; and (B) the amount of the senior project obligations, if the direct loan or loan guarantee does not receive an investment grade rating. (2) Maximum annual loan and loan guarantee volume The aggregate amount of direct loans and loan guarantees made by IFA shall not exceed— (A) during the first 2 fiscal years of the operations of IFA, $10,000,000,000 per year; (B) during fiscal years 3 through 9 of the operations of IFA, $20,000,000,000 per year; and (C) during any fiscal year thereafter, $50,000,000,000. 202. Loan terms and repayment (a) In general A direct loan or loan guarantee under this Act with respect to an eligible infrastructure project shall be on such terms, subject to such conditions, and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the Chief Executive Officer determines appropriate. (b) Terms A direct loan or loan guarantee under this Act— (1) shall— (A) be payable, in whole or in part, from tolls, user fees, or other dedicated revenue sources derived from users or beneficiaries; and (B) include a rate covenant, coverage requirement, or similar security feature supporting the project obligations; and (2) may be secured by a lien— (A) on the assets of the obligor, including revenues described in paragraph (1)