Jurisdiction(s):
United Kingdom

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Key definition

Use definition

What does Use mean? In legal practice, Use describes any act of dealing with information, materials, works, data or technology. It is usually a contractual umbrella term capturing a broad range of actions, commonly including to distribute, disclose, store, use, analyse, copy, reproduce, extract, modify or adapt, whether in whole or in part. Use is not generally fixed by statute; its scope turns on the wording of the relevant agreement and context. That said, it intersects with specific legal regimes. In intellectual property, “use” of a trade mark in the course of trade (UK Trade Marks Act 1994; Irish Trade Marks Act 1996) and the...

Swaps in lending: ISDA documentation, intercreditor and security structuring, default alignment, practical pitfalls and CIGA 2020 exemptions

Published by a LexisNexis Banking & Finance expert

Practice notes

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In the context of lending, borrowers commonly use derivatives to manage specific exposures, including:

interest rate risk, by entering into an interest rate swap
exchange rate risk, by entering into a currency swap
commodity price risk, by entering into a commodity swap

These swaps are typically executed with a bank acting as the hedging bank or hedging counterparty. As a rule, the hedging bank is better placed than the borrower to shoulder movements in interest rates, foreign exchange or commodity prices. Frequently, the hedging bank mitigates its own position through a back-to-back swap with a market counterparty. This Practice Note sets out the key documentation points to consider when hedging risks in a lending setting. For broader guidance on deploying derivatives in a lending context, see Practice Note: Use of derivatives to hedge against risk in a lending context.

Hedging bank and lending bank

When a borrower uses a swap to hedge exposures arising under its loan arrangements, it is often the case that the hedging bank is the same entity as the lending bank...

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Web page updated on 22/05/2026

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