; or (ii) a materially complete application. (E) (i) Upon approving or denying an application under this paragraph, the Secretary shall publish in the Federal Register the reasoning for such approval or denial, including— (I) a copy of the approval or denial letter sent to the institution; and (II) any analysis regarding how the Secretary determined under paragraph 7(A)(iii) that a director of the institution was an interested or disinterested party to the transaction. (ii) The Secretary shall not publish under clause (i) any information that is otherwise exempt from disclosure under section 552 of title 5, United States Code (relating to the Freedom of Information Act), including trade secrets and commercial or financial information that is privileged or confidential. (7) (A) In the case of a proprietary institution that subsequent to the transaction would be owned and operated by an entity (in this paragraph referred to as the buyer ) seeking to be recognized as a public or other nonprofit institution, the buyer shall meet the definition of a nonprofit institution under section 103(13) if— (i) the buyer pays no more than fair market value for any assets of the proprietary institution; (ii) the buyer pays no more than fair market value for any service or lease contracts, including such service and lease contracts provided by the entity selling the proprietary institution