Page 164 - PRIAA Glossary
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TEAR-UPS
A process of reducing the size of a derivative portfolio in terms of the total number of trades and the outstanding notional amount, whilst maintaining the overall risk characteristics of the portfolio. Providers of trade compression services include TriOptima (TriReduce) and Markit/Creditex. See also “portfolio compression”.
TECHNICAL MANAGEMENT
A ship-owning function related to asset management, including maintenance and repair, certification, procurement and crewing. This function can be performed by the owning company or by a third-party technical manager, at the owner’s discretion.
TEMPLATE
A standard reference source for a master agreement or confirmation, which may either be published by an industry body or agreed between two counterparties.
TENDER OFFER
A term used in the 2011 ISDA Equity Derivatives Definitions essentially meaning the transfer of ownership of greater than 10%—but less than 100%—of shares of a company to another individual/entity. As with merger events, the offer alone is sufficient to trigger the fallbacks for this event.
TENOR
The amount of time remaining until expiration. Usually refers to swaps.
TERM SHEET
A document produced prior to execution indicating the financial terms and conditions of a specific transaction. The term sheet does not constitute a confirmation or a binding commitment to trade.
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