Common use of Decommissioning Plan Clause in Contracts

Decommissioning Plan. The Parties participating in the development will before submission of a development plan to the Danish Energy Agency agree on a Decommissioning Plan, which will be drafted in accord- ance with any applicable laws, regulations, guidelines and governmental decisions. The De- commissioning Plan must be accompanied an application of a development plan and shall be subject to the approval of the Danish Energy Agency. Subsequent updates of the Decommis- sioning Plan shall similarly be subject to the approval of the Danish Energy Agency. The Decommissioning Plan shall include information regarding • decommissioning costs, • the terms for provision of security including but not limited to the economic assump- tions for calculating the timing for provision of security. • The provision of security in connection with assignment Such information shall be updated on an annual basis and shall be made available to the ▇▇▇- ish Energy Agency and possible previous owners of the license in accordance with any applica- ble laws, regulations, guidelines and governmental decisions. If a party fails to provide and maintain the agreed security, such failure shall also constitute a default under this Agreement and the provisions of section 11.3.1 shall apply to such default.

Decommissioning Plan. The Parties participating in the development will before submission of a development plan to the Danish Energy Agency agree on a Decommissioning Plan, which will be drafted in accord- ance accordance with any applicable laws, regulations, guidelines and governmental decisions. The De- commissioning Decommissioning Plan must be accompanied an application of a development plan and shall be subject to the approval of the Danish Energy Agency. Subsequent updates of the Decommis- sioning Decommissioning Plan shall similarly be subject to the approval of the Danish Energy Agency. The Decommissioning Plan shall include information regarding • decommissioning costs, • the terms for provision of security including but not limited to the economic assump- tions assumptions for calculating the timing for provision of security. • The provision of security in connection with assignment Such information shall be updated on an annual basis and shall be made available to the ▇▇▇- ish Danish Energy Agency and possible previous owners of the license in accordance with any applica- ble applicable laws, regulations, guidelines and governmental decisions. If a party fails to provide and maintain the agreed security, such failure shall also constitute a default under this Agreement and the provisions of section 11.3.1 shall apply to such default.