Sec. 22.219  Installment payments for licenses won by small businesses.

    (a) Each licensee that qualifies as a small business under 
Sec. 22.223(b)(1) may pay the remaining 80 percent of the net auction 
price for the license in installment payments over the term of the 
authorization. Interest charges shall be

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fixed at the time of licensing at a rate equal to the rate for ten-year 
U.S. Treasury obligations plus 2.5 percent. An eligible licensee may 
make interest-only payments for two years. Payments of interest and 
principal shall be amortized over the remaining eight years of the 
license term.
    (b) Late Installment Payment.
    (1) Any licensee that submits a scheduled installment payment more 
than 15 days late will be charged a late payment fee equal to 5 percent 
of the amount of the past due payment.
    (2) Payments will be applied in the following order: late charges, 
interest charges, principal payments.
    (c) Unjust Enrichment:
    (1) If a licensee that utilizes installment financing under this 
section seeks to assign or transfer control of its license to an entity 
not meeting the eligibility standards for installment financing, the 
licensee must seek FCC approval and make full payment of the remaining 
unpaid principal and unpaid interest accrued through the date of 
assignment or transfer as a condition of FCC approval.
    (2) If a licensee that utilizes installment financing under this 
section seeks to make any change in ownership structure that would 
result in the licensee losing eligibility for installment payments, the 
licensee shall first seek FCC approval before making such a change in 
ownership structure and must make full payment of the remaining unpaid 
principal and unpaid interest accrued through the date of such change in 
ownership structure as a condition of FCC approval.