to Section 12.8 of the Participation
Agreement, the Participation Agreement may be amended by a written agreement
properly authorized and executed by the Trust, the Adviser and the Life Company;
WHEREAS, the parties hereto desire to amend the Participation
Agreement as set forth herein;
NOW, THEREFORE, in consideration of the foregoing premises, and
for other good and valuable consideration, the parties to the Participation
Agreement hereby agree as follows:
1. A new Section 1.12 is hereby added to the Participation
Agreement as follows:
The following provisions shall apply to Class __ Shares of each
Portfolio of the Trust. The Life Company shall perform all record keeping
services (the "Record Keeping Services") with respect to the Variable Contracts
premiums and Life Company assets from which investments in Class ___ Shares are
made, including, without limitation, the following:
(a) Maintaining separate records for each Variable Contract
owner, which shall reflect the Class __ Shares purchased and redeemed and Class
__ Share balances attributable to such Variable Contract owners. The Life
Company will maintain an omnibus account with each Portfolio on behalf of
Variable Contract owners, and such accounts shall be in the name of the Life
Company (or its nominee) as the record owner of Class __ Shares attributable to
such Variable Contract owners.
(b) Disbursing to or crediting to the benefit of Variable
Contract owners all proceeds of redemptions of Class __ Shares of the Portfolios
and processing all dividends and other distributions reinvested in Class __
Shares of the Portfolios.
(c) Preparing and transmitting to Variable Contract owners,
as required by law, periodic statements showing the total number of Class __
Shares attributable to, purchases and redemptions of Class __ Shares and
dividends and other distributions paid, and such other information as may be
required, from time to time, by Variable Contract owners.
(d) Maintaining and preserving all records required by law
to be maintained and preserved in connection with providing the foregoing
services for Variable Contract owners.
(e) Generating written confirmations to Variable Contract
owners, to the extend required by law.
(f) Administering the distribution to current Variable
Contract owners of Portfolio prospectuses, proxy materials, periodic reports to
shareholders and other materials that the Portfolios provide to their
shareholders.
(g) Aggregating and transmitting purchase and redemption
orders to the Portfolios on behalf of, or with respect to, the Variable Contract
owners.
In consideration of the Life Company performing the Record
Keeping Services, the Trust agrees to pay the Life Company, quarterly, a record
keeping fee at the annual rate of [0.15%] of the average daily net assets of the
Class __ Shares of each Portfolio held by the Life Company pursuant to this
Participation Agreement. The Life Company agrees that it will not seek
reimbursement for expenses for performing the Record Keeping Services under the
Trust's [Distribution Plan for Class __ Shares] adopted pursuant to Rule 12b-1
under the 1940 Act except to the extent that such expenses exceed the level of
the record keeping fee set forth above; however, the foregoing shall not affect
the right of the Life Company to seek reimbursement for any other eligible
expenses under the Trust's [Distribution Plan for Class __ Shares]. In addition,
the Life Company represents and agrees that no charge imposed by it on Variable
Contract owners is specifically intended or designed to compensate the Life
Company for the Record Keeping Services for which payment is made by the Trust
under this Participation Agreement.
2. Except as expressly amended by this Amendment, the
Participation Agreement shall remain in full force and effect as the same was in
effect immediately prior to the effectiveness of this Amendment. All references
in the Participation Agreement to "this Agreement" shall be deemed to refer to
the Participation Agreement as amended by this Amendment.
4. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall be considered one and the same agreement.
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IN WITNESS WHEREOF, the parties hereto have executed this
Amendment as of the date first above written.
DEUTSCHE ASSET MANAGEMENT VIT FUNDS
By:
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Name:
Title:
DEUTSCHE ASSET MANAGEMENT, INC.
By:
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Name:
Title:
[INSERT NAME OF LIFE COMPANY]
By:
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Name:
Title:
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