; and (ii) be scheduled to be amortized over the remaining term of the loan. (C) Criteria (i) In general Any payment deferral under subparagraph (A) shall be contingent on the project meeting criteria established by the Assistant Secretary. (ii) Repayment standards The criteria established pursuant to clause (i) shall include standards for reasonable assurance of repayment. (4) Prepayment (A) Use of excess revenues Any excess revenues that remain after satisfying scheduled debt service requirements on the project obligations and secured loan and all deposit requirements under the terms of any trust agreement, bond resolution, or similar agreement securing project obligations may be applied annually to prepay the secured loan without penalty. (B) Use of proceeds of refinancing The secured loan may be prepaid at any time without penalty from the proceeds of refinancing from non-Federal funding sources. (d) Sale of Secured Loans (1) In general Subject to paragraph (2), as soon as practicable after substantial completion of a project and after notifying the obligor, the Assistant Secretary may sell to another entity or reoffer into the capital markets a secured loan for the project if the Assistant Secretary determines that the sale or reoffering can be made on favorable terms. (2) Consent of obligor In making a sale or reoffering under paragraph (1), the Assistant Secretary may not change the original terms and conditions of the secured loan without the written consent of the obligor. (e) Loan Guarantees (1) In general The Assistant Secretary may provide a loan guarantee to a lender in lieu of making a secured loan under this section if the Assistant Secretary determines that the budgetary cost of the loan guarantee is substantially the same as that of a secured loan. (2) Terms The terms of a loan guarantee under paragraph (1) shall be consistent with the terms required under this section for a secured loan, except that the rate on the guaranteed loan and any prepayment features shall be negotiated between the