DOJ Opinion No. 115, s. 1988

DOJ OPINION NO. 115 , s. 1988 June 9, 1988 Export-Import Bank of the United States 811 Vermont Avenue, N.W. Washington, D.C. 20571 U.S.A. Private Export Funding Corporation 280 Park Avenue New York, New York 10017 U.S.A. USS Engineers and Consultants, Inc. 600 Grand Street Pittsburgh, Pennsylvania 145230 U.S.A. Gentlemen : As Secretary of Justice of the Republic of the Philippines (the "Guarantor"), my opinion is requested with respect to the Letter Agreement dated March 7 1988 between the National Steel Corporation, the US Export-Import Bank, the Private Export Funding Corporation, the USS Engineers and Consultants, Inc., and the Guarantor, (the "Letter Agreement"), which amends the same parties. LibLex In connection with the rendition of this opinion, I have examined the Letter Agreement and such other documents and authorizations, as well as pertinent provisions of law, as I have deemed necessary and appropriate for this purpose. Based thereon, I am of the opinion that: 1. The Guarantor has full power, authority and legal right to execute and deliver the Letter Agreement and to perform and observe the terms and conditions thereof; 2. The Letter Agreement does constitute the valid and binding obligations of the Guarantor in accordance with the term thereof; 3. The Guarantor has taken all necessary legal action to authorize the execution and delivery of the Letter Agreement; and 4. All governmental approvals have been obtained so that the Guarantor can execute and deliver the Letter Agreement and perform its obligations thereunder. Very truly yours, (SGD.) SEDFREY A. ORDOEZ Secretary of Justice