Common use of Recovery of Estate Taxes Clause in Contracts

Recovery of Estate Taxes. If the Director's gross estate for federal estate tax purposes includes any amount determined by reference to and on account of this Deferred Compensation Agreement, and if the Beneficiary is other than the Director's Estate, then the Director's Estate shall be entitled to recover from the Beneficiary receiving such benefit under the terms of the Survivor's Benefit an amount by which (x) the total estate tax due by Director's estate, exceeds (y) the total estate tax which would have been payable if the value of such benefit had not been included in the Director's gross Estate. If there is more than one person receiving such benefit, the right of recovery shall be against each such person in proportion to the benefits received by each such person. In the event any Beneficiary has a liability hereunder, such Beneficiary may petition the Bank for a lump sum payment in an amount not to exceed the Beneficiary's liability hereunder.

Recovery of Estate Taxes. If the DirectorExecutive's gross estate for federal estate tax purposes includes any amount determined by reference to and on account of this Deferred Compensation Executive Supplemental Retirement Income Agreement, and if the Beneficiary is other than the DirectorExecutive's Estateestate, then the DirectorExecutive's Estate estate shall be entitled to recover from the Beneficiary receiving such benefit under the terms of the Survivor's Supplemental Retirement Income Benefit an amount by which (x) the total estate tax due by DirectorExecutive's estate, exceeds (y) the total estate tax which would have been payable if the value of such benefit had not been included in the DirectorExecutive's gross Estateestate. If there is more than one person receiving such benefit, the right of recovery shall be against each such person in proportion to the benefits received by each such person. In the event any Beneficiary has a liability hereunder, such Beneficiary may petition the Bank for a lump sum payment in an amount not to exceed the Beneficiary's liability hereunder.

Recovery of Estate Taxes. If the DirectorEmployee's gross estate for federal estate tax purposes includes any amount determined by reference to and on account of this Deferred Compensation Agreement, and if the Beneficiary is other than the DirectorEmployee's Estateestate, then the DirectorEmployee's Estate estate shall be entitled to recover from the Beneficiary receiving such benefit under the terms of the Survivor's Benefit this Agreement an amount by which (x) the total estate tax due by Directorthe Employee's estate, exceeds (y) the total estate tax which would have been payable if the value of such benefit had not been included in the DirectorEmployee's gross Estateestate. If there is more than one person receiving such benefit, the right of recovery shall be against each such person in proportion to the benefits received by each such person. In the event any the Beneficiary has a liability hereunder, such the Beneficiary may petition the Bank for a lump sum payment in an amount not to exceed the Beneficiary's liability hereunder.

Recovery of Estate Taxes. If the Director's Employee’s gross estate estate, for federal estate tax purposes purposes, includes any amount determined by reference to and on account of this Deferred Compensation Agreement, and if the Beneficiary is other than the Director's EstateEmployee’s estate, then the Director's Estate Employee’s estate shall be entitled to recover from the Beneficiary receiving such benefit under the terms of the Survivor's Benefit this Agreement an amount by which (x) the total estate tax due by Director's the Employee’s estate, exceeds (y) the total estate tax which would have been payable if the value of such benefit had not been included in the Director's Employee’s gross Estateestate. If there is more than one person receiving such benefit, the right of recovery shall be against each such person in proportion to the benefits received by each such person. In the event any the Beneficiary has a liability hereunder, such the Beneficiary may petition the Bank for a lump sum payment in an amount not to exceed the Beneficiary's ’s liability hereunder.

Recovery of Estate Taxes. If the Director's gross estate for federal estate tax purposes includes any amount determined by reference to and on account of this Deferred Compensation Agreement, and if the Beneficiary is other than the Director's Estateestate, then the Director's Estate estate shall be entitled to recover from the Beneficiary receiving such benefit under the terms of the Survivor's Deferred Compensation Benefit an amount by which (x) the total estate tax due by the Director's estate, exceeds (y) the total estate tax which would have been payable if the value of such benefit had not been included in the Director's gross Estateestate. If there is more than one person receiving such benefit, the right of recovery shall be against each such person in proportion to the benefits received by each such person. In the event any the Beneficiary has a liability hereunder, such the Beneficiary may petition the Bank for a lump sum payment in an amount not to exceed the Beneficiary's liability hereunder.

Recovery of Estate Taxes. If the Director's Executive’s gross estate Estate for federal estate tax purposes includes any amount determined by reference to and on account of this Deferred Compensation Executive Supplemental Retirement Income Agreement, and if the Beneficiary is other than the Director's Executive’s Estate, then the Director's Executive’s Estate shall be entitled to recover from the Beneficiary receiving such benefit under the terms of the Survivor's Deferred Compensation Benefit an amount by which (x) the total estate tax due by Director's estatethe Executive’s Estate, exceeds (y) the total estate tax which would have been payable if the value of such benefit had not been included in the Director's Executive’s gross Estate. If there is more than one person receiving such benefit, the right of recovery shall be against each such person in proportion to the benefits received by each such person. In the event any Beneficiary has a liability hereunder, such Beneficiary may petition the Bank for a lump sum payment in an amount not to exceed the Beneficiary's ’s liability hereunder.

Recovery of Estate Taxes. If the Director's Executive’s gross estate Estate for federal estate tax purposes includes any amount determined by reference to and on account of this Deferred Compensation Executive Supplemental Retirement Income Agreement, and if the Beneficiary is other than the Director's Executive’s Estate, then the Director's Executive’s Estate shall be entitled to recover from the Beneficiary receiving such benefit under the terms of the Survivor's Deferred Compensation Benefit an amount by which (x) the total estate tax due by Director's estatethe Executive’s Estate, exceeds (y) the total estate tax which would have been payable if the value of such benefit had not been included in the Director's Executive’s gross Estate. If there is more than one on person receiving such benefit, the right of recovery shall be against each such person in proportion to the benefits received by each such person. In the event any Beneficiary has a liability hereunder, such Beneficiary may petition the Bank for a lump sum payment in an amount not to exceed the Beneficiary's ’s liability hereunder.