Source : Webster's Revised Unabridged Dictionary (1913)

Redeem \Re*deem"\ (r?*d?m"), v. t. [imp. & p. p. {Redeemed}.
   (-d?md"); p. pr. & vb. n. {Redeeming}.] [F. r['e]dimer, L.
   redimere; pref. red-, re- re- + emere, emptum, to buy,
   originally, to take, cf. OIr. em (in comp.), Lith. imti. Cf.
   {Assume}, {Consume}, {Exempt}, {Premium}, {Prompt},
   {Ransom}.]
   1. To purchase back; to regain possession of by payment of a
      stipulated price; to repurchase.

            If a man sell a dwelling house in a walled city,
            then he may redeem it within a whole year after it
            is sold.                              --Lev. xxv.
                                                  29.

   2. Hence, specifically:
      (a) (Law) To recall, as an estate, or to regain, as
          mortgaged property, by paying what may be due by force
          of the mortgage.
      (b) (Com.) To regain by performing the obligation or
          condition stated; to discharge the obligation
          mentioned in, as a promissory note, bond, or other
          evidence of debt; as, to redeem bank notes with coin.

   3. To ransom, liberate, or rescue from captivity or bondage,
      or from any obligation or liability to suffer or to be
      forfeited, by paying a price or ransom; to ransom; to
      rescue; to recover; as, to redeem a captive, a pledge, and
      the like.

            Redeem Israel, O God, out of all his troubles. --Ps.
                                                  xxv. 22.

            The Almighty from the grave Hath me redeemed.
                                                  --Sandys.

   4. (Theol.) Hence, to rescue and deliver from the bondage of
      sin and the penalties of God's violated law.

            Christ hath redeemed us from the curse of the law,
            being made a curse for us.            --Gal. iii.
                                                  13.

   5. To make good by performing fully; to fulfill; as, to
      redeem one's promises.

            I will redeem all this on Percy's head. --Shak.

   6. To pay the penalty of; to make amends for; to serve as an
      equivalent or offset for; to atone for; to compensate; as,
      to redeem an error.

            Which of ye will be mortal, to redeem Man's mortal
            crime?                                --Milton.

            It is a chance which does redeem all sorrows.
                                                  --Shak.

   {To redeem the time}, to make the best use of it.

Source : WordNet®

redeeming
     adj 1: bringing about salvation or redemption from sin; "saving
            faith"; "redemptive (or redeeming) love" [syn: {redemptive},
             {redeeming(a)}, {saving(a)}]
     2: compensating for some fault or defect; "the redeeming
        feature of the plan is its simplicity"; "his saving grace
        was his sense of humor" [syn: {redeeming(a)}]