due diligence out

due diligence out
USA
A condition precedent contained in commitment letters that permits the lenders not to lend money if their due diligence review has not been completed with satisfactory results before the closing date. Refers to allowing the lenders to get "out" of their commitments to lend.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • due care — n: the care that an ordinarily reasonable and prudent person would use under the same or similar circumstances – called also ordinary care, reasonable care; see also due diligence compare fault, negligence Merriam Webster’s Dic …   Law dictionary

  • diligence — Vigilant activity; attentiveness; or care, of which there are infinite shades, from the slightest momentary thought to the most vigilant anxiety. Attentive and persistent in doing a thing; steadily applied; active; sedulous; laborious;… …   Black's law dictionary

  • diligence — Vigilant activity; attentiveness; or care, of which there are infinite shades, from the slightest momentary thought to the most vigilant anxiety. Attentive and persistent in doing a thing; steadily applied; active; sedulous; laborious;… …   Black's law dictionary

  • Spin out — For the attraction, see Spin Out (ride). A spin out, also known as a spin off or a starburst, refers to a type of corporate action where a company splits off sections of itself as a separate business.[1] The common definition of spin out is when… …   Wikipedia

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