Ranking; Subordination. (a) The Notes rank pari passu in right of payment to all existing or future senior Indebtedness of the Company and rank senior to all of the Company’s existing and future subordinated Indebtedness. All Indebtedness, notes, claims and payments owed by the Company or any Guarantor to any Restricted Subsidiary of the Company shall be subordinated in right of payment to the Notes.
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Ranking; Subordination. (a) The Notes rank pari passu in right of payment to all existing or future senior Indebtedness of the Company and rank senior to all of the Company’s existing and future subordinated Indebtedness. All Indebtedness, notes, claims and payments owed by the Company or any Guarantor to any Restricted Subsidiary of the Company shall be subordinated in right of payment to the Notes.
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Sources: Indenture (TMM Holdings Sa De Cv)