Sec. 26.208  License grant, denial, default, and disqualification.

    (a) Unless eligible for installment payments and/or a bidding 
credit, each winning bidder is required to pay the balance of its 
winning bid in a lump sum payment within five (5) business days 
following the award of the license. Grant of the license will be 
conditioned upon full and timely payment of the winning bid amount.
    (b) A bidder who withdraws its bid, defaults on a payment or is 
disqualified will be subject to the penalties specified in Sec. 1.2109 
of this Chapter.
    (c) An eligible small business may elect to pay its winning bid, 
less up-front payments, over the terms of the license. Interest charges 
are fixed at the time of licensing at the rate equal to U.S. Treasury 
obligation plus 2.5 percent. Installment payments are due quarterly on 
the anniversary of the day the license was granted, except that 
interest-only installment payments are permitted during the first two 
years of the license.