[Code of Federal Regulations]
[Title 11, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 11CFR116.1]

[Page 236-237]
 
                       TITLE 11--FEDERAL ELECTIONS
 
                 CHAPTER I--FEDERAL ELECTION COMMISSION
 
PART 116_DEBTS OWED BY CANDIDATES AND POLITICAL COMMITTEES--Table of Contents
 
Sec.  116.1  Definitions.

    (a) Terminating committee. For purposes of this part, terminating 
committee means any political committee that is winding down its 
political activities in preparation for filing a termination report, and 
that would be able to terminate under 11 CFR 102.3 except that it has 
outstanding debts or obligations. A

[[Page 237]]

political committee will be considered to be winding down its political 
activities if it has ceased to make or accept contributions and 
expenditures, other than contributions accepted for debt retirement 
purposes and expenditures representing payments of debts or obligations 
previously incurred or payments for the costs associated with the 
termination of political activity, such as the costs of complying with 
the post election requirements of the Act, if applicable, and other 
necessary administrative costs associated with winding down a campaign 
or winding down committee activities, including office space rental, 
staff salaries and office supplies.
    (b) Ongoing committee. For purposes of this part, ongoing committee 
means any political committee that has not terminated and does not 
qualify as a terminating committee.
    (c) Commercial vendor. For purposes of this part, commercial vendor 
means any persons providing goods or services to a candidate or 
political committee whose usual and normal business involves the sale, 
rental, lease or provision of those goods or services.
    (d) Disputed debt. For purposes of this part, disputed debt means an 
actual or potential debt or obligation owed by a political committee, 
including an obligation arising from a written contract, promise or 
agreement to make an expenditure, where there is a bona fide 
disagreement between the creditor and the political committee as to the 
existence or amount of the obligation owed by the political committee.
    (e) Extension of credit. For purposes of this part, extension of 
credit includes but is not limited to:
    (1) Any agreement between the creditor and political committee that 
full payment is not due until after the creditor provides goods or 
services to the political committee;
    (2) Any agreement between the creditor and the political committee 
that the political committee will have additional time to pay the 
creditor beyond the previously agreed to due date; and
    (3) The failure of the political committee to make full payment to 
the creditor by a previously agreed to due date.
    (f) Creditor. For purposes of this part, creditor means any person 
or entity to whom a debt is owed.

[55 FR 26386, June 27, 1990; 55 FR 34007, Aug. 20, 1990]