(1):

(n.) A restatement of a text, passage, or work, expressing the meaning of the original in another form, generally for the sake of its clearer and fuller exposition; a setting forth the signification of a text in other and ampler terms; a free translation or rendering; - opposed to metaphrase.

(2):

(v. t.) To express, interpret, or translate with latitude; to give the meaning of a passage in other language.

(3):

(v. i.) To make a paraphrase.