Within each duly executed agreement, the Client agrees to pay to HD Faculty™ (or its successor or assign), on demand (or as mutually agreed to in writing), interest on all amounts outstanding or that have become due under the respective agreement, but are unpaid at a daily fluctuating interest rate per annum equal to the prescribed percentage above the higher of (i) the participating institution overnight cost of the respective currency [funds] or (ii) the rate of interest from time to time announced by the Participating Institution as its prime rate for the respective currency facility.

The interest and commissions that are deemed payable under the Agreement shall be computed on the basis of a year of three hundred and sixty (360) days and actual days elapsed.