The stipulation in most bond indentures that permits the issuer to repurchase securities at a fixed price or at a series of prices before maturity. This provision operates to the detriment of investors because calls on high-interest bonds usually occur during periods of reduced interest rates. Thus, an investor whose bond is called must find another investment, often one that provides a lower return. Certain preferred stock issues are also subject to call. Also called call feature. See also make-whole call provision.