Exhibit (l)
THIS
INITIAL CAPITAL AGREEMENT is entered into as of March __, 2007 by and between
__________________ with its principal office at _____________
(“Purchaser”) and YYY Trust, a Delaware business trust, with
its principal office at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the
“Trust”).
In
consideration of the mutual covenants herein contained, the parties hereto agree as
follows:
| 1. |
The
Trust hereby issues and sells to the Purchaser, and the Purchaser hereby
purchases, _______ shares (the “Shares”) of the Bear Xxxxxxx Current Yield Fund
(the “Fund”), a series of the Trust, for a total aggregate cash price
of $________, the receipt and sufficiency of which is hereby acknowledged by
the Trust. |
| 2. |
The
Purchaser hereby represents that it is purchasing the Shares for investment
only and not with a view to reselling or otherwise redistributing the Shares. |
| 3. |
The
Purchaser hereby acknowledges that it is aware that the Shares have not been
registered under the Securities Act of 1933, as amended (the “Act”),
on the basis that the sale of such Shares to the Purchaser will be exempt under
Section 4(2) of the Act as not involving any public offering. The Purchaser
further acknowledges that the Trust’s reliance on this exemption is
predicated on the Purchaser’s representation and warranty to the Trust
that the Shares are being acquired for the Purchaser’s own account for
investment purpose and not with a view to the distribution or redemption
thereof, and that the Purchaser has no present intention to dispose of the
Shares. The Purchaser represents that it will not take any action which will
subject the sale of the Shares to the registration provisions of the Act. |
| 4. |
The
Trust represents that the Shares are fully paid and non-assessable. |
IN
WITNESS WHEREOF, the Trust, on behalf of the Fund, and the Purchaser have executed this
Agreement as of March __, 2007, to be effective of the same day.
|
YYY TRUST |
|
By:_________________________ |
|
Name:_______________________ |
|
Title:________________________ |
|
[___________________] |
|
By:_________________________ |
|
Name:_______________________ |
|
Title:________________________ |
