gracegrace /greɪs/ noun [uncountableU]1additional time that is allowed before a payment must be madeParaguay was granted a new period of 20 years, with eight years’ grace, for the payment of its $436 million debt to Brazil.
They have a grace period of ten years on the payment.
2a fall from grace when someone or something suddenly becomes much less successful or much less popularPhiladelphia’s economy has escaped the fall from grace seen in other Northeastern cities.
3fall from grace to become suddenly much less successful or much less popularAs drug stocks fell from grace, prices of oil stocks rose.