; or (2) 100 percent of the useful life of any project to be financed by the loan, as determined by the Secretary. (h) Maximum loan guarantee rate (1) In general The guarantee rate on a loan guaranteed under this section may not exceed 75 percent of the amount of the loan. (2) Lower guarantee rate for low-risk borrowers The Secretary shall establish a guarantee rate for loans to eligible borrowers that the Secretary determines pose a lower risk of default that is lower than the guarantee rate for loans to other eligible borrowers. (i) Fees The Secretary shall establish fees for loans made or guaranteed under this section at a level that is sufficient to cover all or part of the costs to the Federal Government of making or guaranteeing a loan under this section. (j) Nonsubordination A loan made or guaranteed under this section may not be subordinated to the claims of any holder of an obligation relating to the project in the event of bankruptcy, insolvency, or liquidation. (k) Commencement of repayment The scheduled repayment of principal or interest on a loan made or guaranteed under this section shall commence not later than 5 years after the date of substantial completion of a project. (l) Repayment deferral for loans (1) In general If, at any time after the date of substantial completion of a project, the Secretary determines that dedicated revenue sources of an eligible borrower are insufficient to make the scheduled loan repayments of principal and interest on a loan made or guaranteed under this section, the Secretary may, subject to criteria established by the Secretary, allow the eligible borrower to add unpaid principal and interest to the outstanding balance of the loan. (2) Treatment of deferred payments Any payment deferred under this section shall— (A) continue to accrue interest until fully repaid