grace period

American  

noun

1. a period of time after a payment becomes due, as of a loan or life-insurance premium, before one is subject to penalties or late charges or before the loan or policy is canceled.

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Example Sentences

During the transition, the Seahawks had enjoyed an extended grace period owing to an esoteric legal quirk.

From The Wall Street Journal

The government has given a grace period of at least one year to fine-tune the rules.

From The Wall Street Journal

Borrowers were then given another year grace period.

From The Wall Street Journal

“We think the sweetened offer of paying 40% of principal immediately was favored by most creditors, and Vanke will likely propose similar terms for the 5.7 billion yuan of bonds that are in the grace period,” Morningstar equity analyst Jeff Zhang said.

From The Wall Street Journal

“I believe that this four-day grace period is reasonable, and I think for many reasons it makes a lot of sense,” DeWine said.

From Salon