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(c) In addition to Section 2.06(b}, in the event there remains a balance (inclusive of <br />Loan proceeds and any earnings) in the Construction Fund on the date that is the earlier of (i) one <br />year after Substantial Completion of Construction or (ii) three (3) years after the dated date of the <br />Bonds (or in either such circumstance, such later date as the Finance Authority may approve in <br />its discretion), the Participant agrees to make a Loan Reduction Payment, and to pay a <br />Settlement Fee, to the Finance Authority within 10 days after any Finance Authority written <br />demand. Any Loan Reduction Payment shall be applied and Bond maturities modified consistent <br />with the Reamortization Methodology. If the Authorizing Instrument permits the Participant to <br />apply Bond proceeds to pay interest accruing on or before Substantial Completion of <br />Construction, the Participant may seek to reimburse itself for such interest costs it has paid <br />pursuant to a Disbursement Request provided, unless otherwise approved by the Finance <br />Authority, any such reimbursement shall be limited to the amount thereof that the Participant <br />causes to be used to pay the Settlement Fee. If the Participant fails to make such Loan Reduction <br />Payment or to pay a Settlement Fee by such date, the Finance Authority and Deposit Agreement <br />Counterparty are authorized to cause any balance held in the Construction Fund to be so applied <br />without further direction and authorization from the Participant. Notwithstanding the foregoing, <br />if requested by the Finance Authority, in lieu of the Participant making a Loan Reduction <br />Payment together with any Settlement Fee payment, the Finance Authority may in its discretion <br />require the Participant to hold any remaining balance (inclusive of Loan proceeds and any <br />earnings) in the Construction Fund until such amounts maybe applied on the first optional <br />redemption date applicable to the Bonds, and upon any such request, the Participant agrees to <br />cause such amounts to be so held and applied on such date. <br />(End of Article lI) <br />12 <br />