An abbreviation for callable daily range accrual note; a callable range accrual note (CRAN) that provides the accumulation of enhanced daily coupon payments as long as the reference rate (such as 3-month LIBOR) remains within the predetermined range. The note also provides full capital protection (100% of the principal) on maturity. The note’s issuer has the right to prematurely terminate the note after the passage of a specified lock-out period and only on each coupon payment date.