Definition of "callable" [callable]

• Capable of being called: a dog not callable by any name. (adjective)
• Subject to being redeemed at the demand of the issuer: callable bonds. (adjective)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "We continue to fund a portion of our assets through long term callable brokered CDs, giving the bank flexibility should interest rates change in the future."
• "Additionally, we called some higher priced brokered CDs and replaced them with lower cost, longer term callable brokered CDs."
• "The contracts are callable, which is to say that they can terminate early if the underlying moves too far in the wrong direction."