; terms and conditions Subject to section 407 of division I of this Act, a loan or loan guarantee shall be issued under this section in such form and on such terms and conditions and contain such covenants, representatives, warranties, and requirements (including requirements for audits) as the Secretary determines appropriate. Any loans made by the Secretary under this section shall be at a rate not less than a rate determined by the Secretary taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturity. (B) Procedures As soon as practicable, but in no case later than 10 days after the date of enactment of this Act, the Secretary shall publish procedures for application and minimum requirements, which may be supplemented by the Secretary in the Secretary’s discretion, for the making of loans and loan guarantees under this section. (3) Federal reserve programs or facilities (A) Terms and conditions (i) In general The Secretary may make a loan, loan guarantee, or other investment under this section as part of a program or facility established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the financial system that purchases obligations or other interests directly from issuers of such obligations or other interests only to the extent required under a contractual obligation in effect as of the date of enactment of this Act, the issuer of such obligations or interests agrees not to repurchase any outstanding equity interests while the loan, loan guarantee, or other interest under this section is outstanding. (ii) Programs and facilities authorized under this act Programs and facilities described under clause (i) include those established by the Board of Governors pursuant to the authority provided under section 105(h), 110(g), 201, or 203. (B) Loan forgiveness The principal amount of any obligation issued by an eligible business, State, the District of Columbia, territory, or municipality that