; (B) to refinance interim construction financing of eligible project costs of any project selected under section 6; or (C) to refinance long-term project obligations or Federal credit instruments, if that refinancing provides additional funding capacity for the completion, enhancement, or expansion of any project that is selected under section 6. (2) Limitation on refinancing of interim construction financing A secured loan under paragraph (1) shall not be used to refinance interim construction financing under paragraph (1)(B)— (A) if the maturity of such interim construction financing is later than 1 year after the substantial completion of the project; and (B) later than 1 year after the date of substantial completion of the applicable project. (3) Risk assessment Before entering into an agreement under this subsection for a secured loan, the Secretary, in consultation with the Director of the Office of Management and Budget shall determine an appropriate capital reserve subsidy amount for the secured loan, taking into account each such preliminary rating opinion letter. (4) Investment-grade rating requirement The execution of a secured loan under this section shall be contingent on receipt by the senior obligations of the project secured by the same revenue pledge of an investment-grade rating from at least one rating agency. (b) Terms and limitations (1) In general A secured loan provided for a project under this section shall be subject to such terms and conditions, and contain such covenants, representations, warranties, and requirements (including requirements for audits), as the Secretary determines to be appropriate. (2) Maximum amount The amount of a secured loan under this section shall not exceed the lesser of— (A) an amount equal to 49 percent of the reasonably anticipated eligible project costs