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  • October 29, 2021
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Callable Daily Range Accrual Note

A callable range accrual note (CRAN) that provides the accumulation of enhanced daily coupon payments as long as the reference rate (such as 3-month LIBOR) remains within the predetermined range. The note also provides full capital protection (100% of the principal) on maturity. The note’s issuer has the right to prematurely terminate the note after the passage of a specified lock-out period and only on each coupon payment date.


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