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What is a grace period?

What is a grace period? Here are some definitions.

Noun
  1. (idiomatic) A length of time during which rules or penalties do not take effect or are withheld.
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The loan should be repaid within 10 years and has a 5-year grace period and preferential interest.
The loan is repayable over 14 years with a four-year grace period and fixed annual interest of 1.49 per cent.
The company has a 30-day grace period to decide whether to make the payments.
Of course, it is upon this 12-month grace period that Oakley wish to rely.
Some large lenders will accept your application but delay processing it until near the end of your grace period.
An article providing for a one-year grace period was not debated in the pell-mell final day of the legislative session.

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