Severally But Not Jointly

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Severally but not jointly

An agreement between members of an underwriting group buy a new issue (severally), but not to assume joint liability for shares left unsold by other members.

Describing an underwriting agreement in which several underwriting firms agree to buy a new issue together, but state specifically that they are not responsible for any other firm's unsold portion of the issue. That is, while the underwriting syndicate works together in coordinating the placement of the new issue with investors, each firm is ultimately only responsible for its own portion. See also: Jointly and severally.

severally but not jointly

Of or relating to a security offering in which individual underwriters are responsible for selling their initial allocations but are not responsible for any unsold securities allocated to other underwriters. Compare jointly and severally.

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Agreement Among Underwriters Jointly and Severally			Up to $195 million in notes are backed by a standby note purchase agreement with three banks in which each bank, acting severally but not jointly, is obligated to purchase up to $65 million of notes. Univ of Texas's Perm Univ Fund Bnd Rtd AAA by S&P by Business Wire			Set Up Set-Aside set-aside letter setback Setoff Setor de governo Settle Settle Price settlement Settlement Agent Settlement Costs settlement date Settlement Month Settlement Options Settlement Period Settlement Price Settlement Rate Settlement Risk settlement statement settling settlor sever Severability severally Severally and Jointly Severally But Not Jointly severalty Severance severance damages sewer Seychelles Rupee Seymour Sfratto SG SG&A SGD SGL SGL-1 SGL-2 SGL-3 SGL-4 SH Shadow shadow anchor Shadow Calendar Shadow Open Market Committee Shadow Pricing Shadow Rating Shadow Stock Shadows Shakeout			severable severable severable severable severable contract severable contract Severable Use Rights several several several several several several Several complex variables several irons in the fire Several liability Several liability Several liability Several Wine Imbibers Liking Libations several-seeded severalfold severalise severality severalize severally severally severally severally severally severally and jointly Severally But Not Jointly Severally liable Severally liable Severally liable severalties severalties severalties severalty severalty severalty Severalty Ownership Severan Wall Severan Wall severance severance severance severance severance agreement Severance Benefit Severance Benefit Severance Benefit Severance Benefits Severance Benefits Severance Benefits Severance Damages Severance of Diplomatic Relations severance of relations Severance package Severance package Severance package Severance package

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