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Definition of Grace period - Finance dictionary
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Grace period (See Chapter 46 of the Vernimmen)
A "grace period" is the period of time offered to a party (such as a borrower) to remedy a default situation (such as a missed payment), before an Event of default is formally declared.
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Definitions of terms begining
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:
Grace period (See Chapter 46 of the Vernimmen)
A "grace period" is the period of time offered to a party (such as a borrower) to remedy a default situation (such as a missed payment), before an Event of default is formally declared.
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