A loan or other credit facility made available to a borrower (or associated borrowers) by multiple lenders under a single facility agreement.

Syndication is the process by which one lender transfers, usually by novation, all or part of its commitment under the syndicated facility to another lender or lenders. This reduces the original lender's credit exposure to the borrower and its reward. Together, the facility lenders are known as the syndicate.

An agent bank is appointed by the syndicate lenders to liaise with the borrower on behalf of the syndicate and to administer the loans (including by facilitating borrowings, and receiving and distributing payments among the parties).