Chronic Late Payment or Underpayment. Without limiting Licensor’s other remedies hereunder for any Payment Default, (a) if Licensee fails to make any payment when required under this Agreement (including any applicable Grace Period) (“Late Payment”) (excluding any Late Payment attributable solely to the application of Chinese foreign exchange controls outside Licensee’s control) on three (3) or more occasions during any twenty-four (24) month period, or (b) if any payment made is less than 90% of the amount due (“Underpayment”) on more than one occasion during any twenty-four (24) month period and Licensee fails to comply with Section 14.1.6.C., Licensor may:
Appears in 4 contracts
Samples: Master License Agreement (Yum Brands Inc), Master License Agreement (Yum China Holdings, Inc.), Master License Agreement (Yum China Holdings, Inc.)
