NUVEEN EXCHANGE-TRADED FUNDS
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MASTER SELECTED DEALER AGREEMENT
February 9, 2001
Dear Ladies and Gentlemen:
In connection with public offerings of securities ("Securities") of
registered investment companies sponsored by Nuveen Investments ("Nuveen") which
are underwritten by a group of underwriters ("Underwriters") which are
represented by Nuveen alone or in conjunction with other firms (the
"Representatives"), you (a "Dealer") may be offered from time to time the
opportunity to purchase a portion of such securities, as a principal, at a
discount from the public offering price representing a selling concession or
reallowance granted as consideration for services rendered in the distribution
of such securities, subject to the terms and conditions of this Agreement.
1. General. (a) This Agreement sets forth the general terms,
conditions and representations applicable to any such purchase. These general
terms, conditions and representations may be modified, amended or supplemented
in connection with an offering of Securities by telegram, telex, facsimile
transmission or other written form (electronic or otherwise) of communication of
Nuveen or other Representative of the Underwriters of such offering (any
communication in any such form being herein referred to as a "written
communication") to you in connection with such offering. This Agreement shall
become effective with respect to your participation in an offering of Securities
upon your acceptance of any reservation of any such Securities, as a Dealer.
Such acceptance shall constitute your acceptance of this Agreement as modified,
amended or supplemented by any such written communication.
(b) As used herein, the term "Agreement" shall mean this
Agreement and, after receipt by you of written notice thereof, any amendment or
supplement hereto, plus any additional or supplementary terms, conditions and
representations contained in the prospectus relating to the offering of
Securities or any other written communication to you from Nuveen or any other
Representative of the Underwriters of any offering of securities. This Agreement
shall constitute a binding agreement between you and Nuveen, individually, and,
in respect of a public offering of
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Securities, Nuveen and the other Representatives of the Underwriters of such
offering on whose behalf Nuveen is acting.
(c) This Agreement supersedes any prior understanding you have
with Nuveen with respect to the subject matter hereof.
2. Sales to Selected Dealers. For any specific offering, we will
advise you by telegram of the method and terms of offering, the time of the
release of the Securities for sale to the public, the initial offering price,
the selling concession, the portion of the selling concession allowable to
certain dealers (the "reallowance"), the time at which subscription books will
be opened, the amount, if any, of Securities reserved for purchase by Dealers
and the period of reservation. Subscription books may be closed by us at any
time in our discretion without notice, and the right is reserved to reject any
subscription in whole or in part. Notification of allotments against the
rejections of subscriptions will be made as promptly as practicable. In
purchasing Securities, you must rely only on the prospectus, and on no other
statements whatsoever, written or oral.
3. Offering Provisions. Upon receipt of the telegram or letter
referred to in Section 2 hereof, promptly on the date set forth in such telegram
for release of the Securities for sale to the public, you will reoffer the
Securities purchased by you hereunder, subject to receipt and acceptance of the
Securities by the Underwriters, and upon the other terms, conditions and
representations set forth herein and in the prospectus relating to such
Securities. Securities purchased hereunder are to be offered to the public at
the initial public offering price set forth in the prospectus, except that if a
reallowance is in effect, a reallowance from the public offering price not in
excess of such reallowance may be allowed by you but only to dealers who are
actually engaged in the investment banking or securities business, who execute
the written agreement prescribed by Rule 2740(c) of the Rules of Conduct of the
National Association of Securities Dealers, Inc. ("NASD") and who are members in
good standing of the NASD or are foreign dealers, not eligible for membership in
the NASD, who, in each case, represent to you that they will promptly reoffer
such Securities to the public at the initial public offering price set forth in
the prospectus and will abide by the conditions with respect to foreign brokers
and dealers set forth in the first paragraph of Section 6 hereof.
If prior to the completion of a distribution of the Securities in an
offering, directly or indirectly in connection with their activities under this
agreement, Nuveen or an Underwriter of the offering purchases on the open market
any Securities purchased by you under this Agreement as part of the offering,
you agree to pay Nuveen or the lead Representative of the Underwriters of the
offering on demand an amount equal to the concession with respect to the
Securities, plus, as applicable, transfer taxes, broker's commission, or
dealer's markups, if any, paid in connection with such transactions.
Alternatively, Nuveen or the Representatives of the Underwriters of the offering
may withhold payment for a period of time of, or determine not to pay, all or
any part of the concession with respect to the Securities so received. You will
advise Nuveen or any other
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Representative from time to time at our request, of the number of Securities
purchased by you hereunder remaining unsold and you agree to sell to us, at our
request, for the account of one or more of the Underwriters, such number of such
unsold Securities as we may designate, at the initial offering price less an
amount to be determined by us, not in excess of the full concession.
4. Delivery and Payment. Payment for and delivery of Securities
purchased by you hereunder will be made through the facilities of the Depository
Trust Company, if you are a member, or, if you are not a member, settlement may
be made through a correspondent who is a member pursuant to instructions which
you will send to us prior to such specified date. At the discretion of Nuveen or
a Representative of the Underwriters of the offering, we may require you to pay
the full public offering price for any offering of Securities. If you are called
upon to pay the full public offering price for the Securities purchased by you
the concession will be paid to you, less any amounts charged to your account
pursuant to Section 3 above, after termination of this Agreement.
5. Termination. This Agreement shall continue in full force and
effect until terminated by either party by five days' written notice to the
other; provided, that if this Agreement has become effective with respect to any
offering of Securities, this Agreement may not be terminated by you with respect
to such offering. It shall remain in full force and effect as to such offering.
Notwithstanding any distribution and settlement of accounts, you shall be liable
for the proper proportion of any transfer tax or other liability which may be
asserted against the Representatives or any of the Underwriters or Dealers based
upon the claim that the Dealers, or any of them, constitute a partnership, an
association, an unincorporated business or other separate entity.
6. Position of Selected Dealers and Underwriters. You represent that
you are actually engaged in the investment banking or securities business and
are a member in good standing of the NASD or that you are a foreign dealer, not
eligible for membership in the NASD, which agrees not to offer or sell any
Securities in, or to persons who are nationals or residents of, the United
States of America. In making sales of Securities, if you are such a member, you
agree to comply with all applicable rules of the NASD, including, without
limitation, IM 2110-1 (the NASD's Interpretation with Respect to Free-Riding and
Withholding) and Rules 2740 and 2750 of the NASD's Rules of Conduct, or, if you
are a foreign dealer, you agree to comply with such Interpretation and Rules
2730, 2740 and 2750 of such Rules of Conduct as though you were such a member,
and with Rule 2420 as that Rule applies to a non-member broker or dealer in a
foreign country. You also confirm that you have complied and will comply with
the prospectus delivery requirements of Rule 15c2-8 under the Securities
Exchange Act of 1934, as amended including Rule 15c2-8(b) which requires all
participating dealers to distribute a copy of the preliminary prospectus
relating to the offering of Securities to each person to whom they expect to
confirm a sale of the Securities not less than 48 hours prior to the time they
expect to mail such confirmation. You are not authorized to give any information
or make any representations with respect to an offering of Securities other than
those contained in the prospectus for the offering,
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or to act as agent for the issuer, any Underwriter, Representative or Nuveen.
Neither Nuveen, individually or as Representative of the Underwriters,
nor any of the Representatives or Underwriters shall be under any liability to
you, except for obligations expressly assumed in this Agreement and any
liabilities under the Securities Act of 1933, as amended. No obligations on the
part of Nuveen will be implied or inferred herefrom. All communications to
Nuveen relating to the subject matter of this Agreement should be addressed to
John Nuveen & Co. Incorporated, 333 W. Wacker Drive, Chicago, Illinois 60606
(Attention: Tom Muntz), and any notices to you shall be deemed to have been duly
given if mailed or telegraphed to you at such address as you shall indicate on
the last page of this Agreement.
7. Blue Sky Matters. Neither Nuveen, individually or as a
Representative of the Underwriters, nor any of the Representatives or
Underwriters will have any responsibility with respect to the right of any
Dealer to sell Securities in any jurisdiction, notwithstanding any information
we may furnish in that connection.
8. Indemnification. You agree to indemnify and hold harmless Nuveen
and each Representative and Underwriter of an offering of Securities and each
person, if any, who controls Nuveen or any such Representative or Underwriter
within the meaning of Section 15 of the Securities Act of 1933, as amended or
Section 20 of the Securities Exchange Act of 1934, as amended, from and against
any and all losses, claims, damages, liabilities and expenses, joint or several
(including reasonable costs of investigation) (any of the foregoing being
hereinafter referred to individually as a "Loss" and collectively, as "Losses")
suffered or incurred by any such indemnified person arising out of or in
connection with such offering for or on account of or arising from or in
connection with (i) any violation of any law, rule or regulation (including any
rule of any self-regulatory organization) or (ii) any breach of any
representation, warranty, covenant or agreement contained in this Agreement. The
foregoing indemnity agreement shall be in addition to any liability which you
may otherwise have.
9. Procedures Relating to Indemnification. (a) An indemnified person
under Section 8 of this Agreement (the "Indemnified Party") shall give written
notice to you of any Loss in respect of which you have a duty to indemnify such
Indemnified Party under Section 8 of this Agreement (a "Claim"), specifying in
reasonable detail the nature of the Loss for which indemnification is sought,
except that any delay or failure so to notify you shall only relieve you of your
obligations hereunder to the extent, if at all, that you are actually prejudiced
by reason of such delay or failure.
(b) If a Claim results from any action, suit or proceeding
brought or asserted against an Indemnified Party, you shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to the
Indemnified Party and the payment of all fees and expenses. The Indemnified
Party shall have the right to employ separate counsel in such action, suit or
proceeding and participate in such defense thereof, but the fees and expenses of
such counsel shall
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be at the expense of the Indemnified Party unless (i) you have agreed in writing
to pay such fees and expenses, (ii) you have failed within a reasonable time to
assume the defense and employ counsel or (iii) the named parties to any such
action, suit or proceeding (including any impleaded parties) include both such
Indemnified Party and you and such Indemnified Party shall have been advised by
its counsel that representation of such Indemnified Party and you by the same
counsel would be inappropriate under applicable standards of professional
conduct (whether or not such representation by the same counsel has been
proposed) due to actual or potential differing interests between you and the
Indemnified Party (in which case you shall not have the right to assume the
defense of such action, suit or proceeding on behalf of such Indemnified Party).
It is understood, however, that you shall, in connection with any one action,
suit or proceeding or separate but substantially similar or related actions,
suits or proceedings in the same jurisdiction arising out of the same general
allegations or circumstances be liable for the reasonable fees and expenses of
only one separate firm of attorneys (in addition to any local counsel) at any
time for all such Indemnified Parties not having actual or potential differing
interests with you or among themselves, which firm shall be designated in
writing by the Representatives of the offering and that all such fees and
expenses shall be reimbursed promptly as they are incurred. You shall not be
liable for any settlement of any such action, suit or proceeding effected
without your written consent, but if settled with such written consent or if
there be a final judgment for the plaintiff in any such action, suit or
proceeding, you agree to indemnify and hold harmless any Indemnified Party from
and against any loss, liability, damage or expense by reason by such settlement
or judgment.
(c) With respect to any Claim not within Paragraph (b) of
Section 9 hereof, you shall have 20 days from receipt of notice from the
Indemnified Party of such Claim within which to respond thereto. If you do not
respond within such twenty-day period, you shall be deemed to have accepted
responsibility to make payment and shall have no further right to contest the
validity of such Claim. If you notify the Indemnified Party within such
twenty-day period that you reject such Claim in whole or in part, the
Indemnified Party shall be free to pursue such remedies as may be available to
the Indemnified Party under applicable law.
10. Survival. The representations, warranties, covenants and
agreements of the undersigned contained in this Agreement, including, without
limitation, the indemnity agreements contained in Sections 8 and 9 hereof, shall
remain operative and in full force and effect, regardless of (i) any
investigation made by or on behalf of any Representative or Underwriter or any
person controlling any Representative or Underwriter, or their directors or
officers, (ii) acceptance of any Shares and payment therefor and (iii) any
termination of this Agreement.
11. This Agreement shall be governed by the laws of the State of New
York or the laws of such other state as indicated in a written communication to
you by Nuveen with respect to any particular securities offering.
Please confirm your agreement to the foregoing by signing in the space
provided
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below and returning to us the enclosed counterpart of this Agreement.
NUVEEN INVESTMENTS
By:
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Managing Director
Confirmed as of _____________.
[Date]
_______________________________
By:
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Title:
Address:
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