Exhibit 5.1
Orrick, Herrington & Sutcliffe LLP
51 West 52nd Street
New York, NY 10019-6142
+1 212 506 5000
orrick.com
July 8, 2026
Bread Financial Funding, LLC
3095 Loyalty Circle
Columbus, Ohio 43219
| Re: | Bread Financial Card Issuance Trust |
Bread Financial Funding, LLC (Depositor)
Registration Statement on Form SF-3
Ladies and Gentlemen:
We have acted as counsel for Bread Financial Funding, LLC, a Delaware limited liability company, as registrant, in connection with the Registration Statement on Form SF-3 (the “Registration Statement”), filed on July 8, 2026 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”), for the registration under the Act of series (each, a “Series”) of notes (collectively, the “Notes”), each such Series of Notes representing obligations of Bread Financial Card Issuance Trust (the “Trust”). Each Series of Notes will be issued pursuant to an Indenture, dated as of June 11, 2026, filed as Exhibit 4.3 to the Registration Statement (the “Master Indenture”), as supplemented by an indenture supplement relating to such Series, substantially in the form filed as Exhibit 4.4 to the Registration Statement (each, an “Indenture Supplement” and, in each such case, together with the Master Indenture, the “Indenture”), in each case among the Trust, as issuer, U.S. Bank Trust Company, National Association, as indenture trustee and as paying agent, and U.S. Bank National Association, as securities intermediary.
We have examined such instruments, documents and records as we deemed relevant and necessary as a basis of our opinion hereinafter expressed. In such examination, we have assumed the following: (a) the authenticity of original documents and the genuineness of all signatures; (b) the conformity to the originals of all documents submitted to us as copies; and (c) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed.
Based on such examination, we are of the opinion that when the Notes of each Series have been duly executed, authenticated and delivered in accordance with the Indenture, and sold in the manner described in the Registration Statement, any amendment thereto and the prospectus relating thereto, the Notes will be legally issued, fully paid, non-assessable and binding obligations of the Trust, and the holders of the Notes of such Series will be entitled to the benefits of such Indenture, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium, or other laws relating to or affecting the rights of creditors generally and general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith and fair dealing, and the possible unavailability of specific performance or injunctive relief, regardless of whether such enforceability is considered in a proceeding in equity or at law.