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.
They are jointly and severally liable for the full purchase price under the Consumer Credit Act.
If this is not done, the landlord can become jointly and severally liable with the tenant for any outstanding water and sewerage charges.
At a general meeting of the duly convened and held at Inksters, The Exchange 142 St Vincent Street G2 5LA on 27/11/2014, the following Resolutions were passed as a Special Resolution and an Ordinary Resolution respectively: "That the Company be wound up voluntarily, that Shane Biddlecombe and Gordon Johnston (IP numbers 9425 and 8616) of HJS Recovery, 12-14 Carlton Place Southampton SO15 2EA, be and are hereby appointed Joint Liquidators of the Company for the purposes of such winding up, and that the Joint Liquidators be authorised to act jointly and severally in the Liquidation.
and will be unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by the company and its existing and future domestic subsidiaries (other than Spirit AeroSystems, Inc.
In the verdict, issued yesterday (November 18), BCDR ordered Falah Nasser Hamad Al-Falah, a former employee of the bank, and its former chief executive, Majid Al-Refai to jointly and severally pay the bank approximately $1.
If the landlord or appointed managing agent fails to comply with this provision, they will become jointly and severally liable for the invoices for water usage at the rented property.
If three of you are purchasing jointly then you should own the property jointly as Tenants in Common, with each of you having a one-third share in the equity as, of course, all three will be jointly and severally liable under the mortgage.
All the defendants were jointly and severally bound to pay the Rs.
In the Attorney Fee Order, the judge awarded ClearOne attorney fees and costs of $2,009,551 as follows: $983,880 against Biamp and the WideBand Defendants jointly and severally; another $118,025 solely against Biamp; and another $907,646 solely against the WideBand Defendants, jointly and severally.
Taking the second point, if you are getting a mortgage you and your co-owner will be jointly and severally liable for all amounts which become due under the terms of the mortgage.