Although the origins of syndicated loan arrangements may be traced as far back as the eighteenth century, it was only in the 1970s that they became very popular because of the circumstances of the time. The oil price-ridden economies looked for finance to correct their budget deficits, and the large amounts they sought for the purpose could predominantly be provided by syndications. During the 1980s however, the overheated economies, particularly in the West, and the easy-term loans promoted by banks in the West provided finance to many, particularly the developing countries, through the same arrangements. Interestingly enough, no identifiable pattern of syndicated loan agreements has emerged although certain clauses seem to be included, as a matter of course in most of such agreements.