Are contractual “out clauses” being used…or abused? The level of terminated M&A activity may provide some clue. There have been approximately 134 mergers withdrawn in October alone, some with merger agreements actually signed. In many cases, the deal never got that far and was terminated mid-negotiation (or mid-hostile process). The withdrawals seem due to terrible market conditions. However, with “market outs” and “credit outs” not to be found in every agreement, these conditions are not always the stated reason for the termination.