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No, only 1 person can hold an armband in your pt and they will be concidered the "holder" of that run.

The above answer is completely incorrect, all members of your party can hold an assault armband, but only one person needs to, that being the leader, the person activating the assault. I've always carried an assault armband on my character, and get a new one as soon as I leave the assault, whether or not I initiate the next one I'm in, and whether or not I'm leader of the party, and it doesn't interfere with the assault leader starting a new one.

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