The Iowa Underwriting Agreement is a legally binding contract between Advance Equipment Receivable Series LLC and Advance Bank Corporation, pertaining to the underwriting of certain financial and business activities. This agreement serves to establish a framework for the terms and conditions under which Advance Bank Corporation agrees to underwrite the securities or financial instruments issued by Advance Equipment Receivable Series LLC, a subsidiary or affiliated entity. Under the Iowa Underwriting Agreement, Advance Bank Corporation assumes the responsibility for purchasing the securities or financial instruments from Advance Equipment Receivable Series LLC at a predetermined price, known as the underwriting price. The agreement outlines the quantity and type of securities or financial instruments that Advance Bank Corporation will underwrite, as well as the purchase price and any associated fees or commissions. The agreement also stipulates the obligations and responsibilities of both parties. Advance Equipment Receivable Series LLC is required to prepare and provide all necessary information, documents, and disclosures to Advance Bank Corporation for the underwriting process. This includes financial statements, legal documents, prospectuses, and any other relevant information that may be requested by Advance Bank Corporation to assess the viability and risk associated with the securities or financial instruments. Advance Bank Corporation, on the other hand, must conduct a thorough due diligence process to evaluate the creditworthiness and viability of Advance Equipment Receivable Series LLC and the securities being underwritten. This typically involves analyzing the financial statements, conducting risk assessments, and verifying the accuracy and authenticity of the provided information. It is important to note that the Iowa Underwriting Agreement may vary in its terms and conditions depending on the specific type of underwriting being performed. Different types of underwriting agreements between Advance Equipment Receivable Series LLC and Advance Bank Corporation may include: 1. Firm Commitment Underwriting Agreement: This agreement guarantees that Advance Bank Corporation will purchase the entire issue of securities or financial instruments from Advance Equipment Receivable Series LLC, regardless of whether they are able to resell them to investors. This provides Advance Equipment Receivable Series LLC with a guaranteed source of funds. 2. The Best Efforts Underwriting Agreement: In this type of agreement, Advance Bank Corporation agrees to make its best efforts to sell the securities or financial instruments issued by Advance Equipment Receivable Series LLC. However, Advance Bank Corporation does not guarantee the purchase of all the offered securities and may only take on a portion of the issue. 3. Standby Underwriting Agreement: This agreement is commonly used in situations where Advance Equipment Receivable Series LLC is issuing rights or subscription offerings to its existing shareholders. Advance Bank Corporation agrees to purchase any remaining securities or financial instruments that are not subscribed to by the existing shareholders. In conclusion, the Iowa Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation establishes the terms and conditions under which Advance Bank Corporation agrees to underwrite securities or financial instruments issued by Advance Equipment Receivable Series LLC. The specific type of underwriting agreement may vary, including firm commitment, the best efforts, and standby agreements, depending on the circumstances and nature of the offering.
Iowa Underwriting Agreement between Advanta Equipment Receivable Series LLC and Advanta Bank Corporation
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