1. a suspension of activity
2. a legally authorized period to delay payment of money due or the performance of some other legal obligation, as in an emergency.
3. an authorized period of delay or waiting.
In 2004 No Doubt, one of my absolute favorite bands, announced a moratorium, giving each member some time off to do side projects, embark on solo tours, have babies, and play with other bands. In 2009 the band regrouped to go on tour and give me the experience of the most kickass concert in my entire life.