Webster's English Dictionary

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clearance

clear.ance \'klir-*n(t)s\ n 1: an act or process of clearing : as  1a: the 
   act of clearing a ship at the customhouse; also : the paper s showing that 
   a ship has cleared 1b: the offsetting of checks and other claims among 
   banks through a clearin ghouse 1c: AUTHORIZATION  1d: a sale to clear out 
   stock  2: the distance by which one object clears another or the clear 
   space betwe en them