Common use of Regulatory Intervention Clause in Contracts

Regulatory Intervention. If Canadian Regulatory Authorities or U.S. Regulatory Authorities take action by rule, order or other official means which materially and fundamentally alters the operation of this Article VI such that Gas cannot be sold and purchased hereunder at a market based price for long term firm Gas supply, then either Buyer or Seller may notify the other Party by the means identified in Article XII hereof of its intention to terminate this Agreement This Agreement shall then terminate in all respects one hundred and eighty (180) days after the provision of such notice unless within such one hundred and eighty (180) day period the regulatory action has been modified or revoked such that the operation of Article VI has been restored. The Parties shall use due diligence and exercise all reasonable efforts to oppose any regulatory action which might trigger the operation of this section 6.06.