Linear type systems are powerful because they can statically ensure the correct management of resources like memory, but they can also be cumbersome to work with, since even benign uses of a resource require that it be explicitly threaded through during computation. Borrowing , as popularized by Rust, reduces this burden by allowing one to temporarily disable certain resource permissions (e.g., deallocation or mutation) in exchange for enabling certain structural permissions (e.g., weakening or contraction). In particular, this mechanism spares the borrower of a resource from having to explicitly return it to the lender but nevertheless ensures that the lender eventually reclaims ownership of the resource. In this paper, we elucidate the semantics of borrowing by starting with a standard linear type system for ensuring safe manual memory management in an untyped lambda calculus and gradually augmenting it with immutable borrows, lexical lifetimes, reborrowing, and finally mutable borrows. We prove semantic type soundness for our Borrow Calculus ( BoCa ) using Borrow Logic ( BoLo ), a novel domain-specific separation logic for borrowing. We establish the soundness of this logic using a semantic model that additionally guarantees that our calculus is terminating and free of memory leaks. We also show that our Borrow Logic is robust enough to establish the semantic safety of some syntactically ill-typed programs that temporarily break but reestablish invariants.