severally but not jointly

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.

Severally But Not Jointly

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.
References in periodicals archive ?
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.