ML20154B048

Establishes Irrevocable Standby Ltr of Credit 1484 in NRC Favor,At Request & for Account of W,Up to Aggregate Amount of $11,098,000 Upon Presentation of Sight Draft & Signed Statement

ML20154B048
Person / Time
Site:	Waltz Mill
Issue date:	09/28/1998
From:	Garcia J, Nesbitt N AFFILIATION NOT ASSIGNED
To:	NRC
Shared Package
ML20154B014	List: ML20154B010 ML20154B048
References
NUDOCS 9810050085
Download: ML20154B048 (5)

Text

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Tho Toronto-Dominion Bank 909 Fannin, Suite 1700 Houston, Texas 77010

, (713) 653 8200 3

IRREVOCABLE STANDBY LETTER OF CREDIT NO.1484

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$11,098,000.00 l Expiry: February 6,1999 U.S. Nuclear Regulatory Commission ("NRC")

Decommissioning and Regulatory Branch

Washington, D.C. 20555 l Attention

Group Chief i

Dear Sir or Madam:

i We hereby establish our irrevocable Standby Letter of Credit No.1484 in your favor, at the request and for the account of Westinghouse Electric Gompany,11 Stanwix l Street, Pittsburgh, PA 15222, up to the aggregate amount of U.S. Dollars Eleven Million l Ninety Eight Thousand and 00/100 available upon presentation of:

your sight draft, bearing reference to the Letter of Credit No.1484, and f 1)

2) your signed statement reading as follows: I certify that the amount of the

draft is payable pursuant to regulations issued under the authority of the U.S. Nuclear Regulatory Commission.

1 4 This Letter of Credit is issued in accordance with regulations issued under the authority j of the NRC, an agency of the U.S. Govemment, pursuant to the Atomic Energy Act of 1954, as amended and the Energy Reorganization Act of 1974. The NRC has promul- ,

gated regulatione in Title 10, Chapter 1 of the Code of Federal Regulations, Parts 30, l 40, 50 or 70, (the ' Applicable Regulations') which require that a holder of or an l applicant for, a license issued under the Applicable ReguisWns, provide assurance that l funds will be available when needed for decommissioning, j i

This Letter of Credit is effective as of February 6,1998 and shall expire on February 6, 1999, but such expiration date shall be automatically extended for a period of at least 1 year on February 6,1999 and on each successive expiration date, unless, at least 90 days before the current expiration date, we notify both you and Westinghouse Electric l Company, by certified mail, as shown on the signed return receipts. l 9810050085 980928 PDR ADOCK 05000o22 P pm

2-If Westinghouse Electric Company is unable to secure alternative financial assurance to replace this Letter of Credit within 30 days of notification of cancellation, the NRC may draw upon the full value of this Letter of Credit prior to cancellation.

l The Toronto-Dominion Bank shall give immediate notice to Westinghouse Electric l Company and the NRC of any notice received or action filed alleging (1) the insolvency I

or bankruptcy of The Toronto Dominion Bank, or (2) any violations of regulatory l requirements that could result in suspension or revocation of The Toronto Dominion l

l Bank's charter.

The Toronto-Dominion Bank also shall give immediate notice if for any reason, it becomes unable to fulfillits obligations under the Letter of Credit No.1484.

Whenever this Letter of Credit is drawn on under ar,d in compliance with the terms of this Letter of Credit, The Toronto-Dominion Osnk shall duly honor such draft upon it's presentation to us within 30 days, and we shall depcsit the amount of the draft directly  !

into the Standby Trust Fund of Westinghouse Electric Company in accordance with the l NRC's instructions.

1 Each draft must bear on it's face the clause: " Drawn under Letter of Credit No.1484 dated 6%bruary 6,1998 and the total of this draft and all other drafts previously drawn under this Letter of Credit does not exceed $11,098,000.00.

l This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision, International Chamber of Commerce, Paris, France, Publication No. 500).

THE TORONTO. DOMINION BANK I

By: i e:

- e or, Credit Administration By: 68 Name: Jd arcia

Title:

n er, Credit Administration l

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ATTACHMENT 4 WESTINGHOUSE CERTIFICATION OF AUTHORIZED SIGNATURE

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, (formerly Westingneuse Ele :::: crpera:::n; HELD CN APR:L 30, 1997 RESO L'/ED, that, effective May 1, 1997, che Chairman, One li:e Cha;rran, the Chief Executive Officer, the President, each Vice President, the ,

Treasurer, and the Secretary of the Ccmpany are, and each of them individual.y is, hereby authorized, in the name and on behalf of the Company, in :ne ordinary c.aduct of the Company's business, (A) to sign, execute, del;ver an:

bind the Company with respect to: (i) all contracts, agreements, instruments, deeds, leases, conveyances, transfers of real or personal property, grants Of public utility easements, powers of attorney (with full and general or limitec authority with power of substitution), releases, waivers, assignments, :laims documents and other documents of a contractual nature, (ii) all bonds, l obligations, and letter of credit applications or reimbursement agreements, l (iii) all applications for regulatory permits and licenses and other  ;

! governmental forms, including but not limited to tax returns, tax elections, l and any documents required in connection with patent, trademark and copyright matters, (iv) any other instrument similar to the preceding, and (v) with respect to the ordinary course of business of majority-owned or wholly-owned l subaldiaries of the Company, guaranty or similar arrangements or letter of j credit applications or reimbursement agreements, and (B) to vote, in person or

! by proxy, any interest that the Company may have in any corporation, partnership, joint venture or other entity or association:

RESOLVED, that with respect to any exercise by a specified officer or officers of the Company of the signature and/or voting authority granted in

( the preceding resolution, the Secretary (if he or she shall not sign the document) is hereby authorized to attest to any such signature and/or to affix the corporate seal to any such document or instrument:

RESOLVED, that each of the officers specified in the preceding two resolutions is also authorized to delegate his or her respective signature or voting authority granted in said resolutions by a writing (x) specifying the l scope of the authority being delegated by the writing, (y) identifying the ,

l delegate either by name or as the incumbent of a position, and (z) advising )

the delegate that he or she shall have no authority to redelegate the signature authority being delegated (provided that none of the above-specified I officers shall have any authority to bind the Company during such period that his or her then current assignment may require his or her residence in aay country other than the United States of America, its territories and l possessions), and that a copy of every delegation or change in a previous delegation made pursuant to this resolution shall be submitted to the General Counsel of the Company promptly after the delegation or change has occurred; RESOLVED, that with respect to any exercise by a specified officer or efficers of the Company of the signature and/or voting authority granted in the first of the preceding three resolutions, any Assistant Secretary is hereby authorized to attest to any such signature and/or to affix the corporate seal to any such document or instrument; RESOLVED, that, in addition to the authorization set forth in A(iii) of the first of the preceding four resolutions, any assistant secretary or assistant treasurer, and each of them individually, is hereby authorized, in

! the name and on behalf of the Company, to sign, execute, deliver and bind the Company with respect to any tax return or tax election, I

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RESOLVED, that none of ne author :y granted in :ne acefe res:..-.: 3 i shall constitute a delegation of, or change in, One =; s of au n:r;;,

', otherwise imposed on the specified offi:ers or their delegates :: On ne specified assistant officers or in any manner ce permitted to :perate .-

derogation of such limits of authority; and RESOLVED, that the signature, voting and other authority granteo ey :ne above resolutions shall be in addition to, and not by way of sues:::u ;cn :: )

replacement for or revocation of, any prior grant or grants :f 3;;na:ure, ,

I voting or ::her authority by the Board of Directors.

l I, CAROL L. McADAMS, Assistant Secretary of CBS Corporation, DO HEREBY CERTIFY that the foregoing is a true and correct copy of resolutions adopted at a meeting of the Board of Directors of said Company held on April 30, 199?,

at which meeting a quorum was present and which resolutions are still in full ,

force and effect.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Company.

Dated: January 16, 1998 YAssistant Secrdtary t ol&

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