severally but not jointly

severally but not jointly definition - finance
A legal term that is typically used in underwriting agreements which obligate individual members of the agreement to purchase a certain percentage of the issue for resale to their clients. However, they arenÂ’t responsible for the percentage of the issue that isnÂ’t sold by other members of the underwriting group.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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