Regulation 47 Procedure where amount of winning bidder’s deposit is greater than or equal to the licence fee
Where the amount of winning bidder’s deposit (including the initial deposit and any sum paid as a deposit under regulation 23, 33 or 40, but not including any sum forfeited under regulation 49) is greater than or equal to the amount of the winning bidder’s licence fee determined in accordance with regulation 45, OFCOM shall—
grant the winning bidder a licence for the selection of lots contained in that bidder’s winning auction stage bid which includes the licence condition that matches the licence condition chosen in that winning auction stage bid, and any unallocated lots assigned to that winning bidder under regulation 42(1)(a); and
refund to the winning bidder a sum in pounds calculated in accordance with paragraph (2).
The sum which OFCOM shall refund to a winning bidder shall be the difference (if any) between the amount of the winning bidder’s deposit (including the initial deposit and any sums paid as a deposit under regulations 23, 33 or 40, but not including any sum forfeited under regulation 49) and the amount of the winning bidder’s licence fee determined in accordance with regulation 45, but not any interest which has accrued on the deposit.