The North Dakota Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation is a legally binding contract that outlines the terms and conditions of an underwriting arrangement. This agreement lays out the responsibilities and obligations of both parties involved in the transaction. Underwriting agreements are commonly utilized in financial transactions, especially in the issuance of securities. In this specific case, Advance Equipment Receivable Series LLC is the issuer of the securities, while Advance Bank Corporation acts as the underwriter. The underwriter assumes the responsibility of purchasing the securities from the issuer and reselling them to investors. The North Dakota Underwriting Agreement covers several key areas, including the offering details, compensation, representations and warranties, covenants, conditions, indemnification, and termination provisions. It also outlines the terms of the securities offering, such as the price, quantity, and timing of the issuance. Some of the typical clauses that can be found in a North Dakota Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation include: 1. Offering Details: This section provides a comprehensive description of the securities being offered, including their type, quantity, price, and any other relevant details. 2. Compensation: The agreement specifies the compensation or fee that Advance Bank Corporation will receive for its underwriting services. It may be a fixed amount, a percentage of the offering amount, or a combination of both. 3. Representations and Warranties: Both parties make certain representations and warranties to each other regarding their authority, legal capacity, financial standing, and compliance with relevant laws and regulations. 4. Covenants: The agreement sets forth certain obligations that Advance Equipment Receivable Series LLC must fulfill, such as providing timely and accurate disclosure documents, maintaining financial records, and ensuring compliance with regulatory requirements. 5. Conditions: The underwriting agreement outlines the conditions that need to be satisfied for the transaction to close successfully, including obtaining necessary regulatory approvals and meeting any specific requirements set by both parties. 6. Indemnification: This section deals with the allocation of liabilities between the parties. It specifies which party will bear the responsibility for any losses, damages, or legal actions arising from misrepresentations, negligence, or breaches of the agreement. 7. Termination: The agreement includes provisions for termination, stating the circumstances under which either party can terminate the agreement prior to the closing of the transaction. It may also specify the consequences or remedies in case of termination. Different types of North Dakota Underwriting Agreements between Advance Equipment Receivable Series LLC and Advance Bank Corporation may exist depending on the specific securities being issued, the size of the offering, the parties involved, and other factors. However, the essential components mentioned above are present in most underwriting agreements. It is important to note that the content provided here is for general informational purposes only and should not be considered as legal advice. The actual terms and provisions of any North Dakota Underwriting Agreement should be reviewed thoroughly by legal professionals familiar with the jurisdiction and applicable laws.
North Dakota Underwriting Agreement between Advanta Equipment Receivable Series LLC and Advanta Bank Corporation
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