What does call privilege mean?

call privilege meaning in Law Dictionary

When coping with securities trading, an issuer of a bond indenture provides issuer the right to revoke or redeem outstanding bonds with a particular price on a particular call date.

call privilege meaning in Business Dictionary

In securities trading, stipulation in a bond indenture that provides its issuer the right to get the outstanding bonds at a particular cost, on a single or higher specified call dates.