USA
I
best efforts deal, Also known as best efforts offering.
A bank loan financing where an agent bank agrees to use its best efforts (or commercially reasonable efforts) to arrange a syndicate of lenders that will make the loan but has no obligation to make the loans itself.
II
best efforts underwriting, Also known as best efforts offering.
In a best efforts underwriting, the underwriters do not agree to purchase all of the securities from the issuer. Underwriters agree to use their best efforts to sell the securities and act only as an agent of the issuer in marketing the securities to investors. The underwriters purchase from the issuer only those securities that its clients have agreed to buy. See also firm commitment underwriting.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.