Calculating Late Fees - Start of Business or Close of Business after 5th

[Rema W.]

I have a quick question about how you're calculating late fees.  (Each morning after the 5th or COB after the 5th?)

In my lease, Rent is due on the 1st, and I assess a $5 per day late fee for any rent that is received after greater of 5 days.  

Do you wait until the close of business to assess the per day late?  

Or do you assess the late fee on the morning of every day after the 5th? 

For example on the morning of the 6th, I would assess a per-day late fee. And the same on the 7th. 

Or would you wait until the COB of the 6th to assess the per-day late fee?