a first among equals, and each lender gets a full cut, or nearly a full cut, of the fees. The syndication process As a syndicated loan is a collection of bilateral loans between a borrower and several banks, the structure of the transaction is to isolate each bank's interest whilst maximising the collective efficiency of monitoring and enforcement of a single lender. The essence is to make loans on similar terms to make a bundle of loans into a single agreement. This draws upon Loan Market Association documents. Correspondingly, three key actors operate within a syndicated lending: Arranger Agent Trustee These actors utilise two core legal concepts to overcome the difficulty of large-cap lending, those being Agency and Trusts. A single bank may not on its own be willing or able to advance the whole amount. The essence of syndication is that two or more banks agree to make loans to a borrower on common terms governed by a single agreement. This agreement not only regulates the relationship between the lenders and the borrower but importantly between lenders. Most loans are documented using LMA precedents, in England, this will not be on the lenders' 'written standard terms of business' for the purposes of UCTA 1977. The distinction in the lending agreements, and use of the three aforementioned actors is primarily to avoid the creation of a partnership, avoid lenders from inadvertently acting as guarantors to one another — or to prevent Set-off. The borrower is sometimes given a “Yank the bank” power to force a transfer of a lenders interest in repayment (a chose in action) if the lender does not consent to a waiver or amendment. Lenders are traditionally limited in their decision-making by overlapping clauses requiring voting and collective decision-making. This acts as a disincentive for individual lenders to act in their own interests over the collective group. It has been suggested that the historical cooperation within the London loan market helped produce efficiency insolvency work-outs through the London Approach. Lending Terms There are several common types of lending terms, including implied terms in syndicated lending that affect the operation and coordination of lending behaviour. Snooze-you-lose provision where lenders are required to submit their votes, these are contractual discretions which allow . These were found within several cases which regard terms relating to contractual discretions which must be exercised for the purposes which they are conferred. Good Faith.