Forgiveness or settlement of debts owed to commercial vendors.

CFR · 2024-01-01 · US · Title 11

(a) (1) The amount forgiven is exempted from the definition of contribution in 11 CFR part 100, subpart C; or (2) The commercial vendor has treated the debt in a commercially reasonable manner and the requirements of 11 CFR 116.7 or 116.8, as appropriate, are satisfied. (b) (1) The amount forgiven is exempted from the definition of contribution in 11 CFR part 100, subpart C; or (2) The corporation has treated the debt in a commercially reasonable manner and the requirements of 11 CFR 116.7 or 116.8, as appropriate, are satisfied. (c) (1) The amount forgiven is exempted from the definition of contribution in 11 CFR part 100, subpart C; or (2) The candidate and the political committee have undertaken all reasonable efforts to satisfy the outstanding debt and the requirements of 11 CFR 116.7 or 116.8, as appropriate, including the submission of the information specified in those sections and Commission review, are satisfied. (d) (1) The initial extension of credit was made in accordance with 11 CFR 116.3; (2) The candidate or political committee has undertaken all reasonable efforts to satisfy the outstanding debt. Such efforts may include, but are not limited to, the following— (i) Engaging in fundraising efforts; (ii) Reducing overhead and administrative costs; and (iii) Liquidating assets; and (3) The commercial vendor has pursued its remedies as vigorously as it would pursue its remedies against a nonpolitical debtor in similar circumstances. Such remedies may include, but a

official document · source cfr-2024 · id 11:§ 116.4