Finance Penetration definition
Finance Penetration means the percentage resulting from the following calculation performed on a monthly basis by the 3rd working day on the results of the prior month: total number of New Polestar bought by End Customers in the Market funded partly or in whole by Retail Finance, divided by the total number of Retail Sales in the Market; “Finish Date” means the date where the agreement is expiring unless both parties mutually agree to extend it “Insolvency Event” any of the following events: (a) a person is unable, or is deemed for the purposes of any law to be, unable to pay its debts as they fall due, over indebted, in a state of impending illiquidity or to be otherwise insolvent; (b) a person is required by law to file for insolvency; (c) a person admits its inability to pay its debts as they fall due; (d) a person suspends making payments on any of its debts or announces an intention to do so; (e) a person, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors to reschedule any of its indebtedness; (f) a moratorium is declared in respect of any indebtedness of any person; or (g) the value of the assets of any relevant person is less than its liabilities (taking into account contingent and prospective liabilities);
Finance Penetration means the penetration of the Retail Finance Arrangements within a specific Market, calculated on (i) the aggregate amount of Polestar Vehicles (excluding vehicles sold to fleet customers, but including those sold to any other Financial Services Company providing white label contract hire, and Used Polestar Vehicles) financed under Retail Finance Arrangements over such measurement period, and (ii) the aggregate amount of Polestar Vehicles commercialised to third parties (excluding vehicles sold to fleet customers and Used Polestar Vehicles) by Polestar in the Market, expressed as a percentage.
Finance Penetration means the percentage of (a) the aggregate number of New Products for which Chase has provided either Retail Financing or Rental Financing to (b) the aggregate number of New Products shipped to Dealers by Clar▇, ▇▇l as calculated on a year to date calendar basis.