Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:3:p10
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 3 (pt 10/12)
Character Range: 211124–213796

winning price; and
         (c)        each instalment must be paid in accordance with the timeframes set out in subclauses (2) to (4).
 (2) The first instalment minus any eligibility payments already made by the winning bidder must be paid prior to the issue of a spectrum licence to the winning bidder.
 (3) The second instalment must be paid by:
         (a)        if the spectrum licence comes into force on the day on which it is issued—the day which is 12 months from that day; or
         (b)       if the spectrum licence comes into force later than the day on which it is issued—a day which is no earlier than 12 months from the day the spectrum licence is issued but no later than 12 months from the day the spectrum licence comes into force.
 (4) Each of the third, fourth and fifth instalments must be paid by:
         (a)        for the third instalment—the first anniversary of the day by which the second instalment was payable;
         (b)       for the fourth instalment—the second anniversary of the day by which the second instalment was payable;
         (c)        for the fifth instalment—the third anniversary of the day by which the second instalment was payable.
Example 1: For a spectrum licence proposed to be issued and to come into force on 1 August 2021, and for which the winning price is $1,000,000, the instalments would be the following amounts payable by the following times, if an election to pay in instalments is made:
(a) a first instalment of $203,200 minus any eligibility payments already made, by 31 July 2021;
(b) a second instalment of $203,200 by 1 August 2022;
(c) a third instalment of $203,200 by 1 August 2023;
(d) a fourth instalment of $203,200 by 1 August 2024;
(e) a fifth instalment of $203,200 by 1 August 2025.
            If, in relation to the first instalment, there is a remainder for eligibility payments already made, the remainder will be deducted from the second instalment and any subsequent instalments (if necessary): see subclause 4(5).
Example 2: For a spectrum licence proposed to be issued on 1 August 2021 and to come into force on 1 November 2021, the date by which the second instalment must be paid must be no earlier than 1 August 2022 but no later than 1 November 2022. If the due date of payment of the second instalment is 31 October 2022, each of the third, fourth and fifth instalments must be paid by 31 October each year in 2023, 2024 and 2025, respectively.
 (5) If any eligibility payments already made exceed the first instalment, the remainder will be deducted from the second instalment and, if necessary, any further remainders will be deducted from subsequent instalments.

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