6 It is pleaded that on 10 April 2001 at Perth the defendants executed a deed of acknowledgement of debt and undertakings, pursuant to which the first defendant acknowledged that he had borrowed from the plaintiff the sum of US$329,000. The amount of the advance is described as "the First Loan". The written agreement is designated "the First Agreement". It is said that pursuant to the First Agreement the first defendant undertook to repay and discharge the loan on or before 31 December 2001, payment being made in US dollars, together with all accrued interest. It is said that the full amount repayable under the First Loan, as at 31 December 2001, was an amount of US$406,951. This amount is designated in the pleading as "the First Loan Amount". It is further pleaded that pursuant to the terms of the First Agreement if the First Loan Amount was not paid on or before 31 December 2001, the sum would accrue interest payable in US dollars from 1 January 2002 to the date of payment at the rate of 10 per cent calculated daily which, the plaintiff says, equates to an interest rate of 10 per cent per annum compounded daily.