77Default

77 Default

(1) If a winning bidder: (a) elects to pay the balance of the upfront winning price; and (b) does not pay the balance of the upfront winning price in accordance with subsection 75(2); then: (c) the spectrum licence is not allocated to the winning bidder; and (d) the allocation of spectrum licences under this instrument to other applicants is not affected; and (e) section 80 applies to spectrum that, but for this subsection, would have been included in a spectrum licence allocated to the winning bidder. (2) If a winning bidder: (a) elects to pay the delayed winning price; and (b) either, or both: (i) does not pay the first auction instalment in accordance with subparagraph 75(3)(b)(i); or (ii) does not give the ACMA the delayed winning price bank guarantee in accordance with subsection 75(7); then: (c) the spectrum licence is not allocated to the winning bidder; and (d) the allocation of spectrum licences under this instrument to other applicants is not affected; and (e) section 80 applies to spectrum that, but for this subsection, would have been included in a spectrum licence allocated to the winning bidder.

Note 1: If the applicant fails to pay an instalment other than the first auction instalment, the applicant may be in breach of the licence condition required to be included in a spectrum licence by section 67 of the Act.

Note 2: If either, or both, the second instalment and third instalment are not paid in accordance with subsection 75(3), the ACMA or the Commonwealth may require the authorised deposit-taking institution that has issued the delayed pre-determined price bank guarantee to pay the amount secured by the delayed pre-determined price bank guarantee.

Note 3: See section 90, in relation to the rights of the ACMA and the Commonwealth.