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Investing Glossary:
Jointly and severally
Copyright 2009,
Campbell R. Harvey. All Rights Reserved.
Do not reproduce without explicit permission.
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| Definition: |
| 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.
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