Loot spent on utensil (4)
I believe the answer is:
tool
'utensil' is the definition.
(I've seen this before)
'loot spent' is the wordplay.
'spent' indicates anagramming the letters.
'loot' with letters rearranged gives 'TOOL'.
'on' is the link.
(Other definitions for tool that I've seen before include "Maybe saw" , "one of 12 [SPADES] , for example" , "Pawn" , "Person exploited" , "Utensil; implement" .)