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.
Subject to market and other conditions, the notes are being issued jointly and severally by BRS and its wholly-owned subsidiary, BRS Finance Corp.
They are jointly and severally liable for the full purchase price under the Consumer Credit Act.
All of the individuals convicted be held jointly and severally liable for the total amount of Two Hundred Fifty Two Million Nine Hundred Fifty One Thousand and Four Hundred Fifty Eight Pesos and Seventy Two Centavos (P252,951,458.
If this is not done, the landlord can become jointly and severally liable with the tenant for any outstanding water and sewerage charges.
The court therefore reduced the fine imposed jointly and severally on Galp Energia Espana and Petroleos de Portugal to 8,277,500 - from 8,662,500 - and the individual fine on Galp Energia SGPS to 6,149,000 - from 6,435,000.
Merck KGaA/Generics (UK) - Merck KGaA agreements: 21,411,000, including, jointly and severally with Generics (UK) Limited: 7,766 843
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.
According to Isle of Capri, the 2020 notes will be fully and unconditionally guaranteed on an unsecured senior subordinated basis, jointly and severally, by each of the company's domestic subsidiaries that guarantee the company's senior secured credit facility.
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.