| gen. |
grace period (time allowed for remedying a default without a penalty: The grace period which the lender gave the borrower was not enough to ensure the borrower paid the amounts due. Phrase Bank The payment had originally been due on April 1 but the company had a grace period which expired on 30 June. Repayment was to be over 10 years, with a six-year grace period. Instead of taking possession of the borrower's house, the bank gave the borrower a 6-month grace period to pay the installments due. Additional Notes Under Article 9 of the Uniform Commercial Code: a period of ten days during which certain security interests must be perfected in order to have priority over conflicting security interests. TED Alexander Demidov) |
