AMENDMENT TO FUND PARTICIPATION AGREEMENT
THIS AGREEMENT dated as of April 30, 1997 is made by and between XXXXXXXXX
& XXXXXX ADVISERS MANAGEMENT TRUST, a Delaware Business Trust ("TRUST"),
ADVISERS MANAGERS TRUST, a New York Common Law Trust, XXXXXXXXX & XXXXXX
MANAGEMENT INCORPORATED, a New York Corporation and THE PENN MUTUAL LIFE
INSURANCE COMPANY ("LIFE COMPANY"), a life insurance company organized under the
laws of the State of Delaware.
WHEREAS, the parties hereto have previously entered into a Sales Agreement
dated April 5, 1993, and a subsequent Assignment and Modification Agreement
dated May 1, 1995 (together the "FUND PARTICIPATION AGREEMENT"), and the parties
at time only contemplated making available two series of the trust, the Limited
Maturity Bond Portfolio and Balanced Portfolio, and
WHEREAS, the LIFE COMPANY desires to invest in additional series of the
TRUST:
NOW THEREFORE, it is hereby agreed by and between the parties as follows:
1. TRUST will hereby make available to the Separate Accounts of LIFE
COMPANY shares of the selected series of the TRUST as listed on Appendix B,
which Appendix may from time to time be updated by the parties, for investment
of purchase payments of Variable Contracts, allocated to the designated Separate
Accounts.
2. Terms used herein but not defined herein are to have the same meaning as
in the FUND PARTICIPATION AGREEMENT. All other terms of the FUND PARTICIPATION
AGREEMENT will remain in full force and effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized officers to
execute this Amendment to the FUND PARTICIPATION AGREEMENT
XXXXXXXXX & XXXXXX ADVISORS
MANAGEMENT TRUST
By:________________________
Name:
Title:
ADVISORS MANAGERS TRUST
By:________________________
Name:
Title:
NEUBERGER & XXXXXXX MANAGEMENT INC.
By:________________________
Name:
Title:
THE PENN MUTUAL LIFE INSURANCE COMPANY
By:________________________
Name:
Title:
SCHEDULE A
Separate Accounts Selected Portfolios
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Penn Mutual Variable Annuity Account III Limited Maturity Portfolio
Penn Mutual Variable Life Account I Partners Portfolio
Penn Mutual Separate Account E Balanced Portfolio
