Also known as underwriting. In the context of a financing, where a financial institution (such as an investment bank) agrees to purchase equity or debt securities of a company with the intent of reselling them to other investors. Syndicated bank loans may also be underwritten by a few initial lenders (typically referred to as arrangers) that will fund the loans with the intent of selling a portion of the loans to other lenders either before or after the initial funding. Bank loans may be partially or fully underwritten by the arrangers. The arrangers are obligated to fund fully underwritten loans even if they are not syndicated to other lenders before the funding date.