This article focuses on the debt guarantee program initiated by the FDIC, and explores some ways in which these guarantees differ from full, unconditional guarantees of payment with which potential beneficiaries under the TLGP's debt guarantee program may otherwise be familiar. The article also analyzes how the bankruptcy of a debt issuer may condition the FDIC's performance under a TLGP guarantee.

William Hawkins is a partner in the Bankruptcy, Restructuring and Creditors' Rights Group and is based in the New York office. He can be reached at  or at 212.407.4126.

This article was first printed in the December 4, 2008 edition of Law360. Permission for article reprint has been granted.