Common use of Early Redemption by Bank Clause in Contracts

Early Redemption by Bank. If the NID/FRNID has callable features, the Bank is entitled (but is under no obligation) to redeem the NID/FRNID in the manner and at such times stated in the Term Sheet. The Bank also reserves the absolute right to redeem NID/FRNIDs on any interest payment date and repay to you the nominal value together with interest proceeds (if applicable).