the control of, or subject to significant direction from, an entity that is not a public institution of higher education or other nonprofit entity. (c) Presumption of significant direction For purposes of paragraph (5) of subsection (b), in the case of an institution of higher education that submits an application under such subsection, there shall be a conclusive presumption that an entity (other than such institution of higher education) exercises significant direction over such institution if one or more of the employees or owners of the entity serves as an officer, member of the board, or person holding similar authority for such institution. (d) Transition period In the case of a proprietary institution of higher education (as defined in section 102(b)) approved for conversion under subsection (a), for a period of at least 5 years that begins on the date such institution is approved for such conversion, the institution shall be subject to any provision of this Act and any regulations that apply to proprietary institutions of higher education. (e) 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)