Open the Terms Manager.
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Locate the entry for the desired term in the left-hand sidebar listing.
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Hover over the term entry and click the trashbin icon that appears on hover.
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​Note that a message will appear briefly allowing you to undo the deletion, but once this message is dismissed, the action can only be reversed by recreating the term.
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Application text previously tagged as a term will remain in place, but will no longer be highlighted gray and maintained consistent as a data object.
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