Long Term Debt is usually Term Loans taken from banks / FIs or Debentures. The meaning is pretty straightforward.
The term “fund based” is used where the bank is actually lending money. “Fund based working capital facilities” usually include cash credit (as overdraft is called in this context) and working capital loans extended by banks. Most of these loans finance specific transactions such as purchase of raw materials, payment to vendors, discounting of commercial invoices, etc. Based on at what stage in the operating cycle they take place, they are called pre-shipment or post-shipment finance. But essentially, they are all short-term loans such as of 60 or 90 day tenure. All these loans appear as an asset on the bank balance sheet. The company pays interest on them.
“Non-fund based” facilities refer to instruments like Letters of Credit and Guarantees issued by banks, where there is no immediate lending but the bank is only standing as a backup on behalf of its customer. They appear as Contingent Liabilities in the Notes to Accounts in the financial statements of banks. The company pays commission and fees for them.
Commercial Paper is short term loan taken from any third party willing to subscribe to the paper. A CP of Tata Consumer may even be subscribed to by say, an Asian Paints or Nestle.
Hope this answers the question.