Any coupon or interest that the borrower, in securities lending arrangements, receives and is contractually bound to pass on to the lender (the registered owner of the interest-bearing instrument) during the term of the lending arrangement. By agreement, the borrower undertakes to pay to the lender compensation (i.e., manufactured interest) for the interest the lender would have received on the loaned securities (debt securities) on the pre-defined coupon dates. The manufactured interest will be equal to the interest payable by the borrower plus some margin (a lending fee).