; and (II) will refund students the amount of any unearned tuition, account balances, and student fees, and refunds due; and (iii) an estimate of the costs necessary to carry out such record-retention plan. (4) Teach-out agreement defined The term teach-out agreement means a written agreement between a closing institution and one or more other institutions of higher education (in this section referred to as a teach-out institution) that— (A) provides for the equitable treatment of students and a reasonable opportunity for students to complete their program of study; and (B) meets the requirements in section 496(c)(6) of the Higher Education Act of 1965 ( 20 U.S.C. 1099b(c)(6) ). (5) Approval of teach-out agreements In approving a teach-out agreement, the accrediting agency or association shall determine a timeline for an interim teach-out agreement and a final teach-out agreement that provides for the equitable treatment of students and ensures— (A) that the teach-out institution— (i) to the extent practicable, is an institution of higher education that meets the requirements of section 101 or section 102(c) of the Higher Education Act of 1965 ( 20 U.S.C. 1001 ; 1002(c)); (ii) has the necessary experience, resources, and support services to provide an educational program that is of acceptable quality and reasonably similar in content, delivery modality, and scheduling to that provided by the closing institution with which the teach-out institution has entered into the teach-out agreement; (iii) has not been subject to a sanction of probation or equivalent or show cause by its accrediting agency or association or any applicable State authorizing or licensing agency in the past 5 years