Common use of Changes in Law or Regulation Clause in Contracts

Changes in Law or Regulation. If any federal or state statute or regulation or order by a court of law or regulatory authority directly or indirectly (i) prohibits performance under this Agreement, (ii) makes such performance illegal or impossible, or (iii) effects a change in a substantive provision of this Agreement which has a significant material adverse impact upon the ability of either Party to perform its obligations under this Agreement, then the Parties will use all reasonable efforts to revise the Agreement so that: (a) performance under the Agreement is no longer prohibited, illegal, impossible or is no longer impacted in a material adverse fashion, and (b) the Agreement is revised in a manner that preserves, to the maximum extent possible, the respective positions of the Parties. Each Party will provide reasonable and prompt notice to the other Party as to any proposed law, regulations or any regulatory proceedings or actions that could affect the rights and obligations of the Parties. If the Parties are unable to revise the Agreement in accordance with the above, then the Party whose performance is rendered prohibited, illegal, impossible or is impacted in a material adverse manner shall have the right, at its sole discretion, to suspend this Agreement upon written notice to the other Party. Either Party may then terminate this Agreement upon 30 Days written notice to the other Party.

Changes in Law or Regulation. If any federal or state statute ---------------------------- or regulation or order by a court of law or regulatory authority directly or indirectly (ia) prohibits performance under this Agreement, (iib) makes such performance illegal or impossible, impossible or (iiic) effects a change in a substantive provision of this Agreement which has a significant material adverse impact upon the ability of either Party to perform its obligations under this Agreement, then the Parties will use all reasonable efforts to revise the Agreement so that: that (a) performance under the Agreement is no longer prohibited, illegal, impossible or is no longer impacted in a material adverse fashion, and and (b) the Agreement is revised in a manner that preserves, to the maximum extent possible, the respective positions of the Parties. Each Party will provide reasonable and prompt notice to the other Party as to any proposed law, regulations or any regulatory proceedings or actions that could affect the rights and obligations of the Parties. If the Parties are unable to revise the Agreement in accordance with the above, then the Party whose performance is rendered prohibited, illegal, impossible or is impacted in a material adverse manner shall have the right, at its sole discretion, to suspend or terminate this Agreement upon written notice to the other Party. Either Party may then terminate this Agreement upon 30 Days written notice to the other Party.