Sec.  24.833   Post-auction divestitures.

   Any parties sharing a common non-controlling ownership interest who
   aggregate more PCS spectrum among them than a single entity is entitled to
   hold (See  Sec.  Sec. 20.6(e), 24.710, 24.204, 24.229(c) of this chapter) will be
   permitted to divest sufficient properties within 90 days of the license
   grant to come into compliance with the spectrum aggregation limits as
   follows:

   (a) The broadband PCS applicant shall submit a signed statement with its
   long-form application stating that sufficient properties will be divested
   within 90 days of the license grant. If the licensee is otherwise qualified,
   the Commission will grant the applications subject to a condition that the
   licensee come into compliance with the PCS spectrum aggregation limits
   within 90 days of grant.

   (b) Within 90 days of license grant, the licensee must certify that the
   applicant and all parties to the application have come into compliance with
   the PCS spectrum aggregation limits. If the licensee fails to submit the
   certification within 90 days, the Commission will immediately cancel all
   broadband PCS licenses won by the applicant, impose the default penalty and,
   based on the facts presented, take any other action it may deem appropriate.
   Divestiture may be to an interim trustee if a buyer has not been secured in
   the required time frame, as long as the applicant has no interest in or
   control of the trustee, and the trustee may dispose of the property as it
   sees fit. In no event may the trustee retain the property for longer than
   six months from grant of license.

   [ 59 FR 53371 , Oct. 24, 1994]