A credit facility made available to a borrower by multiple lenders under a single loan agreement.

Syndication is the process by which one bank sells a portion of its lending commitment to a syndicate of lenders and reduces its own credit exposure to the borrower. An agent bank is appointed by the syndicate members to interact with the borrower on behalf of the syndicate, to facilitate borrowings, receive repayments and distribute them in the correct amounts to the lenders, and to administer the loans.