Sec. 90.812  Installment payments for licenses won by small businesses.

    (a) Each licensee that qualifies as a small business may pay the 
remaining 90 percent of the net auction price for the license in 
quarterly installment payments pursuant to Sec. 1.2110(e) of this 
chapter. Licensees who qualify for installment payments are entitled to 
pay their winning bid amount in installments over the term of the 
license, with interest charges to be fixed at the time of licensing at a 
rate equal to the rate for ten-year U.S. Treasury obligations plus 2.5 
percent. Payments shall include both principal and interest amortized 
over the term of the license. An MTA license issued to an eligible small 
business that elects installment payments will be conditioned on the 
full and timely performance of the license holder's quarterly payments. 
The additional following terms apply:
    (1) An eligible licensee qualifying as a small business under 
Sec. 90.814(b)(1)(i) may make interest-only payments for five years. 
Interest will accrue at the Treasury note rate. Payments of interest and 
principal shall be amortized over the remaining five years of the 
license term.
    (2) An eligible licensee qualifying as a small business under 
Sec. 90.814(b)(1)(ii) may make interest-only payments for the first two 
years of the license term. Interest will accrue at the Treasury note 
rate plus an additional 2.5 percent. Payments of interest and principal 
shall be amortized over the remaining eight years of the license term.
    (b) 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

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standards for installment payments, the licensee must make full payment 
of the remaining unpaid principal and any unpaid interest accrued 
through the date of assignment or transfer as a condition of 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 Commission approval and must make full payment 
of the remaining unpaid principal and any unpaid interest accrued 
through the date of such change as a condition of approval.
    (3) If a licensee that utilizes installment financing under this 
section seeks to assign or transfer control of a license to an entity 
that does not qualify for as favorable an installment payment plan, the 
installment payment plan for which the acquiring entity qualifies will 
become effective immediately upon transfer.