[adj. let-out; n. let-out]
(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.
Chiefly British. a means of escape; loophole.

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.
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