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Exhibit (k)
October 15, 1999
Commonfund Asset Management Company
000 Xxxx Xxxx Xxxx
Xxxxxxxx XX 00000-0000
Attention: Xxxx Xxxxxx, President and Chief Investment Officer
Re: Purchase of Shares in the Commonfund Short Duration Fund,
a Series of Commonfund Institutional Funds
The purpose of this letter is to evident the agreement between
Commonfund Asset Management Company ("Comanco") and the Commonfund Short
Duration Fund ("Fund"), a series in Commonfund Institutional Funds, with respect
to the purchase by Comanco of 10,000 shares of the Fund in exchange
for a payment in cash of $100,000.
1. The Fund hereby acknowledges receipt from Comanco on the date of
this letter of $100,000 in cash in exchange for which the Fund has
issued to Comanco 10,000 shares of the Fund (the "Shares").
2. Comanco hereby acknowledges that the Shares have not been
registered for sale under the Securities Act of 1933, nor under
any state Blue Sky law in reliance on the exemption from
registration available for issuance of securities not involving
any public offering.
3. Comanco hereby affirms that it is acquiring the shares for
investment and without any intent to resell them. It hereby
acknowledges that, as a condition of the purchase, it has agreed
not to resell the shares, which it has not present intent to do,
without prior written consent of the Fund. The Fund does not
intend to grant its consent to resale in the absence of an
effective registration statement for the Shares or the
availability of an exemption that would permit sale of the shares
without registration.
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4. This letter agreement and all matters arising thereunder will be
governed by the law of the State of New York without reference to
choice of law principles.
Please countersign and return the enclosed copy of this letter evidencing
Comanco's agreement to the foregoing.
Very truly yours,
Commonfund Institutional Funds
by: /s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
President
Acknowledges and Agreed:
Commonfund Asset Management Company
by: /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
President
