English to German Bus/Financial Investment / Securities

The Company may borrow securities under the following circumstances in connection with the settlement of a sale transaction:

(a) during a period when the securities have been sent out for re-registration; (b) when the securities have been lent and not returned in time; (c) to avoid a failed settlement when the custodian fails to make delivery and (d) in order to comply with an obligation to deliver the securities that are the object of repurchase agreements when the counterparty exercises his right to **redeem** the securities, to the extent that these securities have previously been **redeemed** by the Company.

Mir ist hier der Sinn nicht klar, weil es zweimal um "redeem" (zurücknehmen) geht.