"Make whole clause": US. A strong form of protection for lenders/investors in securities, designed to mitigate the adverse effects of call risk for investors. Under a make whole clause the borrower/issuer has to value the cash flows beyond the date of the early call/redemption at the US government bond yield. This potentially makes it prohibitively expensive for the issuer to take an early redemption. The consequence of a make whole clause for the investor is that they can re-invest the redemption monies in US government stock, thus preserving their originally expected cash inflows at lower risk. Make whole clauses are similar in their effect to Spens clauses.