Subordinated Guarantees

Subordinated Guarantees. The collective reference to guarantees executed by any Borrower or the Guarantor pursuant to the Subordinated Loan Agreement and the Unlimited Continuing Guarantee Agreements dated as of September 29, 2000 executed by each of Apex and the Guarantor in favor of Subordinated Lender, as the same may be amended, modified or otherwise supplemented from time to time.