yank-a-bank

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 funding, where a lender has defaulted on its obligation to fund a loan, or where, in connection with an amendment or waiver of the terms of the loan agreement, a lender has dissented in a vote in which the majority of the lenders approved the amendment. Typically the borrower will not pay a prepayment premium but will pay all principal and all accrued interest, fees, costs, expenses and other amounts payable to such lender under the relevant loan agreement.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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