jātiḥ padārtha iti vājā{kā}tyāyanaḥ, dravyam iti vyāḍiḥ, ubhayaṃ pāṇiniḥ /
"The Universal is the referent of words," says Kātyāyana; "Substance is [the referent of words]," says Vyāḍi; "Both [Universal and Substance are the referents]," says Pāṇini.