Tenor refers to

a. contingent capital gives the enterprise the right to issue paid-in debt, equity, or hybrid capital, which can be regarded as the underlying asset of the option.

b. the exercise style refers to the timing of the potential conversion into paid-in capital. The right to exercise may be restricted to a few specific dates, the expiry date or any time during the life of the option.

c. the inclusion in the specified terms of the facility

d. the option to issue the contingent capital has a limited duration and only gives a right to issue a perpetual claim