Common use of INITIAL TERMS Clause in Contracts

INITIAL TERMS. As soon hereafter as practicable, the parties shall establish and maintain a new health and welfare plan to be known as The National Railway Carriers and Brotherhood of Locomotive Engineers Health and Welfare Plan (the “NRC/BLE Plan”) and to be governed by a Joint Governing Committee (“JGC”) with respect to which the carriers party hereto and the organization party hereto will have equal representation. The benefits, limitations, terms, conditions and exclusions provided for under the NRC/BLE Plan will be substantially the same as those provided for under The Railroad Employees National Health and Welfare Plan (“National Plan”) that are described in the booklet entitled, “The Railroad Employees National Health and Welfare Plan,” effective January 1, 2003, subject to the modifications of such benefits, limitations, terms, conditions and exclusions provided for in this Article.