Goto Section: 1.2105 | 1.2107 | Table of Contents
FCC 1.2106
Revised as of October 1, 2008
Goto Year:2007 |
2009
Sec. 1.2106 Submission of upfront payments.
(a) The Commission may require applicants for licenses subject to
competitive bidding to submit an upfront payment. In that event, the amount
of the upfront payment and the procedures for submitting it will be set
forth in a Public Notice. Any auction applicant that has previously been in
default on any Commission license or has previously been delinquent on any
non-tax debt owed to any Federal agency must submit an upfront payment equal
to 50 percent more than that set for each particular license. No interest
will be paid on upfront payments.
(b) Upfront payments must be made by wire transfer in U.S. dollars from a
financial institution whose deposits are insured by the Federal Deposit
Insurance Corporation and must be made payable to the Federal Communications
Commission.
(c) If an upfront payment is not in compliance with the Commission's Rules,
or if insufficient funds are tendered to constitute a valid upfront payment,
the applicant shall have a limited opportunity to correct its submission to
bring it up to the minimum valid upfront payment prior to the auction. If
the applicant does not submit at least the minimum upfront payment, it will
be ineligible to bid, its application will be dismissed and any upfront
payment it has made will be returned.
(d) The upfront payment(s) of a bidder will be credited toward any down
payment required for licenses on which the bidder is the high bidder. Where
the upfront payment amount exceeds the required deposit of a winning bidder,
the Commission may refund the excess amount after determining that no bid
withdrawal penalties are owed by that bidder.
(e) In accordance with the provisions of paragraph (d), in the event a
penalty is assessed pursuant to Sec. 1.2104 for bid withdrawal or default,
upfront payments or down payments on deposit with the Commission will be
used to satisfy the bid withdrawal or default penalty before being applied
toward any additional payment obligations that the high bidder may have.
[ 59 FR 44293 , Aug. 26, 1994, as amended at 62 FR 13543 , Mar. 21, 1997; 65 FR 52345 , Aug. 29, 2000]
Goto Section: 1.2105 | 1.2107
Goto Year: 2007 |
2009
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