First--I don't use the word very often, but when I do I usually say just ante; to me, adding the 'up' indicates stronger emPHAsis (hi, tsuwm).

Secondly--I understood the def. perfectly, outdated or not. Depends on the point of view: if the debtor pays it off, the debt exists no more--it has been cancelled; if the lender forgives the debt (or if the debtor is granted bankruptcy--thank you, bel, I didn't think of that), then also the debt no longer exists and it has been cancelled.