Financial undertaking by Polestar Sample Clauses
Financial undertaking by Polestar. 2.1.1 Subject to the terms of this Agreement, both Parties commit to certain investments necessary to manufacture and assemble Polestar 3 in VCCH prior to the Parties entering into the Definitive Agreement.
2.1.2 The general principle to be applied for all pricing, cost reimbursement and similar matters between the Parties is arms length’s terms and conditions. Thus, the general principle for the vehicle assembly price will be according to arms length’s terms and conditions, meaning that the vehicle price will be based on actual cost plus a ▇▇▇▇-up. The principles for the vehicle assembly price as well as the process of defining how common cost should be shared and allocating capacity in the plant will be described in the in the Definitive Agreement.
2.1.3 The Parties acknowledge that the Parties may, for structural purposes, decide to, wholly or partly, assign its rights and/or obligations under this Agreement to one of its Affiliates (either existing or to be established). Such assignment may be made in accordance with Section 6.3 below and only upon such assignment will the rights and obligations of the assigning Party under this Agreement be transferred to, and assumed by, the relevant Affiliate, provided that even following such assignment, the assiging Party will be jointly and severally liable for such Affiliate’s obligations under this Agreement. For the purposes of this Agreement “Affiliate” means a legal entity that, directly or indirectly, controls, is controlled by, or is under common control with a Party; and control means ownership or control of at least 50% of the voting stock, partnership interest or other ownership interest of such legal entity.
Financial undertaking by Polestar. 2.1.1 By entering into this Agreement, the Parties initiate a co-operation, where Volvo Cars and Polestar will invest to make it possible to manufacture and assemble Polestar cars in VCCD.
2.1.2 Such investments are made now and the Parties agree that they will enter into the next agreement for production of Polestar vehicles in VCCD, as described in Section 3 below. This Agreement includes a summary of certain terms and conditions to be included in said agreement. It is acknowledged that such agreement will, upon execution, contain additional material terms, conditions and provisions not yet negotiated or agreed upon by the Parties relating to the subject matter thereof.
2.1.3 By entering into this Agreement the Parties have entered into a binding agreement relating to the investments within the scope set out herein that are required to enable Volvo Cars to assemble Polestar cars in VCCD within the contemplated time-frame and to the financial undertakings made by Polestar that correspond to such required investments.