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EXHIBIT (l)(3)
PURCHASE AGREEMENT
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Excelsior Institutional Trust (the "Trust"), a Delaware business trust, and
Edgewood Services, Inc. ("Edgewood"), a New York corporation, hereby agree as
follows:
1. The Trust hereby offers Edgewood and Edgewood hereby purchases two
Shares of the High Yield Fund of the Trust at $10 per Share. The
Trust hereby acknowledges receipt from Edgewood of funds in the total
amount of $20 in full payment for the Shares.
2. Edgewood represents and warrants to the Trust that the Shares are
being acquired for investment purposes and not with a view to the
distribution thereof.
IN AGREEMENT WHEREOF, and intending to be legally bound hereby, the parties
hereto have executed this Agreement as of the 28th day of July, 2000.
EXCELSIOR INSTITUTIONAL TRUST
By: __________________________________
Title: _______________________________
EDGEWOOD SERVICES, INC.
By: __________________________________
Title: _______________________________
