Goto Section: 1.2105 | 1.2107 | Table of Contents
FCC 1.2106
Revised as of October 1, 2010
Goto Year:2009 |
2011
§ 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 § 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: 2009 |
2011
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