12 CFR § 221.102 - Application to committed credit where funds are disbursed thereafter.

---
identifier: "/us/cfr/t12/s221.102"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 221.102 - Application to committed credit where funds are disbursed thereafter."
title_number: 12
title_name: "Banks and Banking"
section_number: "221.102"
section_name: "Application to committed credit where funds are disbursed thereafter."
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "A"
subchapter_name: "BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"
part_number: "221"
part_name: "CREDIT BY BANKS AND PERSONS OTHER THAN BROKERS OR DEALERS FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK (REGULATION U)"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 78c, 78g, 78q, and 78w."
regulatory_source: "Reg. U, 63 FR 2827, Jan. 16, 1998, unless otherwise noted."
cfr_part: "221"
---


# 221.102 Application to committed credit where funds are disbursed thereafter.

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.