The term 'moderate paces' refers to two different gaits of a horse, CANTERS and TROTS. Canter is a gait of a horse that is a three-beat gait, with the hooves hitting the ground in a sequence of left hind, left front, right hind, and right front. Trot is a two-beat gait, with the hooves hitting the ground in a sequence of diagonal pairs. Both gaits are considered moderate paces, as they are slower than gallops but faster than walks.