ML20203H444

Forwards Certificates for Yr Ending 860331 Assuring B&W Ability to Cover Costs of Decommissioning All B&W Nuclear Facilities.Company Working Capital as of 860627 Significantly in Excess of Estimated Decommissioning Costs

ML20203H444
Person / Time
Site:	Farley, BWX Technologies, 07001201, 07000364, 07000824, 07000135
Issue date:	07/17/1986
From:	Jordan L BABCOCK & WILCOX CO., MCDERMOTT, INC.
To:	Crow W NRC OFFICE OF NUCLEAR MATERIAL SAFETY & SAFEGUARDS (NMSS)
References
27223, NUDOCS 8608040410
Download: ML20203H444 (6)

Text

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7647 I. RETURN TO 396-SS p-g rs McDermott Incorporated 76gm 2 y -p g ,2_

i v / w s' i 1010 Common Street P.O. Box 60035 New Orleans, Louisiana 70160 (504) 587-4411 July 17, 1986 Si?'

9 q Mr. W. T. Crow, Acting Chief Uranium Fuel Licensing Branch

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RECElVED h Division of Fuel Cycle and Material Safety -

221986 )I.E-United States Nuclear Regulatory Commission

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Re: License Number Sh -145, SNM-414, SNM-778 and SNM-1168 -

Financial Assurance for Payment for Decommissioning Costs

Dear Mr. Crow:

In a letter dated March 13, 1978, Mr. George G. Zipf, then President of the Babcock & Wilcox Company, stated that continuing assurance of Babcock & Wilcox's ability to cover the costs of decommissioning all its nuclear facilities would be provided to you.

The nature of these assurances would be first; a copy of an Officer's Certificate to the Company's lenders, under certain Promissory Note Agreements, that the Company has met all restrictive covenants contained in the Note Agreements and second, that periodically, the Company would measure the cost of decommissioning its nuclear facilities to insure that they did not exceed the Company's working capital.

Attached are copies of these Certificates signed by Messrs. John A. Lynott, Executive Vice President and Chief Financial and Administrative Officer and Robert A. Jolliff, Treasurer, dated June 27, 1986 for the year ended March 31, 1986. In l addition, the Company's working capital, at that date, was significantly in excess l of the estimated cost to decommission its nuclear facilities.

l If you have any questions related to this submittal, please advise us.

Very Truly Yours,

- THE BABCOCK & WILCOX COMPANY V

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CERTIFICATE We, the undersigned do hereby certify, pursuant to Section 7 (D) , of page 10 of the Note Agreement dated October 12, 1971, relating to the Company's 9% Promissory Note due October 1, 1991, entered into between you and the Company, that there exists no default or event of default as defined in section thereof, during the fiscal year ended March 31, 1986.

In witness whereof.we have hereunto set our hand this 27th day of June, 1986.

Joh A. L ott ecutiv Vic President, hief Fin 'al and trative Officer

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CERTIFICATE We, the undersigned do hereby certify, pursuant to Section 7 (D), of page 7 of the Note Agreement dated January 1, 1977, relating to the Company's 8-1/2% Promissory Notes due January 1, 1997, entered into between you and the Company, that there exists no default or event of default as defined in section thereof, during the fiscal year ended March 31, 1986.

In witness whereof'-we have hereunto set our hand this 27th day of June, 1986.

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f/' Jo A. L ott Execut' e Vic President, Chief F' al and Ad ' strati'e Officer

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CERTIFICATE We, the undersigned do hereby certify, pursuant to Section 3 (D), of page 6 of the Guaranty Agreement dated 3 December 1, 1976, relating to the, Guarantor's 9% Guaranteed' Notes due December 1, 1996, entered into between you and the Guarantor, that there exists no default or event of default as defined in section thereof, during the fiscal year ended March 31, 1986.

In witness whereof we have hereunto set our hand this 27th day of June, 1986.

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John A Ly tt E/ecutive 'ce resident, Chief Financ al and Administrative Officer

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CERTIFICATE We, the undersigned officers of Babcock & Wilcox Industries Ltd., do hereby certify, pursuant to Section 7 (b), of page 7 of the Note Agreement dated December 1, 1976, entered into with you which relates to the 9% Guaranteed

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Notes due December 1, 1996, that there exists no default or event of default, as defined therein, during the fiscal year ended March 31, 1986.

In witness whereof we have hereunto set our hand this 27th day of June, 1986.

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