Pennsylvania Underwriting Agreement The Pennsylvania Underwriting Agreement is a legally binding document that establishes the terms and conditions between Advance Equipment Receivable Series LLC (the "Issuer") and Advance Bank Corporation (the "Underwriter"). This agreement outlines the agreement and understanding between both parties regarding the underwriting of certain securities issued by the Issuer. Under this agreement, Advance Bank Corporation agrees to purchase a specified number of securities issued by the Issuer at an agreed-upon purchase price. The Issuer, on the other hand, agrees to issue and deliver the securities to the Underwriter as per the terms stated in the agreement. In this Pennsylvania Underwriting Agreement, both the Issuer and the Underwriter undertake various responsibilities and obligations to ensure a successful underwriting process. These obligations typically include the accurate disclosure of all material information related to the securities being underwritten, compliance with all applicable laws and regulations, and the provision of any necessary documentation and certificates required for the completion of the underwriting process. The Pennsylvania Underwriting Agreement may include various types, depending on the specific terms and conditions agreed upon by Advance Equipment Receivable Series LLC and Advance Bank Corporation. Some examples of different types of Pennsylvania Underwriting Agreements are: 1. Firm Commitment: This type of underwriting agreement obligates the Underwriter to purchase all the securities being issued by the Issuer, even if they are unable to sell them to investors. Due to its higher risk for the Underwriter, the purchase price for securities under firm commitment underwriting is generally lower than other types. 2. The Best Efforts: In this type of underwriting agreement, the Underwriter commits to making its best efforts to sell the securities issued by the Issuer but is not obligated to purchase any unsold securities. The purchase price for securities under best efforts underwriting is typically higher than firm commitment underwriting since there is no guarantee of sale. 3. Mini-Maxi: This type of underwriting agreement establishes a minimum and maximum amount of securities that the Underwriter is obligated to purchase. The Issuer sets a minimum level of subscriptions required to proceed with the underwriting, while the maximum limits the Underwriter's purchase obligation. This arrangement allows flexibility for the Underwriter while providing some certainty to the Issuer. 4. All or None: With an all or none underwriting agreement, the Underwriter agrees to purchase all the securities issued by the Issuer or none at all. If the minimum subscription level agreed upon by both parties is not met, the entire underwriting will be canceled. The Pennsylvania Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation is an essential legal document that governs the underwriting process and ensures a fair and transparent transaction for both parties involved. It is crucial for the agreement to clearly outline the rights, responsibilities, and obligations of the Issuer and the Underwriter, as well as the specific terms of the underwriting arrangement chosen.
Pennsylvania Underwriting Agreement between Advanta Equipment Receivable Series LLC and Advanta Bank Corporation
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