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EXHIBIT (l)
SUBSCRIPTION AGREEMENT
For and in consideration of the mutual agreements herein contained,
BISYS Funds Services Limited Partnership d/b/a BISYS Fund Services (the
"Subscriber") hereby agrees to purchase from Ambassador Funds (the "Fund"), a
Delaware business trust, and the Fund agrees to sell to the Subscriber 100,000
shares of beneficial interest of the Ambassador Money Market Fund, no par value,
at the price of $1.00 per share, upon the following terms and conditions.
1. The Subscriber agrees to pay $100,000 to the Fund on July 31, 2000.
2. The Fund will not issue any securities or receive any of the
proceeds of this subscription until subscriptions identical in form to this one
have been made by not more than twenty-five (25) persons (which persons shall
include the Subscriber) to purchase from the Fund securities for an aggregate
net amount, which plus the Fund's then net worth will equal at least $100,000.
3. Unless such aggregate net amount is paid to the Fund and the Fund
then has $100,000 of net worth within 90 days after August 1, 2000, the date on
which the registration statement filed under the Securities Act of 1933 with
respect to the Fund's capital stock became effective, then this subscription
shall become null and void and the full amount paid in by the Subscriber will be
refunded to the Subscriber on demand without any deduction.
4. In the event that such aggregate net amount of cash has been paid in
and the Fund has a net worth of at least $100,000 within 90 days after such
registration statement has become effective, then this subscription shall be in
full force and effect and the Fund may retain all funds tendered to it.
5. The Subscriber agrees that the shares are being purchased for
investment with no present intention of reselling or redeeming said shares.
6. It is understood that said aggregate net amount will be paid in to
the Fund before any subscriptions for Fund capital stock will be accepted from
any person in excess of twenty-five (25).
SUBSCRIBER: SUBSCRIPTION AGREED TO:
BISYS FUND SERVICES AMBASSADOR FUNDS
LIMITED PARTNERSHIP
By: BISYS Fund Services, Inc., By: Brian T. Jeffries
General Partner --------------------------------------
By: /s/ William J. Tomko Title: President
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Title: President Date: July 27, 2000
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Date: July 27, 2000
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