The term 'Takes Off The Books' can be summarized as the act of repealing or canceling a debt or obligation. This is often done in the context of a business transaction, where one party agrees to cancel a debt or obligation owed by another party. This could be done for a variety of reasons, such as to reduce costs or to settle a dispute. In some cases, it may also be done to provide relief to those who are unable to pay their debts. The crossword solution for this term is 'REPEALS, ' which is a verb meaning to officially revoke or annul a law, decree, or agreement.