; or (B) the eligible entity shall prepare a teach-out plan that meets the Secretary's regulations for teach-out plans and shall submit such plan to the Secretary. (7) Authorizer risk sharing Each innovation authorizer shall enter into an agreement with the Secretary whereby the innovation authorizer agrees to pay the Secretary an amount equal to not less than 25 percent of the amount of Federal student loans that are held by current and former students of any eligible entity authorized by the innovation authorizer under subsection (d) and that are in default each fiscal year. (c) Eligibility for federal pell grant funding Eligible entities that are authorized by an innovation authorizer shall be eligible to receive Federal Pell Grant funding in accordance with subsection (f). (d) Authorization by an innovation authorizer (1) Authorization process (A) In General An innovation authorizer may authorize an eligible entity, if— (i) that eligible entity meets the criteria under subsection (a)(2); and (ii) in the case of— (I) an eligible entity that has not carried out an educational program for more than 2 years, the eligible entity agrees to, and describes a high-quality, evidence-based plan to, meet within 2 years the specific performance metrics and minimum thresholds required by the innovation authorizer in accordance with subsection (b)(3)(D); and (II) an eligible entity that has carried out an educational program for more than 2 years, the eligible entity demonstrates that the eligible entity meets the specific performance metrics and minimum thresholds required by the innovation authorizer in accordance with subsection (b)(3)(D). (B) Performance metrics (i) In General In accordance with subparagraph (C), each innovation authorizer shall— (I) use, in order to determine whether to award authorization to an eligible entity, not less than— (aa) 1 performance metric relating to student learning, as described in clause (ii); (bb) the performance metric relating to completion, as described in clause (iii)