; and (2) review such approval every 5 years thereafter. (b) Requirements To be eligible to convert to a nonprofit institution of higher education under this Act, an institution of higher education shall submit an application to the Secretary that demonstrates— (1) that such institution is a nonprofit institution of higher education, as defined in section 103(25); (2) subject to subsection (d), that the institution has not acquired any other institution of higher education (as defined in section 102), or a significant portion of the assets of such other institution, for more than the value of such other institution or such assets, respectively; and (3) in the case of an institution that has been acquired by another party, that such institution is not controlled by such party. (c) Transition period In the case of an institution of higher education approved for conversion under subsection (a), such institution shall be subject to any rules and regulations that apply to proprietary institutions of higher education, as defined in section 102(b), for a minimum of 5 years. (d) Value The term value , with respect to an acquisition under subsection (b)(2)— (1) includes the value of any ongoing relationship (including any contract, agreement, lease or other arrangement between the acquiring institution and the acquired institution), as defined in section 180.905 of title 2, Code of Federal Regulations, as in effect on the date of enactment of this section; (2) subject to paragraph (3), may be demonstrated through any of— (A) third-party valuation; (B) independent financing of the acquisition based upon the assets acquired; or (C) full and open competition in the procurement of services or assets, as such term is defined in section 2.101(b) of title 48, Code of Federal Regulations, as in effect on the date of the enactment of this section