Definition for : Grace period
Period of time given to a party having defaulted on a given obligation to try to remedy it (E.g. by paying the Interest owed under a loan). Failure to cure within the Cure period (also called "grace period") will result in an acceleration of the loan.
(See Chapter 45 Taking control of a company of the Vernimmen)
To know more about it, look at what we have already written on this subject