Suppose Goldman Sachs serves as the underwriter for IPO with the term that Goldman Sachs agrees to purchasing all the shares of a stock and then sale them to the public. If there is not enough interest in the stock and some shares go unsold, then Goldman Sachs, not the company going public, bears the risk. What type of arrangement is this called?

• A. Firm commitment
• B. Private placement underwriting
• C. Best efforts underwriting
• D. Committed underwriting