Banking & Finance Glossary—M
Banking & Finance Glossary—M

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Banking & Finance Glossary—M
  • Maintenance covenant
  • Lexis®PSL resources
  • Mandate
  • Mandatory costs
  • Lexis®PSL resources
  • Margin
  • Lexis®PSL resources
  • Market flex
  • Margin ratchet
  • More...

Maintenance covenant

Type of covenant which is tested on a regular basis; contrasts with an incurrence covenant where compliance is only tested when the borrower wishes to take a specific action, such as incurring additional debt

Lexis®PSL resources

Financial covenants—principles


The authorisation given by the borrower to the arranger or lead manager of a transaction to carry it out on the agreed terms

Mandatory costs

The cost to a lender of complying with regulatory liquidity requirements and regulator fees—these may be included as a separate element in the interest calculation in a loan agreement, or catered for in the margin

Lexis®PSL resources

Interest—funding rates and margin

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