I wouldn't. Since there's very little else there besides the events, using a text only editor like NotePad I would make an external script like so:
Save it as - say, mycalendarinit.js. Put it in the same folder as the page that's using it, and then replace the code from your post with:
var myCalendar = new JEC('myCalendarContainer');
You could even put it in another folder as long as you include the path to its location in the src attribute of the external script tag. Example:
where the highlighted part is the path to it on the server.