Relaxed, being –not out” (2,4)
I believe the answer is:
at home
This clue is a double definition.
'relaxed' is the first definition.
(thesaurus)
'being not out' is the second definition.
(I've seen this in another clue)
(Other definitions for at home that I've seen before include "celebration" , "Where one lives" , "In one's own house" , "Familiar with" , "Oh mate! (anag)" .)