Regulation 116 Entitlement to the grant of licences
Where, following the passing of the deadline under regulation 115, the total amount that a winning bidder has on deposit is an amount that is equal to or more than the total auction sum payable by that bidder to OFCOM, OFCOM shall grant to that bidder the relevant licences referred to in regulation 117.
Where, following the passing of the deadline under regulation 115, the amount of the deposit of a winning bidder remains less than the total auction sum payable by that bidder to OFCOM, that bidder—
shall not be entitled to the grant of any licences under these Regulations and shall not receive a refund of any sum which the bidder has paid as a deposit under these Regulations which shall (where not already forfeited) be forfeited, together with any interest which has accrued on that deposit; and
shall remain liable to pay the amount which is the difference (if any) between—
the amount which is the total auction sum payable by that bidder to OFCOM; and
the amount the bidder has on deposit.