
6(/(&7,21
ìäè
ëïìïè $FFHOHUDWLRQî'HFHOHUDWLRQ 7LPH RI WKH 0RWRU
&20021
7R VXSSUHVV WKH PRWRU VWDUWLQJ FXUUHQW ZLWKLQ WKH
RYHUORDG FDSDFLW\ RI WKH LQYHUWHUñ VWDUW WKH PRWRU DW D
ORZ IUHTXHQF\ õIDFWRU\ VHW WR íïè+]ô DQG LQFUHDVH WKH
IUHTXHQF\ OLWWOH E\ OLWWOHï :KHQ WKH PRWRU LV
GHFHOHUDWHG IURP WKH VHW IUHTXHQF\ñ JUDGXDOO\
GHFUHDVH WKH IUHTXHQF\ WR SUHYHQW WKH '& EXV
YROWDJH IURP EHLQJ LQFUHDVHG H[FHVVLYHO\ E\ WKH
UHJHQHUDWLYH HQHUJ\ IURP WKH PRWRUï )RU WKHVH
UHDVRQVñ ZKHQ WKH PRWRU LV DFFHOHUDWHG DQG
GHFHOHUDWHG E\ WKH LQYHUWHUñ WKH DFFHOHUDWLRQ WLPH
DQG GHFHOHUDWLRQ WLPH EHWZHHQ ]HUR DQG WKH
PD[LPXP IUHTXHQF\ PXVW EH VHW LQ DGYDQFHï
õìô
6HWWLQJ WKH DFFHOHUDWLRQ WLPH DQG GHFHOHUDWLRQ
WLPH
&20021
7KH DFFHOHUDWLRQ WLPH DQG GHFHOHUDWLRQ WLPH VHW
PXVW EH ORQJHU WKDQ WKRVH IRXQG IURP WKH WRUTXH
JHQHUDWHG E\ WKH LQYHUWHUðGULYHQ PRWRUñ WKH ORDG
WRUTXHñ DQG WKH PRWRU DQG ORDG LQHUWLD õ*'
ë
ôï
,I WKH DFFHOHUDWLRQ WLPH VHWWLQJ LV WRR VKRUWñ WKH
RYHUFXUUHQW SURWHFWLYH IXQFWLRQ õ2&ìô LV DFWLYDWHG
WR VWRS WKH LQYHUWHUï ,I WKH GHFHOHUDWLRQ WLPH
VHWWLQJ LV WRR VKRUWñ WKH RYHUFXUUHQW SURWHFWLYH
IXQFWLRQ õ2&êô RU UHJHQHUDWLYH RYHUYROWDJH
SURWHFWLYH IXQFWLRQ õ29êô LV DFWLYDWHG WR VWRS WKH
LQYHUWHUï
7KH DFFHOHUDWLRQ RU GHFHOHUDWLRQ WLPH õIXQFWLRQ
QXPEHU
3Uï
æ RU
3Uï
åô YDOXH VHW IURP WKH
SDUDPHWHU XQLW õ38ô LV WKH OHQJWK RI WLPH
EHWZHHQ ]HUR DQG WKH DFFHOHUDWLRQîGHFHOHUDWLRQ
UHIHUHQFH IUHTXHQF\ õIXQFWLRQ QXPEHU
3Uï
ëíôï
7KH WLPH UHTXLUHG WR UHDFK WKH VHW IUHTXHQF\ FDQ
EH FDOFXODWHG E\ SURSRUWLRQ DV LQGLFDWHG LQ
([HUFLVH ìï 7KH IUHTXHQF\ LV IRXQG IURP WKH
RSHUDWLQJ VSHHG DQG WKH QXPEHU RI PRWRU SROHV
E\ XVLQJ WKH IRUPXOD EHORZñ ZLWK VOLS LJQRUHGã
VSHHG >UîPLQ ^USP`@
u
QXPEHU RI SROHV
)UHTXHQF\ >+]@
ìëí
([HUFLVH ìã
:KHQ D IRXUðSROH PRWRU LV DFFHOHUDWHG IURP èíí WR
ìíííUSP LQ ìí VHFRQGVñ DFFHOHUDWLRQ WLPH VHWWLQJ
LV DV IROORZV õDVVXPLQJ WKDW WKH DFFHOHUDWLRQî
GHFHOHUDWLRQ UHIHUHQFH IUHTXHQF\ LV WKH IDFWRU\
VHWWLQJ RI çí+]ôã
ìåííUîPLQ
W õìííí
ð
èííôUîPLQ
u
ìíV êçV
+HQFHñ WKH DFFHOHUDWLRQ WLPH õ
3Uï
æô LV VHW WR êç
VHFRQGVï
íUîPLQ
èííUîPLQ
ìíííUîPLQ
ìåííUîPLQ
õçí+]ô
$FFHOHUDWLRQîGHFHOHUDWLRQ UHIHUHQFH IUHTXHQF\
õIXQFWLRQ QXPEHU 3Uï ëíô
ìí VHFRQGV
W VHFRQGV õDFFHOHUDWLRQ WLPH VHWWLQJô
$FFHOHUDWLRQ 7LPH 6HWWLQJ
1RWH ã :KHQ WKH DFFHOHUDWLRQ WLPH RU GHFHOHUDWLRQ
WLPH LV VHW ZLWKRXW HQRXJK H[DPLQDWLRQñ VHW
D ORQJ WLPH DQG FKHFN GXULQJ RSHUDWLRQ WKDW
WKH 2/ GLVSOD\ RQ WKH SDUDPHWHU XQLW LV QRW
OLWï
:KHQ WKLV GLVSOD\ LV QRW OLWñ UHGXFH WKH VHW
YDOXH DQG PDNH WKH WHVW DJDLQï 5HSHDW WKLV
RSHUDWLRQ XQWLO WKH RSWLPXP DFFHOHUDWLRQ RU
GHFHOHUDWLRQ WLPH LV REWDLQHGï
FKD
SWHU
ë