; and (B) later than 1 year after the date of substantial completion of the project. (3) Risk assessment Before entering into an agreement under this subsection, the Assistant Secretary, in consultation with the Director of the Office of Management and Budget, shall determine an appropriate capital reserve subsidy amount for each secured loan, taking into account each rating letter provided by a rating agency under section 3(b)(2)(A)(ii) or, in the case of a small project, the alternative documentation provided under section 3(b)(2)(B). (b) Terms and Limitations (1) In general A secured loan under this section with respect to a project shall be on such terms and conditions and contain such covenants, representations, warranties, and requirements (including requirements for audits) as the Assistant Secretary determines to be appropriate. (2) Maximum amount The amount of a secured loan under this section shall not exceed the lesser of 49 percent of the reasonably anticipated eligible project costs or, if the secured loan is not for a small project and does not receive an investment-grade rating, the amount of the senior project obligations. (3) Payment A secured loan under this section— (A) shall— (i) be payable, in whole or in part, from— (I) amounts charged to— (aa) subscribers of broadband service for such service; or (bb) subscribers of any related service provided over the same infrastructure for such related service; (II) user fees; (III) payments owing to the obligor under a public-private partnership; or (IV) other dedicated revenue sources that also secure the senior project obligations; and (ii) include a coverage requirement or similar security feature supporting the project obligations