'yank the bank' clause
A clause in a facility agreement which gives the borrower the right to pay-off a dissenting member of the lending syndicate. Typically the borrower will not pay a prepayment premium but will pay all accrued interest, fees, costs, expenses and other amounts payable under the relevant facility agreement.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • yank the bank clause — A clause in a facility agreement which gives the borrower the right to pay off a dissenting member of the lending syndicate. Typically the borrower will not pay a prepayment premium but will pay all accrued interest, fees, costs, expenses and… …   Law dictionary

  • yank-the-bank clause — A clause in a facility agreement which gives the borrower the right to pay off a dissenting member of the lending syndicate. Typically the borrower will not pay a prepayment premium but will pay all accrued interest, fees, costs, expenses and… …   Law dictionary

  • yank the bank clause — A clause in a facility agreement which gives the borrower the right to pay off a dissenting member of the lending syndicate. Typically the borrower will not pay a prepayment premium but will pay all accrued interest, fees, costs, expenses and… …   Law dictionary

  • yank-a-bank — USA A clause in a loan agreement which gives the borrower the right to pay off and replace a single member of the lending syndicate in limited circumstances such as where a lender has requested reimbursement for taxes or increased costs of… …   Law dictionary

  • syndicated loan — A credit facility granted by more than one bank to a borrower or associated borrowers under the terms of one agreement. Syndication is the process by which one bank sells a portion of its debt to a syndicate of lenders, so reducing its own… …   Law dictionary

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