Please note that the capital and corporate structure can be less or more complex, e.g. a company might not have or might have subsidiaries that issue debt, might operate in the international market, offers shares to different tiers of investors, etc.
If we take the priority of payment (aka. seniority ranking ) into account, we can distinguish among different classes of debt (starting with the highest priority of claims):
Of course, the lower the priority of claims of a given creditor class, the lower the recovery in case of default.
In your exam, you should know what pari passu is. It’s a provision according to which all bonds in a given creditor class are treated the same.