Common use of FDIC Rule / True Sale Opinion Clause in Contracts

FDIC Rule / True Sale Opinion. The Representative shall have received from Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP, special counsel for the Bank and the Issuing Entity, 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 security interest in the Receivables and the Issuing Entity’s and the Indenture Trustee’s security interest in the Receivables and the FUSA Collateral Certificate, and with respect to other related matters in a form previously approved by the Representative and its counsel.

FDIC Rule / True Sale Opinion. The Representative shall have received from Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP, special counsel for the Bank and the Issuing Entity, 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 security interest in the Receivables and the Issuing Entity’s and the Indenture Trustee’s security interest in the Receivables Receivables, the FUSA Collateral Certificate and the FUSA Chase Collateral Certificate, and with respect to other related matters in a form previously approved by the Representative and its counsel.

FDIC Rule / True Sale Opinion. The Representative shall have received from Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP, special counsel for the Bank and the Issuing Entity, 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 security interest in the Receivables and the Issuing Entity’s and the Indenture Trustee’s security interest in the Receivables and the FUSA Collateral CertificateReceivables, and with respect to other related matters in a form previously approved by the Representative and its counsel.

FDIC Rule / True Sale Opinion. The Representative shall have received from Skadden, Arps, Slate, Xxxxxxx Mxxxxxx & Xxxx Fxxx LLP, special counsel for the Bank and the Issuing Entity, 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 security interest in the Receivables and the Issuing Entity’s and the Indenture Trustee’s security interest in the Receivables and the FUSA Collateral Certificate, and with respect to other related matters in a form previously approved by the Representative and its counsel.

FDIC Rule / True Sale Opinion. The Representative shall have received from Skadden, Arps, Slate, Xxxxxxx Mxxxxxx & Xxxx Fxxx LLP, special counsel for the Bank and the Issuing Entity, 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 security interest in the Receivables and the Issuing Entity’s and the Indenture Trustee’s security interest in the Receivables Receivables, the FUSA Collateral Certificate and the FUSA Chase Collateral Certificate, and with respect to other related matters in a form previously approved by the Representative and its counsel.