On the same day, SKECJI entered into a separate convertible bond subscription agreement with Chemicals (“CBSA”) under which Chemicals was to pay $90 million in convertible bond subscription fees to SKECJI. The subscription of new issues may be covered by a subscription contract that legally obliges the investor to invest in the financial instrument and obliges the entity to take certain bonds and guarantees. In some legal systems, it is possible for the issuer and subscribers to use a model signature agreement as the basis for this agreement, although in more complex cases a tailor-made contract by a qualified specialist may be necessary. Both agreements – the Bond Subscription Agreement and the Investment Agreement – are arbitration agreements within the meaning of the International Arbitration Act. An early form of subscription was praenumeration, a common business practice in 18th century bookstores in Germany. The publishing house offered to sell a book that had been planned but had not yet been printed, usually with a discount to cover their expenses in advance. Business practice was particularly common in magazines, helping to determine the number of subscribers in advance. [1] Praenumeration is similar to the recent crowdfunding model. Auctioning is a method of distributing securities to investors when an issue has been oversubscribed. At the end of the reference period, the request for a new issue may exceed the number of shares or bonds issued. In such cases, the subscribing bank has allocated the securities with the agreement of the issuer, either by lottery or on a formula basis.