Common use of INTEREST ON UNPAID CONTINUING FEES Clause in Contracts

INTEREST ON UNPAID CONTINUING FEES. If the FRANCHISEE fails to remit the weekly Continuing Fees due to WCH by Wednesday of each week for the previous week, as provided for in this Agreement, then the unpaid weekly Continuing Fees due to WCH will bear interest at the maximum legal rate allowable in the state in which the FRANCHISEE'S We Care Hair Business is located. In no event, however, will the rate of interest payable by the FRANCHISEE on the unpaid weekly Continuing Fees due WCH under this Article exceed eighteen percent (18%) per annum simple interest even if the laws of that state permit a higher annual interest rate. If the FRANCHISEE does not submit a report of Gross Revenues pursuant to Article 19, then WCH will have the right, in its sole discretion, to estimate the amount of the Continuing Fees payable by the FRANCHISEE, and the estimated unpaid weekly Continuing Fees will bear interest at the rate set forth above. The FRANCHISEE will pay WCH for any and all costs incurred by WCH in the collection of unpaid and past due Continuing Fee payments including, but not limited to, WCH'S actual attorneys' fees, deposition costs, expert witness fees, investigation costs, accounting fees, filing fees, and travel expenses.