A mechanism in a syndication agreement may provide for the automatic awarding of a lease to the participants immediately after payment of the purchase price of the leased item to the lessor or seller. This excludes the need to sign a separate lease agreement in connection with each syndicated lease agreement. As a result of market flexibility, credit synchronization in the language of bond markets is a bookbuilding exercise. A loan is initially put on the market for a first purpose or, as was increasingly the case until 2008, with a number of spreads called price calls (for example, a target spread from LIBOR +250 to LIBOR +275). Investors will then make commitments that, in many cases, are staggered by the spread. For example, an account can deposit for $25 million on LIBOR + 275 or $15 million on LIBOR + 250. To overcome head-count test problems on bonds, bondholders may receive certain obligations (even if they are costly) or be perceived as potential creditors on the basis of that right. In a consortium agreement, there are usually two types of covenants: one of the syndicated best-efforts is one in which the Arranger Group undertakes to subscribe less than or equal to the total amount of credit, the credit being left to the vicissitudes of the market. If the loan is signed, the credit may not be taken out – or significant adjustments to its interest rate or creditworthiness are needed to clear the market. Traditionally, Best Efforts syndicates were used for risky borrowers or for complex transactions.  It is implicit in credit and loan agreements that the majority of them must act in good faith and in the interest of the class as a whole.
 Subject to explicit contractual conditions. . . .