NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
Subscription Agreement
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This Agreement made this March 7, 2002 by and between Nuveen Insured
New York Dividend Advantage Municipal Fund, a Massachusetts business trust (the
"Fund"), and Nuveen Advisory Corp., a Delaware corporation (the "Subscriber");
WITNESSETH:
WHEREAS, the Fund has been formed for the purposes of carrying on
business as a closed-end non-diversified management investment company; and
WHEREAS, the Subscriber has been selected by the Fund's Board of
Trustees to serve as investment adviser to the Fund; and
WHEREAS, the Subscriber wishes to subscribe for and purchase, and the
Fund wishes to sell to the Subscriber, 7,000 common shares for a purchase price
of $14.325 per share;
NOW THEREFORE, IT IS AGREED:
l. The Subscriber subscribes for and agrees to purchase from the Fund
7,000 common shares for a purchase price of $14.325 per share. Subscriber agrees
to make payment for these shares at such time as demand for payment may be made
by an officer of the Fund.
2. The Fund agrees to issue and sell said shares to Subscriber
promptly upon its receipt of the purchase price.
3. To induce the Fund to accept its subscription and issue the shares
subscribed for, the Subscriber represents that it is informed as follows:
(a) That the shares being subscribed for have not been and will not
be registered under the Securities Act of l933 ("Securities Act");
(b) That the shares will be sold by the Fund in reliance on an
exemption from the registration requirements of the Securities Act;
(c) That the Fund's reliance upon an exemption from the
registration requirements of the Securities Act is predicated in part
on the representations and agreements contained in this Subscription
Agreement;
2
(d) That when issued, the shares will be "restricted securities" as
defined in paragraph (a)(3) of Rule l44 of the General Rules and
Regulations under the Securities Act ("Rule l44") and cannot be sold or
transferred by Subscriber unless they are subsequently registered under the
Securities Act or unless an exemption from such registration is available;
(e) That there do not appear to be any exemptions from the
registration provisions of the Securities Act available to the Subscriber
for resale of the shares. In the future, certain exemptions may possibly
become available, including an exemption for limited sales including an
exemption for limited sales in accordance with the conditions of Rule l44.
The Subscriber understands that a primary purpose of the information
acknowledged in subparagraphs (a) through (e) above is to put it on notice as to
restrictions on the transferability of the shares.
4. To further induce the Fund to accept its subscription and issue the
shares subscribed for, the Subscriber:
(a) Represents and warrants that the shares subscribed for are being
and will be acquired for investment for its own account and not on behalf
of any other person or persons and not with a view to, or for sale in
connection with, any public distribution thereof; and
(b) Agrees that any certificates representing the shares subscribed
for may bear a legend substantially in the following form:
The shares represented by this certificate have been acquired for
investment and have not been registered under the Securities Act of
l933 or any other federal or state securities law. These shares may
not be offered for sale, sold or otherwise transferred unless
registered under said securities laws or unless some exemption from
registration is available.
5. This Subscription Agreement and all of its provisions shall be binding
upon the legal representatives, heirs, successors and assigns of the parties
hereto.
6. The Fund's Declaration of Trust is on file with the Secretary of the
Commonwealth of Massachusetts. This Agreement is executed on behalf of the Fund
by the Fund's officers as officers and not individually and the obligations
imposed upon the Fund by this Agreement are not binding upon any of the Fund's
Trustees, officers or shareholders individually but are binding only upon the
assets and property of the Fund.
IN WITNESS WHEREOF, this Subscription Agreement has been executed by the
parties hereto as of the day and date first above written.
NUVEEN INSURED NEW YORK DIVIDEND
ADVANTAGE MUNICIPAL FUND
By: /s/ Xxxxxxx X. Xxxxxxxxx
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NUVEEN ADVISORY CORP.
By: /s/ Xxxxxx X. Xxxxxxxx
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