Subordinated PIK Payments

Subordinated PIK Payments. Payments of interest (including default interest) calculated at the rate set forth in the Subordinated Credit Agreement as in effect on the date hereof or as modified in accordance with the terms of this Agreement, made by payment in kind (and not made in cash) in the form of an increase in the principal amount of existing Subordinated Debt in lieu of interest payments that are not permitted to be paid in cash pursuant to the terms hereof.