(i) A program or facility established under this paragraph (d) must have broad-based eligibility in accordance with terms established by the Board.
(ii) For purposes of this paragraph (d), a program or facility has broad-based eligibility only if the program or facility is designed to provide liquidity to an identifiable market or sector of the financial system;
(iii) A program or facility will not be considered to have broad-based eligibility for purposes of this paragraph (d) if:
(A) The program or facility is designed for the purpose of assisting one or more specific companies avoid bankruptcy, resolution under Title II of Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, 12 U.S.C. 5381 et seq.), or any other Federal or State insolvency proceeding, including by removing assets from the balance sheet of one or more such company;
(B) The program or facility is designed for the purpose of aiding one or more failing financial companies; or
(C) Fewer than five persons or entities would be eligible to participate in the program or facility.
(iv) A Federal Reserve Bank may extend credit through a program or facility with broad-based eligibility established under this paragraph (d) through such mechanism or vehicle as the Board determines would facilitate the extension of such credit.