Document ID: chunk:federal_register_of_legislation:F2016L01970:reg:44:p2
Version: federal_register_of_legislation:F2016L01970
Segment Type: reg
Provision Reference: reg 44 (pt 2/2)
Character Range: 54908–57185

licences, see section 62 of the Act.
 (6) If an applicant accepts the offer of the spectrum licence and agrees to pay the delayed pre-determined price for the spectrum licence in accordance with section 46, the applicant is not entitled to be issued a spectrum licence unless the applicant gives the ACMA an irrevocable bank guarantee securing the secured amount, issued by an Australian-owned authorised deposit-taking institution (as defined in the Banking Act 1959) which is a bank, in a form approved by the ACMA (delayed pre-determined price bank guarantee), by no later than the date mentioned in paragraph 46(2)(a).
Note 1: If the applicant fails to pay an instalment other than the first 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 section 46, 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.
 (7) If a spectrum licence is issued to an applicant in accordance with subsection (5), each of the first instalment, the second instalment and the third instalment is not refundable in any circumstances.
 (8) If a delayed pre-determined price bank guarantee is given to the ACMA by email or fax before the date mentioned in subsection (6), the original guarantee must be received by the ACMA no later than 3 working days after that date (or, if the ACMA agrees to a later time, the agreed time) for the guarantee to be taken to have been given to the ACMA.
 (9) For the purposes of subsection (6), the secured amount is:
 (a) in the period commencing on the date mentioned in paragraph 46(2)(a) and ending on the date (if any) the second instalment is paid – 5 per cent of the sum of the second instalment and the third instalment;
 (b) in the period commencing on the day after the date the second instalment is paid and ending on the date (if any) the third instalment is paid – 5 per cent of the third instalment.