moratorium
/ˌmɔrəˈtɔriəm/
noun
- A temporary stop or pause in an activity, especially one that is official or agreed upon.
- Both sides agreed to a moratorium on fighting while peace talks continued.
- The government declared a moratorium on new oil drilling to protect the environment.
- The school placed a moratorium on field trips until the budget was reviewed.
- A legal authorization to delay payment of a debt for a set period.
- During the recession, many businesses asked for a moratorium on their debts.
- The moratorium gave the family extra time to gather funds before paying the mortgage.
- The bank granted a moratorium on loan payments for customers affected by the flood.
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