107.—(1) Where, following the passing of the deadline under regulation 106, 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 108.
(2) Subject to paragraph (3), where, following the passing of the deadline under regulation 106, the amount of the deposit of a winning bidder remains less than the total auction sum payable by that bidder to OFCOM, that bidder—
(a)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
(b)shall remain liable to pay the amount which is the difference (if any) between—
(i)the amount which is the total auction sum payable by that bidder to OFCOM; and
(ii)the amount the bidder has on deposit.
(3) Where—
(a)the pre-existing licence holder applies for a replacement licence; and
(b)following the passing of the deadline under regulation 106, the amount of the deposit of the pre-existing licence holder remains less than the total auction sum payable by the pre-existing licence holder to OFCOM,
the pre-existing licence holder will remain entitled to the grant of a replacement licence (but no other licence) under these Regulations.