Vehicle Voucher Funding Sample Clauses

Vehicle Voucher Funding. The success of HVIP is contingent upon vehicle dealerships deducting the voucher amount from the vehicle purchase price at the time the purchaser makes the purchase. A dealership is more likely to accept the voucher’s cash value at the time of purchase if the voucher is redeemed quickly. As such, the Grantee will receive an initial disbursement of up to 10 percent of HVIP vehicle voucher funding as seed money at project start-up in order to turn around voucher redemptions from dealers within one to two weeks once the Grant Agreement has been signed and upon availability of funds (See Exhibit B, Attachment II of this Grant Agreement). In order to ensure adequate project funds are available in the Grantee’s account to cover the cost of vouchers, the Grantee may request subsequent disbursements by submitting a Status Report documenting the need for additional vehicle funding from CARB. Except for wait list situations in which voucher funds must be available, the Grantee must ensure that no more than 20 percent of total vehicle voucher funds are available in the Grantee’s general ledger account. The Grantee must advise CARB whenever the 20 percent limit is exceeded. Additional funds may be disbursed, if necessary and at CARB’s sole discretion, to reflect an increase in market activity.

Vehicle Voucher Funding i. The success of HVIP is contingent upon vehicle dealerships deducting the voucher amount from the vehicle purchase price at the time the purchaser makes the purchase. A dealership is more likely to accept the voucher’s cash value at the time of purchase if the voucher is redeemed quickly. As such, the Grantee will receive an initial disbursement of up to 10 percent of HVIP vehicle voucher funding as seed money at project start-up in order to turn around voucher redemptions from dealers within two weeks once the Grant Agreement has been signed by all parties and funds are available (See Exhibit B, Attachment II of this Grant Agreement). This disbursement must meet the requirements for Advance Payments (See Section H.2.f.viii (9) of this Grant Agreement).

Vehicle Voucher Funding. The Grantee shall receive vehicle voucher funding in accordance with Sections H.2.f.viii(I) and H.2.f.viii(2) of this Grant Agreement Voucher Processing Fees The Grantee shall receive voucher processing fee funding in accordance with Section H.2.f.viii(2)(2.a.ii) of this Grant Agreement. Exhibit B, Work Statement Grant No.: GXX-HVIP-XX Attachment II – Project Milestones and Disbursement Schedule Grantee: XXX Project: Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project Milestone Milestone Description Funding Amount from GGRF Funding Amount from General Fund … Voucher Processing Fees1 … …