Both Uses

redeem
in
The Phantom of the Opera
(Auto-generated)

It is the plaint of Lazarus when, at the sound of the Redeemer's voice, he begins to open his eyes and see the light of day.†
Chpt 12 *
I quote these lines, which are particularly interesting because they describe the very simple manner in which the famous incident of the twenty-thousand francs was closed: "As for O. G., some of whose curious tricks I have related in the first part of my Memoirs, I will only say that he redeemed by one spontaneous fine action all the worry which he had caused my dear friend and partner and, I am bound to say, myself.†
Chpt Epil. *

Definitions:

(1) (redeem as in: its main redeeming quality is...)
to make up for something bad; or to save
(2) (redeem as in: redeem the coupon)
exchange, convert, or pay off
The exact meaning of redeem can depend upon its context. For example:
- "to redeem a coupon" -- exchange something for something else of value
- "to redeem stock" -- sell or convert to cash
- "to redeem a mortgage" -- pay off a loan
(3) (meaning too rare to warrant focus)
In Christianity, redemption is used to reference Jesus' sacrifice to make up for human sin.

Old usage (as might be found in the Bible or in Shakespeare) also uses redeeming time to refer to making the best use of time.