Common use of FDIC Rule Opinion Clause in Contracts

FDIC Rule Opinion. The Representative shall have received from Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP, special counsel for the Bank, such opinion or opinions, subject to customary qualifications, assumptions, limitations and exceptions, dated the Most Recent Quarterly Filing Date, in form and substance reasonably satisfactory to the Representative, with respect to the applicability of certain provisions of the Federal Deposit Insurance Act, as amended by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 with respect to the effect of receivership on the Bank’s, the Depositor’s, the Issuing Entity’s and the Indenture Trustee’s security interest in the Receivables, and with respect to other related matters in a form previously approved by the Representative and its counsel.

FDIC Rule Opinion. The Representative shall have received from Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP, special counsel for the Bank, such opinion or opinions, subject to customary qualifications, assumptions, limitations and exceptions, dated the Most Recent Quarterly Filing Closing Date, in form and substance reasonably satisfactory to the RepresentativeRepresentative and its counsel, with respect to the applicability of certain provisions of the Federal Deposit Insurance Act, as amended by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 with respect to the effect of receivership on the Bank’s, the Depositor’s, the Issuing Entity’s and the Indenture Trustee’s security interest in the Receivables, and with respect to other related matters in a form previously approved by the Representative and its counsel.

FDIC Rule Opinion. The Representative shall have received from Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP, special counsel for the Bank, such opinion or opinions, subject to customary qualifications, assumptions, limitations and exceptions, dated the Most Recent Quarterly Filing Closing Date, in form and substance reasonably satisfactory to the Representative, with respect to the applicability of certain provisions of the Federal Deposit Insurance Act, as amended by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 with respect to the effect of receivership on the Bank’s, the Depositor’s, the Issuing Entity’s and the Indenture Trustee’s security interest in the Receivables, and with respect to other related matters in a form previously approved by the Representative and its counsel.