The financial institution that arranges for a loan between a borrower and a syndicate of lenders. The arranger conducts the credit assessment of the borrower, the syndication of the loan to the lenders, the appointment of the lenders' lead attorney and negotiation of the loan documentation. If the transaction also has an active documentation agent, then that agent will be responsible for appointment of the lenders' lead attorney and negotiation of the loan documentation. If the transaction also has an active syndication agent, then that agent will be responsible for syndication of the loan. After the loan closes, administration of the loan agreement is taken over by the administrative agent. If there is more than one arranger, the financial institutions may be co-arrangers, and there may be a lead arranger who takes a leading role among the co-arrangers.