INITIAL CAPITAL AGREEMENT
_______, 2005
Board of Trustees of
Black Pearl Funds
000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxx, Xxxxxxxxxx 00000
Ladies and Gentlemen:
The undersigned hereby subscribes for 10,000 Shares of Beneficial Interest,
no par value, of the Black Pearl _______ Fund, a series of the Black Pearl
Funds, a Delaware statutory trust, at $10.00 per share for an aggregate purchase
price of $100,000. Our payment in full is confirmed.
The undersigned represents and agrees that it is purchasing these Shares
for investment purposes, for its own account and risk and not with a view to any
sale, division or other distribution thereof within the meaning of the
Securities Act of 1933, nor with any present intention of distributing or
selling such shares.
Very truly yours,
____________________________
By: ________________________
Confirmed and Accepted:
BLACK PEARL FUNDS
By: ________________________
