A range accrual note (RAN) that has an embedded put option. It allows the holder (investor) to put the note (return it back to the issuer) under specific circumestances: if the put price is more than the note price, whereas the put option will be exercised and the price of the put option is reflected in the positive difference between the put price and the note price. Otherwise, the note constinutes as a range accural note until maturity.
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