moratorium

/ˌmɒ.ɹəˈtɔː.ɹɪəm/ /ˌmɔ.ɹəˈtɔ.ɹi.əm/

Meanings

noun

An authorization to a debtor, permitting temporary suspension of payments.

Examples :

"Due to the economic crisis, the bank granted a six-month moratorium on mortgage payments, allowing homeowners to temporarily suspend their monthly installments. "

noun

A suspension of an ongoing activity.

Examples :

"Canada may put a moratorium on cloning for research."

action government politics business economy

Related Words

homeowners noun

/ˈhoʊmˌoʊnərz/ /ˈhoʊmˌoʊnərs/

Someone who owns a house

"The homeowners association held a meeting to discuss neighborhood improvements. "

installments noun

/ɪnˈstɔlmənts/ /ɪnˈstɔləmənts/

One of a series of parts, whether equal or unequal to the other parts of the series, of a given entity or a given process, which part presents or is presented at a particular scheduled interval.

""We paid for the new television in monthly installments." "

temporary noun

/ˈtɛmpəɹi/ /ˈtɛmpəˌɹɛɹi/

One serving for a limited time; short-term employee.

"The temporary at the bakery was only there for the summer. "

payments noun

/ˈpeɪmənts/

The act of paying.

"My monthly car payments are due on the 15th of each month. "

mortgage noun

/ˈmɔː.ɡɪdʒ/ /ˈmɔɹ.ɡɪdʒ/

A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.

"To buy a house, John took out a mortgage. "

temporarily adverb

/ˈtɛmp(ə)ɹəɹəli/ /ˌtɛmpəˈɹɛɹəli/

For a limited period of time; not permanently.

"The store is temporarily closed for renovations. "

activity noun

/ækˈtɪ.və.ti/

The state or quality of being active; activeness.

"Pit row was abuzz with activity."

suspension noun

/səˈspɛnʃən/

The act of suspending, or the state of being suspended.

"suspension from a hook"

economic adjective

/ˌiːkəˈnɒmɪk/ /ˌɛkəˈnɑmɪk/

Pertaining to an economy.

"The economic situation in the city has affected many families' ability to afford groceries. "

allowing verb

/əˈlaʊɪŋ/

To grant, give, admit, accord, afford, or yield; to let one have.

"to allow a servant his liberty; to allow a free passage; to allow one day for rest"

permitting verb

/pɚˈmɪtɪŋ/ /pəˈmɪtɪŋ/

To allow (something) to happen, to give permission for.

"My mom is permitting me to go to the movies with my friends tonight. "

authorization noun

/ˌɔθərɪˈzeɪʃən/ /ˌɑθərəˈzeɪʃən/

Permission.

"The teacher needed authorization from the principal before assigning extra credit. "