Tenor

Tenor: The period between issuance and maturity of a financial instrument such as a draft or letter of credit.

Financial instruments include drafts, letters of credit, and promissory notes.

Examples:

1. A draft with a 90-day tenor is due for payment 90 days after issuance.
2. A letter of credit with a 60-day tenor requires fulfillment within 60 days.

Draft: A written order for payment.
Letter of Credit: A bank guarantee for payment.
Promissory Note: A written promise to pay a sum.

Issuance marks the start; maturity marks the end. Only exact numerical values define tenor, avoiding vague time frames.