EXHIBIT (l)(2)
THE DRAKE FUNDS TRUST
LOW DURATION FUND SUBSCRIPTION AGREEMENT
The undersigned, Drake Partners LLC (the "Subscriber") hereby
subscribes for a total of one (1) share of beneficial interest, without par
value, of Drake Class Shares of the Drake Low Duration Fund (the "Fund"), a new
series of The Drake Funds Trust, a Delaware statutory trust (the "Trust") and
agrees to pay therefor $ 10 per share, payment of which is herewith made in
full.
The Trust reserves the right to reject this subscription for any reason
whatsoever which it, in its sole discretion, deems sufficient, by not signing
this agreement and refunding all funds paid herein, in which event the Trust
shall have no further obligations hereunder.
The Subscriber hereby represents that it is acquiring the shares hereby
subscribed for, for its own account for investment and with no present intention
of reselling, redeeming or otherwise distributing the same.
This Subscription Agreement contains the entire agreement between the
Trust and the Subscriber respecting the subject matter hereof, and no agent or
other representative of the Trust or any other person has any power to change or
alter its terms.
The Declaration of Trust of the Trust, as amended, is on file with the
Secretary of State of the State of Delaware and notice is hereby given that this
Agreement is made and executed on behalf of the Trust, and not by the Trustees
or officers of the Trust individually, and the obligations of or arising out of
this Agreement are not binding upon the Trustees, officers or shareholders of
the Trust individually but are binding only upon the assets and property of the
Trust.
Date: December 9, 2004
Accepted and agreed to this
9TH day of December, 2004
THE DRAKE FUNDS TRUST DRAKE PARTNERS LLC
By: /s/ Xxxxxx Xxxxxxxx /s/ Xxxxxx Xxxxxxxx
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Name: Xxxxxx Xxxxxxxx Name: Xxxxxx Xxxxxxxx
Title: President Title: President
