<DOCUMENT>
<TYPE>EX-99.2P
<SEQUENCE>14
<FILENAME>initialsubscriagree.txt
<TEXT>








                                                              May 16, 2003


Board of Trustees
Evergreen Income Advantage Fund
200 Berkeley Street
Boston, MA  02116

Re:      Initial Capital Investment Evergreen Managed Income Fund

Ladies and Gentlemen:

         Evergreen Managed Income Fund (the "Trust") has been organized as a
Delaware statutory trust. The Trustees of the Trust initially have designated
one class of shares for the Trust, common shares of beneficially interest
("common shares"). We hereby agree to purchase common shares of the Trust to
provide the initial capitalization of the Trust, upon the terms and conditions
set forth below.

         We shall purchase 5,000 common shares of the Trust at a purchase price
of $20.00 per share, for a total purchase price of $100,000.

         We hereby acknowledge that these shares are being purchased in a
private placement transaction that is exempt from registration under the
Securities Act of 1933, as amended (the "Securities Act") pursuant to Section
4(2) of the Securities Act. We represent that the Trust had made available to us
all information necessary for us to make our investment decision. We further
represent that (i) we are purchasing these shares solely for our own account and
solely for investment purposes without any intent of distributing or reselling
the shares, and (ii) any disposition of the shares will be made in accordance
with the Securities Act, and the rules and regulations thereunder, including
without limitation Rule 144.

                                       Sincerely yours,

                                       EVERGREEN FINANCING COMPANY, LLC


                                       By: _/s/ Michael H. Koonce
                                       Michael H. Koonce
                                       Secretary

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</DOCUMENT>
