; and (5) refinancing interim construction funding, long-term project obligations, or a secured loan or loan guarantee made under this title. 206. Applications (a) In general The Secretary shall provide for eligible entities to submit applications for selection of eligible projects to receive financial assistance under section 208, at such time, in such manner, and containing such information as the Secretary may require. (b) Combined projects The Secretary shall provide that in the case only of an eligible entity described in section 203(6), such an entity may submit a single application for a combination of projects, each of which is an eligible project under paragraphs (1) through (5) of section 205. 207. Determination of eligibility and project selection (a) Selection of projects Using the selection criteria under subsection (c) of this section, the Secretary shall select, from applications submitted pursuant to section 206, eligible projects that meet the criteria under subsection (b) of this section for financial assistance under section 208. (b) Project requirements An eligible project may not be selected to receive financial assistance under section 208 unless the Secretary determines that the project meets all of the following criteria: (1) Creditworthiness (A) In general Subject to subparagraph (B), the project shall be creditworthy, as determined by the Secretary as applicable, to shall ensure that any financing for the project has appropriate security features, such as a rate covenant, to ensure repayment. (B) Preliminary rating opinion letter The Secretary shall require the applicant for each project to provide, as part of the application for the project under section 206, a preliminary rating opinion letter from at least one rating agency indicating that the senior project obligations of the project (which may be the Federal credit instrument) have the potential to achieve an investment-grade rating. (C) Special rule for certain combined projects The Secretary shall develop a credit evaluation