Document ID: chunk:federal_register_of_legislation:F2016L01970:reg:75:p2
Version: federal_register_of_legislation:F2016L01970
Segment Type: reg
Provision Reference: reg 75 (pt 2/3)
Character Range: 88342–90979

bidder must give the ACMA the delayed winning price bank guarantee in accordance with subsection (7) by the date mentioned in subparagraph (b)(i).
Note: For information on how the delayed winning price must be paid, see section 7.
 (4) If the ACMA becomes aware that a notice under subsection (1) contains a material error, the ACMA must give the winning bidder a revised notice by registered mail.
 (5) If a revised notice is given under subsection (4):
 (a) the ACMA must include in the revised notice a date, not later than 15 working days after the date of the revised notice, by which the bidder may give the ACMA notice whether it has elected to pay the balance of the upfront winning price or the delayed winning price; and
 (b) subsections (2) and (3) apply as if the date mentioned in paragraph (1)(e) were the date included in the revised notice; and
 (c) any previous notice given by the winning bidder under subsection (2) or (3) is of no effect.
 (6) If a winning bidder does not give the ACMA written notice whether it elects to pay the balance of the upfront winning price or the delayed winning price by the date mentioned in paragraph (1)(e), the bidder is deemed to have given the ACMA written notice that it elects to pay the balance of the upfront winning price, under subsection (2).
 (7) If a winning bidder gives the ACMA written notice that it elects to pay the delayed winning price by the date mentioned in paragraph (1)(e), the winning bidder is not entitled to be issued a spectrum licence unless the winning bidder gives the ACMA an irrevocable bank guarantee securing the secured auction 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 winning price bank guarantee), no later than the date mentioned in subparagraph (2)(b)(i).
Note 1: If the winning bidder fails to pay an instalment other than the first auction instalment, the winning bidder 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 winning price bank guarantee to pay the amounts secured by the delayed winning price bank guarantee.
 (8) If a spectrum licence is issued to a winning bidder in accordance with subsection 76(2), each of the first auction instalment, the second auction instalment and the third auction instalment