From what date does the interest accrue on overdue amounts owed to Canine Dimensions?

following week. - 5.5.2.2 Debit Franchisee's account a non-refundable late reporting fee of forty-

five dollars ($45.00).

• 5.5.3 To encourage prompt and timely payment of the Royalty Fees and to cover the costs and expenses involved in handling and processing any payments not received by their due dates, Franchisee shall pay a fee of $45.00 for any ACH transfer that is returned by the bank, and shall also pay, upon demand, interest on any overdue amount equal to the lesser of: (i) one and one-half percent (1.5%) per month; or (ii) the highest rate permitted by law. Such charge shall accrue from the date payment was due until the date payment is actually received by Franchisor. Each failure by Franchisee to report its Gross Sales to Franchisor, or to pay the Royalty Fees or other payments payable to Franchisor when due, will be a material breach of this Agreement, except if the lateness is the result of Franchisor's failure to debit Franchisee's account in a timely manner.
• 5.5.4 Franchisor's acceptance of any interest payment cannot be construed as a waiver of its rights in respect of the default giving rise to such payment and is without prejudice to any right by Franchisor's to terminate this Agreement.
• 5.5.5 Franchisee acknowledges that the electronic receipts generated from the ACH transactions listed herein are the only documents that will be generated for the transactions made under this Agreement and that they will not be accompanied by individual invoices from Franchisor. Franchisee agrees that such receipts are sufficient documentation of transactions, and that pa

Source: Item 22 — CONTRACTS (FDD page 36)