; and (C) all employees will receive basic information about company progress and have the opportunity to participate in day-to-day operations; and (2) includes a feasibility study from an objective third party with a positive determination that the employee stock ownership plan or eligible worker-owned cooperative will generate enough of a margin to pay back any subordinated loan or loan guarantee that was made possible through the Bank. (d) Terms and conditions for loans and loan guarantees Notwithstanding any other provision of law, a loan that is provided or guaranteed under this section shall— (1) bear interest at an annual rate, as determined by the Secretary— (A) in the case of a direct loan under this section— (i) sufficient to cover the cost of borrowing to the Department of the Treasury for obligations of comparable maturity; or (ii) of 4 percent; and (B) in the case of a loan guaranteed under this section, in an amount that is equal to the current applicable market rate for a loan of comparable maturity; and (2) have a term not to exceed 12 years. 5. Employee right of first refusal before plant or facility closing Section 3 of the Worker Adjustment and Retraining Notification Act ( 29 U.S.C. 2102 ) is amended— (1) in the section heading, by inserting ; employee stock ownership plans or eligible worker-owned cooperatives after layoffs