Sec.  24.711   Installment payments for licenses for frequency Block C.

   Installment payments. Each eligible licensee of frequency Block C may pay
   the  remaining  90 percent of the net auction price for the license in
   installment payments pursuant to  Sec. 1.2110(f) of this chapter and under the
   following terms:

   (a) For an eligible licensee with gross revenues exceeding $75 million
   (calculated in accordance with  Sec. 1.2110(n) of this chapter and  Sec. 24.709(b)) in
   each of the two preceding years (calculated in accordance with  Sec. 1.2110(n) of
   this chapter), interest shall be imposed based on the rate for ten-year U.S.
   Treasury obligations applicable on the date the license is granted, plus 3.5
   percent; payments shall include both principal and interest amortized over
   the term of the license.

   (b) For an eligible licensee with gross revenues not exceeding $75 million
   (calculated in accordance with  Sec. 1.2110(b) of this chapter and  Sec. 24.709(b)) in
   each of the two preceding years, interest shall be imposed based on the rate
   for ten-year U.S. Treasury obligations applicable on the date the license is
   granted, plus 2.5 percent; payments shall include interest only for the
   first  year  and payments of interest and principal amortized over the
   remaining nine years of the license term.

   (c) For an eligible licensee that qualifies as a small business or as a
   consortium of small businesses, interest shall be imposed based on the rate
   for ten-year U.S. Treasury obligations applicable on the date the license is
   granted; payments shall include interest only for the first six years and
   payments of interest and principal amortized over the remaining four years
   of the license term.

   [ 67 FR 45371 , July 9, 2002, as amended at  68 FR 42999 , July 21, 2003]