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 COST CUTTERS by Thursday of each week for the previous week, as provided for in this Agreement, then the unpaid weekly Continuing Fees due to COST CUTTERS will bear interest at the maximum legal rate allowable in the state in which the FRANCHISEE'S Cost Cutters Business is located. In no event, however, will the rate of interest payable by the FRANCHISEE on the unpaid weekly Continuing Fees due COST CUTTERS 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 COST CUTTERS 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 COST CUTTERS for any and all costs incurred by COST CUTTERS in the collection of unpaid and past due Continuing Fee payments including, but not limited to, COST CUTTERS' actual attorneys' fees, deposition costs, expert witness fees, investigation costs, accounting fees, filing fees, and travel expenses.

INTEREST ON UNPAID CONTINUING FEES. If the FRANCHISEE fails to remit the weekly Continuing Fees due to COST CUTTERS CITY LOOKS by Thursday of each week for the previous week, as provided for in this Agreement, then the unpaid weekly Continuing Fees due to COST CUTTERS CITY LOOKS will bear interest at the maximum legal rate allowable in the state in which the FRANCHISEE'S Cost Cutters Business City Looks business is located. In no event, however, will the rate of interest payable by the FRANCHISEE on the unpaid weekly Continuing Fees due COST CUTTERS CITY LOOKS 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 COST CUTTERS CITY LOOKS 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 COST CUTTERS CITY LOOKS for any and all costs incurred by COST CUTTERS CITY LOOKS in the collection of unpaid and past due Continuing Fee payments including, but not limited to, COST CUTTERSCITY LOOKS' actual attorneys' fees, deposition costs, expert witness fees, investigation costs, accounting fees, filing fees, and travel expenses.