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What is a moratorium?

What is a moratorium? Here are some definitions.

Noun
  1. (law) An authorization to a debtor, permitting temporary suspension of payments. [from 19th c.]
  2. A suspension of an ongoing activity. [from 20th c.]
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Examples
A previous plan to increase the size of the dump in 1994 was shelved and an expansion moratorium was placed the following year.
This approach to the fees, which include a moratorium and deferred payment, is realistic given the current economic climate.
So if you decide to go with the moratorium, lemme know how it goes, but I won't be with you.
Last month, a group of councillors who do not love parking pads launched a strike that may lead to a moratorium on approvals.
This situation eased in 1986 when the international Whaling Commission declared a moratorium on whaling.
The club started selling shares two years ago and has imposed a moratorium of five years before any shares can be resold.

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