Common use of Adjustments to the Gross-Up Payment Clause in Contracts

Adjustments to the Gross-Up Payment. If, after the receipt by the Executive of an amount advanced by the Company or the Bank pursuant to Section 4(c), the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company's or the Bank's compliance with the requirements of Section 4(c)) promptly pay to the Company or the Bank the amount of such refund (together with any interest paid or credited thereon after applicable taxes). If, after the receipt by the Executive of an amount advanced by the Company or the Bank pursuant to Section 4(c), a determination is made that the Executive shall not be entitled to any refund with respect to such claim and such denial of refund occurs prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of the Gross-Up Payment required to be paid.

Adjustments to the Gross-Up Payment. If, after the receipt by the Executive of an amount advanced by the Company or the Bank pursuant to Section 4(c)15(c) of this Agreement, the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company's or the Bank's ’s compliance with the requirements of Section 4(c)15(c) of this Agreement) promptly pay to the Company or the Bank the amount of such refund (together with any interest paid or credited thereon after applicable taxes). If, after the receipt by the Executive of an amount advanced by the Company or the Bank pursuant to Section 4(c)15(c) of this Agreement, a determination is made that the Executive shall not be entitled to any refund with respect to such claim and such denial of refund occurs prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of the Gross-Up Payment required to be paid.