Tenor refers to a. 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. b. the option to issue the contingent capital has a limited duration and only gives a right to issue a perpetual claim c. 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. d. the inclusion in the specified terms of the facility