Sec. 21.955  Submission of down payments

    (a) After bidding has ended on all BTA service areas, the Commission 
will identify and notify the winning bidders and declare the bidding 
closed in the MDS auction. Within five (5) business days after being 
notified that it is a winning bidder on a particular BTA service 
area(s), a winning bidder must submit to the Commission's lockbox bank 
such additional funds as are necessary to bring its total deposits 
(upfront payment plus down payment) up to twenty (20) percent of its 
winning bid(s). This down payment may be made by wire transfer or by 
cashier's check 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.
    (b) Winning bidders who are small businesses eligible for 
installment payments under Sec. 21.960(b) are only required to bring 
their total deposits up to ten (10) percent of their winning bids. Such 
small businesses must pay the remainder of the twenty (20) percent down 
payment within five (5) business days following release of the public 
notice stating that their BTA authorizations are ready to be issued.
    (c) Down payments will be held by the Commission until the winning 
bidder has been issued its BTA authorization and has paid the remaining 
balance of its winning bid, in which case it will not be returned, or 
until the winning bidder is found unqualified to be a station licensee 
or has defaulted, in which case it will be returned, less applicable 
default payments. No interest will be paid on any down payment.
[ 60 FR 36559 , July 17, 1995]

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