In the context of a syndicated loan, a provision often included in a commitment letter (although it may form a separate letter in its own right) preventing an arranger or underwriter from making a private deal with a lender that would encourage the lender to invest in the secondary market instead of joining the syndicate.

The provision is particularly important if the loan is underwritten as the process of front-running may distort an arranger's or bookrunner's primary market and adversely affect syndication leaving the underwriter with additional debt to underwrite.

The prohibition on front-running is often extended to each of the primary syndicate lenders as a similar provision may be included in their confidentiality letters which each lender must sign before it receives the information memorandum.