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EXHIBIT L.20
PURCHASE AGREEMENT
AGREEMENT dated this 2nd day of January 1998, by and between Armada
Funds (the "Trust"), a Massachusetts business trust, and SEI Investments
Distribution Co. ("SEI"), a Massachusetts corporation.
1. The Trust hereby offers SEI and SEI hereby purchases one Special
Series 2 share of each class of beneficial interest (no par value per share)
representing interests in the Trust's Money Market Fund at a price of $1.00 per
share and in the Small Cap Value, Equity Growth, Equity Income, Small Cap
Growth, International Equity, Core Equity, Intermediate Bond, and Bond Funds at
a price of $10.00 per share (collectively known as "Shares").
2. SEI hereby acknowledges receipt of one Share. The Trust hereby
acknowledges receipt from SEI of funds in the amount of $1.00 or $10.00 (as
indicated above) for such Share.
3. SEI represents and warrants to the Trust that the Share is being
acquired for investment purposes and not with a view to the distribution
thereof.
4. The names "Armada Funds" and "Trustees of Armada Funds" refer
respectively to the Trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under a Declaration of
Trust dated as of January 28, 1986, as amended, which is hereby referred to and
a copy of which is on file at the office of the State Secretary of the
Commonwealth of Massachusetts and at the principal office of the Trust. The
obligations of "Armada Funds" entered into in the name or on behalf thereof by
any of the Trustees, representatives or agents are made not individually, but in
such capacities, and are not binding upon any of the Trustees, Shareholders or
representatives of the Trust personally, but bind only the Trust Property, and
all persons dealing with any class of shares of the Trust must look solely to
the Trust Property belonging to such class for the enforcement of any claims
against the Trust.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the 2nd day of January, 1998.
ARMADA FUNDS
Attest:
By: /s/ Xxxxxxx X. Xxxxxxx, Xx.
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Xxxxxxx X. Xxxxxxx, Xx., President
SEI INVESTMENTS DISTRIBUTION CO.
Attest:
/S/ Xxxxxxx Xxxxxxxxx By: /s/ Xxxxx X. Xxxxxxxx
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Title: Vice President
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