callable

1. Capable of being called: a dog not callable by any name.
2. Subject to being redeemed at the demand of the issuer: callable bonds.

Security redeemable by the issuer before the scheduled maturity. The issuer must pay the holders a premium price if such a security is retired early. Bonds are usually called when interest rates fall so significantly that the issuer can save money by floating new bonds at lower rates. See also Call Premium; Call Price.

The adjective has one meaning:

Meaning #1: subject to a demand for payment before due date