ML070320555
| ML070320555 | |
| Person / Time | |
|---|---|
| Site: | MIT Nuclear Research Reactor |
| Issue date: | 01/26/2007 |
| From: | Bernard J MIT Engineering |
| To: | Document Control Desk, Office of Nuclear Reactor Regulation |
| References | |
| Download: ML070320555 (5) | |
Text
MIT NUCLEAR REACTOR LABORATORY AN MIT INTERDEPARTMENTAL CENTER John A. Bernard, PhD, CHP, PE Director of Reactor Operations Principal Research Engineer Mail Stop: NW12-208a 138 Albany Street Cambridge, MA 02139 Phone: 617 253-4202 Fax: 617 253-7300 Email: Bemardj@mit.edu January 26, 2007 U.S. Nuclear Regulatory Commission Washington, DC 20555 Attn: Document Control Desk
Subject:
Amended Escrow Agreement, Docket No. 50-20 Gentlemen:
Enclosed please find MIT's executed Amended Escrow Agreement.
Sincerely,
- ohn A. Bernard JAB/koc
Enclosure:
As stated cc: USNRC -
Senior Project Manager Research and Test Reactor Branch A Division of Policy and Rulemaking Office of Nuclear Reactor Regulation
AMENDED ESCROW AGREEMENT This Amended Escrow Agreement, dated as of I (0 01
,400 amends the Escrow Agreement originally dated as of August 18, 1990, amended and restated as of March 31, 1994, as further amended and restated as of March 21, 1997, and November 29, 2005 (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 1 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:
Fir*st 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:
$1,125,000.00 Amount of Financial Assurance Provided:
$1,125,000.00
Second Facility:
Facility name:
Massachusetts Institute of Technology Research Reactor 138 Albany Street Cambridge, Massachusetts 02139 Address:
License number:
R-37 Applicable NRC Regulations:
Estimated Decommissioning Costs:
Amount of Financial Assurance Provided:
$23,000,000.00
$23,000,000.00"
- 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
$24,125,000.00 have 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 Pool C custody account #42312967 at U.S. Bank National Association, with advice to Stephen Gorman, MIT Investment Management Company, 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.
- 4.
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:
If to M.I.T.:
If to NRC:
U.S. Bank National Association Corporate Trust Services Mailcode: EX-MA-FED One Federal Street, 3rd Floor Boston, MA 02110 Attention:
1990 M.I.T. Escrow Massachusetts Institute of Technology Investment Management Company 77 Massachusetts Avenue Cambridge, Massachusetts 02139 Attention:
Mr. Sherwin Greenblatt Office of the Treasurer U.S. Nuclear Regulatory Commission Washington, D.C. 20555"
- 5.
It is the intention of the parties hereto that all provisions, terms and conditions contained in the Escrow Agreement 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.
U.S. BANK NATIONAL ASSOCIATION BY Name.TODD R. DiNEZZA MASSACHUSETTS INSTITUTE OF TECHNOLOGY 4
By Name "
L)'f ASSISTANT VICE pRE6iDENT Title Title&
6 4f e \\i co ?vNfcJ*f2b.&3A'"?r Date
'Dt"I/, 007 ojj)()Io'ý Date
The Commonwealth of Massachusetts
, ss.
Date:
, 20 Then personally appeared the above named
, being an Authorized Officer of U.S. Bank National Association and acknowledged the foregoing to be the free act and deed of U.S. Bank National Association, before me
" Notary Public My commission ex JORDAN D. MWU Not"ry Public oCmWinh of Mazsa The Commonwealth of Massachusetts My 3comiss 2Y
~May 3, 2013
_ss.
Date: TO00-_
Then personally appeared the above named
_'_,Iiln
_, being an Authorized Officer of the Massachusetts Institute of Technology and'*a'i*nowledged the foregoing to be the free act and deed of said Massachusetts Institute of Technology, before me Notary Public My commission expires:
Halona Mui, Notary Public Commonwealth c' Massachusetts My Commnision Expires 5/11/2012