Does the meaning of "applicable law" apply to all applicable state and federal laws?

Further, the plain meaning of "applicable law" may not be restricted to one particular law (i.e., FIRREA); rather, standard statutory construction dictates that "applicable law" is all relevant law not otherwise excluded. See Abbott Laboratories v. Gardner, 387 U.S. 136, 145-46, 87 S.Ct. 1507, 1513-14, 18 L.Ed.2d 681 (1976). Thus, it is more sensible to read the second sentence as a reference to all other applicable state and federal law.