Common use of Program Summary Clause in Contracts

Program Summary. For the benefit of both parties hereto, Virgin and Bank have agreed to collaboratively launch, promote and maintain the Program, to be offered to customers, prospective customers, and employees of Virgin in the United States. The parties’ intent is that they will work in collaboration (emphasizing communication and good faith efforts) to maximize the value of the Program for their mutual benefit. To that end, the parties agree that, although the provisions of this Section 1.1 do not supersede either party’s rights and obligations as set forth elsewhere in this Agreement, it is the intent of each party that its respective performance under this Agreement shall be guided by the following objectives: • Generate new Accounts and improve Net Sales • Develop and cultivate Member relationships and build loyalty • Improve overall profitability for Virgin In order to achieve the Program objectives, an extraordinary amount of cooperation and communication between the parties is essential. Accordingly, the parties shall establish an Operating Committee as set forth in Section 2.1 (i). Through such Operating Committee, the parties shall work together in good faith to review, discuss and address any particular concerns that either such party has with regard to the general performance of the overall portfolio, as well as any matters which either party believes to be material with respect to the ongoing administration of the Program.