Article 5
Article 5.—Consideration a. That a portion of the property sold and granted hereby, together with the property heretofore sold under Contracts Nos. W-ANL(PA-I)-206, W-ANL(PA-I)-1611, and W-ANL(PA-1)-3811, having an agreed fair value of one hundred million dollars is accepted by the Philippines in full discharge of the grant authorized by Title II of the Philippine Rehabilitation Act of 1946 and any and all obligations of both parties hereto arising in any manner through or in relation to said contracts, and upon the effective date of this contract, the aforesaid three contracts are hereby terminated, and the property so accepted shall be identified by methods and procedures to be determined by the United States. That the portion so identified or the proceeds from any and all sales of any part thereof shall be used by the Philippines in accordance with the provisions of section two hundred one of said Rehabilitation Act, and there is hereby delegated to the President of the Republic of the Philippines authority to control the use and disposition of such property and the use of the proceeds of any disposition of any part thereof, provided such use and disposition must be in accordance with the provisions of section two hundred one of said Rehabilitation Act and reports of all activities related thereto will be made available to the Central Field Commissioner for the Pacific and China at request, and said President is further authorized to redelegate this authority to any officer or employee of the Republic of the Philippines. b. That the United States shall forthwith pay to the Philippines the sum of twenty-five million dollars on account and in part payment of the financial obligations and responsibilities of the United States arising from: (1) The issuance in the Philippines of emergency currency, guerrilla currency, military scrip or other writing intended to circulate as money, the issuance of which was duly authorized, and (2) Any unpaid advances, loans, credits and overdrafts by the Philippine National Bank, the Common wealth of the Philippines or any corporation, political subdivision or agent thereof, during the war with Japan but not after the second day of September nineteen hundred and forty-five; and that the Philippines, as partial consideration for the property transferred hereunder and not identified in Article five-a hereof as granted under the Philippine Rehabilitation Act of 1946, hereby releases and acquits the United States of the un paid balance of the financial obligations and responsibilities aforesaid and shall forever indemnify and hold the United States harmless from all claims and demands of every nature arising there from by any person or persons whomsoever. c. That in further consideration for the property transferred hereunder and not identified pursuant to Article five-a hereof as granted under the Philippine Rehabilitation Act of nineteen hundred and forty-six, the Philippines shall make available to the United States the equivalent of five million dollars in manner following: (1) The equivalent of three million dollars to be available for the purchase of designated real estate and improvements in real estate in the Philippines for the use and benefit of the United States at prices to be agreed upon by the Governments, and (2) The equivalent of two million dollars and any un expended portion of the sum set forth in Article five-c (1) above, to be available for the implementation of agreements to be entered into between the Philippines and the United States for cultural, research, instruction and other educational activities.