NUVEEN NORTH CAROLINA DIVIDEND ADVANTAGE MUNICIPAL FUND
N-2/A, EX-99.P, 2000-12-19
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            NUVEEN NORTH CAROLINA DIVIDEND ADVANTAGE MUNICIPAL FUND

                            Subscription Agreement
                            ----------------------

     This Agreement made this __________ by and between Nuveen North Carolina
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 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, ____________ common shares for a purchase
price of $_____ per share;

     NOW THEREFORE, IT IS AGREED:

     1. The Subscriber subscribes for and agrees to purchase from the Fund
______ common shares for a purchase price of $______ 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;

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          (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.
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     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 NORTH CAROLINA DIVIDEND
ADVANTAGE MUNICIPAL FUND



By:___________________________


NUVEEN ADVISORY CORP.



By:___________________________



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