The following policy statement applies uniformly to all Buffalo News customers. Responsibility for monitoring credit practices and enforcing this policy lies with the credit department. To preserve the best interests of The Buffalo News, the credit department may arrange payment terms that are exceptions to standard billing terms.

Policy

• We will extend credit to customers with established credit references that can be verified individually and/or through credit reporting agencies.
• We may require personal guarantees from owners and/or principals.
• The Buffalo News can only extend credit to advertisers who accept sole responsibility for payment. We require prepayment for advertising placed by agents for a disclosed principal or submitted on the basis of sequential liability.

Procedure
When:
Before advertising is reserved for:

• A new customer.
• An established customer who has reorganized (i.e. incorporated, reincorporated under a new name, changed owners, etc.)
• A customer who has received credit only for transient advertising.

What:

• Every account must prepay all advertising until the credit department approves the extension of credit.
• The customer must submit a credit application for review and approval.
• The credit department will notify sales of the account status or further requirements.
• When an account is required to prepay, the sales representative is responsible for obtaining prepayment prior to reservation deadlines.

Maintaining Credit

• Depends on the customer's paying all Buffalo News accounts within terms.
• Depends on the customer's remaining creditworthy as determined by periodic reviews conducted by the credit department.

Losing Credit
Any of the following events can cause a customer to lose credit privileges:

• Consistently late payments.
• Outstanding balances exceeding 60 days past due.
• Customer asserting intention not to comply with established credit terms (e.g. customer responds to collection calls with statement to the effect that, "You'll get paid when I get paid.").
• Analysis of information provided by reporting agencies and/or other sources indicate business is no longer creditworthy.

Reinstating Credit
When a customer loses credit privileges, The Buffalo News may accept prepaid advertising. After six months, a customer may reapply for credit. To reestablish credit, the customer must:

• Be deemed creditworthy after a review by the credit staff.
• Agree to abide by the credit terms outlined in this policy, usually in a written agreement or letter separate and apart from all other documents.
• Resolve all outstanding balances, including amounts paid to collection companies and attorneys.

* American Express is a payment option for all advertising invoices paid within standard terms of net 15 day from invoice date*