Subordinated, unsecured (or structurally subordinated) debt ranking between senior debt and equity, typically featuring a cash coupon plus PIK interest and warrants or equity co-investment. Tenor: 7-8 years, bullet. Pricing: 10-14% all-in (cash + PIK). Less common in modern deal structures (largely displaced by unitranche) but still used in specific situations where the sponsor wants to maximize leverage at aggressive capital structures.