Meaning

• A day on which a festival, religious event, or national celebration is traditionally observed.

  "Today is a Wiccan holiday!"

• A day declared free from work by the state or government.

• A period of one or more days taken off work for leisure and often travel; often plural.

• A period during which pupils do not attend their school; often plural; rarely used for students at university (usually: vacation).

  "I want to take a French course this summer holiday."

• A period during which, by agreement, the usual payments are not made.

  "a mortgage payment holiday"

• A gap in coverage, e.g. of paint on a surface, or sonar imagery.

Meaning

• To take a period of time away from work or study.

• To spend a period of time for travel.