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 (although it often commits to fund a small portion if the loan is fully syndicated). If the loan is not fully syndicated, either the terms are renegotiated or the loan does not close. Agent banks often prefer to use "commercially reasonable efforts" because it is believed to be a slightly more lenient standard than "best efforts" (which, while not a clear standard, is believed by practitioners to require extraordinary measures). This is in contrast to a fully underwritten deal where the agent bank agrees to fund the loan whether or not it is able to arrange a lending syndicate. For more information, see Practice Note, Commitment Letters Overview: Lending: Best Efforts Commitments.