The New York Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation is a legally binding document that governs the underwriting process for the issuance and sale of securities by Advance Equipment Receivable Series LLC. This agreement outlines the roles, responsibilities, and obligations of both parties involved in the underwriting process. Through this agreement, Advance Bank Corporation undertakes the task of underwriting the securities issued by Advance Equipment Receivable Series LLC. Underwriting refers to the process of evaluating the financial worthiness and marketability of the securities to be offered to the public. Advance Bank Corporation, acting as the underwriter, assumes the risk associated with selling the securities at a predetermined offering price. The New York Underwriting Agreement encompasses various terms and conditions that both parties must adhere to. These include the description of the securities being offered, the offering price, the underwriting fee or commission payable to Advance Bank Corporation, and the timetables for various steps in the underwriting process. Additionally, this agreement may also cover different types of underwriting arrangements, depending on the specific securities being offered. Some common types of underwriting agreements between Advance Equipment Receivable Series LLC and Advance Bank Corporation are: 1. Firm commitment underwriting: In this type of agreement, Advance Bank Corporation commits to purchasing the entire offering of securities from Advance Equipment Receivable Series LLC, regardless of whether they can be resold to the public or not. This ensures a guaranteed placement of the securities. 2. The Best efforts underwriting: This agreement involves Advance Bank Corporation making its best efforts to sell the securities to the public. Unlike firm commitment underwriting, Advance Bank Corporation is not obligated to purchase any unsold securities. The sale of securities depends on the market demand and may result in some securities remaining unsold. 3. Standby underwriting: This type of underwriting agreement is often used in rights offerings, where existing shareholders are given the opportunity to purchase additional shares. Advance Bank Corporation commits to purchasing any unsubscribed shares, ensuring the success of the rights offering. The New York Underwriting Agreement is a crucial document that establishes the legal framework for the underwriting process and protects the interests of both Advance Equipment Receivable Series LLC and Advance Bank Corporation. It provides clarity on the rights and obligations of each party and helps ensure a smooth and transparent offering of securities to the public.
New York Underwriting Agreement between Advanta Equipment Receivable Series LLC and Advanta Bank Corporation
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