If the securities being registered are to be offered through underwriters, the issuer shall give the names and addresses of the underwriters, their relationship, if any, to the issuer and state briefly the nature of the underwriters' obligation to take the securities.
All that is required as to the nature of the underwriters' obligation is whether it is a "firm commitment" under which the underwriters must take and pay for all of the securities, if any are taken, or whether it is merely an agency or "best efforts" arrangement under which the underwriters are required to take and pay for only such securities as they may sell to the public.
Issuers shall outline briefly the plan of distribution of any securities being registered which are to be offered otherwise than through an underwriter.
D.C. Mun. Regs. tit. 26, r. 26-B221