Do as told and honour Yankee (4)
I believe the answer is:
obey
'do as told' is the definition.
(I've seen this before)
'honour yankee' is the wordplay.
'honour' becomes 'obe' (**).
'yankee' becomes 'y' (phonetic alphabet: alpha, bravo, charlie etc.).
'obe'+'y'='OBEY'
'and' is the link.
(Other definitions for obey that I've seen before include "Perversely inclined to do the opposite" , "Respect" , "Be ruled by" , "Do as ordered" , "Conform" .)