Also known as syndicated. In the context of a bank loan, the process whereby an arranger (or small group of arrangers, typically not more than four) divide up a loan, or an unfunded loan commitment, among a group of interested lenders. If the loan is syndicated before it is funded, the commitments are allocated to the lenders in the syndicate. If the syndication takes place after the loan is funded, portions of the outstanding loan and any related commitments are sold (by assignment) to the lenders in the syndicate.