EXHIBIT 12
PURCHASE AGREEMENT
The undersigned, PAX WORLD HIGH YIELD FUND, INC. (the "Fund"),
an open-end, diversified management investment company and a Delaware
corporation, and PAX WORLD MANAGEMENT CORP., a Delaware corporation (the
"Adviser"), intending to be legally bound, hereby agree as follows:
1. In order to provide the Fund with its initial capital, the
Fund hereby sells to the Adviser, and the Adviser hereby purchases from
the Fund, 10,000 shares of the common stock, par value $1.00 per share,
of the Fund (collectively, the "Shares") for a purchase price of $10.00
per share. The Fund hereby acknowledges receipt from the Adviser of
funds in the amount of $100,000 in full payment for the Shares.
2. The Adviser represents and warrants to the Fund that the
Adviser is acquiring such Shares for its own account for investment and
with no present intention of distributing or reselling such Shares or
any part thereof in any transaction which would constitute a
"distribution" within the meaning of the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder.
IN WITNESS THEREOF, the parties hereto have executed this
agreement as of the _____ day of _______________, 1999.
PAX WORLD HIGH YIELD FUND, INC.
By:
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Xxxxxx X. Xxxxx
President
PAX WORLD MANAGEMENT CORP.
By:
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Xxxxxxxx X. Xxxxxx
Chairman of the Board
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