3. Each natural person executing the Transaction Documents or any document referred to herein is legally competent to do so;
4. Each person who has taken any action relevant to any of our opinions in the capacity of director, officer, manager, member, or partner was duly elected or appointed to or otherwise occupied that director, officer, manager, member, or partner position and held that position when such action was taken;
5. The entering into of the Transaction Documents by the Company is necessary or convenient to carry out the business and affairs of the Company;
6. We do not express any opinion with respect to the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference and other similar laws or governmental orders affecting creditors’ rights generally, and the opinions stated herein are limited by such laws and by general principles of equity (regardless of whether enforcement is sought in equity or at law);
7. Except to the extent expressly stated in the opinions contained herein, we do not express any opinion with respect to the effect on the opinions stated herein of (i) the compliance or non-compliance of any party to any of the Transaction Documents with any laws, rules or regulations applicable to such party or (ii) the legal status or legal capacity of any party to any of the Transaction Documents;
8. We do not express any opinion with respect to any law, rule or regulation that is applicable to any party to any of the Transaction Agreements or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;
9. We do not express any opinion with respect to any securities, banking, usury, antifraud, consumer credit, debt collection, privacy, derivatives or commodities laws, rules or regulations, Regulations T, U or X of the Board of Governors of the Federal Reserve System or laws, rules or regulations relating to national security; and
10. We have assumed that each of the Transaction Agreements constitutes the valid and binding obligation of each party to such Transaction Agreement, enforceable against such party in accordance with its terms.
Opinions
Based upon and subject to the foregoing and subject to the exceptions, qualifications, and limitations hereinafter set forth, and having regard for legal considerations that we deem relevant, we are of the opinion that:
1. Based solely on (i) our review of the Organizational Documents and Assistant Secretary’s Certificate and (ii) our review of the Status Certificate, the Company has legal existence under the MBCA (as defined below) and is in good standing with the office of the Secretary of the Commonwealth.
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