grace and notice provision

grace and notice provision
The provision in a loan agreement that a borrower who fails on the due date to meet either an interest obligation or capital repayment obligation or who fails to comply with an undertaking is not initially in default. This prevents the cross-default clause being invoked. The grace and notice provision is inserted into a loan agreement to avoid problems arising because of administrative mistakes, such as payments not being made on the correct day.

Accounting dictionary. 2014.

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