EX-99.L
August 18, 1998
The Board of Trustees
Xxxxxx Series Trust
000 Xxxx Xxx Xxxx
Xxxxxxxxxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
In order to provide Xxxxxx Series Trust (the "Trust") with its initial
capital, Xxxxxx Associates LLC (the "Purchaser") is hereby purchasing from the
Trust 3,000 Institutional Shares and 7,000 Administrative Shares, the two
initial classes of shares of beneficial interest, $.001 par value, of the Trust,
representing interests in Xxxxxx Money Market Fund (the "Shares"), at a purchase
price of $10.00 per Share.
The Purchaser represents and warrants to the Trust that the Shares are
being acquired for investment purposes and not with a view to the distribution
thereof and that the Purchaser has no present intention to dispose of the
Shares.
The Purchaser hereby agrees that if any of the Shares purchased by
Purchaser herewith are redeemed by the Purchaser (or any subsequent holder of
such Shares) prior to the reimbursement to Xxxxxx Associates LLC, of the
organization and start up expenses of the Trust by the Trust, the Purchaser will
reimburse the Trust for any unreimbursed organization and start-up expenses in
the same proportion as the value of Shares being redeemed bears to the value of
all Shares of the Trust outstanding at the time of redemption.
Very truly yours,
XXXXXX ASSOCIATES LLC
By: /s/ X.X. Xxxxxxxx
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Name: X.X. Xxxxxxxx
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Title: Principal
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