§ 116.1. Definitions.
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/us/cfr/t11/s§ 116.1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 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. \[55 FR 26386, June 27, 1990; 55 FR 34007, Aug. 20, 1990\]
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