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Exhibit 13
PURCHASE AGREEMENT
The Parkstone Group of Funds (the "Group"), a Massachusetts business trust,
and The Winsbury Corporation, an Ohio corporation, hereby agree with each other
as follows:
1. The Group hereby offers The Winsbury Corporation and The Winsbury
Corporation hereby purchases 65,000 Series A units of beneficial interest
(representing interests in the Prime Obligations Fund), 20,000 Series B units
of beneficial interest (representing interests in the U.S. Government
Obligations Fund), and 15,000 Series C units of beneficial interest
(representing interests in the Tax-Free Fund) in the Group (such 100,000 units
of beneficial interest being hereinafter collectively known as "Shares") at the
price of $1.00 per Share. The Winsbury Corporation hereby acknowledges
purchase of the Shares and the Group hereby acknowledges receipt from The
Winsbury Corporation of funds in the amount of $100,000 in full payment for the
Shares.
2. The Winsbury Corporation agrees that if it redeems any of the Shares prior
to the second anniversary of the date the Group begins its investment
activities, The Winsbury Corporation will pay to the Group an amount equal to
the number resulting from multiplying the Group's total unamortized
organizational expenses by a fraction, the numerator of which is equal to the
number of Shares redeemed by The Winsbury Corporation 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. The Winsbury
Corporation further agrees that in the event of any transfer of the Shares
prior to the expiration of the second anniversary of the date the Group begins
its investment activities, it will impose a written condition to such transfer
requiring the transferee as well as such transferee's direct or indirect
transferee to agree that upon redemption of any of the Shares prior to the
second anniversary of the date the Group begins its investment activities, such
transferee will pay to the Group an amount equal to the number resulting from
multiplying the Group's total unamortized organizational expenses by a
fraction, the numerator of which is equal to the number of Shares redeemed by
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 Commissions requires such
reimbursement. The Winsbury Corporation agrees to give the Group's legal
counsel prior notice of any transfer of the Group's Shares.
IN WITNESS WHEREOF, the parties hereby have executed this Agreement as of the
2nd day of July, 1987.
Attest: THE PARKSTONE GROUP OF FUNDS
By /s/ Xxxxxx Xxxxxxxxx
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President
(SEAL)
Attest: THE WINSBURY CORPORATION
By /s/ Xxxxxxx X. Xxxxxxxx
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Authorized Officer
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