Jump and cut loose initially (4)
I believe the answer is:
axel
'jump' is the definition.
(I've seen this before)
'cut loose initially' is the wordplay.
'cut' becomes 'axe' (both can mean to cancel or remove).
'initially' says to take the initial letters.
The first letter of 'loose' is 'l'.
'axe'+'l'='AXEL'
'and' acts as a link.
(Other definitions for axel that I've seen before include "Ice-skating jump" , "Jump executed on ice" , "Figure skater's jump" , "part of skating performance" , "Skating jump involving a mid-air turn" .)