underscorejs-sub-templates.html

<script type="text/template" id="sub_template">
  <article>
    <h1>id: <%= id %><h1>
  </article>
</script>

<script type="text/template" id="main_template">
  <% for (var i = 0; i < num; i++) { %>
    <%= renderSub({id:i}) %>
  <% } %>
</script>

underscorejs-sub-templates.js

 var renderSub = _.template( $('#sub_template').remove().text() ),
     renderMain = _.template( $('#main_template').remove().text() );

  renderMain({num:5, renderSub:renderSub});