Is it possible to conditionally add watermark using MailMerge fields?

We have a Word template that we would like to conditionally add a watermark to based on a mail merge field value. So for example, something like:

{IF {MERGEFIELD "UseWatermark"} = True "Somehow Insert Watermark" "Do nothing" }

Is there a way to do this?

@dhartley91 Watermark in MS Word document is represented as a simple shape in the document header behind main content. So you can put the condition in the document header and insert watermark shape into the IF field.

Also, you can move this logic into the code and use IFieldMergingCallback to insert watermark into eh document.

Document doc = new Document(@"C:\Temp\in.docx");
doc.MailMerge.FieldMergingCallback = new InsertWatermarkCallback();
doc.MailMerge.Execute(new string[] { "UseWatermark" }, new object[] { "true" });
doc.Save(@"C:\Temp\out.docx");
private class InsertWatermarkCallback : IFieldMergingCallback
{
    public void FieldMerging(FieldMergingArgs args)
    {
        if (args.FieldName == "UseWatermark" && args.FieldValue.Equals("true"))
        {
            args.Document.Watermark.SetText("This Is My Cool Watermark");
            // set value of field to empty string.
            args.FieldValue = "";
        }
    }

    public void ImageFieldMerging(ImageFieldMergingArgs args)
    {
        // Do nothing
    }
}