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| | August 30, 2023 Page 3 |
Based on the foregoing and on such legal considerations as we deem relevant, we are of the opinion that:
1. With respect to the Debt Securities, when (i) the Indentures have been duly qualified under the Trust Indenture Act of 1939, as amended; (ii) the Operating Partnership has taken all necessary action to approve the issuance and terms of such Debt Securities, the terms of the offering thereof and related matters; and (iii) such Debt Securities have been duly executed, authenticated, issued and delivered in accordance with the provisions of the applicable Indenture and the applicable definitive purchase, underwriting or similar agreement approved by the Operating Partnership upon payment of the consideration therefor provided for therein, such Debt Securities will be legally issued and will constitute valid and legally binding obligations of the Operating Partnership enforceable against the Operating Partnership in accordance with their terms, except as such enforcement may be subject to any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or other law relating to or affecting creditors’ rights generally and general principles of equity.
2. With respect to the Guarantees of any series of Debt Securities to be issued under the Indentures when (i) the Indentures have been duly qualified under the Trust Indenture Act of 1939, as amended; (ii) the Partnership and the Operating Partnership have taken all necessary action to approve the issuance and terms of such Guarantees, the terms of the offering thereof and related matters; (iii) a supplemental indenture to such applicable Indenture, pursuant to which the Partnership agrees to be bound by the guarantee provisions of such applicable Indenture as applied to the Debt Securities of such series, has been duly executed, authenticated, issued and delivered by the Partnership, the Operating Partnership and the trustee under such applicable Indenture and (iv) the Debt Securities of such series have been duly executed, authenticated, issued and delivered in accordance with the provisions of the applicable Indenture and the applicable definitive purchase, underwriting or similar agreement approved by the Operating Partnership upon payment of the consideration for such Debt Securities provided for therein, such Guarantees will be legally issued and will constitute valid and legally binding obligations of the Partnership enforceable against the Partnership in accordance with their terms, except as such enforcement may be subject to any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or other law relating to or affecting creditors’ rights generally and general principles of equity.
3. With respect to the Warrants, when (i) the Operating Partnership has taken all necessary action to approve the issuance and terms of such Warrants, the terms of the offering thereof and related matters; (ii) a warrant agreement relating to such Warrants has been duly executed, authenticated, issued and delivered by the Operating Partnership and the warrant agent appointed by the Operating Partnership; and (iii) such Warrants or certificates representing the Warrants have been duly executed, authenticated, issued and delivered in accordance with the provisions of the applicable warrant agreement and the applicable definitive purchase, underwriting or similar agreement approved by the Operating Partnership upon payment of the consideration for such Warrants provided for therein, such Warrants will be legally issued and will constitute valid and legally binding obligations of the Operating Partnership enforceable against the Operating Partnership in accordance with their terms, except as such enforcement may be subject to any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or other law relating to or affecting creditors’ rights generally and general principles of equity.
4. With respect to the Rights, when (i) the Partnership and the Operating Partnership have taken all necessary action to approve the issuance and terms of such Rights, the terms of the offering thereof and related matters; (ii) a rights agent agreement relating to such Warrants has been duly executed, authenticated, issued and delivered by the Partnership or the Operating Partnership, as applicable, and the rights agent appointed by the Partnership or the Operating Partnership, as applicable; and (iii) such Rights or certificates relating to the Rights have been duly executed, authenticated, issued and delivered in accordance with the provisions of the applicable rights agent agreement and the applicable definitive purchase, underwriting or similar agreement approved by the Partnership or the Operating Partnership, as applicable, upon payment of the consideration for such Rights provided for therein, such Rights will be legally issued and will constitute valid and legally binding obligations of the Partnership or the Operating Partnership, as applicable, enforceable against the Partnership or the Operating Partnership, as applicable, in accordance with their terms, except as such enforcement may be subject to any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or other law relating to or affecting creditors’ rights generally and general principles of equity.
5. We express no opinions concerning (i) the validity or enforceability of any provisions contained in the Indentures that purport to waive or not give effect to rights to notices, defenses, subrogation or other rights or benefits that cannot be effectively waived under applicable law; (ii) the enforceability of indemnification provisions to the extent they purport to relate to liabilities resulting from or based upon negligence or any violation of federal or state securities or blue sky laws; or (iii) an implied covenant of good faith and fair dealing.
This opinion is limited in all respects to the laws of the State of New York and the federal laws of the United States of America, and we are expressing no opinion as to the effect of the laws of any other jurisdiction, domestic or foreign.