A phonon laser based on an optomechanical system consisting of two optical
modes interacting with each other via a phononic mode is considered. An
external wave exciting one of the optical modes plays a role of the pumping. It
is shown that at some amplitude of the external wave an exceptional point
exists. When the external wave amplitude is less than one corresponding to the
exceptional point, the splitting of the eigenfrequencies takes place. It is
demonstrated that in this case, the periodic modulation of the external wave
amplitude can result in simultaneous generation of photons and phonons even
below the threshold of optomechanical instability