1 The interval between the establishment of a loan and the first due date for repayment.
2 Time given to defaulters to satisfy their obligations (see grace and notice provision).
3 The extra time allowed for payment of a bill of exchange or insurance premium after the actual due date. With bills of exchange the usual custom is to allow 3 days of grace (not including Sundays and Bank Holidays) and 14 days for insurance policies.
4 The period elapsing between a security offer and the establishment of a sinking fund or purchase fund.