Common use of TERMINATION RIGHTS UPON AN EVENT OF DEFAULT Clause in Contracts

TERMINATION RIGHTS UPON AN EVENT OF DEFAULT. Upon the occurrence of an Event of Default under Sections 8.4 or 8.5 of this Agreement by one of the Parties, [***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. (being referred to as the “Defaulting Party”), the non-defaulting Party in its sole discretion may terminate this Agreement so long as such Event of Default is not cured by the Defaulting Party within forty-five (45) calendar days from receipt of written notice, subject to those insolvency rights under Section 8.8, if applicable. The non-Defaulting Party may provide its written consent to such Event of Default, such consent not to prejudice any future termination of this Agreement based on another occurrence of such Event of Default. Notwithstanding the preceding, from the date a Party notifies the other Party that it wishes to commence a proceeding in accordance with the dispute resolution procedures set forth in Article 9 until such proceeding has been concluded, the running of the time period referred to in this Section 8.6 for curing a breach shall be suspended with respect to the subject matter of the dispute, claim or controversy. If Ulthera alleges an Event of Default by GTS, [***] until such alleged Event of Default is adjudicated by binding arbitration pursuant to Section 9.1, so long as [***] three (3) months. If the arbitrator declines to find such an Event of Default, Ulthera will [***]. If the arbitrator determines an Event of Default exists, Ulthera may terminate this Agreement pursuant to Section 8.7(c), or allow GTS additional time to cure. The parties will act in good faith to obtain an arbitration decision prior to three (3) months from the date that a non-defaulting party notifies a Defaulting Party in writing that the non-defaulting party wishes to commence arbitration. If the arbitration process exceeds three (3) months, Ulthera will [***] if the arbitrator determines default.

TERMINATION RIGHTS UPON AN EVENT OF DEFAULT. Upon the occurrence of an Event of Default under Sections 8.4 or 8.5 of this Agreement by one of the Parties, [***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. (being referred to as the “Defaulting Party”), the non-defaulting Party in its sole discretion may terminate this Agreement so long as such Event of Default is not cured by the Defaulting Party within forty-five (45) [***] calendar days from receipt of written notice, subject to those insolvency rights under Section 8.8, if applicable. The non-Defaulting Party may provide its written consent to such Event of Default, such consent not to prejudice any future termination of this Agreement based on another occurrence of such Event of Default. Notwithstanding the preceding, from the date a Party notifies the other Party that it wishes to commence a proceeding in accordance with the dispute resolution procedures set forth in Article 9 until such proceeding has been concluded, the running of the time period referred to in this Section 8.6 for curing a breach shall be suspended with respect to the subject matter of the dispute, claim or controversy. If Ulthera alleges an Event of Default by GTS, [***] until such alleged Event of Default is adjudicated by binding arbitration pursuant to Section 9.1, so long as [***] three (3) months]. If the arbitrator declines to find such an Event of Default, Ulthera will [***]. If the arbitrator determines an Event of Default exists, Ulthera may terminate this Agreement pursuant to Section 8.7(c), or allow GTS additional time to cure. The parties will act in good faith to obtain an arbitration decision prior to three (3) [***] months from the date that a non-defaulting party notifies a Defaulting Party in writing that the non-defaulting party wishes to commence arbitration. If the arbitration process exceeds three (3) [***] months, Ulthera will [***] if the arbitrator determines default.