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EXHIBIT (l)(4)
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:
3. The Trust hereby offers Edgewood and Edgewood hereby purchases two
Institutional 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 Institutional
Shares.
4. Edgewood represents and warrants to the Trust that the Institutional
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:_________________________________
