; or (ii) if the useful life of the project, as determined by the Director, is less than 35 years, the end of the useful life of the project. (E) Nonsubordination A direct loan made under this Act shall not be subordinate to any other financing in the event of bankruptcy, insolvency, or liquidation of the obligor. (F) Administrative expenses In addition to the charging and collection of credit subsidy fees under paragraph (1)(B), the Director may charge, collect, and spend fees at a level sufficient to cover all or a portion of the expense of administering this section. Such administrative expenses may include the costs of services obtained or retained pursuant to subsection (f) with respect to the administration of this section or a particular direct loan issued under this section. (3) Repayment (A) In general The term of any direct loan obligation under this section shall require full repayment of the principal of, and any interest on, the direct loan by not later than the maturity date set forth by paragraph (2)(D) with respect to that direct loan. (B) Commencement Scheduled loan repayments of the principal of, and any interest on, a direct loan issued under this section shall commence by not later than— (i) the date that is 4 years after the date of substantial completion of the relevant project; or (ii) the date that is 8 years after the disbursement date of such direct loan. (C) Capitalized interest Interest on the outstanding principal of a direct loan issued under this section shall accrue during the period before the first scheduled repayment date under the repayment schedule for the loan and shall be amortized for payment over the remaining term of the loan. (f) Assistance services In carrying out this section, the Director may— (1) retain the services of persons, including counsel and consultants, with expertise in such fields as the Director considers necessary or helpful for purposes of this section