Extension of Credit [Federal Elections] Law and Legal Definition

According to 11 CFR 116.1 (e) [Title 11 -- Federal Elections; Chapter I -- Federal Election Commission; Subchapter A – General; Part 116 -- Debts Owed by Candidates and Political Committees], the term 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.”