Common use of Responsibility and Authority Clause in Contracts

Responsibility and Authority. The Corporate Chief Financial Officer (CFO) is responsible for establishing policy guidelines consistent with PolyOne Corporation’s target capital structure. The guidelines will cover setting credit limits and exceptions thereto, for term extensions and credit worthiness, and determining the appropriate risk exposure of a business’ overall credit portfolio. The CFO is responsible for this policy and revisions, which may be required from time to time. The CFO will approve any exceptions to this policy. It is the responsibility of the business General Manager, delegating through the business management team (specifically including the business controller and credit manager), to develop and implement all business unit policies, guidelines and/or procedures necessary to effectively manage the business unit’s day-to-day credit risk and to adhere to this Company-wide policy. The business General Manager is delegated the authority to have credit authorized consistent with this policy.