2SHUDWLQJ,QVWUXFWLRQV
;5& ;5& ;5& *% U GRF
;5& ² ;5& ;5&
&21752//,1* /2$'6
7+( &2035(6625
7KH UHJXODWLRQ LV SHUIRUPHG
DFFRUGLQJ WR WKH WHPSHUDWXUH
PHDVXUHG E\ WKH WKHUPRVWDW
SUREH ZLWK D SRVLWLYH GLIIHUHQWLDO
IURP WKH VHW SRLQW LI WKH
WHPSHUDWXUH
LQFUHDVHV
DQG
UHDFKHV VHW SRLQW SOXV GLIIHUHQWLDO
WKH FRPSUHVVRU LV VWDUWHG DQG
WKHQ WXUQHG RII ZKHQ WKH
WHPSHUDWXUH UHDFKHV WKH VHW
SRLQW YDOXH DJDLQ
,Q FDVH RI IDXOW LQ WKH WKHUPRVWDW SUREH WKH VWDUW DQG VWRS RI WKH FRPSUHVVRU DUH WLPHG
WKURXJK SDUDPHWHUV ³&2Q´ DQG ³&2)´
'()5267
;5&
'HIURVW LV SHUIRUPHG WKURXJK D VLPSOH VWRS RI WKH FRPSUHVVRU %HJLQQLQJ RI GHIURVW
F\FOHV LV VHW E\ WKH /G¸/G SDUDPHWHUV GXULQJ WKH ZRUNLQJ GD\V DQG 6G¸6G GXULQJ
WKH KROLGD\V ZKLOH LWV OHQJWK LV FRQWUROOHG E\ SDUDPHWHU ³0G)´
;5& ;5&
7ZR GHIURVW PRGHV DUH DYDLODEOH WKURXJK WKH ³WG)´ SDUDPHWHU
WG) U( GHIURVW ZLWK HOHFWULFDO KHDWHU
WG) LQ RU KRW JDV
7KH GHIURVW LQWHUYDO LV FRQWURO E\ PHDQV RI SDUDPHWHU ³(G)´
-
UWF EHJLQQLQJ RI GHIURVW F\FOHV LV VHW E\ WKH /G¸/G SDUDPHWHUV GXULQJ WKH
ZRUNLQJ GD\V DQG 6G¸6G GXULQJ WKH KROLGD\V
-
LQ WKH GHIURVW LV PDGH HYHU\ ³,G)´ WLPH
-
6G WKH LQWHUYDO ³,G)´ LV FDOFXODWH WKURXJK 6PDUW 'HIURVW DOJRULWKP RQO\ ZKHQ WKH
FRPSUHVVRU LV 21
$W WKH HQG RI GHIURVW WKH GULS WLPH LV FRQWUROOHG WKURXJK WKH ³)GW´ SDUDPHWHU
&21752/ 2) (9$325$725 )$16 21/< )25 ;5&
7KH IDQ FRQWURO PRGH LV VHOHFWHG E\ PHDQV RI WKH ³)Q&´ SDUDPHWHU
)Q& &Q
IDQV ZLOO VZLWFK 21 DQG 2)) ZLWK WKH FRPSUHVVRU DQG QRW UXQ GXULQJ
GHIURVW
)Q& 2Q
IDQV ZLOO UXQ FRQWLQXRXVO\ EXW QRW GXULQJ GHIURVW
$IWHU GHIURVW WKHUH LV D WLPHG IDQ GHOD\ DOORZLQJ IRU GULS WLPH VHW E\ PHDQV RI WKH ³)QG´
SDUDPHWHU
)Q& &\
IDQV ZLOO VZLWFK 21 DQG 2)) ZLWK WKH FRPSUHVVRU DQG UXQ GXULQJ GHIURVW
)Q& 2\
IDQV ZLOO UXQ FRQWLQXRXVO\ DOVR GXULQJ GHIURVW
$Q DGGLWLRQDO SDUDPHWHU ³)6W´ SURYLGHV WKH VHWWLQJ RI WHPSHUDWXUH GHWHFWHG E\ WKH
HYDSRUDWRU SUREH DERYH ZKLFK WKH IDQV DUH DOZD\V 2)) 7KLV FDQ EH XVHG WR PDNH
VXUH FLUFXODWLRQ RI DLU RQO\ LI KLV WHPSHUDWXUH LV ORZHU WKDQ VHW LQ ³)6W´
3$5$0(7(5 /,67
5(*8/$7,21
+\ 'LIIHUHQWLDO ·& ·) ,QWHUYHQWLRQ GLIIHUHQWLDO IRU VHW SRLQW DOZD\V
SRVLWLYH &RPSUHVVRU &XW ,1 LV 6HW 3RLQW 3OXV 'LIIHU\ &RPSUHVVRU &XW
287 LV ZKHQ WKH WHPSHUDWXUH UHDFKHV WKH VHW SRLQW
/6 0LQLPXP VHW SRLQW OLPLW &
÷
6(7 )·6(7 6HWV WKH PLQLPXP
DFFHSWDEOH YDOXH IRU WKH VHW SRLQW
86 0D[LPXP VHW SRLQW OLPLW 6(7
÷
& 6(7·) 6HW WKH PD[LPXP
DFFHSWDEOH YDOXH IRU VHW SRLQW
2G62XWSXWV DFWLYDWLRQ GHOD\ DW VWDUW XS · PLQ 7KLV IXQFWLRQ LV HQDEOHG DW WKH
LQLWLDO VWDUW XS RI WKH LQVWUXPHQW DQG LQKLELWV DQ\ RXWSXW DFWLYDWLRQ IRU WKH SHULRG RI
WLPH VHW LQ WKH SDUDPHWHU /LJKW FDQ ZRUN
$& $QWLVKRUW F\FOH GHOD\ · PLQ LQWHUYDO EHWZHHQ WKH FRPSUHVVRU VWRS DQG WKH
IROORZLQJ UHVWDUW
&RQ &RPSUHVVRU 21 WLPH ZLWK IDXOW\ SUREH · PLQ WLPH GXULQJ ZKLFK WKH
FRPSUHVVRU LV DFWLYH LQ FDVH RI IDXOW\ WKHUPRVWDW SUREH :LWK &2Q FRPSUHVVRU LV
DOZD\V 2))
&2) &RPSUHVVRU 2)) WLPH ZLWK IDXOW\ SUREH · PLQ WLPH GXULQJ ZKLFK WKH
FRPSUHVVRU LV RII LQ FDVH RI IDXOW\ WKHUPRVWDW SUREH :LWK &2) FRPSUHVVRU LV
DOZD\V DFWLYH
&+ 7\SH RI DFWLRQ RQO\ IRU ;5& &/ FW KHDWLQJ
',63/$<
&) 7HPSHUDWXUH PHDVXUHPHQW XQLW & &HOVLXV ) )DKUHQKHLW :KHQ WKH
PHDVXUHPHQW XQLW LV FKDQJHG WKH 6(7 SRLQW DQG WKH YDOXHV RI VRPH SDUDPHWHUV
KDYH WR EH PRGLILHG
U(6 5HVROXWLRQ IRU & LQ & GH & DOORZV GHFLPDO SRLQW GLVSOD\
G( & LQ &
/RG /RFDO GLVSOD\ VHOHFW ZKLFK SUREH LV GLVSOD\HG E\ WKH LQVWUXPHQW
3 7KHUPRVWDW SUREH
3 (YDSRUDWRU SUREH RQO\ IRU ;5& ;5&
3 7KLUG SUREH
'()5267
WG) 'HIURVW W\SH RQO\ IRU ;5& ;5&
U( HOHFWULFDO KHDWHU &RPSUHVVRU 2))
LQ KRW JDV &RPSUHVVRU DQG GHIURVW UHOD\V 21
(G) 'HIURVW PRGH
UWF GHIURVW DFFRUGLQJ WR WKH /G¸/G SDUDPHWHUV GXULQJ WKH ZRUNLQJ GD\V DQG
6G¸6G GXULQJ WKH KROLGD\V
LQ LQWHUYDO PRGH 7KH GHIURVW VWDUWV ZKHQ WKH WLPH ³,GI´ LV H[SLUHG
6G 6PDUWIURVW PRGH 7KH WLPH ,G) LQWHUYDO EHWZHHQ GHIURVWV LV LQFUHDVHG RQO\
ZKHQ WKH FRPSUHVVRU LV UXQQLQJ HYHQ QRQ FRQVHFXWLYHO\
6G) 6HW SRLQW IRU 60$57'()5267 RQO\ IRU ;5& ;5&
÷
&
÷
) HYDSRUDWRU WHPSHUDWXUH ZKLFK DOORZV WKH ,G) FRXQWLQJ LQWHUYDO EHWZHHQ
GHIURVWV LQ 60$57)5267 PRGH
GW( 'HIURVW WHUPLQDWLRQ WHPSHUDWXUH RQO\ IRU ;5& ;5& ·&
·) (QDEOHG RQO\ ZKHQ WKH HYDSRUDWRU SUREH LV SUHVHQW VHWV WKH
WHPSHUDWXUH PHDVXUHG E\ WKH HYDSRUDWRU SUREH ZKLFK FDXVHV WKH HQG RI GHIURVW
,G) ,QWHUYDO EHWZHHQ GHIURVWV ·K 'HWHUPLQHV WKH WLPH LQWHUYDO EHWZHHQ WKH
EHJLQQLQJ RI WZR GHIURVW F\FOHV
0G) 0D[LPXP GXUDWLRQ RI GHIURVW · PLQ :KHQ 33 QR QR HYDSRUDWRU
SUREH LW VHWV WKH GHIURVW GXUDWLRQ ZKHQ 33 \(6 GHIURVW HQG EDVHG RQ
WHPSHUDWXUH LW VHWV WKH PD[LPXP OHQJWK IRU GHIURVW
G)G
'LVSOD\ GXULQJ GHIURVW
UW UHDO WHPSHUDWXUH LW WHPSHUDWXUH UHDGLQJ DW WKH GHIURVW VWDUW
6HW VHW SRLQW G() ³G()´ ODEHO
G(* ³G(*´ ODEHO
G$G
'HIURVW GLVSOD\ WLPH RXW
÷
PLQ 6HWV WKH PD[LPXP WLPH EHWZHHQ WKH
HQG RI GHIURVW DQG WKH UHVWDUWLQJ RI WKH UHDO URRP WHPSHUDWXUH GLVSOD\
G6G 6WDUW GHIURVW GHOD\ RQO\ IRU ;5& ;5& ·PLQ 7KLV LV XVHIXO ZKHQ
GLIIHUHQW GHIURVW VWDUW WLPHV DUH QHFHVVDU\ WR DYRLG RYHUORDGLQJ WKH SODQW
)GW 'UDLQ GRZQ WLPH RQO\ IRU ;5& ;5& · PLQ WLPH LQWHUYDO EHWZHHQ
UHDFKLQJ GHIURVW WHUPLQDWLRQ WHPSHUDWXUH DQG WKH UHVWRULQJ RI WKH FRQWURO¶V QRUPDO
RSHUDWLRQ 7KLV WLPH DOORZV WKH HYDSRUDWRU WR HOLPLQDWH ZDWHU GURSV WKDW PLJKW KDYH
IRUPHG GXH WR GHIURVW
G32 )LUVW GHIURVW DIWHU VWDUWXS
\(6 ,PPHGLDWHO\ QR DIWHU WKH ,G) WLPH
)$16 RQO\ IRU ;5&
)Q& )DQ RSHUDWLQJ PRGH
&Q UXQQLQJ ZLWK WKH FRPSUHVVRU 2)) GXULQJ WKH GHIURVW
&\ UXQQLQJ ZLWK WKH FRPSUHVVRU 21 GXULQJ WKH GHIURVW
2Q FRQWLQXRXV PRGH 2)) GXULQJ WKH GHIURVW
2\ FRQWLQXRXV PRGH 21 GXULQJ WKH GHIURVW
)QG )DQ GHOD\ DIWHU GHIURVW · PLQ 7KH WLPH LQWHUYDO EHWZHHQ WKH GHIURVW HQG
DQG HYDSRUDWRU IDQV VWDUW
)6W )DQ VWRS WHPSHUDWXUH ·& ·) VHWWLQJ RI WHPSHUDWXUH GHWHFWHG
E\ HYDSRUDWRU SUREH DERYH ZKLFK WKH IDQ LV DOZD\V 2))
$/$506
$)+7HPSHUDWXUH DODUP DQG IDQ GLIIHUHQWLDO ·& ·) ,QWHUYHQWLRQ
GLIIHUHQWLDO IRU WHPSHUDWXUH DODUP VHW SRLQW DQG IDQ UHJXODWLRQ VHW SRLQW DOZD\V
SRVLWLYH
$/G 7HPSHUDWXUH DODUP GHOD\ · PLQ WLPH LQWHUYDO EHWZHHQ WKH GHWHFWLRQ RI DQ
DODUP FRQGLWLRQ DQG WKH FRUUHVSRQGLQJ DODUP VLJQDOOLQJ
G$2 'HOD\ RI WHPSHUDWXUH DODUP DW VWDUWXS PLQ·K PLQ WLPH LQWHUYDO EHWZHHQ
WKH GHWHFWLRQ RI WKH WHPSHUDWXUH DODUP FRQGLWLRQ DIWHU WKH LQVWUXPHQW SRZHU RQ DQG
WKH DODUP VLJQDOOLQJ
(G$ $ODUP GHOD\ DW WKH HQG RI GHIURVW
÷
PLQ 7LPH LQWHUYDO EHWZHHQ WKH
GHWHFWLRQ RI WKH WHPSHUDWXUH DODUP FRQGLWLRQ DW WKH HQG RI GHIURVW DQG WKH DODUP
VLJQDOOLQJ
G$( 7HPSHUDWXUH DODUP HQDEOLQJ GXULQJ WKH GHIURVW
QR WHPSHUDWXUH DODUPV GLVDEOH GXULQJ WKH GHIURVW
<(6 WHPSHUDWXUH DODUP HQDEOHG GXULQJ WKH GHIURVW
GR$
2SHQ GRRU DODUP GHOD\· PLQ GHOD\ EHWZHHQ WKH GHWHFWLRQ RI WKH RSHQ
GRRU FRQGLWLRQ DQG LWV DODUP VLJQDOOLQJ WKH IODVKLQJ PHVVDJH ³G$´ LV GLVSOD\HG
E/( %ODFN RXW DODUP HQDEOLQJ
QR EODFN RXW DODUP GLVDEOHG DW SRZHU RQ WKH LQVWUXPHQW IROORZ WKH G$R WLPH LQ
DODUP VLJQDOOLQJ \(6 EODFN RXW DODUP HQDEOHG WKH LQVWUXPHQW ORJ SRVVLEO\ EODFN
RXWV
Q36
3UHVVXUH VZLWFK QXPEHU
÷
1XPEHU RI DFWLYDWLRQ RI WKH SUHVVXUH
VZLWFK GXULQJ WKH ³GLG´ LQWHUYDO EHIRUH VLJQDOOLQJ WKH DODUP HYHQW ,) 3$/
,I WKH Q36 DFWLYDWLRQ LQ WKH GLG WLPH LV UHDFKHG VZLWFK RII DQG RQ WKH
LQVWUXPHQW WR UHVWDUW QRUPDO UHJXODWLRQ :LWK Q36 RU WKH LQVWUXPHQW LV
ORFNHG DV VRRQ DV D WKH GLJLWDO LQSXW LV HQDEOHG
$/3$ODUP SUREH VHWWLQJ
3 WKHUPRVWDW SUREH LV XVHG IRU WHPSHUDWXUH DODUPV VLJQDOOLQJ
