Exhibit 13
PURCHASE AGREEMENT
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Xxxxxxx Xxxxx Variable Insurance Trust (the "Trust"), a Delaware
business trust, and The Xxxxxxx Sachs Group, L.P. ("Buyer") hereby agree with
each other as follows:
1. The Trust hereby offers Buyer and Buyer hereby purchases 10,000
share of beneficial interest of the Trust at a price of $10.00 per share (such
shares in the Trust being hereinafter collectively known as "Shares") in
consideration for the payment of $100,000. Buyer hereby acknowledges purchase of
the Shares and the Trust hereby acknowledges receipt from Buyer of funds in the
amount $100,000 in full payment for the Shares.
2. Buyer 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 Trust has incurred organizational expenses in connection with its
start-up and initial registration. Organizational costs will be amortized over
60 months on a straight-line basis beginning with the commencement of operations
of each of the Trust's nine initial investment portfolios (the "Funds"). If any
or all of the Shares held by the Buyer representing initial capital of the Funds
are redeemed during amortization period, the redemption proceeds will be reduced
by the pro rata portion of the unamortized organizational cost balance.
4. The name Xxxxxxx Xxxxx Variable Insurance Trust is the designation of
the Trustees for the time being under an Agreement and Declaration of the Trust
dated September 16, 1997 as amended from time to time, and all persons dealing
with the Trust or a Fund must look solely to the property of the Trust or such
Fund for the enforcement of any claims as none of Trustees, officers, agents or
shareholders assume any personal liability for obligations entered into on
behalf of the Trust. No Fund shall be liable for any claims against any other
Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the 12th day of December, 1997.
(SEAL) XXXXXXX SACHS VARIABLE INSURANCE TRUST
By: /s/ Xxxx Xxxxxxxxx
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THE XXXXXXX SACHS GROUP, L.P.
By: /s/ Xxxxx X. Xxxx
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