Common use of Transfer to FDIC Clause in Contracts

Transfer to FDIC. The Receiver, as the initial Participant, shall be entitled to transfer the Participation Interest to the FDIC (in any capacity) at any time, without the execution and delivery of a Transfer Supplement. Upon written notice of any such transfer delivered to the Company, the Company shall be deemed to have acknowledged such transfer and shall reflect such transfer on its books and in the register in which ownership of the Participation is recorded. The transfer of the Participation Interest shall be deemed to be effective on the transfer date specified by the FDIC in its notice to the Company of such transfer unless such notice is not provided pursuant to the provisions of this Section within seven (7) Business Days after such date, in which case the transfer shall be deemed to be effective on the date on which such notice is received by the Company (the “Deemed Effective Date”). From and after the Transfer Effective Date specified in such Transfer Supplement or the Deemed Effective Date, as applicable, the transferring Participant shall be released from any obligations it may have under this Agreement and shall cease to be a party to this Agreement.