Just a generic term to indicate a direct connection between different servers, systems, locations, facilities, or even providers in the same building.
In data centers, for example it can be a dedicated cable between a a customer's rack and the carrier/ISP. Or a direct connection between customer A and customer B. It could be a physical connection, as in Ethernet/Fiber cable, or it can simply be a VLAN interconnect on a switch between the ports of Customer A and Customer B as well.
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