Based on the foregoing and in reliance thereon, and subject to the assumptions, exceptions, qualifications and limitations set forth herein, we are of the opinion that:
1. With respect to Depositary Receipts, when (i) a deposit agreement relating to such Depositary Shares (“Deposit Agreement”) has been duly executed and delivered by the Company and the depositary appointed by the Company, (ii) the terms of the Depositary Shares have been established in accordance with the Deposit Agreement, and (iii) the Depositary Shares and the Depositary Receipts representing such Depositary Shares have been duly executed (in the case of certificated Depositary Receipts), issued and delivered in accordance with the related Deposit Agreement and the applicable definitive purchase, underwriting or similar agreement for the consideration provided therein, the Depositary Receipts representing such Depositary Shares will be legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
2. With respect to any Warrants, when (i) the warrant agreement relating to such Warrants (the “Warrant Agreement”), if any, has been duly executed and delivered by the Company and each other party thereto, (ii) the terms of the Warrants have been duly established in accordance with the Warrant Agreement, if any, and the applicable definitive purchase, underwriting or similar agreement, and (iii) the Warrants have been duly executed (in the case of certificated Warrants) and delivered in accordance with the Warrant Agreement, if any, and the applicable definitive purchase, underwriting or similar agreement for the consideration provided for therein, such Warrants will be legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
3. With respect to any Securities Purchase Contracts, when (i) the related purchase contract agreement (“Purchase Contract Agreement”), if any, has been duly executed by the Company and each other party thereto, (ii) the terms of the Securities Purchase Contracts have been established in accordance with the Purchase Contract Agreement, if any, or the applicable definitive purchase, underwriting or similar agreement, (iii) the terms of any collateral or security arrangements relating to such Securities Purchase Contracts have been established and the agreements thereto have been validly executed and delivered by each of the parties thereto and any collateral has been deposited with the collateral agent, if applicable, in accordance with such arrangements, and (iv) such Securities Purchase Contracts have been executed (in the case of certificated Securities Purchase Contracts) and delivered in accordance with the Purchase Contract Agreement, if any, and the applicable definitive purchase, underwriting or similar agreement for the consideration provided for therein, such Securities Purchase Contracts will be legal, valid and binding obligations of the Company, enforceable in accordance with their terms.
4. With respect to any Units, when (i) the unit agreement relating to such Units (the “Unit Agreement”), if any, has been duly executed and delivered by the Company and each other party thereto, (ii) the terms of the Units have been duly established in accordance with the Unit Agreement, if any, and the applicable definitive purchase, underwriting or similar agreement, and (iii) the Units have been duly executed (in the case of certificated Units) and delivered in accordance with the Unit Agreement, if any, and the applicable definitive purchase, underwriting or similar agreement for the consideration provided for therein, the Units will be legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
5. With respect to any Debt Securities and any related Guarantees, when: (i) the terms and conditions of such Debt Securities and Guarantees have been duly established by supplemental indenture or officers’ certificate in accordance with the terms and conditions of the relevant Base Indenture, (ii) any such supplemental indenture or officers’ certificate has been duly executed and delivered by the Issuer of such Debt Securities and, in the case of any supplemental indenture, the relevant trustee (together with the relevant Base Indenture, the “Indenture”), and (iii) such Debt Securities and any related Guarantees have been duly executed (in the case of certificated Debt Securities and Guarantees), delivered and authenticated in accordance with the terms of the applicable Indenture and issued and sold for the consideration set forth in the applicable definitive purchase, underwriting or similar agreement, such Debt Securities will be legal, valid and binding obligations of the Issuer thereof, enforceable against such Issuer in accordance with their respective terms, and any related Guarantees will be legal, valid and binding obligations of the Guarantors obligated thereon, enforceable against such Guarantors in accordance with their respective terms.
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