Agreement among underwriters - Definition

Also known as "syndicate contract" or purchase group agreement is a contract between participating members of an investment banking syndicate. The contract designates the originating bank as the lead underwriter, specifies each member's proportionate Liability and confirms to pay the member's share on the date of Settlement. The contract authorises the manager to allocate units to selling group and establishes compliance to the rules of the selling group agreement and specifies the term of the syndicate.

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