Within a bifurcated unitranche, the junior internal tranche held by the direct lender. Receives a higher coupon than the blended rate (to compensate for being structurally subordinated to the First-Out under the AAL) and is paid only after the First-Out is current. Functionally equivalent to a junior/mezzanine layer but with first-lien legal status against the collateral — only the cash-flow priority is subordinated, not the lien priority.