What does drop-dead date mean?

1. The date specified in a commitment letter on which the commitment will terminate if a particular condition has not been satisfied or, in acquisition finance, if the bridge loans or certain funds have not funded.
2. The date by which a lease transaction must close, with all documents executed, all equipment delivered and accepted, all funding provided and all other aspects of the transaction completed, failing which the lessor’s commitment is automatically cancelled and the transaction process is terminated.