Exhibit (l)
FORM OF
PURCHASE AGREEMENT
The BB&T Variable Insurance Funds (the "Trust"), a Massachusetts business trust
and BB&T Asset Management, Inc. ("BB&T Asset Management"), a wholly-owned
subsidiary of BB&T Corporation, hereby agree with each other as follows:
1. The Trust hereby offers BB&T Asset Management and BB&T Asset Management
hereby purchases _______ units of beneficial interest of BB&T VIF Total
Return Bond Fund (such units of beneficial interest being herein after
collectively known as "Shares") at a price of $_______ per Share. BB&T
Asset Management hereby acknowledges purchase of the Shares and the Trust
hereby acknowledges receipt from BB&T Asset Management of funds in the
amounts of $100,000 in full payment for the Shares.
2. BB&T Asset Management represents and warrants to the Trust that the Shares
are being acquired for investment purposes and not with a view to the
distribution thereof.
3. The names "BB&T Variable Insurance Funds and "Trustees of BB&T Variable
Insurance Funds" refer respectively to the Company created and the
Trustees, as trustees but not individually or personally, acting from time
to time under an Agreement and Declaration of Trust dated as of November
8, 2004 to which reference is hereby made and a copy of which is on file
at the office of the Secretary of State of The Commonwealth of
Massachusetts and elsewhere as required by law, and to any and all
amendments thereto so filed or hereafter filed. The obligations of "BB&T
Variable Insurance Funds" entered into in the name or on behalf thereof by
any of the Trustees, representatives or agents are made not individually,
but in such capacities, and are not binding upon any of the Trustees,
shareholders or representatives of the Company personally, but bind only
the assets of the Company, and all persons dealing with any series of
shares of the Company must look solely to the assets of the Company
belonging to such series for the enforcement of any claims against the
Company.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
___ day of ______________, 2005.
BB&T VARIABLE INSURANCE FUNDS
By: ________________________________
Name: ______________________________
Title: _______________________________
BB&T ASSET MANAGEMENT, INC.
By: ________________________________
Name: ______________________________
Title: _______________________________
