The Collaborative International Dictionary of English v.0.48:

Defray \De*fray"\, v. t. [imp. & p. p. Defrayed; p. pr. & vb.
   n. Defraying.] [F. d['e]frayer; pref. d['e]- (L. de or
   dis-) + frais expense, fr. LL. fredum, fridum, expense, fine
   by which an offender obtained peace from his sovereign, or
   more likely, atoned for an offense against the public peace,
   fr. OHG. fridu peace, G. friede. See Affray.]
   1. To pay or discharge; to serve in payment of; to provide
      for, as a charge, debt, expenses, costs, etc.
      [1913 Webster]

            For the discharge of his expenses, and defraying his
            cost, he allowed him . . . four times as much.
                                                  --Usher.
      [1913 Webster]

   2. To avert or appease, as by paying off; to satisfy; as, to
      defray wrath. [Obs.] --Spenser.
      [1913 Webster]

WordNet (r) 3.0 (2006):

defray
    v 1: bear the expenses of

Moby Thesaurus II by Grady Ward, 1.0:

22 Moby Thesaurus words for "defray":
   acknowledge, bear the expense, chip in, clear, cover,
   defray expenses, discharge, finance, foot the bill, fund, go Dutch,
   honor a bill, liquidate, meet, pay, pay for, pay the bill,
   pay the piper, redeem, reimburse, settle, stand the costs