1. An occasion or opportunity for a renewed enjoyment in, enthusiasm for, or appreciation of one's life. Primarily heard in UK. After finding out that the tests came back negative for cancer, I feel as though I've been given a new lease of life! Mary's gotten a new lease of life ever since her daughter was born.

2. An extension or increase in the time in which something or someone can be useful or successful. Primarily heard in UK. Our company was given a new lease of life when we partnered with the global corporation. John's film got a new lease of life when his wealthy grandfather agreed to fund the rest of the production.