§  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 §  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 §  1.2110(n) of this chapter and
   §  24.709(b)) in each of the two preceding years (calculated in
   accordance with §  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 §  1.2110(b) of this chapter and
   §  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]

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