; (II) the term eligible fixed asset means tangible property relating to which the Administrator may provide financing under this section; and (III) the term qualified debt means indebtedness— (aa) that— (AA) was incurred not less than 2 years before the date of the application for assistance under this subparagraph; (BB) is a commercial loan; (CC) the proceeds of which were used to acquire an eligible fixed asset; (DD) was incurred for the benefit of the small business concern; and (EE) is collateralized by eligible fixed assets; and (bb) for which the borrower has been current on all payments for not less than 1 year before the date of the application. (ii) Authority A project that does not involve the expansion of a small business concern may include the refinancing of qualified debt if— (I) the amount of the financing is not more than 90 percent of the value of the collateral for the financing, except that, if the appraised value of the eligible fixed assets serving as collateral for the financing is less than the amount equal to 125 percent of the amount of the financing, the borrower may provide additional cash or other collateral to eliminate any deficiency; (II) the borrower has been in operation for all of the 2-year period ending on the date of the loan; (III) the financing will provide a substantial benefit to the borrower when prepayment penalties, financing fees, and other financing costs are accounted for