A syndicated loan is a loan extended to a single customer by multiple financial institutions, which are formed into a group, or "syndicate", for that purpose. The same terms and conditions apply to all of the lenders in the syndicate, and there is only one loan agreement. The arranger serves as contact point for all parties, negotiates lending terms, and arranges the syndicate.
After the loan agreement is signed, the agent takes responsibility for handling the various administrative tasks (such as collecting information from the borrower, handling of assignments, managing loan documentation, distributing principal and interest payments to the other syndicate members etc.).