; and (II) a statement that— (aa) is signed by the compliance officer of the institution designated in accordance with section 117(f); and (bb) includes information that demonstrates that such contract is for the benefit of the institution’s mission and students and will promote the security, stability, and economic vitality of the United States. (B) Renewal waiver requests (i) In general An institution that has entered into a contract pursuant to a waiver issued under this section, the term of which is longer than the 1-year waiver period and the terms and conditions of which remain the same as the proposed contract submitted as part of the request for such waiver may submit, not later than 120 days before the expiration of such waiver period, a request for a renewal of such waiver for an additional 1-year period (which shall include any information requested by the Secretary). (ii) Termination If the institution fails to submit a request under clause (i) or is not granted a renewal under such clause, such institution shall terminate such contract on the last day of the original 1-year waiver period. (2) Waiver issuance The Secretary— (A) not later than 60 days before an institution enters into a contract pursuant to a waiver request under paragraph (1)(A), or before a contract described in paragraph (1)(B)(i) is renewed pursuant to a renewal request under such paragraph, shall notify the institution— (i) if the waiver or renewal will be issued by the Secretary; and (ii) in a case in which the waiver or renewal will be issued, the date on which the 1-year waiver period starts