EXHIBIT L(1)
PURCHASE AGREEMENT
Counsellors Global Fixed Income Fund, Inc. (the "Fund"), a
corporation organized under the laws of the State of Maryland, and X.X. Xxxxxxx,
Xxxxxx & Co., Inc. ("EMW") hereby agree as follows:
1. The Fund offers EMW and EMW hereby purchases 10, 000 shares
of the Fund having a par value $.001 per share (the "Shares") at a price of
$10.00 per Share (the "Initial Shares"). EMW hereby acknowledges receipt of one
certificate representing the Initial Shares and the Fund hereby acknowledges
receipt from EMW of $100,000.00 in full payment for the Initial Shares.
2. EMW represents and warrants to the Fund that the Initial
Shares are being acquired for investment purposes and not for the purpose of
distributing them.
3. EMW agrees that if any holder of the Initial Shares redeems
any Initial Share in the Fund before five years after the date upon which the
Fund commences its investment activities, the redemption proceeds will be
reduced by the amount of unamortized organizational expenses, in the same
proportion as the number of Initial shares being redeemed bears to the number of
Initial Shares outstanding at the time of redemption. The parties hereby
acknowledge that any Shares acquired by EMW other than the Initial Shares have
not been acquired to fulfill the requirements of Section 14 of the Investment
Company Act of 1940 and, if redeemed, their redemption proceeds will not be
subject to reduction based on the unamortized organizational expenses of the
Fund.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the 31st day of October, 1990.
COUNSELLORS GLOBAL FIXED INCOME
FUND, INC.
By: /s/Xxxxx Xxxxxxx Xxxxx
ATTEST:
/s/Xxxxx X. Xxxxxxx
X.X. XXXXXXX, XXXXXX & CO., INC.
By: /s/Xxxxxx Xxxxxxxx
ATTEST:
/s/ Xxxxxx Xxxxxxxxx
