; and (II) any remaining proceeds after sharing proceeds, as described in subclause (I), shall be deposited in accordance with subsection (c). (B) After carrying out subparagraph (A) (if that subparagraph is applicable to the covered auction), $2,000,000,000 of the proceeds of the covered auction shall be deposited in the general fund of the Treasury, where those proceeds shall be dedicated for the sole purpose of deficit reduction. (C) Any proceeds of the covered auction that remain after carrying out subparagraphs (A) and (B) shall be deposited in accordance with subsection (c). (2) Proceeds of spectrum pipeline act of 2015 auction Except as provided in section 309(j)(8)(B) of the Communications Act of 1934 ( 47 U.S.C. 309(j)(8)(B) ), and notwithstanding any other provision of law (including paragraph (1)), the proceeds of the system of competitive bidding required under section 1004 of the Spectrum Pipeline Act of 2015 ( 47 U.S.C. 921 note) shall be deposited or available as follows: (A) If that system of competitive bidding is a covered auction described in paragraph (3) or (4) of section 601, the proceeds of the system of competitive bidding shall be deposited or available as follows: (i) With respect to a covered auction described in section 601(3), such amount of those proceeds as is necessary to cover 110 percent of the relocation or sharing costs (as defined in subsection (g)(3) of section 113 of the National Telecommunications and Information Administration Organization Act ( 47 U.S.C. 923 )) of Federal entities (as defined in subsection (l) of such section 113) relocated from or sharing such eligible frequencies shall be deposited in the Spectrum Relocation Fund established under section 118 of such Act ( 47 U.S.C. 928 ). (ii) With respect to a covered auction described in section 601(4), such amount of those proceeds as the Commission has agreed to share with licensees under section 309(j)(8)(G) of the Communications Act of 1934 ( 47 U.S.C. 309(j)(8)(G) ) shall be shared with those licensees. (B)