________ __, 1999
Board of Trustees
Xxxxxxxx Xxxxx Research Trust
000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000
Re: Subscription for Shares of the Senbanc Fund (the "Fund")
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Dear Trustees:
J.J.B. Xxxxxxxx, X.X. Xxxxx, Inc. offers to purchase from Xxxxxxxx Xxxxx
Research Trust, 10,000 shares of beneficial interest of the Fund at a price of
$10.00 per share for an aggregate purchase price of $100,000 cash, all such
shares to be validly issued, fully paid and non-assessable upon issuance of such
shares and receipt of said payment by the Fund.
These shares are not being purchased with any present intent of
distributing or reselling the same to the public, and will be held for
investment by J.J.B. Xxxxxxxx, X.X. Xxxxx, Inc.
Sincerely,
J.J.B. XXXXXXXX, X.X. XXXXX, INC.
By:
---------------------------------
Name:
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Title:
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ACCEPTED AND AGREED this _____
day of __________________, 1999.
XXXXXXXX XXXXX RESEARCH TRUST
By:
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Name:
----------------------------
Title:
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