Source : Webster's Revised Unabridged Dictionary (1913)

Redeemable \Re*deem"a*ble\ (-?*b;l), a.
   1. Capable of being redeemed; subject to repurchase; held
      under conditions permitting redemption; as, a pledge
      securing the payment of money is redeemable.

   2. Subject to an obligation of redemtion; conditioned upon a
      promise of redemtion; payable; due; as, bonds, promissory
      notes, etc., redeemabble in gold, or in current money, or
      four months after date.

Source : WordNet®

redeemable
     adj 1: recoverable upon payment or fulfilling a condition;
            "redeemable goods in a pawnshop"
     2: able to be converted into ready money; "a cashable check";
        "cashable gambling chips"; "redeemable stocks and bonds"
        [syn: {cashable}]
     3: susceptible to improvement or reform; "a redeemable sinner"
        [syn: {reformable}]