Common use of Existing Equity Clause in Contracts

Existing Equity. After consummation of the Exchange Offer, the Company will seek to effect a reverse stock split as mutually agreed with the Majority Secured Noteholders and Majority Convertible Noteholders. Subordinated Debt at PFSI: SAI Holdings, Inc. and PWI subordinated debt at ▇▇▇▇▇▇ Financial Services, Inc. (“PFSI”) may be subject to a standstill agreement (terms to be negotiated) as to interest and debt payments or be converted into equity interests of PFSI, at the election of the Majority Secured Noteholders and the Company.