,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
1HYHUOHDYHWKHVXUIDFHXQLWVXQDWWHQGHGDWPHGLXPRU
KLJKKHDWVHWWLQJV%RLORYHUVFDXVHVPRNLQJDQGJUHDV\
VSLOORYHUVWKDWPD\FDWFKRQILUH
1HYHUOHDYHRLOXQDWWHQGHGZKLOHIU\LQJ,IDOORZHGWR
KHDWEH\RQGLWVVPRNLQJSRLQWRLOPD\LJQLWHUHVXOWLQJ
LQILUHWKDWPD\VSUHDGWRVXUURXQGLQJFDELQHWV8VHD
GHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWRPRQLWRURLO
WHPSHUDWXUH
7RDYRLGRLOVSLOORYHUDQGILUHXVHDPLQLPXPDPRXQWRI
RLOZKHQVKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ
IRRGVZLWKH[FHVVLYHDPRXQWVRILFH
8VHSURSHUSDQVL]H³VHOHFWFRRNZDUHKDYLQJIODW
ERWWRPVODUJHHQRXJKWRFRYHUWKHVXUIDFHKHDWLQJ
HOHPHQW7KHXVHRIXQGHUVL]HGFRRNZDUHZLOOH[SRVH
DSRUWLRQRIWKHVXUIDFHXQLWWRGLUHFWFRQWDFWDQGPD\
UHVXOWLQLJQLWLRQRIFORWKLQJ3URSHUUHODWLRQVKLSRI
FRRNZDUHWRVXUIDFHXQLWZLOODOVRLPSURYHHIILFLHQF\
2QO\FHUWDLQW\SHVRIJODVVJODVVFHUDPLFHDUWKHQZDUH
RURWKHUJOD]HGFRQWDLQHUVDUHVXLWDEOHIRUFRRNWRS
VHUYLFHRWKHUVPD\EUHDNEHFDXVHRIWKHVXGGHQ
FKDQJHLQWHPSHUDWXUH
7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWKHKDQGOHRID
FRQWDLQHUVKRXOGEHWXUQHGWRZDUGWKHFHQWHURIWKH
UDQJHZLWKRXWH[WHQGLQJRYHUQHDUE\VXUIDFHXQLWV
:KHQSUHSDULQJIODPLQJIRRGVXQGHUDKRRGWXUQWKH
IDQRQ
,ISRZHULVORVWWRDQHOHFWULFFRRNWRSZKLOHDVXUIDFH
XQLWLV21WKHVXUIDFHXQLWZLOOWXUQEDFN21DVVRRQ
DVSRZHULVUHVWRUHG,QWKHHYHQWRISRZHUORVVIDLOXUH
WRWXUQDOOVXUIDFHXQLWNQREVWRWKH2))SRVLWLRQPD\
UHVXOWLQLJQLWLRQRILWHPVRQRUQHDUWKHFRRNWRSOHDGLQJ
WRVHULRXVLQMXU\RUGHDWK
8VHFDUHZKHQWRXFKLQJWKHFRRNWRS7KHJODVVVXUIDFH
RIWKHFRRNWRSZLOOUHWDLQKHDWDIWHUWKHFRQWUROVKDYH
EHHQWXUQHGRII
'RQRWFRRNRQDEURNHQFRRNWRS,IJODVVFRRNWRS
VKRXOGEUHDNFOHDQLQJVROXWLRQVDQGVSLOORYHUV
PD\SHQHWUDWHWKHEURNHQFRRNWRSDQGFUHDWHD
ULVNRIHOHFWULFVKRFN&RQWDFWDTXDOLILHGWHFKQLFLDQ
LPPHGLDWHO\
$YRLGVFUDWFKLQJWKHJODVVFRRNWRS7KHFRRNWRSFDQEH
VFUDWFKHGZLWKLWHPVVXFKDVNQLYHVVKDUSLQVWUXPHQWV
ULQJVRURWKHUMHZHOU\DQGULYHWVRQFORWKLQJ
'RQRWSODFHRUVWRUHLWHPVWKDWFDQPHOWRUFDWFKILUH
RQWKHJODVVFRRNWRSHYHQZKHQLWLVQRWEHLQJXVHG,I
WKHFRRNWRSLVLQDGYHUWHQWO\WXUQHGRQWKH\PD\LJQLWH
+HDWIURPWKHFRRNWRSRURYHQYHQWDIWHULWLVWXUQHGRII
PD\FDXVHWKHPWRLJQLWHDOVR
8VH&(5$0$%5<7(FHUDPLF&RRNWRS&OHDQHUDQG
&(5$0$%5<7(&OHDQLQJ3DGWRFOHDQWKHFRRNWRS
:DLWXQWLOWKHFRRNWRSFRROVDQGWKHLQGLFDWRUOLJKW
JRHVRXWEHIRUHFOHDQLQJ$ZHWVSRQJHRUFORWKRQD
KRWVXUIDFHFDQFDXVHVWHDPEXUQV6RPHFOHDQHUV
FDQSURGXFHQR[LRXVIXPHVLIDSSOLHGWRDKRWVXUIDFH
127(
6XJDUVSLOOVDUHDQH[FHSWLRQ7KH\VKRXOGEH
VFUDSHGRIIZKLOHVWLOOKRWXVLQJDQRYHQPLWWDQGD
VFUDSHU6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQIRU
GHWDLOHGLQVWUXFWLRQV
5HDGDQGIROORZDOOLQVWUXFWLRQVDQGZDUQLQJVRQWKH
FOHDQLQJFUHDPODEHO
'RQRWLPPHUVHRUVRDNWKHUHPRYDEOHVXUIDFHXQLWV
'RQRWSXWWKHPLQDGLVKZDVKHU'RQRWVHOIFOHDQWKH
VXUIDFHXQLWVLQDQRYHQ'RLQJVRPD\FDXVHWKHPWR
IDLOSUHVHQWLQJDEXUQRUILUHKD]DUG
7RDYRLGWKHSRVVLELOLW\RIDEXUQRUHOHFWULFVKRFNDOZD\V
EHFHUWDLQWKDWWKHFRQWUROVIRUDOOVXUIDFHXQLWVDUHDWWKH
2))SRVLWLRQDQGDOOFRLOVDUHFRROEHIRUHDWWHPSWLQJWROLIW
RUUHPRYHDFRLOVXUIDFHXQLW
%HVXUHWKHGULSSDQVDUHQRWFRYHUHGDQGDUHLQSODFH
7KHLUDEVHQFHGXULQJFRRNLQJFRXOGGDPDJHUDQJH
SDUWVDQGZLULQJ
'RQRWXVHDOXPLQXPIRLOWROLQHGULSSDQV)RLOFDQWUDS
KHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKHSURGXFWDQGD
VKRFNRUILUHKD]DUG
&22.7236$)(7<,16758&7,216
:$51,1*
5$',$17&22.7236$)(7<,16758&7,216
VRPHPRGHOV
:$51,1*
&2,/&22.7236$)(7<,16758&7,216
VRPHPRGHOV
:$51,1*