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What does best-efforts deal mean?

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best-efforts deal
Noun

A financing arrangement by which the arranging bank agrees to use its “best efforts” or “commercially reasonable efforts” to market and place a financing facility with lenders and other investors, generally with no obligation of the arranger to provide any of the financing itself unless and until the financing is successfully syndicated.

Synonym(s): 
  • arrangement; best-efforts arrangement.
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