give priority to applications that propose construction of a common carrier trunk pipeline project in an area where pipelines or other linear infrastructure already exist. (f) Secured loans (1) Agreements (A) In general Subject to paragraphs (2) and (3), the Secretary may enter into agreements with 1 or more entities to make secured loans, the proceeds of which shall be used to finance project costs of any project selected under this section. (B) Financial 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 and each rating agency providing a rating opinion letter under this section, shall determine an appropriate capital reserve subsidy amount for the secured loan, taking into account each such rating opinion letter. (C) 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 of an investment-grade rating. (2) Terms and limitations (A) 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. (B) Maximum amount The amount of a secured loan under this section shall not exceed 80 percent of the reasonably anticipated project costs. (C) Payment A secured loan under this section— (i) shall be payable, in whole or in part, from user fees or other dedicated revenue sources that also secure the senior project obligations of the relevant project