; (B) an assurance that such eligible institution will submit a record-management plan in accordance with paragraph (3); and (C) an assurance that such eligible institution will submit a teach-out plan in accordance with paragraph (4); and (D) an assurance that such eligible institution will submit reports on teach-out agreements and sufficient progress made on such agreements in accordance with subsection (d)(3) , as applicable. (2) Auditor attestation Not later than 60 days after submitting an application under paragraph (1), an eligible institution shall submit to the Secretary an auditor attestation of the liquidity level of such eligible institution on the date such institution submitted such application pursuant to an audit conducted by a qualified independent organization or person in accordance with standards established by the American Institute of Certified Public Accountants. (3) Record-management plan (A) In general Not later than 60 days after submitting an application under paragraph (1), an eligible institution shall submit to the Secretary a record-management plan approved by the accrediting agency of such eligible institution that includes— (i) a plan for the custody, including by the State authorizing agency, if applicable, and the disposition of— (I) a teach-out plan and teach-out agreement records, as applicable; and (II) student records, including student transcripts, billing, and financial aid records; (ii) an estimate of the costs necessary to carry out such record-management plan; and (iii) a financial plan to provide funding for such costs. (B) Assurance An eligible institution that submits a record-management plan under subparagraph (A) shall include an assurance to the Secretary that, in the case of the closure of such eligible institution, such eligible institution— (i) will release all financial holds placed on student records