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Adjective: redeemable  ri'dee-mu-bul
  1. Recoverable upon payment or fulfilling a condition
    "redeemable goods in a pawnshop"
  2. Able to be converted into ready money or the equivalent
    "redeemable stocks and bonds"; "a redeemable coupon";
    - cashable
  3. Susceptible to improvement or reform
    "a redeemable sinner";
    - reformable

See also: convertible, corrigible, exchangeable, recoverable