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EXHIBIT 2(p)
PURCHASE AGREEMENT
Purchase Agreement dated May 14, 1999 between Xxxxxx Floating Rate
Fund, a business trust organized under the laws of The Commonwealth of
Massachusetts (the "Fund") and Xxxxxxx Xxxxxx Investments, Inc. (the "Investment
Manager"), a corporation organized under the laws of the State of Delaware.
WHEREAS, the Fund is an investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act");
WHEREAS, the Fund proposes to issue and sell shares of beneficial
interests, par value $0.01 per share (its "Shares") to the public pursuant to a
Registration Statement on Form N-2 (the "Registration Statement") filed with the
Securities and Exchange Commission; and
WHEREAS, Section 14(a) of the 1940 Act requires each registered
investment company to have a net worth of at least $100,000 before making a
public offering of its Shares;
NOW, THEREFORE, the Fund and the Investment Manager agree as follows:
1. The Fund offers to sell to the Investment Manager, and the Investment
Manager agrees to purchase from the Fund Class B Shares of the Fund for an
aggregate price of $100,000 on May 14, 1999.
2. The Investment Manager represents and warrants to the Fund that the
Investment Manager is acquiring the Shares for investment purposes only and
not with a view to resale or further distribution.
3. The Investment Manager's right under this Purchase Agreement to purchase
the Shares is not assignable.
IN WITNESS WHEREOF, the Fund and the Investment Manager have caused
their duly authorized officers to execute this Purchase Agreement as of the date
first above written.
XXXXXX FLOATING RATE FUND XXXXXXX XXXXXX INVESTMENTS, INC.
By: /s/ Xxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxxxx
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Name: Xxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxxxx
Title: President Title: Treasurer
