A senior secured loan structured beyond traditional senior leverage limits (e.g., 4.5×–5.5× Debt/EBITDA, versus the historical 3.0×–4.0× cap), priced at a blended rate to compensate for the additional risk. Functionally similar to unitranche but typically smaller and simpler — used in lower-middle-market deals where the borrower wants single-lender execution without the complexity of an AAL bifurcation.