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A best-efforts syndication is one for which the arranger group commits to underwrite less than or equal to the entire amount of the loan, leaving the credit to the vicissitudes of the market. If the loan is undersubscribed, the credit may not close — or may need significant adjustments to its interest rate or credit rating to clear the market.
In the best efforts contract, the underwriter agrees to sell as many shares as possible at the agreed-upon price. [ 2 ] Under the all-or-none contract , the underwriter agrees either to sell the entire offering or to cancel the deal.
In U.S. law, the legal concept of implied covenant of good faith and fair dealing arose in the mid-19th century because contemporary legal interpretations of “the express contract language, interpreted strictly, appeared to grant unbridled discretion to one of the parties”. [1] In 1933, in the case of Kirke La Shelle Company v.
Hence, the first-best effort level maximizes the agent's payoff, and the fixed payment can be chosen such that in equilibrium the agent's expected payoff equals his or her reservation utility (which is what the agent would get if no contract was written). Yet, if the agent is risk-averse, there is a trade-off between incentives and insurance.
The line of effort produces the needed power and flexibility by structuring the plan around the purpose and an achievable end state that realizes the purpose, the aims (the elements necessary, or chosen to achieve the end state), and the levers or effects (the actions the counsel can take that are likely to bring about the targeted aims). [15]
Best practice is a feature of accredited management standards such as ISO 9000 and ISO 14001. [2] Some consulting firms specialize in the area of best practice and offer ready-made templates to standardize business process documentation. Sometimes a best practice is not applicable or is inappropriate for a particular organization's needs.
By Nate Raymond (Reuters) -A U.S. appeals court has halted enforcement of an anti-money laundering law that requires corporate entities to disclose the identities of their real beneficial owners ...
Dworkin argues that law is an "interpretive concept" [37] that requires judges to find the best fitting and most just solution to a legal dispute, given their Anglo-American constitutional traditions. Joseph Raz, on the other hand, defended the positivist outlook and criticised Hart's "soft social thesis" approach in The Authority of Law. [38]