### Question
Can you define what payment obligation means?


### Answer
**Payment obligation** is defined as the following in *17 CFR § 1.10*:

> the obligation of an applicant or registrant in respect to any subordination agreement: (A) To repay cash loaned to the applicant or registrant pursuant to a subordinated loan agreement; 

#### Citation:
  - *17 CFR § 1.10*
  - Heading: **PART 1—GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT**

