Common use of Program Summary Clause in Contracts

Program Summary. For the benefit of both parties hereto, Company and Bank have agreed to collaboratively launch, promote and maintain the Program, to be offered to Members, prospective Members, and employees of the Company as of the Program Commencement Date. 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: • Support an orderly and successful transition from the Company’s previous issuer, Barclaycard • Retain existing Cardholders (in connection with the conversion of the Existing Accounts) • Generate new Accounts • Increase Company’s sales • Develop and cultivate Member relationships and build loyalty • Increase Credit Card penetration, Net Sales, and improve overall profitability for Company In order to achieve the Program objectives, cooperation and communication between the parties is essential. Accordingly, the parties shall establish a Joint Management Committee as set forth in Section 2.1(i). Through such Joint Management 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 materiel with respect to the ongoing administration of the Program.