Subordination. The hereby subordinates the payment of all obligations and indebtedness of the Designated Borrower owing to the , whether now existing or hereafter arising, including but not limited to any obligation of the Designated Borrower to the as subrogee of the Administrative Agent and or resulting from the ’s performance under this Guaranty, to the indefeasible payment in full in cash of all SA Obligations.
Subordination. The hereby subordinates the payment of all obligations and indebtedness of the Designatedany Borrower owing to the , whether now existing or hereafter arising, including but not limited to any obligation of the Designatedsuch Borrower to the as subrogee of the Administrative Agent and or resulting from the ’s performance under this Guaranty, to the indefeasible payment in full in cash of all SA Obligations.
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