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Grace period default

A missed payment that was made good within the cure period allowed by the documentation: the obligation was breached, but the issue is not yet in default.

How to read the number

Formally it is a reprieve; in substance it is a signal that the issuer had no money on the appointed day, and the reason is established afterwards.

When the metric lies

Also known as: missed payment within the cure period, cured payment failure

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