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Exhibit 13(c)
FORM OF
PURCHASE AGREEMENT
Sierra Trust Funds (the "Company"), a Massachusetts Business Trust, and
Shearson Xxxxxx Xxxxxx, Inc. ("Shearson") a Delaware Corporation, hereby agree
as follows:
1. The Company hereby offers Shearson, and Shearson hereby purchases,
one (1) share, without par value, at $_____ per share in the Company's Short
Term Global Government Fund (the "Portfolio"). The share is the "initial share"
of the Portfolio. Shearson hereby acknowledges receipt of a purchase
confirmation reflecting the purchase of one (1) share, and the Company hereby
acknowledges receipt from Shearson of funds in the amount of $______ in full
payment for the share.
2. Shearson represents and warrants to the Company that the share is
being acquired for investment purposes and not for the purpose of distribution.
3. Shearson agrees that if it or any direct or indirect transferee of
the share redeems the share prior to the fifth anniversary of the date the
Company begins its investment activities, Shearson will pay to the Company an
amount equal to the number resulting from multiplying the Company's total
unamortized organizational expenses by a fraction, the numerator of which is
equal to the number of shares redeemed by Shearson or such transferee and the
denominator of which is equal to the number of shares outstanding as of the date
of such redemption, as long as the administrative position of the staff of the
Securities and Exchange Commission requires such reimbursement.
4. The Company represents that a copy of its Master Trust Agreement,
dated February 22, 1989, together with all amendments thereto, is on file in the
Office of the Secretary of the Commonwealth of Massachusetts.
5. This Agreement has been executed on behalf of the Company by the
undersigned officer of the Company in his capacity as an officer of the Company.
The obligations of this Agreement shall be binding only upon the assets and
property of the Portfolios and not upon the assets and property of any other
portfolio of the Company and shall not be binding upon any Trustee, officer or
shareholder of the Portfolio and/or the Company individually.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the ____ day of _________, 1993.
SIERRA TRUST FUNDS
Attest:
By:
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(SEAL) SHEARSON XXXXXX XXXXXX, INC.
Attest:
By:
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