jointly and severally

Jointly and severally

Municipal bond underwriting in which the account is undivided and syndicate members are responsible for unsold bonds in proportion to their participation, regardless of how many bonds they may have already sold. A firm with 20% of the account is responsible for selling 20% of the unsold bonds even if has already sold 25% of the total debt issue, for example. See: Severally but not jointly.

Jointly and Severally

Relating to an agreement between the issuer of a new security and its underwriting syndicates mandating that the underwriters are responsible for any unsold portion of the issue in proportion to their participation in the issue, even if they sold their initially agreed upon participations. For instance, suppose an underwriting firm is responsible for placing 15% of an issue and does so. If the entire issue is not placed, the firm is still responsible for placing 15% of the unsold portion of the issue. This process continues until the entire issues is sold or the remainder cancelled.

jointly and severally

Of or relating to a securities offering in which the underwriter is responsible for its own allocation and for a proportionate share of any securities that remain unsold. Thus, a syndicate member allocated 10% of the securities to be sold would also be responsible for 10% of any unsold securities. Also called severally and jointly. Compare severally but not jointly.
References in classic literature ?
Micawber, your humble servant, and I may add our children, have jointly and severally arrived, than by borrowing the language of an illustrious poet, to reply that our Boat is on the shore, and our Bark is on the sea.'
"Maynilad shall be jointly and severally liable with the MWSS for a total amount of P921.46 million covering the period May 7, 2009 to date of promulgation (Aug.
The companies were held 'jointly and severally liable' with regulator Metropolitan Waterworks and Sewerage System (MWSS), meaning any of the parties can be held liable to pay the fine.
"Maynilad shall be jointly and severally liable with the MWSS for a total amount of P921,464,184 covering the period May 7, 2009 to date of promulgation," SC spokesman Brian Keith Hosaka said.
Maynilad shall be jointly and severally liable with the MWSS for a total amount of PHP921,464,184 covering the period 05/07/09 to date of promulgation.
not a personal loan), the bank is jointly and severally liable.
"The accused persons jointly and severally in connivance with each other have been alleged for awarding the contracts to favour certain advertising agencies and to their own favour, in violation of relevant laws and rules and against exorbitant rates," according to NAB.
Mombasa Resident Judge Eric Ogola issued temporary orders against the defendants pending the hearing of the suit."A temporary mandatory injunction order be and is hereby issued against the defendants, jointly and severally, from erecting, barricading or in any manner impeding or preventing the applicants from entering, and/or accessing their business premises and to remove the boarding and/or barricades erected around the suit property," the order said.
To settle the SEC's charges, Rice and Ford agreed to be held jointly and severally liable for $2,259,543 in disgorgement plus $68,423 in prejudgment interest, and each must pay a $184,767 penalty.
Justice Msagha Mbogholi said the traders proved their cases 'jointly and severally' so the government cannot run away from liability.
jointly announce that as of June 28, 2018, all of the guarantors identified below as "Westfield Guarantors" have jointly and severally agreed to guarantee the payment of all sums payable from time to time under: