Exhibit 99.23(l)
PURCHASE AGREEMENT
Reserve Short-Term Investment Trust, a business trust organized under the laws
of the State of Delaware (the "Trust"), on behalf of its series, Reserve Yield
Plus Fund (the "Fund") and Reserve Management Company, Inc. ("RMCI") hereby
agree as follows:
1. The Trust offers RMCI and RMCI hereby purchases 100,000 shares of
beneficial interest of the Fund, which initially consists of 25,000 shares each
of Class 12, 15, TT and R of Reserve Yield Plus Fund (the "Fund"); and consent
to the reallocation of the purchase of such shares to one share per class other
than Class 15 (Classes 8, 10, 12, 13, 20, 25, 35, 45, ▇▇, ▇▇, R and S) and
99,988 shares of Class 15; each having a par value of $.0001 per share (the
"Shares"), at a price of $1.00 per Share (the "Initial Shares"). RMCI hereby
acknowledges receipt of the Initial Shares and the Trust hereby acknowledges
receipt from RMCI of $100,000.00 in full payment for the Initial Shares.
2. RMCI represents and warrants to the Trust that the Initial Shares are being
acquired for investment purposes and not for the purpose of distributing them.
3. RMCI agrees that if any holder of the Initial Shares redeems such Shares in
the Fund before one year after the date upon which the Fund commences its
investment activities, the redemption proceeds will be reduced by the amount of
unamortized organizational and offering expenses, in the same proportion as the
Initial Shares being redeemed bears to the Initial Shares outstanding at the
time of redemption. The parties hereby acknowledge that any Shares acquired by
RMCI other than the Initial Shares have not been acquired to fulfill the
requirements of Section 14 of the Investment Company Act of 1940, as amended,
and, if redeemed, their redemption proceeds will not be subject to reduction
based on the unamortized organizational and offering expenses of the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Purchase Agreement as
of the 6th day of May, 2005.
RESERVE SHORT-TERM INVESTMENT TRUST
ATTEST By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇
/s/ ▇▇▇ ▇. ▇▇▇▇▇ Name: ▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇
Title: President
RESERVE MANAGEMENT COMPANY, INC.
ATTEST By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
/s/ ▇▇▇ ▇. ▇▇▇▇▇ Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: President
