Severally but not jointly
Definition 1 A Type of agreement that establishes the responsibility for selling the securities in an underwriting. Members of the Underwriting group agree to Buy a certain amount of the New issue severally but do not agree to Joint liability for shares unsold by other members of the group. Definition 2 More generally, when members of a group agree to certain obligations individually, but do not Share responsibility for the obligations of other members of the group.