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frequency of payment. The Premium is due and payable on or before the first day of each <br /> succeeding calendar month to which such payments apply. <br /> C. Grace Period <br /> This Agreement has a thirty (30) calendar day Premium payment Grace Period, which begins on <br /> the date the Premium payment is due. If we do not receive the required Premium payment on or <br /> before the date it is due, it may be paid during this Grace Period. Coverage will stay in force <br /> during the Grace Period. If Premium payments are not received by the end of the Grace Period, <br /> we will terminate this Agreement and proceed with the disenrollment of Covered Persons as <br /> described in Section 3 of this Agreement. <br /> D. Changes in Premium <br /> Premium rates may be changed on your Anniversary Date as described in Section 4.A above <br /> regarding renewal. <br /> E. Other Rules Regarding the Payment of Premiums <br /> 1. CMS rules govern the effective date of any disenrollment of a Covered Person under this <br /> Agreement, and we are not required to retroactively terminate this Agreement or <br /> coverage for any Covered Person. <br /> 2. If full payment of the Premium is not paid when due, this Agreement may be terminated <br /> as described in Section 4 of this Agreement. <br /> F. Premium Subsidization <br /> You may subsidize Premium amounts charged to Eligible Retirees. You are responsible for <br /> compliance with all applicable laws and regulations relating to your subsidy of Premiums, <br /> including ERISA and CMS Requirements, as applicable. You acknowledge and agree that <br /> Premium subsidization may vary for different classes of Eligible Retirees only if such classes are <br /> reasonable and based on objective business criteria. You represent and warrant that you will not <br /> vary Premium subsidization based on any Covered Person's eligibility for LIS. Further, you will <br /> not vary Premium subsidization for individuals within a given class of Eligible Retirees. In no <br /> case will you charge an Eligible Retiree more than the sum of the monthly Premium that we <br /> charge you for the Medicare Plan benefits. <br /> G. Low Income Subsidy <br /> You will comply with the following requirements in connection with LIS: <br /> 1. You are required to pass through any LIS payments received from CMS to reduce the <br /> Premium amount that the Covered Retiree pays. You will first apply any LIS amounts to <br /> a Covered Person's share of Premium. You may not benefit from any LIS amount until <br /> the Premium for a Covered Person (including amounts for the non-drug benefits in a <br /> 7 <br />