Common use of Guarantee Payments Clause in Contracts

Guarantee Payments. The Issuer understands and acknowledges that any Guarantee Payment with respect to a particular issue of Senior Unsecured Debt shall be paid by the FDIC directly to: (a) the Representative with respect to such Senior Unsecured Debt if a Representative has been designated; or (b) the registered holder(s) of such Senior Unsecured Debt if no Representative has been designated; or (c) any registered holder of such Senior Unsecured Debt who has opted out of being represented by the designated Representative; in each case, pursuant to the claims procedure set forth in the Rule. In no event shall the FDIC make any Guarantee Payment to the Issuer directly. The FDIC will provide prompt written notice to the Issuer of any Guarantee Payment made by the FDIC with respect to any of the Issuer’s Senior Unsecured Debt (the “Guarantee Payment Notice”).