; and (II) of which 50 percent shall be remitted by the Secretary to the Commissioner of Internal Revenue, to be available to such Commissioner, without further appropriation, exclusively for monitoring compliance with the Internal Revenue Code of such institution during such period. (C) An institution may not be subject to an annual fee under subparagraph (B) for monitoring related to a conversion that exceeds $60,000. (D) If the Secretary determines that an institution should be subject to the monitoring under this paragraph beyond the 5-year period described in subparagraph (A), the Secretary shall provide the reasons justifying an extension in writing to the institution (and in the Federal Register) at least 30 days before the expiration of such period. (E) Any institution that is subject to monitoring under this paragraph may seek a waiver to be exempt from such monitoring (including the annual fee under subparagraph (B)) on an annual basis for any year during the monitoring period and the Secretary shall grant such waiver if there is no ongoing contractual or financial relationship between the institution and the former entity or individuals that previously owned the institution. The Secretary may grant a waiver for more than 1 year in the case where the entity that formerly owned the proprietary institution has closed or no longer exists and the Secretary determines the institution is not at risk of violating the requirements of section 103(13) or paragraph (7) of this subsection. (9) Any institution that submits an application for conversion shall not promote or market itself, in any manner, as a public or other nonprofit institution of higher education unless— (A) the Secretary has provided final approval of the conversion of the institution to a public or other nonprofit institution of higher education under this section; (B) an accrediting agency or association recognized by the Secretary pursuant to section 496 has approved such public or nonprofit status of the institution