Recoupment of savings in financing costs Sample Clauses

Recoupment of savings in financing costs. In the event that interim financ- ing is continued after the first year of the term of the Contract and the debt service of the interim financing for any period of three months after such first year is less than the anticipated debt service under the permanent financing on which the Contract Rents were based, an appropriate amount reflect- ing the savings in financing cost will be credited by HUD to the Project Ac- count and withheld from housing as- sistance payments payable to the owner. If during the course of the same year there is any period of three months in which the debt service is greater than the anticipated debt serv- ice under the projected permanent fi- nancing, an adjustment will be made so that only the net amount of savings in debt service for the year is credited by HUD to the Project Account and with- held from housing assistance payments to the owner. No increased payments will be made to the owner on account of any net excess for the year of actual interim debt service over the antici- pated debt service under the permanent financing. Nothing in this paragraph will be construed as requiring a perma- nent reduction in the Contract Rents or precluding adjustments of Contract Rents in accordance with paragraphs (d) or (e) of this section.
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