Application to committed credit where funds are disbursed thereafter.

CFR · 2024-01-01 · US · Title 12

The Board has concluded that the date a commitment to extend credit becomes binding should be regarded as the date when the credit is extended, since: (a) On that date the parties should be aware of law and facts surrounding the transaction; and (b) Generally, the date of contract is controlling for purposes of margin regulations and Federal securities law, regardless of the delivery of cash or securities.

official document · source cfr-2024 · id 12:§ 221.102