verb (used with object), allocated, allocating.
to set apart for a particular purpose; assign or allot: to allocate funds for new projects.
to fix the place of; locate.

1630–40; < Medieval Latin allocātus (past participle of allocāre), equivalent to al- al- + loc(us) place + -ātus -ate1

allocator, noun
deallocate, verb (used with object), deallocated, deallocating.
reallocate, verb (used with object), reallocated, reallocating.
unallocated, adjective

1. See assign. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
allocate (ˈæləˌkeɪt)
1.  to assign or allot for a particular purpose
2.  a less common word for locate
[C17: from Medieval Latin allocāre, from Latin locāre to place, from locus a place]

reallocate (riːˈæləkeɪt)
to assign or allot to a different purpose or person from the one originally intended

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1630s, from adj. (mid-15c.), from M.L. allocate (the common first word of writs authorizing payment), imperative plural of allocare "allocate," from L. ad- "to" + locare "to place" (see locate).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
If the project isn't funded by the deadline, the funds are returned to you so
  you can reallocate.
We need to reallocate resources and maybe write some big checks.
He wants to use the funding stick to reallocate resources.
But, science money is easier to reallocate for science tasks.
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