let-out

[adj. let-out; n. let-out]
adjective
1.
(of fur) processed by cutting parallel diagonal slashes into the pelt and sewing the slashed edges together to lengthen the pelt and to improve the appearance of the fur.
noun
2.
Chiefly British. a means of escape; loophole.

Origin:
1830–40; adj., noun use of verb phrase let out

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Actually, they should have worried more, because they have lost for ever the let-out of devaluation.
With every likelihood that the dollar will continue to weaken, such a let-out is no longer available.
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