Common use of PAYMENT AND DEFAULT INTEREST Clause in Contracts

PAYMENT AND DEFAULT INTEREST. All amounts payable pursuant to Clauses 10.1 and 10.2 shall be payable (in priority to payments to Noteholders) by the Issuer, failing whom the Guarantors, on such dates as may be agreed between the Issuer, the Guarantors and the Trustee, and shall carry interest at the rate of two per cent. per annum above the base rate from time to time of National Westminster Bank PLC from the due date therefor.

PAYMENT AND DEFAULT INTEREST. All amounts payable pursuant to Clauses 10.1 and 10.2 shall be payable (in priority to payments to Noteholders) by the Issuer, failing whom the Guarantors, on such dates as may be agreed between the Issuer, the Guarantors and the Trustee, and shall carry interest at the rate of two per cent. 2% per annum above the base rate from time to time of National Westminster Bank PLC from the due date therefor.