How comfortably a company's cash flow covers its debt payments — <em>cash available</em> divided by debt service.
Non-bank funds lending <em>directly</em> to companies — bilateral private loans that bypass the syndicated market.
A bank-held term loan that <em>amortizes</em> heavily over a shorter life — the pro-rata, relationship-bank tranche.
A large loan arranged by a bank and <em>sold</em> to many lenders, spreading the exposure across a group.
Lending by non-bank funds rather than banks or public markets — privately negotiated, <em>illiquid</em> debt held to maturity.
An institutional first-lien term loan with light amortization and a bullet maturity, sold to funds and CLOs rather than held by banks.