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 aren’t responsible for the percentage of the issue that isn’t sold by other members of the underwriting group.
severally but not jointly - Investment & Finance Definition
Webster's New World Finance and Investment Dictionary Copyright © 2010 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.
Used by arrangement with John Wiley & Sons, Inc.
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"severally but not jointly." YourDictionary, n.d. Web. 14 July 2019. <https://www.yourdictionary.com/severally-but-not-jointly>.
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severally but not jointly. (n.d.). Retrieved July 14th, 2019, from https://www.yourdictionary.com/severally-but-not-jointly
