severally and 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.

severally and jointly

References in periodicals archive ?
The board of directors and all directors of China Shenhua Energy Company Limited guarantee that the information set out in this announcement does not contain any false statements, misleading representations or material omissions, and severally and jointly accept responsibility as to the truthfulness, accuracy and completeness of the content herein.
Other reliefs sought are an order compelling the respondents to severally and jointly tender an apology to the applicant and to pay him the sum of N1 billion being general and exemplary damages for the alleged forceful seizure and confiscation of the applicant's property without a court order.