Common use of Extension of Payment Date Clause in Contracts

Extension of Payment Date. Notwithstanding anything in Section 1.7(c) hereof to the contrary, in the event that Executive's employment with the Company is terminated and such termination arises from the death, disability or retirement of the Executive or is without Cause, then, at the option of the Executive and upon delivery of written notice to that effect, the obligation to repay the Loan in full, together with accrued interest thereon, may be extended to the second anniversary date of such termination or retirement or the Maturity Date, whichever is longer. For purposes of this Section, the term "Cause" shall have the meaning assigned to it in that certain Employment Agreement dated of even date herewith among the Executive, the Company and New Jersey State Medical Underwriters, Inc.

Extension of Payment Date. Notwithstanding anything in Section 1.7(c) hereof to the contrary, in the event that Executive's employment with the Company is terminated and such termination arises from the death, disability or retirement of the Executive or is without Cause, then, at the option of the Executive and upon delivery of written notice to that effect, the obligation to repay the Loan in full, together with accrued interest thereon, may be extended to the second anniversary date of such termination or retirement or the Maturity Date, whichever is longerearlier. For purposes of this Section, the term "Cause" shall have the meaning assigned to it in that certain Employment Agreement dated of even date herewith among the Executive, the Company and New Jersey State Medical Underwriters, Inc.

Extension of Payment Date. Notwithstanding anything in Section 1.7(c1.8(c) hereof to the contrary, in the event that Executive's employment with the Company is terminated and such termination arises from the death, disability or retirement of the Executive or is without Cause, then, at the option of the Executive and upon delivery of written notice to that effect, the obligation to repay the Loan in full, together with accrued interest thereon, may be extended to the second fifth anniversary date of such termination or retirement or the Maturity Date, whichever is longerearlier. For purposes of this Section, the term "Cause" shall have the meaning assigned to it in that certain the Employment Agreement dated of even date herewith among the Executive, the Company and New Jersey State Medical Underwriters, Inc.Inc. dated August 20, 2001.