.. sectnum::
   :depth: 2
   :start: 1

Token Redemption
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Investor1 returns all holdings to Issuer
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Investor1 (as the holder of BOND) offers transfer of BOND to Issuer (another holder of BOND)

=================   =================
Actor               Utility Module
=================   =================
Investor1           REGISTRY
=================   =================


Select HOLDINGS on the left navigation. The 8,000 BOND is there.

.. image:: pictures/redemption-1.png

Click TRANSFER. A window pops up for input.

- Receiver: Issuer's Party ID
- Amount: 8000
- Reference: <anything or empty>

.. image:: pictures/redemption-2.png

Click OFFER. 

Investor2 returns all holdings to Issuer
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Investor2 (as the holder of BOND) offers transfer of BOND to Issuer (another holder of BOND)

=================   =================
Actor               Utility Module
=================   =================
Investor2           REGISTRY
=================   =================

Select HOLDINGS on the left navigation. The 2,000 BOND is there.

.. image:: pictures/redemption-3.png

Click TRANSFER. A window pops up for input.

- Receiver: Issuer's Party ID
- Amount: 2000
- Reference: <anything or empty>

.. image:: pictures/redemption-4.png

Click OFFER. 

Issuer accepts transfers
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Issuer (as the holder of BOND) accepts the transfer offers.

=================   =================
Actor               Utility Module
=================   =================
Issuer              REGISTRY
=================   =================

Select TRANSFERS on the left navigation. The transfer offer is shown.

.. image:: pictures/redemption-5.png

Click ACCEPT. A window pops up.

.. image:: pictures/redemption-6.png

Click ACCEPT. The transfer is executed.

Select HOLDINGS on the left navigation. All holdings are now owned by Issuer.

(Note: Currently the holdings are not merged, and it may change in later releases.)

.. image:: pictures/redemption-7.png

Issuer requests burning
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Issuer (as the holder of BOND) request burning of tokens

=================   =================
Actor               Utility Module
=================   =================
Issuer              REGISTRY
=================   =================

Select HOLDINGS on the left navigation. Click REQUEST BURN. A window pops up for input.

.. image:: pictures/redemption-8.png

Input the following information

- Instrument: BOND
- Amount: 10000
- Registrar: Registrar's Party ID
- Reference: <anything or empty>

.. image:: pictures/redemption-9.png

Click REQUEST. 

Registrar accepts burning and tokens are burned
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Registrar (as the registrar of BOND) accepts the mint request

=================   =================
Actor               Utility Module
=================   =================
Registrar           REGISTRY
=================   =================

Select BURNS on the left navigation. The burn request is shown.

.. image:: pictures/redemption-10.png

Click ACCEPT. The 10,000 BOND is burned. 

Select HOLDINGS on the left navigation. There are no holdings in the Registrar.

.. image:: pictures/redemption-11.png

Congratulations! The redemption is complete.