Jurisdiction(s):
United Kingdom

Key definition

Most favoured nation definition

What does Most favoured nation mean? In loan documentation, a most favoured nation (MFN) clause protects existing lenders by ensuring that any later‑incurred additional debt is not priced materially higher than the existing facilities unless the existing pricing steps up to preserve an agreed differential. It typically applies to incremental/accordion facilities or similar additional pari passu term debt. If the new debt would exceed the agreed margin or all‑in yield cap, the existing term debt margin (or yield) increases to maintain the cap. MFN is a market expression rather than a statutory or case‑law definition and is used consistently in leveraged finance documentation governed...

Most favoured nation (MFN) side letter clause for limited partnership and PFLP agreements: disclosure, election rights and exceptions

Published by a LexisNexis Corporate expert

Precedents

Insert a new clause 14 into Precedent: Limited partnership agreement, or a new clause 16 into Precedent: Limited partnership agreement—private fund Limited partnership, with the following: [ 14 OR 16 ] Most favoured nation [ 14.1 OR 16.1 ] The Partners acknowledge and agree that the Limited Partnership and/or the General Partner may enter into the side letters or side arrangements with some or all of the Limited partners, which confer rights or vary or augment the terms of this Agreement and the deeds of adherence entered into by the relevant Limited Partner (the Side Letters and each a Side Letter) and which,...

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Web page updated on 22/05/2026

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