Sovereign taken from lender, price after adjustment correct (3-6)
I believe the answer is:
red-pencil
'correct' is the definition.
(to red-pencil can mean to correct or revise)
'sovereign taken from lender price after adjustment' is the wordplay.
'sovereign' becomes 'er' (Abbreviation for Elizabeth Regina).
'taken from' suggests deleting specific letters.
'after adjustment' indicates an anagram.
'lender'+'price'='lenderprice'
'lenderprice' with 'er' taken away is 'lendprice'.
'lendprice' is an anagram of 'RED-PENCIL'.
(Other definitions for red-pencil that I've seen before include "(Implement used to) mark revisions in manuscript" , "Edit" .)