ML053490225
| ML053490225 | |
| Person / Time | |
|---|---|
| Site: | 07000938, MIT Nuclear Research Reactor |
| Issue date: | 11/30/2005 |
| From: | Bufferd A, Dinezza T Massachusetts Institute of Technology (MIT) |
| To: | Office of Nuclear Reactor Regulation |
| References | |
| Download: ML053490225 (4) | |
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AMENDED ESCROW AGREEMENT This Amended Escrow Agreement, dated as of t3oem ber 3 ) 2005, amends the Escrow Agreement originally dated as of August 18, 1990, as amended and restated as of March 31, 1994, and as further amended and restated as of March 21; 1997 (together, the "Escrow Agreement"), between Massachusetts Institute of Technology ("M.I.T. ") and U.S. Bank National Association (the "Escrow Agent"), successor to State Street Bank- and Trust Company which, in turn, was successor to The First National Bank of Boston, pursuant to Paragraph 12 of the Escrow Agreement.
- 1. Paragraph I of the Escrow Agreement is hereby amended in its entirety to read as follows:
"1. Establishment of Escrow Account M.I.T. hereby establishes an escrow account (the "Escrow Account") with the Escrow Agent pursuant to the terms of this agreement, to provide financial assurance for decommissioning of two M.I.T. facilities, in the amounts shown below:
First Facility:
Facility name: Massachusetts Institute of Technology Address: 77 Massachusetts Avenue Cambridge, Massachusetts 02139 License number: SNM-986 Applicable NRC Regulations: 10 C.F.R. 70 Estimated Decommissioning Costs: I k Amount of Financial Assurance Provided:
PAU;C I'df 740*,
Second Facility:
Facility name: Massachusetts Institute of Technology Research Reactor Address: 138 Albany Street Cambridge, Massachusetts 02139 License number: R-37 Applicable NRC Regulations: 10 C.F.R. 50 Estimated Decommissioning Costs:
Amount of Financial Assurance Provided:
- 2. The first sentence of Paragraph 2 of the Escrow Agreement is hereby amended to read as follows:
"It is hereby acknowledged by the parties that cash or other liquid assets with a value of been delivered to the Escrow Agent, and they, or assets of equivalent value, less any amounts disbursed pursuant to Paragraph 4 of this agreement, will remain in the Escrow Account until one of the conditions stated in Paragraph 3 of this agreement has been satisfied."
- 3. The third sentence under the heading "Escrow Account Management" in Paragraph 6 of the Escrow Agreement, beginning with the words "Interest earnings shall be," is hereby amended to read as follows:
"Interest earnings shall be paid immediately upon receipt to Massachusetts Institute of Technology with advice to Stephen Gorman, MIT Investment Management Company, Office of the Treasurer, 238 Main Street, Suite 200, Cambridge, Massachusetts 02142, or as M.I.T. otherwise directs the Escrow Agent, provided that immediately after such interest payment the market value of the Escrow Account is equal to or greater than the Required Balance.
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- 4. Paragraph 12 of the Escrow Agreement is hereby amended in its entirety to read as follows:
"12. Amendment to this Agreement.
This Agreement may be amended by an instrument in writing executed by M.I.T. and the Escrow Agent provided that M.I.T. has given 30 days prior written notice to the Escrow Agent and the NRC and the NRC has approved the amendment in a writing delivered to the Escrow Agent."
- 5. Paragraph 17 of the Escrow Agreement is hereby amended in its entirety to read as follows:
"17. Notices If any notice or communication is required to be given hereunder it shall be deemed given if in writing and mailed by certified or registered mail, postage prepaid, return receipt requested:
If to Escrow Agent:
Attention: 1990 M.I.T. Escrow If to M.I.T.: Massachusetts Institute of Technology
- Office of the Treasurer 238 Main Street, Suite 200 Cambridge, Massachusetts 02142 Attention: Mr. Allan S. Bufferd Office of the Treasurer If to NRC: U.S. Nuclear Regulatory Commission Washington, D.C. 20555"
- 6. It is the intention of the parties hereto that all provisions, terms and conditions contained in the Escrow Agreement originally dated as of August 18, 1990, as amended and restated as of March 31, 1994, and March 21, 1997, which have not been amended or modified as set forth above, shall remain in full force and effect.
WITNESS the execution hereof under seal as of the date above first written.
MASSACHUSETTS INSTITUTE
_- .OF TECHNOLOGY By irW 19 BBy 'I wW
/ Al"_ I Name TODD R. DiNEZZA Name Acr-es Title Apt 58 p;qLt Title 3a__190 Date' 1 I0 Date /l
- cu - Zca The Commonwealth of Massachusetts AL - _, SS. Date: I\I ,20 L6 Then personally appeared the above nameod X7 , being an Authorized Officer ol md acknowledged e foregoing to be the free act and deed of before me RACHEL M. SYLVIA /
NOrARY PUBLIC 4MONWEALTII OF MASSACHUSEIS ESPIRESFEBRIIARIY 1L1.I XOMMISSION My commission expires:
The Commonwealth of Massachusetts Pit diUA-4 Ss. Date: A ) ){ k U L5, 20z&4 Then personally appeared the above named S. bia being an Authorized Officer of the Massachusetts Institute of Technology and acknowledged the foregoing to be the free act and deed of said Massachusetts Institute of Technology, before me 14otary -PubW My commission expires:
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