ML20148E352

Responds to Re Re Cancellation of Siemens Power Corp'S Original Standby Ltr of Credit LC870-050212.Encl Confirms NRC Agreement to Cancellation of Ltr of Credit

ML20148E352
Person / Time
Site:	Framatome ANP Richland
Issue date:	05/22/1997
From:	Weber M NRC OFFICE OF NUCLEAR MATERIAL SAFETY & SAFEGUARDS (NMSS)
To:	External (Affiliation Not Assigned)
References
NUDOCS 9706030073
Download: ML20148E352 (4)

Text

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• l May 22, 1997 Wachovia Bank of Georgia, N.A.

301 North Main Street 1 Winston-Salem, NC 27150 l Attn: Standby Letter of Credit Unit

SUBJECT:

LETTER OF CREDIT FOR SIEMENS POWER CORPORATION I am responding to your April 24, 1997, letter concerning the cancellation of Siemens Power Corporation's original Standby Letter of Credit (LOC) No. LC870-050212 established by the Wachovia Bank of Georgia. Enclosure 1 contains a signed copy of the Wachovia Bank form, which confirms the U.S. Nuclear Regulatory Commission's (NRC) agreement to the cancellation of the LOC.

On April 25, 1997, the NRC cancelled Siemens Power Corporation's LOC and-returned the canceled original copy to Siemens by letter dated April 28, 1997.

Enclosure 2 contains a copy of the canceled LOC.

Please contact Susan D. Chotoo of my staff at (301) 415-8012 if you have any questions. l l

Sincerely, ORIGINAL SIGNED BY Michael F. Weber, Chief I Fuel Cycle Licensing Branch Division of Fuel Cycle Safety and Safeguards, NMSS

Enclosures:

As stated l Docket: 70-1257 License: SNM-122 DISTRIBUTION: Central File FCLB r/f NMSS r/f PUBLIC h KHar GPangburn PShea LBykoski FCSS r/f 0FC FCLB 6 F0tB M NAME Schotoo#f- [MWeber DATE 05/ # 97 05/tf197 0FFICIAL RECORD COPY 9706030073 970522 PDR ADOCK 07001257 C PDR U20043

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VTACH0VIA ,

- - - a c ;a l WACHOVIA BANK OF GEORGIA, N.A. ,O I, I

2400 PIEDMONT ROAD N.E.

ATLANTA, GA 30324 O '

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ATTN: STANDBY LETTER OF CREDIT UNIT ,

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Date: khc49 .

APRIL 24, 1997 WDOW9 g j pg

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At/TliOR@ED SG'Ws U.S. NUCLEAR REGULATORY COMMISSION --

WASHING, DC 20555 Pl. EASE SGN AND RETURN TO WACHOVIA BANK 301 NORTH MAIN STREET WINSTON. SALEM,NC 27150 ATTN: OF RE: OUR STANDBY LETTER OF CREDIT NO.: '

FOR ACCOUNT OF: SIEMENS POWER CORP AMOUNT: USD 15,000,000.00 EXPIRATION: AUGUST 11, 1997 PLEASE NOTE, THE APPLICANT HAS REQUESTED CANCELLATION OF THE ABOVE-REFERENCED LETTER OF CREDIT.- PLEASE RETURN THE ORIGINAL LETTER OF CREDIT ALONG WITH A COPY OF THIS LETTER AS YOUR AGREEMENT TO CANCELLATION TO 27150, OURATTENTION:

OFFICE LOCATED STANDBY AT 301 NORTH MAIN STREET, WINSTON-SALEM, NORTH CAROLINA LETTER OF CREDIT UNIT.

WACHOVIA BANK OF GEORGIA, N.A.

BY:

AUTHORIZED SIGNATURE U.S. NUCLEAR REGULATORY COMMISSION AGREES TO CANCELLATION OF THE ABOVE REFERENCED LETTER OF CREDIT.

U.S. NUCLEAR REGULATORY COMMISSION CC: SIEMENS POWER CORPORATION

,.]  % 155 108TH AVENUE N.E.

BY: BELLEVUE, WA 98009 AUTHORIZED SIGNATURE

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VJACH'V1 0 iCH0VIA BANK OF GEORGIA. N.A.

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1 UGUST <?, 1??A INEFICIARY: APFLICANT;

.S. NUCLEAR REGULATORY COMMISSION SIEMENS PotJER CORPORAT ION

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BELLEVUE, UA 9800? l i

I hMOUNT. A U.S. $15.000.000.00 + l l U FIFTEEN'MILLION AND 00/100 LI ONLY U.S. 00l. L A RS *

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HEREDY EGl ABL ISH GUR IRREVOCABL E STANDDY LETTER OF CREDIT NU. t C9 '

N YUUR FAVOR, AT THE REQUESf AND FOR THE ACCGUNT GF GiiiMENS DOUER DE Lt. L VUE A MLORATION (HEREINAF1rR "SIEMENS'i. 155 108TH AVENUE N.E.. DOL L AJ E! O O'? U P TO THE AGGREGATE AMOUNf OF FIF. FEEN MILLION AND 00/[00 U.S.

J.R. $15,000,000.00), AVATLwSI.E UPON PRESENTATION UF:

t? YOUR SIGHi DRAF1, SEARING RE F F RE NCE 'O THIS lFTTER OF Ci? EDIT NC.

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.s YOUR STGNED STATEMENT TJADING AS F OL L 0tJS ; ') CERIlFY THAL l Hrf 74M . U N l Ai.. T HO R I T ' .

THE DRAFT IS PAYADLE PURSUNIT TO RE0ULATIONS I E iidC D UMER THE U.S. NUCLEAR REGilL ATO FY COMMIS3 ION (NRC)."

IIS LETTER OF CREDII IS ISSUK0 JH ALCORDANCE WITH REGULATIONS ISSI'EU AN AGENC UNDF

-iE AUTHORITY 07 1HE U.S. NUC t.E AR REGULATORY COMfilS3 ION (NRC' AIOnic FNERG( ACi nF 1954, AS AME NO .,

lE U.5. GOVERNMENT, PURSUAt;r r0 1 H F..

'l0 ' THE E NE ROY REOROAN17ATIUm AC" 0;  !'? N THd N i; C HM ROMULGAfED

ULATTGNG.IN TITLE 10. CHAPTdP 1 DI i h!i C % E U tc FEDERR C;.ICANf F6R A 'FOULaT)nr LICENC i.SSUE

') . WHICH REQUIRE THAT A HOL bti R OF. Cd AN s LP. t.' All ADl E UW 9 DER LO CF R PART 70. PROVIDF ASSURANC~ ri AT FUNDc Will

'ZDED FOR DEc ord M I S S I ON I MG .

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HIS LETTER OF CREDIT 10 EFFECT!UE (d. CF AUGUST 11, 1994 A N D '.l i t . L L EYPffa UGUST 11. 1*M f:U I SUCH E :.= P I & A i i ON DATE SHALi DE AUTOM A114:. AL L Y EXTENDF FERIOD OF ONE YEAR ON AUGUST 11. 1995 AND 09 ti ACll SUCL E OSIVE EXPIRA!EU' ATE, UNLESS, AT LEAST Y o D A Y :_, t;EFOfi fME CURRE N T EXP1Ra f f 0N O F, f E , UE A017 OTH YOU AND SIEhENS. DY CERTIFIEL riAIL, AS SHOUN ON THE SIONED RETURN f

ECEIPTS..IF SIEMENS IS UNABLE TO SECURE ALTERNATIVE FINANCIAL ASf D AN G  ;

EPLACE THMi LET TER OF CREDIf UITHIN 30 GAYS OF NOTIFICATION OF CANCELLAT!t HE NRC MAY ORAUN UPON THE FULL VALUE OF THIS LETTER OF CRED11 PRIOR (d ANCELLATION. THE BANK SHALL OIVE IMMEDI A TE NO TICE TO THE APPL 3 CANT AND iHF RC OF ANY NO TICE RECEIVED OR ACTION FILED ALLEGING (1) Tile INSOLVENCY OR ANKRUPTCY OF THE FINANCIAL INSTITUTION OR (2) ANY VIOLATIONS OF REGULATOP'

EQUIREMENTS THAT COULD RESULF TN SUSPENSION OR REVOCATION OF THE B ANK 'S

HARTER OR LICENSE TO DO BUSINEOS. THE FINANCIAL INSTITUT ION AL CO 1 HALL 1i Mf1EDIATE NOTICE IF THE BANK, FOR ANY REASON, EECoriES UtJABLE TO FUL F [l .L DLIGAT1DN UNDER THE iETTER OF CREDII HENEVER THIS LETTER OF CREGIr 19 DRAUN Od UNDER AND IN CGrDPAFr PLI ANf:EUPUNWIT ITS4 HMS OF THIS LETTER OF CREDIT. UE E ALL Cul. Y HONO R 'I'".:H .

RESEN TA1 J O4 TU US U1 THIN 30 DAYS, AND UE SHALL DEPOSJI T Hi: ANotMT OF RAFT GIRECTLY 1 N TO THE ATAND8Y TRUST FUND OF G I'? ME NS IN ACCORDANC. UtiH

?iS i N U C T : Gt4 D .

ACH ORACT hUSl S E A T- O.J ITO FACE T H'd CLAUSE. 'Di C'N Ut!DE R L Ell f R Of- AL" )

O. LC870-050212 DATED AUGui L 3" ' 4 , AND THE T O TFe.. V i'H I S DP4Fr JHD W l NP E E C f.

T.-iE R DRAFIG PREVIOUSLY DR AM WDE R 1HIL LETTEri OF CRE D!1 P O ' 'R

.S. $15.000,000.0C."

HIS CRFPii iC S(IBJECT TO THE (UlrOPM CUSTOMS AND P R AC I 'J CE IUR DL" Uht N i n' '

EEDITS ( l N3 REVISION), JNTEPNAf10NAL CHen8ER JF CObriERCE PUELICATTM #

90.

VERf TRIJL1 'YOURG.

8,iACHOVIA BANK N f.k O P O l A . N.A.

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Cyn n 6JS[STANI UlOE PRESIDFNT unaE g r.

vcs LEASE DI RE CT ANi Fllf 0RE CORRF' PONDE "I ' INCLUDING DRAU3NUS' UP I fR:U E R I %i UCTING OUR REFERENCE NUheE-

'! O UM oCVI A SAM OF NORTH iAROLINA, W.A ORTH mA1N STREET, UfNSTON 4AM.1. HURTh NROLINA RtN AiTN: 'l W D 6 -

F CREC[i UNIT.