severally but not jointly
Definition 1
A type of agreement that establishes the responsibility for selling the securities in an underwriting. Members of the underwriting group agree to buy a certain amount of the new issue severally but do not agree to joint liability for shares unsold by other members of the group.
Definition 2
More generally, when members of a group agree to certain obligations individually, but do not share responsibility for the obligations of other members of the group.
A type of agreement that establishes the responsibility for selling the securities in an underwriting. Members of the underwriting group agree to buy a certain amount of the new issue severally but do not agree to joint liability for shares unsold by other members of the group.
Definition 2
More generally, when members of a group agree to certain obligations individually, but do not share responsibility for the obligations of other members of the group.
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