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) After carrying out subparagraph (A) (if that subparagraph is applicable to that system of competitive bidding), $300,000,000 of the proceeds of that system of competitive bidding 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 that system of competitive bidding that remain after carrying out subparagraphs (A) and (B) shall be deposited in accordance with subsection (c). (c) Deposit of funds (1) In general Notwithstanding any other provision of law (except for subsection (b)), an aggregate total amount of $20,605,000,000 of the proceeds of covered auctions that remain after carrying out that subsection shall be deposited in the Fund as follows: (A) 12 percent of those remaining amounts, but not more than $3,080,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection (d)(1)(A). (B) 12 percent of those remaining amounts, but not more than $5,000,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection (d)(1)(B). (C) 12 percent of those remaining amounts, but not more than $2,000,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection (e)(1)(A). (D) 12 percent of those amounts, but not more than $3,000,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection (e)(1)(B). (E) 12 percent of those remaining amounts, but not more than $2,000,000,000 cumulatively, shall be made available to the Under Secretary, to remain available until expended, to carry out sections 159, 160, and