a claim or counterclaim for infringement of copyright, and subject to the limitation on total monetary recovery under subparagraph (D), the Copyright Claims Board may award either of the following: (i) Actual damages and profits determined in accordance with section 504(b), with that award taking into consideration, in appropriate cases, whether the infringing party has agreed to cease or mitigate the infringing activity under paragraph (2). (ii) Statutory damages, which shall be determined in accordance with section 504(c), subject to the following conditions: (I) With respect to works timely registered under section 412, so that the works are eligible for an award of statutory damages in accordance with that section, the statutory damages may not exceed $15,000 for each work infringed. (II) With respect to works not timely registered under section 412, but eligible for an award of statutory damages under this section, statutory damages may not exceed $7,500 per work infringed, or a total of $15,000 in any 1 proceeding. (III) The Copyright Claims Board may not make any finding that, or consider whether, the infringement was committed willfully in making an award of statutory damages. (IV) The Copyright Claims Board may consider, as an additional factor in awarding statutory damages, whether the infringer has agreed to cease or mitigate the infringing activity under paragraph (2). (B) Election of damages With respect to a claim or counterclaim of infringement, at any time before final determination is rendered, the claimant or counterclaimant shall, in accordance with the schedule established by the Copyright Claims Board under section 1506(k), elect— (i) to pursue actual damages and profits or statutory damages under subparagraph (A)