Exhibit (l)(1)
PURCHASE AGREEMENT
The ASO Outlook Group, a Massachusetts business trust (the "Trust"),
and Winsbury Associates, an Ohio general partnership ("Winsbury") of which
Xxxxxxx X. Xxxxxxxx and G. Xxxxxx Xxxxxxxxx are the sole general partners,
hereby agree with each other as follows:
1. The Trust hereby offers Winsbury and Winsbury hereby purchases
75,000 Series A units of beneficial interest (representing units in The ASO
Outlook Group Prime Obligations Fund) and 25,000 Series D units of beneficial
interest (representing units in The ASO Outlook U.S. Treasury Fund) (such units
of beneficial interest in The ASO Outlook Group Prime Obligations Fund and The
ASO Outlook Group U.S. Treasury Fund being hereinafter collectively known as
"Shares"), at the price of $1.00 per Share. Winsbury hereby acknowledges
purchase of the Shares and the Trust hereby acknowledges receipt from Winsbury
of funds in the amount of $100,000 in full payment for the Shares.
2. Winsbury represents and warrants to the Trust that the Shares are
being acquired for investment purposes and not with a view to the distribution
thereof.
3. Winsbury agrees that if it or any direct or indirect transferee
of any of the Shares redeems any of the Shares prior to the second anniversary
of the date the Trust begins its investment activities, Winsbury will pay to the
Trust an amount equal to the number resulting from multiplying the Trust's total
unamortized organizational expenses by a fraction, the numerator of which is
equal to the number of Shares redeemed by Winsbury 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.
IN WITNESS WHEREOF, the parties hereby have executed this Agreement
as of the 29th day of July, 1988.
Attest: THE ASO OUTLOOK GROUP
/s/ Xxxxxxx X. Xxxx By /s/ J. Xxxxx Xxxxx
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Xxxxxxx X. Xxxx J. Xxxxx Xxxxx
President
Attest: WINSBURY ASSOCIATES
/s/ Xxxxxxx X. Xxxxx By /s/ G. Xxxxxx Xxxxxxxxx
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Xxxxxxx X. Xxxxx G. Xxxxxx Xxxxxxxxx,
General Partner
