Common use of Initial Commitment Period Clause in Contracts

Initial Commitment Period. Each new Member Entity shall be obligated to participate in the Program for a period of sixty (60) consecutive months as provided herein from the first day of Coverage provided to its eligible program participants and their dependents under the terms of this Program and each applicable Member Entity Agreement (“Initial Commitment Period”). For purposes of computing this Initial Commitment Period, for each Member Entity which participates in the Program commencing October 1, 2004, the Initial Commitment Period shall be for a period ending June 30, 2009. Provided further that any Member Entity which enters the Employee Benefits Program after October 1, 2004, the Initial Commitment Period shall be for a period of sixty (60) months from their first date of participation or until the end of the Coverage Year during which the sixtieth month occurs, whichever is longer. In the event a Member Entity breaches its obligation to participate in the Program and pay Assessments, the Authority may pursue any equitable remedies to which it may be entitled and the breaching Member Entity agrees to pay, in addition, liquidated damages in an amount equal to Risk Assessments which it would have paid for the balance of the Initial Commitment Period, based upon the coverage for the number of lives covered by the Program for such breaching Member Entity during the month immediately preceding the breach.

Initial Commitment Period. Each new Member Entity shall be obligated to participate in the Program for a period of sixty (60) consecutive months as provided herein from the first day of Coverage provided to its eligible program participants and their dependents under the terms of this Program and each applicable Member Entity Agreement (“Initial Commitment Period”). For purposes of computing this Initial Commitment PeriodPeriod , for each Member Entity which participates in the Program commencing October 1, 2004, the Initial I nitial Commitment Period shall be for a period ending June 30, 2009. Provided further that any Member Entity which enters the Employee Benefits Program after October 1, 2004, the Initial Commitment Period shall be for a period of sixty (60) months from their th eir first date of participation or until the end of the Coverage Year during which the sixtieth month occurs, whichever is longer. In the event a Member Entity breaches its obligation to participate in the Program and pay Assessments, the Authority may pursue any equitable remedies to which it may be entitled and the breaching Member Entity agrees to pay, in addition, liquidated damages in an amount equal to Risk Assessments which it would have paid for the balance of the Initial Commitment Period, based upon u pon the coverage for the number of lives covered by the Program for such breaching Member Entity during the month immediately preceding the breachbreach .