TWISTER UTILITY VEHICLE 1400/1600 SERVICE MANUAL Table of Contents – Page 1 of 1 CHAPTER 1 – SAFETY SAFETY INSTRUCTIONS JACKING AND OTHER INSTRUCTIONS CHAPTER 2 – MAINTENANCE AND SPECIFICATIONS MAINTENANCE SPECIFICATIONS EQUIVALENTS AND CONVERSIONS TORQUE SPECIFICATIONS LUBRICATION CHAPTER 3 – BRIGGS & STRATTON GASOLINE ENGINE INTRODUCTION SPECIFICATIONS GENERAL INFORMATION SERVICE AND REPAIRS CHAPTER 4 – DRIVE TRAIN SPECIFICATIONS SPECIAL TOOLS ADJUSTMENTS SERVICE AND REPAIRS CHAPTER 5 – ELECTRICAL SYSTEM
Consumer Products TWISTERR R UTILITY VEHICLE 1400/1600 SERVICE MANUAL
6HUYLFH 0DQXDO 7ZLVWHUZ 3UHIDFH 7KH SXUSRVH RI WKLV SXEOLFDWLRQ LV WR SURYLGH WKH VHUYLFH WHFKQLFLDQ ZLWK LQIRUPDWLRQ IRU WURXEOHVKRRWLQJ WHVWLQJ DQG UHSDLU RI PDMRU V\VWHPV DQG FRPSRQHQWV RQ WKH 7ZLVWHUZ 7KLV PDQXDO ZDV ZULWWHQ ZLWK WKH VHUYLFH WHFKQLFLDQ LQ PLQG :H KRSH WKDW \RX ILQG WKLV PDQXDO D YDOXDEOH DGGLWLRQ WR \RXU VHUYLFH VKRS ,I \RX KDYH TXHVWLRQV RU FRPPHQWV UHJDUGLQJ WKLV PDQXDO SOHDVH FRQWDFW XV DW WKH DGGUHVV EHORZ 5()(5 72 7+( 23(5$725·6 0$18$/ )25 23(5 $7,1* 0$,17(1$1&( $1' $'-8
7KLV SDJH LV LQWHQWLRQDOO\ EODQN 7ZLVWHUZ
7DEOH 2I &RQWHQWV &KDSWHU 'ULYH 7UDLQ &KDSWHU 6DIHW\ 6DIHW\ ,QVWUXFWLRQV %HIRUH 2SHUDWLQJ :KLOH 2SHUDWLQJ 0DLQWHQDQFH DQG 6HUYLFH -DFNLQJ DQG 2WKHU ,QVWUXFWLRQV -DFN 9HKLFOH 7UDQVSRUW 9HKLFOH
&KDSWHU &KDVVLV :KHHOV DQG %UDNHV 6SHFLILFDWLRQV 7URXEOHVKRRWLQJ 6XVSHQVLRQ DQG 6WHHULQJ %UDNHV $GMXVWPHQWV $GMXVW %UDNHV 7ZLVWHU $GMXVW 3DUNLQJ %UDNH 7ZLVWHU &KHFN )URQW 5LGH +HL
7KLV SDJH LV LQWHQWLRQDOO\ EODQN 7ZLVWHUZ
&KDSWHU 6DIHW\ 7DEOH RI &RQWHQWV 6DIHW\ ,QVWUXFWLRQV %HIRUH 2SHUDWLQJ :KLOH 2SHUDWLQJ 0DLQWHQDQFH DQG 6HUYLFH 7ZLVWHUZ -DFNLQJ DQG 2WKHU ,QVWUXFWLRQV -DFN 9HKLFOH 7UDQVSRUW 9HKLFOH
6DIHW\ ,QVWUXFWLRQV %HIRUH 2SHUDWLQJ 2SHUDWH PDFKLQH RQO\ DIWHU UHDGLQJ DQG XQGHU VWDQGLQJ WKH FRQWHQWV RI WKLV PDQXDO 1HYHU DOORZ FKLOGUHQ WR RSHUDWH WKH YHKLFOH 1HYHU DOORZ DGXOWV WR RSHUDWH LW ZLWKRXW SURSHU LQVWUXFWLRQV 2QO\ WUDLQHG DQG DXWKRUL]HG SHUVRQV VKRXOG RSHUDWH WKLV YHKLFOH 0DNH VXUH DOO RSHUDWRUV DUH SK\VLFDOO\ DQG PHQ WDOO\ FDSDEOH RI RSHUDWLQJ WKH YHKLFOH $Q\RQH ZKR RSHU DWHV WKH YHKLFOH VKRXOG KDYH D PRWRU YHKLFOH OLFHQVH 7KLV YHKLFOH LV GHVLJQHG WR FDUU\ WKH RSHUDWRU DQG
2SHUDWLQJ WKH YHKLFOH GHPDQGV DWWHQWLRQ )DLOXUH WR RSHUDWH WKH YHKLFOH VDIHO\ PD\ UHVXOW LQ DQ DFFLGHQW WLS RYHU RI YHKLFOH DQG RU VHULRXV LQMXU\ RU GHDWK 'ULYH FDUHIXOO\ 7R SUHYHQW WLSSLQJ RU ORVV RI FRQWURO ) $YRLG VXGGHQ VWRSV DQG VWDUWV 'R QRW JR IURP UHYHUVH WR IRUZDUG RU IRUZDUG WR UHYHUVH ZLWKRXW ILUVW FRPLQJ WR D FRPSOHWH VWRS * 'R QRW DWWHPSW VKDUS WXUQV DEUXSW PDQHXYHUV RU RWKHU XQVDIH GULYLQJ DFWLRQV WKDW PD\ FDXVH D ORVV RI YHKLFOH FRQWURO $ 8VH H[WUHPH FDXWLRQ UHGXFH VSHHG
,I WKH PDFKLQH HYHU YLEUDWHV DEQRUPDOO\ VWRS LPPH GLDWHO\ :DLW IRU DOO PRWLRQ WR VWRS ,QVSHFW YHKLFOH IRU GDPDJH 5HSDLU DOO GDPDJH EHIRUH FRPPHQFLQJ RSHUD WLRQ :$51,1* 6XGGHQ FKDQJHV LQ WHUUDLQ PD\ FDXVH DEUXSW VWHHULQJ ZKHHO PRYHPHQW SRVVLEO\ UHVXOWLQJ LQ KDQG DQG DUP LQMXULHV x 5HGXFH \RXU VSHHG DQG WKH ORDG ZKHQ RSHUDWLQJ RQ URXJK WHUUDLQ DQG QHDU FXUEV x *ULS WKH VWHHULQJ ZKHHO ORRVHO\ DURXQG WKH SHULPHWHU .
-DFNLQJ DQG 2WKHU ,QVWUXFWLRQV -DFN 9HKLFOH '$1*(5 327(17,$/ +$=$5' x $ YHKLFOH WKDW LV QRW SURSHUO\ VXSSRUWHG PD\ EHFRPH XQVWDEOH :+$7 &$1 +$33(1 x 7KH YHKLFOH PD\ PRYH RU IDOO 3HUVRQDO LQMXU\ RU GDPDJH WR WKH PDFKLQH PD\ UHVXOW +2: 72 $92,' 7+( +$=$5' x 0DNH VXUH YHKLFOH LV SDUNHG RQ D VROLG OHYHO VXUIDFH VXFK DV D FRQFUHWH IORRU x 0DNH VXUH HQJLQH LV RII DQG NH\ LV UHPRYHG IURP WKH LJQLWLRQ VZLWFK EHIRUH JHWWLQJ RII WKH YHKLFOH x %HIRUH UDLVLQJ WKH YHKLFOH UHPRYH DQ\ DWWDFKPHQWV WKDW PD\ LQWHUIHU
7RZ 9HKLFOH ,Q FDVH RI HPHUJHQF\ WKH YHKLFOH FDQ EH WRZHG IRU D VKRUW GLVWDQFH +RZHYHU 7RUR GRHV QRW UHFRPPHQG WKLV DV D VWDQGDUG SURFHGXUH 7RZLQJ WKH YHKLFOH LV D WZR SHUVRQ MRE ,I WKH YHKLFOH PXVW EH PRYHG D FRQVLGHUDEOH GLVWDQFH WUDQVSRUW LW RQ D WUXFN RU WUDLOHU VHH 7UDQVSRUW 9HKLFOH 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK :$51,1* 327(17,$/ +$=$5' x 7RZLQJ DW H[FHVVLYH VSHHGV FRXOG FDXVH WKH YHKLFOH WR ORVH FRQWURO :+$7 &$1
&KDSWHU 0DLQWHQDQFH DQG 6SHFLILFDWLRQV 7DEOH RI &RQWHQWV 0DLQWHQDQFH 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH 6SHFLILFDWLRQV *HQHUDO 6SHFLILFDWLRQV (TXLYDOHQWV DQG &RQYHUVLRQV 7RUTXH 6SHFLILFDWLRQV )DVWHQHU ,GHQWLILFDWLRQ 6WDQGDUG 7RUTXH I
0DLQWHQDQFH 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH 0DLQWHQDQFH 6HUYLFH ,QWHUYDO $IWHU ILUVW KRXUV (YHU\ KRXUV $IWHU ILUVW KRXUV 0DLQWHQDQFH 3URFHGXUH x &KDQJH WKH HQJLQH RLO x &KHFN WKH GULYH EHOW WHQVLRQ x &KHFN WKH HQJLQH RLO x &KHFN WKH WLUH SUHVVXUH x &KHFN WKH IURQW ZKHHO WRH LQ DW WKH SURSHU ULGH KHLJKW (YHU\ KRXUV x &KHFN WKH EDWWHU\ IOXLG OHYHO x &KHFN WKH EDWWHU\ FDEOH FRQQHFWLRQV x &KDQJH WK
6SHFLILFDWLRQV 1RWH 6SHFLILFDWLRQV DQG GHVLJQ DUH VXEMHFW WR FKDQJH ZLWKRXW QRWLFH *HQHUDO 6SHFLILFDWLRQV %DVH ZHLJKW 'U\ OEV NJ 5DWHG FDSDFLW\ RQ OHYHO JURXQG OE NJ WRWDO LQFOXGLQJ OE NJ RSHUDWRU DQG OE NJ SDVVHQJHU ORDG WUDLOHU WRQJXH ZHLJKW JURVV WUDLOHU ZHLJKW DFFHVVRULHV DQG DWWDFKPHQWV 0D[LPXP JURVV YHKLFOH ZHLJKW *9: RQ OHYHO JURXQG OE NJ WRWDO LQFOXGLQJ DOO RI WKH ZHLJKWV OLVWHG DERYH 0D[LPXP FDUJR FDSDFLW\ RQ OHYHO JUR
(TXLYDOHQWV DQG &RQYHUVLRQV 0DLQWHQDQFH DQG 6SHFLILFDWLRQV 3DJH 7ZLVWHUZ
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
6WDQGDUG 7RUTXH IRU 'U\ =LQF 3ODWHG DQG 6WHHO )DVWHQHUV ,QFK 6HULHV 7KUHDG 6L]H *UDGH ZLWK 7KLQ +HLJKW 1XWV 6$( *UDGH %ROWV 6FUHZV 6WXGV 6HPV ZLWK 5HJXODU +HLJKW 1XWV 6$( - *UDGH RU 6WURQJHU 1XWV LQ OE LQ OE 1 FP 81& 81) 81& 81) 6$( *UDGH %ROWV 6FUHZV 6WXGV 6HPV ZLWK 5HJXODU +HLJKW 1XWV 6$( - *UDGH RU 6WURQJHU
6WDQGDUG 7RUTXH IRU 'U\ =LQF 3ODWHG DQG 6WHHO )DVWHQHUV 0HWULF )DVWHQHUV 7KUHDG 6L]H &ODVV %ROWV 6FUHZV DQG 6WXGV ZLWK 5HJXODU +HLJKW 1XWV &ODVV RU 6WURQJHU 1XWV &ODVV %ROWV 6FUHZV DQG 6WXGV ZLWK 5HJXODU +HLJKW 1XWV &ODVV RU 6WURQJHU 1XWV 0 ; LQ OE 1 FP LQ OE 1 FP 0 ; LQ OE 1 FP LQ OE 1 FP 0 ; IW OE 1 P IW OE 1 P 0 ; IW OE
2WKHU 7RUTXH 6SHFLILFDWLRQV 6$( *UDGH 6WHHO 6HW 6FUHZV :KHHO %ROWV DQG /XJ 1XWV 5HFRPPHQGHG 7RUTXH 7KUHDG 6L]H 7KUHDG 6L]H 6TXDUH +HDG +H[ 6RFNHW 81& LQ OE LQ OE 81& LQ OE LQ OE 81& IW OE IW OE 81& IW OE IW OE 5HFRPPHQGHG 7RUTXH 81) *UDGH IW OE 1 P 81) *UDGH IW OE 1 P 0 ; &ODVV IW OE
/XEULFDWLRQ 1RWH 3HUIRUP WKLV PDLQWHQDQFH SURFHGXUH DW WKH LQ WHUYDO VSHFLILHG LQ WKH 7:,67(5Z 0DLQWHQDQFH 6FKHG XOH /XEULFDWH PRUH IUHTXHQWO\ ZKHQ XVLQJ WKLV YHKLFOH IRU KHDY\ GXW\ RSHUDWLRQV DQG DIWHU HDFK ZDVKLQJ *UHDVH )LWWLQJ /RFDWLRQV (DFK WLH URG KDV D JUHDVH ILWWLQJ RQ HDFK EDOO MRLQW WKH RQH WKDW VHFXUHV WKH WLH URG WR WKH 3LWPDQ DUP )LJ DQG WKH MRLQW WKDW VHFXUHV WKH WLH URG WR WKH IURQW ZKHHO VSLQGOH )LJ 7KH $ DUP KDV D JUHDVH ILWWLQJ IRU WKH NLQJ SLQ )LJ 7KH W
7KLV SDJH LV LQWHQWLRQDOO\ EODQN 0DLQWHQDQFH DQG 6SHFLILFDWLRQV 3DJH 7ZLVWHUZ
&KDSWHU %ULJJV 6WUDWWRQ *DVROLQH (QJLQH 7DEOH RI &RQWHQWV ,QWURGXFWLRQ 6SHFLILFDWLRQV *HQHUDO ,QIRUPDWLRQ )LOO )XHO 7DQN DQG )XHO 6DIHW\ 3UHFDXWLRQV &KHFN (QJLQH 2LO 6HUYLFH DQG 5HSDLUV &KDQJH (QJLQH 2LO
,QWURGXFWLRQ 7KLV &KDSWHU JLYHV LQIRUPDWLRQ DERXW VSHFLILFDWLRQV PDLQWHQDQFH WURXEOHVKRRWLQJ WHVWLQJ DQG UHSDLU RI WKH 9 WZLQ F\OLQGHU JDVROLQH HQJLQH XVHG LQ WKH 7:,67(5Z WKH FRVW RI WKH WHVW HTXLSPHQW DQG WKH VSHFLDOL]HG QDWXUH RI VRPH UHSDLUV PD\ GLFWDWH WKDW WKH ZRUN EH GRQH DW DQ HQJLQH UHSDLU IDFLOLW\ 0RVW UHSDLUV DQG DGMXVWPHQWV UHTXLUH WRROV ZKLFK DUH FRPPRQO\ DYDLODEOH LQ PDQ\ VHUYLFH VKRSV 6SHFLDO WRROV DUH GHVFULEHG LQ WKH %ULJJV 6WUDWWRQ 5HSDLU 0DQXDO IRU &\FOH 9 7ZLQ &\OLQGHU
6SHFLILFDWLRQV ,WHP 'HVFULSWLRQ 0DNH 'HVLJQDWLRQ %ULJJV DQG 6WUDWWRQ F\FOH 9 7ZLQ &\OLQGHU 2+9 $LU &RROHG *DVROLQH (QJLQH 0RGHO +RUVHSRZHU +3 # 530 7RUTXH NJ P IW OE # 530 %RUH [ 6WURNH PP LQ [ [ 7RWDO 'LVSODFHPHQW FF FX LQ 'U\ :HLJKW DSSUR[LPDWH NJ OE )XHO 8QOHDGHG UHJXODU JUDGH JDVROLQH )XHO &DSDFLW\ OLWHUV JDOORQV )XHO 3XPS 3XOVDWLQJ &UDQNFDVH 9DFXXP &DUEXUHWRU )ORDW )HHG
*HQHUDO ,QIRUPDWLRQ )LOO )XHO 7DQN DQG )XHO 6DIHW\ 3UHFDXWLRQV 7KH 7RUR &RPSDQ\ VWURQJO\ UHFRPPHQGV WKH XVH RI IUHVK FOHDQ 81/($'(' UHJXODU JUDGH JDVROLQH LQ 7RUR JDVROLQH SRZHUHG SURGXFWV 8QOHDGHG JDVROLQH EXUQV FOHDQHU H[WHQGV HQJLQH OLIH DQG SURPRWHV JRRG VWDUWLQJ E\ UHGXFLQJ WKH EXLOG XS RI FRPEXVWLRQ FKDPEHU GHSRV LWV 0LQLPXP 2FWDQH UDWLQJ RI ,03257$17 1HYHU XVH JDVROLQH FRQWDLQLQJ 0(7+ $12/ JDVROLQH FRQWDLQLQJ PRUH WKDQ HWKDQRO JDVROLQH DGGLWLYHV RU ZKLWH JDV 'DPDJH FRXOG UH VXOW
&KHFN (QJLQH 2LO 3URFHGXUH )LJ 7KH HQJLQH LV VKLSSHG ZLWK RLO LQ WKH FUDQNFDVH KRZHY HU OHYHO RI RLO PXVW EH FKHFNHG EHIRUH DQG DIWHU WKH HQ JLQH LV ILUVW VWDUWHG 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH HQ JDJH SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5HPRYH GLSVWLFN DQG ZLSH LW ZLWK D FOHDQ UDJ ,QVHUW GLSVWLFN LQWR WXEH DQG PDNH VXUH LW LV VHDWHG IXOO\ 5H PRYH GLSVWLFN DQG FKHFN OHYHO RI RLO ,I RLO OHYHO LV ORZ UHPRYH ILOOHU FDS IURP YDOYH FRYHU 3RXU R
6HUYLFH DQG 5HSDLUV &KDQJH (QJLQH 2LO 1RWH 3HUIRUP WKLV PDLQWHQDQFH SURFHGXUH DW WKH LQ WHUYDO VSHFLILHG LQ WKH 2SHUDWRU·V 0DQXDO 6WDUW YHKLFOH DQG OHW LW UXQ IRU D IHZ PLQXWHV WR ZDUP WKH RLO 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH HQ JDJH SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5DLVH EHG DQG VHFXUH LW ZLWK WKH SURS URG 'LVFRQQHFW VSDUN SOXJ ZLUHV 5HPRYH GUDLQ SOXJ DQG OHW WKH RLO IORZ LQWR D GUDLQ SDQ :KHQ WKH RLO VWRSV UHLQVWDOO WKH GUDLQ SOXJ )LJ
6HUYLFH $LU &OHDQHU 1RWH 3HUIRUP WKLV PDLQWHQDQFH SURFHGXUH DW WKH LQ WHUYDO VSHFLILHG LQ WKH 2SHUDWRU·V 0DQXDO 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH HQ JDJH SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5DLVH EHG DQG VHFXUH ZLWK SURS &KHFN DLU FOHDQHU ERG\ DQG KRVHV IRU GDPDJH ZKLFK FRXOG SRVVLEO\ FDXVH DQ DLU OHDN 5HSODFH DLU FOHDQHU ERG\ LI GDPDJHG 5HOHDVH ODWFKHV VHFXULQJ WKH DLU FOHDQHU FRYHU WR WKH DLU FOHDQHU ERG\ 6HSDUDWH FRYHU IURP WKH ERG\ &OHDQ LQVLGH RI
6HUYLFH 'ULYH %HOW ,QVSHFWLRQ 1RWH 3HUIRUP WKLV PDLQWHQDQFH SURFHGXUH DW WKH LQ WHUYDO VSHFLILHG LQ WKH 2SHUDWRU·V 0DQXDO 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH HQ JDJH SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5DLVH EHG DQG VHFXUH ZLWK SURS URG 5RWDWH DQG LQVSHFW EHOW IRU H[FHVVLYH ZHDU RU GDP DJH 5HSODFH DV QHFHVVDU\ 3XW YHKLFOH WUDQVPLVVLRQ LQ QHXWUDO VHH 6HW 1HXWUDO /RFN $VVHPEO\ LQ &KDSWHU 6DIHW\ )LJXUH 'ULYH EHOW 'ULYH FOXWFK '
6SDUN 3OXJV 1RWH 3HUIRUP WKLV PDLQWHQDQFH SURFHGXUH DW WKH LQ WHUYDO VSHFLILHG LQ WKH 2SHUDWRU·V 0DQXDO µ PP 7\SH &KDPSLRQ 5& <& RU HTXLYDOHQW $LU *DS LQFK PP 1RWH $ VSDUN SOXJ XVXDOO\ ODVWV D ORQJ WLPH KRZHYHU WKH SOXJ VKRXOG EH UHPRYHG DQG FKHFNHG ZKHQHYHU WKH HQJLQH PDOIXQFWLRQV 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH HQ JDJH SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK &OHDQ DUHD DURXQG VSDUN SOXJV VR IRUHLJQ PDWWHU FDQQRW IDOO LQWR F\OLQGHU Z
0XIIOHU 5HPRYDO 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS WKH HQJLQH HQJDJH SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK &$87,21 7KH PXIIOHU DQG H[KDXVW SLSH PD\ EH KRW 7R DYRLG SRVVLEOH EXUQV DOORZ HQJLQH DQG H[KDXVW V\VWHP WR FRRO EHIRUH ZRUNLQJ RQ WKH PXIIOHU 5HPRYH WKH FRXSOHU VSULQJV ORFDWHG EHWZHHQ WKH HQJLQH PDQLIROG DQG WKH PXIIOHU 5HPRYH WKH WZR EROWV DQG QXWV VHFXULQJ WKH HQJLQH PXIIOHU WR WKH IUDPH (QJLQH PDQLIROG ([KDXVW FRXSOHU )LJXUH
)XHO 7DQN DQG 6HDW %DVH 6HDW 6HDW EUDFNHW &DS VFUHZ 6HDW EDVH )XHO KRVH WR ILOWHU )LJXUH &ODPS 6WDQG SLSH %XVKLQJ *DV FDS )XHO WDQN 6HDW %DVH 5HPRYDO )LJ 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH HQ JDJH SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK :HE VWUDSSLQJ LQFK +H[ KHDG IODQJH VFUHZ )ODW ZDVKHU )XHO JDXJH *URPPHW 5HPRYH IRXU ORQJ FDS VFUHZV VHFXULQJ WKH VK
6HDW %DVH ,QVWDOODWLRQ ,03257$17 0DNH VXUH VKLIW EUDFNHW VKLIW FDEOHV FKRNH FDEOH DQG IXHO WDQN GR QRW FDWFK RQ WKH VHDW EDVH GXULQJ LQVWDOODWLRQ 3RVLWLRQ VHDW EDVH FDUHIXOO\ WR WKH IUDPH 1RWH 'R QRW WLJKWHQ IDVWHQHUV VHFXULQJ WKH VHDW EDVH WR WKH IUDPH XQWLO DOO RI WKHP DUH LQVWDOOHG ,QVWDOO IRXU KH[ KHDG IODQJH VFUHZV DQG IODW ZDVKHUV WKURXJK WKH IUDPH DQG WR WKH IURQW RI WKH VHDW EDVH ,QVWDOO IRXU KH[ KHDG IODQJH VFUHZV WKURXJK WKH IUDPH DQG LQWR WKH EDFN RI WKH VHDW EDVH 7LJKWHQ
(QJLQH 7ZLVWHUZ &ODPS +RVH +RVH ,QWDNH %UDFNHW &DEOH &ODPS &DEOH 6FUHZ ++ 7KUHDGHG ,QVHUW &DEOH 7KURWWOH $UP 7RUTXH :DVKHU )ODW :DVKHU /RFN 6FUHZ ++ %HOW 'ULYH &OXWFK 'ULYH :DVKHU )LJXUH 6FUHZ ++ :DVKHU /RFN 0RXQW (QJLQH KS 6FUHZ &DS %UDFNHW &DE
(QJLQH 5HPRYDO )LJ 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH HQ JDJH SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5HPRYH FDUJR EHG WR JDLQ DFFHVV WR WKH HQJLQH 'LVFRQQHFW JURXQG EODFN FDEOH IURP WKH EDWWHU\ 7KHQ GLVFRQQHFW SRVLWLYH UHG FDEOH IURP WKH EDWWHU\ ,03257$17 0DNH VXUH DOO KRVHV DQG HQJLQH RSHQ LQJV DUH SOXJJHG DIWHU GLVFRQQHFWLQJ 3UHYHQW FRQ WDPLQDQWV IURP HQWHULQJ WKH HQJLQH DQG IXHO V\VWHP DQG GDPDJLQJ WKH HQJLQH 'LVFRQQHFW WKH IR
&$87,21 2QH SHUVRQ VKRXOG RSHUDWH WKH FKDLQ IDOO RU KRLVW ZKLOH WKH RWKHU SHUVRQ JXLGHV WKH HQJLQH RXW RI WKH IUDPH 5HPRYH HQJLQH IURP WKH HQJLQH PRXQW $ $WWDFK D VKRUW VHFWLRQ RI FKDLQ EHWZHHQ ERWK HQ JLQH OLIW WDEV )LJ % &RQQHFW KRLVW RU FKDLQ IDOO WR FHQWHU RI FKDLQ ,03257$17 0DNH VXUH QRW WR GDPDJH WKH HQJLQH IXHO KRVHV HOHFWULFDO KDUQHVV RU RWKHU SDUWV ZKLOH UHPRYLQJ WKH HQJLQH & 6ORZO\ UHPRYH HQJLQH DQG PRXQWV IURP WKH PD FKLQH 5HPRYH HQJLQH SDUWV DQG DWWDFKPHQWV DV
7KLV SDJH LV LQWHQWLRQDOO\ EODQN %ULJJV 6WUDWWRQ *DVROLQH (QJLQH 3DJH 7ZLVWHUZ
&KDSWHU 'ULYH 7UDLQ 7DEOH RI &RQWHQWV 6SHFLILFDWLRQV 6SHFLDO 7RROV $GMXVWPHQWV $GMXVW 6KLIW &DEOHV 6HUYLFH DQG 5HSDLUV &OXWFK 6\VWHP 2SHUDWLRQ 'ULYH &OXWFK
6SHFLILFDWLRQV ,WHP 'HVFULSWLRQ 7UDQVD[OH 7UDQVD[OH )OXLG &DSDFLW\ 7UDQVD[OH )OXLG &OXWFK 6\VWHP 'ULYH &OXWFK 'ULYHQ &OXWFK 'ULYH 7UDLQ 0HFKDQLFDO GLIIHUHQWLDO ZLWK QHXWUDO ORFN TXDUWV OLWHUV : 0RWRU 2LO &RQWLQXRXVO\ YDULDEOH WUDQVPLVVLRQ W\SH WRUTXH FRQYHUWRU 6SHHG VHQVLQJ ZLWK PHFKDQLFDO IO\ ZHLJKWV 7RUTXH VHQVLQJ ZLWK VSULQJ ORDGHG FDP 3DJH 7ZLVWHUZ
6SHFLDO 7RROV 6HUYLFH 7RROV 63; &RUSRUDWLRQ VXSSOLHV VSHFLDO WRROV IRU VHUYLFLQJ 7RUR 3URGXFWV 7R RUGHU FRQWDFW 6HUYLFH 7RROV 63; &RUSRUDWLRQ $WWQ 2UGHU 'HSW 0RXQG 5RDG :DUUHQ 0, 6RPH WRROV PD\ KDYH EHHQ VXSSOLHG ZLWK \RXU YHKLFOH RU DYDLODEOH DV 7252 SDUWV 6RPH WRROV PD\ DOVR EH DYDLODEOH IURP D ORFDO VXSSOLHU 9LVD 0DVWHUFDUG &RPSDQ\ &KHFN RU & 2 ' RUGHUV DUH DFFHSWHG &OXWFK 5HPRYDO 7RRO 725 7KLV WRRO LV UHTXLUHG WR UHPRYH WKH GULYH FOXWFK IURP W
$GMXVWPHQWV $GMXVW 6KLIW &DEOHV 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5DLVH DQG ODWFK FDUJR EHG 2Q YHKLFOHV ZLWK D VKLIW OHYHU QHXWUDO SRVLWLRQ )LJ $ 6HW WKH VKLIW OHYHU LQWR WKH 1HXWUDO SRVLWLRQ % 7KH WUDQVD[OH VHOHFW OHYHU DVVHPEO\ VKRXOG EH LQ D OHYHO SRVLWLRQ & 7LJKWHQ WKH ORFNQXW RQ RQH RI WKH VKLIW FDEOHV MXVW HQRXJK WR WDNH XS DQ\ FDEOH VODFN 1RWH WKH ORFNQXW EHORZ WKH EUDFNHW PXVW EH KHOG WR DOORZ DGMXVWP
6HUYLFH DQG 5HSDLUV &OXWFK 6\VWHP 2SHUDWLRQ $ % & Y 'ULYH FOXWFK 'ULYHQ FOXWFK 0RYHDEOH VKHDYH GULYH FOXWFK )LJXUH )L[HG VKHDYH GULYH FOXWFK 0RYHDEOH VKHDYH GULYHQ FOXWFK %XWWRQ 5DPS IL[HG FDP 6SULQJ )L[HG VKHDYH GULYHQ FOXWFK 7ZR &OXWFK 6\VWHP )LJ 3RZHU LV WUDQVIHUUHG IURP WKH HQJLQH WR WKH WUDQVD[OH E\ D YDULDEOH FOXWFK V\VWHP WKDW FRQVLVWV RI WZR FOXWFKHV FRQQHFWHG E\ D GULYH EHOW 7KH GULYH FOXWFK UHVSRQGV WR HQJLQH VSHHG DQG
'ULYH &OXWFK Y )L[HG VKHDYH 0RYHDEOH VKHDYH 6SLGHU DVVHPEO\ )LJXUH &RYHU :DVKHU 3ODVWLF FDS 6SULQJ &DP ZHLJKW 5ROOHU 3ULQFLSOHV RI 2SHUDWLRQ )LJ 7KH RSHUDWLRQ RI WKH GULYH FOXWFK LV DIIHFWHG E\ HQJLQH VKDIW VSHHG :LWK WKH HQJLQH QRW WXUQLQJ WKH GULYH EHOW UHVWV ORZ ZLWKLQ WKH FOXWFK VKHDYHV DV WKH SUHVVXUH RI WKH VSULQJ KROGV WKH VKHDYHV DSDUW $V WKH HQJLQH LQ FUHDVHV LQ VSHHG WKH FDPV DWWDFKHG WR WKH PRYHDEOH VKHDYH PRYH RXWZDUG DV WKH\ VS
5HPRYDO 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5HPRYH GULYH EHOW IURP WKH GULYH FOXWFK VHH 6HUYLFH 'ULYH %HOW LQ (QJLQH &KDSWHU 5HPRYH VWDUWHU JHQHUDWRU 9 EHOW IURP WKH HQJLQH SXOOH\ VHH 5HSODFH 6WDUWHU *HQHUDWRU %HOW LQ (QJLQH &KDSWHU 5HPRYH SODVWLF FDS FDUHIXOO\ IURP WKH GULYH FOXWFK 5HPRYH FDS VFUHZ DQG ZDVKHU VHFXULQJ WKH GULYH FOXWFK WR WKH HQJLQH WDSHUHG VKDIW ,03257$17 *UHDVH HQG RI FOXWFK UH
IW OE 1 P WR LQ OE WR 1 P )L[HG VKHDYH 6SULQJ :DVKHU 6SLGHU DVVHPEO\ )LJXUH &DS VFUHZ 3ODVWLF FDS &RYHU 0RYHDEOH VKHDYH Y 5ROOHU NLW &DP ZHLJKW 1XW 3LORW EROW 'LVDVVHPEO\ )LJ ,03257$17 'R QRW SU\ RII FRYHU GDPDJH PD\ UH VXOW &RYHU VKRXOG SRS RII 5HPRYH FDS VFUHZV VHFXULQJ WKH FRYHU WR WKH PRY DEOH VKHDYH 3XOO FRYHU IURP FOXWFK 8VLQJ VSLGHU UHPRYDO VSDQQHU WRRO 72
,QVSHFWLRQ ,QVSHFW WKH WDSHUHG HQGV RI WKH FUDQNVKDIW DQG SUL PDU\ IL[HG VKHDYH IRU VFUDWFKHV ,I HLWKHU LV VHYHUHO\ VFUDWFKHG UHSODFH FRPSRQHQW ,I VFUDWFKHV DUH PLQRU EXUQLVK WKH FRPSRQHQW ZLWK HPHU\ FORWK 3RVLWLRQ FRYHU WR FOXWFK 6HFXUH FRYHU WR WKH PRY DEOH VKHDYH ZLWK FDS VFUHZV 7RUTXH FDS VFUHZV IURP WR LQ OE WR 1 P &KHFN WKH VXUIDFH RI WKH FDP ZHLJKWV ,I ZRUQ UH SODFH DOO FDP ZHLJKWV DV D VHW )LJ &KHFN WKH UROOHUV ,I ELQGLQJ RU XQHYHQ ZHDU LV IRX
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
5HPRYDO )LJ 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5HPRYH PXIIOHU IURP WKH HQJLQH DQG HQJLQH PRXQW VHH 0XIIOHU 5HPRYDO LQ (QJLQH &KDSWHU 5HPRYH GULYH EHOW IURP WKH GULYHQ FOXWFK VHH 6HU YLFH 'ULYH %HOW 5HPRYH FDS VFUHZ ZDVKHU DQG VSDFHU VHFXULQJ WKH GULYHQ FOXWFK WR WKH LQSXW VKDIW RI WKH WUDQVD[OH 1HYHU VHL]H 3XOO GULYHQ FOXWFK IURP WKH LQSXW VKDIW WR IW OE 1 P ,QVWDOODW
&KHFN 'ULYHQ &OXWFK 6SULQJ 7RUVLRQ 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 3ODFH WUDQVD[OH LQ JHDU WR SUHYHQW WKH IL[HG VKHDYH IURP PRYLQJ 5HPRYH GULYH EHOW IURP WKH GULYHQ FOXWFK VHH 6HU YLFH 'ULYH %HOW LQ (QJLQH &KDSWHU ,03257$17 8VH SURWHFWLYH VWULSV RI VRIW PHWDO ZKHQ FODPSLQJ WKH PRYHDEOH VKHDYH ZLWK ORFNLQJ SOLHUV WR SUHYHQW GDPDJH &ODPS PRYHDEOH VKHDYH ZLWK ORFNLQJ SOLHUV 0HDVXUH VSULQJ WRUVLRQ $
7UDQVD[OH 5HPRYDO 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 5HPRYH FDUJR ER[ IURP WKH IUDPH VHH &DUJR %R[ 5HPRYDO LQ &KDSWHU &KDVVLV :KHHOV DQG %UDNHV 5HPRYH GULYH EHOW IURP WKH GULYHQ FOXWFK VHH 6HU YLFH 'ULYH %HOW LQ (QJLQH &KDSWHU 5HPRYH WLH ZUDSV VHFXULQJ ERWK EDWWHU\ FDEOHV WR WKH SDVVHQJHU VLGH D[OH WXEH 5HPRYH ORFN QXW VHFXULQJ WKH VHOHFW OHYHU DVVHPEO\ WR WKH VHOHFWRU VKDIW /RRVHQ MDP QXWV V
,QVWDOODWLRQ 3RVLWLRQ WUDQVD[OH DQG GULYHQ FOXWFK WR WKH UHDU IUDPH 6HFXUH WUDQVD[OH WR WKH UHDU IUDPH ZLWK IRXU KH[ KHDG IODQJH VFUHZV DQG IODQJH ORFN QXWV )LJ 5DLVH HQJLQH PRXQW 6HFXUH WUDQVD[OH WR WKH HQJLQH PRXQW ZLWK IRXU KH[ KHDG IODQJH VFUHZV DQG IODQJH ORFN QXWV 0DNH VXUH 5 FODPS ZLWK ERWK VKLIW FDEOHV LV VHFXUHG WR WKH HQJLQH PRXQW ZLWK VFUHZ )LJ 6HFXUH HQJLQH PRXQW WR WKH UHDU IUDPH DV IROORZV )LJ DQG $ $WWDFK ERWK LVRODWLRQ PRXQWV WR WKH H
7KLV SDJH LV LQWHQWLRQDOO\ EODQN 7ZLVWHUZ 3DJH 'ULYH 7UDLQ
)LJXUH 'ULYH 7UDLQ 3DJH 7ZLVWHUZ
)LJXUH &RQWLQXHG %DOO EHDULQJ $[OH FDVH /+ $[OH FDVH 5+ 6QDS ULQJ &DVWOH QXW 6QDS ULQJ 6KLIW VKDIW 3LSH NQRFN 6WHHO EDOO 6SULQJ *DVNHW %ROW *DVNHW )ODQJH EROW )ODQJH EROW )ODQJH EROW %ROW &ROODU )ODQJH EROW $[OH EUDFNHW /RFN QXW 6SULQJ ZDVKHU :DVKHU +XE FRPSOHWH 6HOHFW OHYHU 6SDFHU *HDU &DEOH EUDFNHW 3LQ FOXWFK &HQWHU VKDIW *HDU &ROODU *HDU )ODQJH EROW
)LJXUH %ROW VWHHO EDOO VSULQJ JDVNHW 6HOHFWRU VKDIW & 5HPRYH EROW QHDU WKH VHOHFWRU VKDIW 5HPRYH VSULQJ DQG VWHHO EDOO 5HSODFH JDVNHW LI GDPDJHG ,QSXW VKDIW )LJXUH 2LO VHDO ' :UDS YLQ\O WDSH DURXQG WKH VSOLQHG SRUWLRQ RI WKH LQSXW VKDIW 7KLV VKRXOG SURWHFW WKH RLO VHDO IURP EH LQJ GDPDJHG 'ULYH 7UDLQ 3DJH 7ZLVWHUZ
)LJXUH )ODQJH EROWV $[OH EUDFNHW $[OH FDVH ( 5HPRYH WKUHH IODQJH EROWV VHFXULQJ WKH D[OH EUDFNHW DQG D[OH FDVH WR HDFK FDVH 6HSDUDWH EUDFNHW IURP HDFK D[OH FDVH )ODQJH EROW )LJXUH )ODQJH QXW ) :LWK WKH LQSXW VKDIW VLGH GRZQ ORRVHQ DQG UH PRYH IODQJH EROWV DQG QXWV VHFXULQJ WKH FDVH 5+ DQG FDVH /+ WRJHWKHU 7ZLVWHUZ 3DJH 'ULYH 7UDLQ
&DVH 5+ )LJXUH *RYHUQRU ERVV ,03257$17 0DNH VXUH QRW WR KLW WKH JRYHUQRU ERVV WRR KDUG ZKHQ VHSDUDWLQJ WKH FDVHV WKH ERVV PD\ JHW GDPDJHG 'R QRW SU\ RSHQ WKH WZR FDVHV ZLWK D VFUHZ GULYHU GDPDJH PD\ UHVXOW WR WKH VHDO LQJ VXUIDFHV * +ROG WKH FDVH 5+ DQG OLIW XS ZKLOH OLJKWO\ WDS SLQJ WKH JRYHUQRU ERVV ZLWK D SODVWLF KDPPHU 1RWH 7KH *RYHUQRU $VVHPEO\ )LJ LV QRW XVHG RQ WKH 7ZLVWHU 9HKLFOH 7KHVH SDUWV UHPDLQ LQ WKH WUDQV PLVVLRQ HYHQ WKRXJK WKH\ DUH QRW XVHG LQ WKLV DSS
)LJXUH &RXQWHU VKDIW 6SDFHU 1HHGOH EHDULQJ *HDU % 3XOO RXW FRXQWHU VKDIW 5HPRYH VSDFHU QHHGOH EHDULQJ JHDU DQG VSDFHU &RXQWHU VKDIW 6SDFHU )LJXUH 1HHGOH EHDULQJ *HDU & 5HSODFH FRXQWHU VKDIW LI LW KDV DEQRUPDO ZHDU FUDFNV RU GDPDJH ' 5HSODFH VSDFHU LI HLWKHU RQH LV FUDFNHG RU EHQW 7ZLVWHUZ 3DJH ( 5HSODFH QHHGOH EHDULQJ LI QHHGOHV DUH EHQW GR QRW URWDWH IUHHO\ RU GR QRW UHPDLQ LQ WKH EHDULQJ FDJH ) 5HSODFH JHDU
'LIIHUHQWLDO DVVHPEO\ ,QSXW VKDIW DVVHPEO\ )LJXUH &HQWHU VKDIW DVVHPEO\ 6KLIW VKDIW ,03257$17 0DNH VXUH QRW WR GDPDJH WKH RLO VHDO ZKHQ UHPRYLQJ WKH LQSXW VKDIW * /LIW XS GLIIHUHQWLDO DVVHPEO\ FHQWHU VKDIW DVVHP EO\ DQG LQSXW VKDIW DVVHPEO\ DW WKH VDPH WLPH )LUVW UHPRYH LQSXW VKDIW DVVHPEO\ 7KHQ UHPRYH FHQWHU VKDIW DVVHPEO\ ZLWK WKH VKLIW VKDIW DQG GLIIHUHQWLDO DVVHPEO\ 1RWH ,I DQ\ RI WKH DVVHPEOLHV FDQ QRW EH SXOOHG RXW E\ KDQG KROG WKH DVVHPEO\ ZKLOH JHQWO\ WDS
6QDS ULQJ $[OH FDVH )LJXUH $[OH VKDIW %DOO EHDULQJ ,03257$17 'R QRW UHXVH VQDS ULQJ 'LVFDUG DQG UHSODFH ULQJ ZLWK QHZ RQH & %DOO EHDULQJ UROOHU EDOOV PXVW EH IUHH RI GHIRUPD WLRQ DQG VFRULQJ %DOO EHDULQJ PXVW VSLQ IUHHO\ DQG KDYH PLQLPXP D[LDO SOD\ 5HSODFH EDOO EHDULQJ DV QHFHVVDU\ % 5HPRYH VQDS ULQJ IURP WKH D[OH FDVH 5HPRYH D[OH VKDIW IURP FDVH ,03257$17 :KHQ UHSODFLQJ EDOO EHDULQJV ERWK EDOO EHDULQJV PXVW EH UHSODFHG DV D VHW 'LVDVVHPEOH LQSXW VKDIW DVVHPE
)LJXUH %DOO EHDULQJ ,QSXW VKDIW ,03257$17 'R QRW UHXVH EDOO EHDULQJV WKDW KDYH EHHQ UHPRYHG % 5HPRYH EDOO EHDULQJ IURP WKH LQSXW VKDIW ZLWK D EHDULQJ SXOOHU *RYHUQRU SODWH DVVHPEO\ )LJXUH *RYHUQRU EDVH ,03257$17 0DNH VXUH QRW WR GDPDJH WKH VFUHZ KHDGV ZKHQ UHPRYLQJ VFUHZV (DFK VFUHZ LV VH FXUHG ZLWK DQ DGKHVLYH 'ULYH 7UDLQ 3DJH & 5HPRYH VFUHZV VHFXULQJ WKH JRYHUQRU SODWH DV VHPEO\ WR WKH JRYHUQRU EDVH 7ZLVWHUZ
,QSXW VKDIW %DOO EHDULQJ *RYHUQRU SODWH ZHLJKW )LJXUH *RYHUQRU VOHHYH /RFN SLQ 6FUHZ ' 5HSODFH LQSXW VKDIW LI ZRUQ RU GDPDJHG *HDU WHHWK WKDW DUH FUDFNHG EURNHQ FKLSSHG RU PLVVLQJ DUH QRW DFFHSWDEOH ) 5HSODFH JRYHUQRU SODWH LI FUDFNHG EHQW RU DQ\ ZHLJKW LV PLVVLQJ :HLJKWV PXVW VZLQJ IUHHO\ * 5HSODFH JRYHUQRU VOHHYH LI FUDFNHG RU ZRUQ ( %DOO EHDULQJ UROOHU EDOOV PXVW EH IUHH RI GHIRUPD WLRQ DQG VFRULQJ %DOO EHDULQJ PXVW VSLQ IUHHO\ DQG KDYH PLQLPXP
*HDU *HDU *HDU VPDOO %DOO EHDULQJ %DOO EHDULQJ )LJXUH 3LQ FOXWFK &HQWHU VKDIW &ROODU 6SDFHU % 5HPRYH JHDUV SLQ FOXWFK FROODUV DQG VSDFHU IURP WKH LQSXW VKDIW & 5HSODFH JHDUV LI ZRUQ RU GDPDJHG &UDFNHG EURNHQ PLVVLQJ RU FKLSSHG JHDU WHHWK DUH QRW DF FHSWDEOH ' 5HSODFH FHQWHU VKDIW LI ZRUQ RU GDPDJHG 6SOLQHV WKDW DUH FUDFNHG EURNHQ FKLSSHG RU PLVV LQJ DUH QRW DFFHSWDEOH 'ULYH 7UDLQ 3DJH ( 5HSODFH SLQ FOXWFK
'LVDVVHPEOH GLIIHUHQWLDO FDVH DVVHPEO\ )LJXUH %ROW *HDU 'LIIHUHQWLDO FDVH $ 5HPRYH EROWV VHFXULQJ JHDU WR WKH GLIIHUHQWLDO FDVH 6SULQJ SLQ 'LIIHUHQWLDO FDVH )LJXUH 3LQLRQ VKDIW 3LQLRQ JHDU 1RWH 7KH VSULQJ SLQ FDQ EH SXQFKHG RXW IURP WKH KROH RQ WKH RSSRVLWH VLGH RI JHDU & 5HPRYH SLQLRQ VKDIW DQG JHDUV IURP WKH FDVH 6HSDUDWH JHDUV IURP VKDIW % 5HPRYH VSULQJ SLQ IURP WKH GLIIHUHQWLDO FDVH 'LVFDUG SLQ DQG UHSODFH LW ZLWK QHZ VSUL
6LGH JHDU 3LQLRQ JHDU *HDU %DOO EHDULQJ )LJXUH 'LIIHUHQWLDO FDVH 3LQLRQ VKDIW 6SULQJ SLQ %ROW ' 5HSODFH JHDUV LI ZRUQ RU GDPDJHG &UDFNHG EURNHQ PLVVLQJ RU FKLSSHG JHDU WHHWK DUH QRW DF FHSWDEOH ) 5HSODFH FDVH LI PDFKLQHG DUHDV ZKHUH WKH VLGH DQG SLQLRQ JHDUV PHVK DUH VFRUHG RU LI WKH SLQLRQ VKDIW ILWV ORRVHO\ LQ LWV ERUH ( %DOO EHDULQJ UROOHU EDOOV PXVW EH IUHH RI GHIRUPD WLRQ DQG VFRULQJ %DOO EHDULQJ PXVW VSLQ IUHHO\ DQG KDYH PLQLPXP D[
'LVDVVHPEOH JRYHUQRU IRUN DQG VKDIW 6FUHZ 6WRSSHU )LJXUH *RYHUQRU IRUN &DVH 5+ ,03257$17 0DNH VXUH QRW WR GDPDJH WKH VFUHZ KHDGV ZKHQ UHPRYLQJ VFUHZV (DFK VFUHZ LV VH FXUHG ZLWK DQ DGKHVLYH $ 5HPRYH ERWK VFUHZV DQG ZDVKHUV VHFXULQJ WKH VWRSSHU DQG JRYHUQRU IRUN WR WKH FDVH 5+ 5H PRYH VWRSSHU DQG IRUN IURP WKH FDVH *RYHUQRU VKDIW %RVV )LJXUH 2LO VHDO ,03257$17 0DNH VXUH QRW WR GDPDJH WKH RLO VHDO ZKHQ UHPRYLQJ WKH JRYHUQRU VKDIW IURP WKH
%DOO EHDULQJ &DVH 5+ *RYHUQRU VKDIW )LJXUH *RYHUQRU IRUN 6WRSSHU 6FUHZV ' 5HPRYH EDOO EHDULQJ IURP WKH FDVH %DOO EHDULQJ UROOHU EDOOV PXVW EH IUHH RI GHIRUPDWLRQ DQG VFRULQJ %DOO EHDULQJ PXVW VSLQ IUHHO\ DQG KDYH PLQLPXP D[ LDO SOD\ 5HSODFH EDOO EHDULQJ DV QHFHVVDU\ 'ULYH 7UDLQ 3DJH ( 5HSODFH JRYHUQRU VKDIW LI FUDFNHG EHQW RU H[ FHVVLYHO\ ZRUQ ) 5HSODFH JRYHUQRU IRUN RU VWRSSHU LI EHQW RU GH IRUPHG 7ZLVWHUZ
$VVHPEO\ $VVHPEOH LQSXW VKDIW DVVHPEO\ WR LQ OE WR 1 P )LJXUH *RYHUQRU SODWH *RYHUQRU EDVH 6FUHZ *RYHUQRU VOHHYH ,03257$17 7R SUHYHQW WKH VFUHZV WKDW VHFXUH WKH JRYHUQRU SODWH WR WKH JRYHUQRU IURP ORRVHQLQJ DS SO\ /RFWLWH %OXH 1R RU HTXLYDOHQW WR WKH VFUHZ WKUHDGV $ 6HFXUH JRYHUQRU SODWH XQLW WR WKH JRYHUQRU EDVH ZLWK VFUHZV 7RUTXH VFUHZV IURP WR LQ OE WR 1 P %DOO EHDULQJ 7ZLVWHUZ )LJXUH ,QSXW
,03257$17 0DNH VXUH WR SUHVV EDOO EHDULQJ DW WKH LQQHU UDFH WR SUHYHQW GDPDJLQJ WKH EDOO EHDULQJ % 3UHVV EDOO EHDULQJ RQWR WKH LQSXW VKDIW )LJXUH *RYHUQRU VOHHYH ,QSXW VKDIW & $SSO\ PRO\EGHQXP GLVXOILGH JUHDVH WR WKH LQVLGH RI WKH JRYHUQRU VOHHYH 6OLGH VOHHYH RQWR WKH LQSXW VKDIW 3LYRW SRLQW )LJXUH *RYHUQRU SODWH ' 0DNH VXUH WR DSSO\ PRO\EGHQXP GLVXOILGH JUHDVH WR WKH SLYRW SRLQWV RI WKH ZHLJKWV RQ WKH JRY HUQRU SODWH XQLW 'ULYH 7UDLQ 3DJH 7ZLVWHUZ
$VVHPEOH WKH FHQWHU VKDIW DVVHPEO\ WR PP )LJXUH 3LQ FOXWFK &HQWHU VKDIW *HDU *HDU &ROODU *HDU VPDOO %HDULQJ %HDULQJ 6SDFHU 1RWH %HIRUH DVVHPEOLQJ DSSO\ PRO\EGHQXP GLVXO ILGH JUHDVH WR WKH LQVLGH RI JHDUV DQG $ 6OLGH SLQ FOXWFK RQWR WKH FHQWHUVKDIW ,QVWDOO JHDUV DQG RQWR VKDIW QRWLQJ FRUUHFW RULHQWDWLRQ RI JHDUV 6OLGH FROODUV VPDOO JHDU DQG VSDFHU RQWR WKH FHQWHU VKDIW %DOO EHDULQJ )LJXUH
& 0DNH VXUH GLVWDQFH IURP RQH EDOO EHDULQJ RXWHU HGJH WR WKH RWKHU EDOO EHDULQJ RXWHU HGJH LV WR PP )LJ )LJXUH ' 7KH FHQWHU VKDIW VKRXOG DSSHDU DV DERYH ZKHQ DVVHPEOHG $VVHPEOH GLIIHUHQWLDO DVVHPEO\ WR PP 'ULYH 7UDLQ 3LQLRQ JHDU JUHDVHG VXUIDFH 3LQLRQ VKDIW 6LGH JHDU JUHDVHG VXUIDFH 'LIIHUHQWLDO FDVH *HDU )LJXUH %ROW 6SULQJ SLQ %DOO EHDULQJ %DOO EHDULQJ 3DJH 7ZLVWHUZ
$ $SSO\ PRO\EGHQXP GLVXOILGH JUHDVH WR WKH LQVLGH RI ERWK SLQLRQ JHDUV ZKHUH WKH\ FRQWDFW WKH SLQLRQ VKDIW $SSO\ PRO\EGHQXP GLVXOILGH JUHDVH WR WKH RXWVLGH RI ERWK VLGH JHDUV ZKHUH WKH\ FRQWDFW WKH GLIIHUHQWLDO FDVH DQG JHDU 6LGH JHDU 3LQLRQ JHDU )LJXUH 3LQLRQ VKDIW 'LIIHUHQWLDO FDVH % ,QVWDOO VLGH JHDU ERWK SLQLRQ JHDUV DQG SLQLRQ VKDIW LQWR WKH GLIIHUHQWLDO FDVH 6SULQJ SLQ )LJXUH 'LIIHUHQWLDO FDVH & $OLJQ SLQLRQ VKDIW KROH DQG LQVWDOO QHZ VSULQJ
6LGH JHDU 3LQLRQ JHDU )LJXUH *HDU 'LIIHUHQWLDO FDVH ' ,QVWDOO UHPDLQLQJ VLGH JHDU WR WKH SLQLRQ JHDUV ( 6HFXUH JHDU WR WKH GLIIHUHQWLDO FDVH ZLWK EROWV 7RUTXH EROWV IURP WR IW OE WR 1 P LQ D FULVV FURVV SDWWHUQ WR IW OE WR 1 P )LJXUH ,03257$17 7KH OHQJWK IURP WKH RXWHU PRVW VLGH RI HDFK EDOO EHDULQJ PXVW EH IURP WR PP )LJ * 7KH GLIIHUHQWLDO DVVHPEO\ VKRXOG DSSHDU DV DERYH ZKHQ DVVHPEOHG ) ,
$VVHPEOH JRYHUQRU IRUN %DOO EHDULQJ )LJXUH &DVH ERUH $ ,QVWDOO EDOO EHDULQJ LQWR WKH ERUH RI WKH FDVH 5+ *RYHUQRU VKDIW )LJXUH %RVV ,03257$17 0DNH VXUH QRW WR GDPDJH WKH RLO VHDO ZKHQ LQVWDOOLQJ WKH JRYHUQRU VKDIW LQWR WKH JRYHUQRU ERVV 7ZLVWHUZ 3DJH % /XEULFDWH JRYHUQRU VKDIW ZLWK PRO\EGHQXP GLV XOILGH JUHDVH EHIRUH LQVWDOOLQJ & ,QVWDOO JRYHUQRU VKDIW LQWR WKH ERVV 'ULYH 7UDLQ
)LJXUH 6FUHZ 6WRSSHU *RYHUQRU IRUN &DVH 5+ ,03257$17 7R SUHYHQW WKH VFUHZV WKDW VHFXUH WKH JRYHUQRU IRUN DQG VWRSSHU WR WKH JRYHUQRU VKDIW IURP ORRVHQLQJ DSSO\ /RFWLWH %OXH 1R RU HTXLY DOHQW WR WKH VFUHZ WKUHDGV ' 6HFXUH VWRSSHU DQG JRYHUQRU IRUN WR WKH JRYHU QRU VKDIW ZLWK ERWK VFUHZV WR LQ OEV WR 1 P PP )LJXUH *RYHUQRU IRUN *RYHUQRU VKDIW JUHDVHG VXUIDFH 6FUHZ ( $GMXVW JRYHUQRU IRUN FHQWHU WR WKH FHQWHU R
,QVWDOO D[OH FDVH WR FDVH 5+ DQG /+ $[OH VKDIW 6QDS ULQJ )LJXUH %DOO EHDULQJ ,03257$17 'R QRW UHXVH VQDS ULQJ 5HSODFH VQDS ULQJ ZLWK QHZ RQH $ ,QVHUW D[OH VKDIW ZLWK VQDS ULQJV FROODU DQG EDOO EHDULQJV LQWR WKH D[OH FDVH ,QVWDOO VQDS ULQJ WR WKH D[OH FDVH WR IW OE WR 1 P $[OH FDVH &DVH )LJXUH )ODQJH EROW ,03257$17 0DNH VXUH WR LQVWDOO WKH D[OH FDVH WR WKH SURSHU VLGH RI WKH FDVH 7KH ULJKW VLGH RI WKH FDVH WDNHV WKH VKR
,QVWDOO LQSXW VKDIW FHQWHU VKDIW DQG GLIIHUHQWLDO DV VHPEOLHV WR WKH FDVH 6KLIW VKDIW )LJXUH &OXWFK JURRYH $ ,QVHUW IRUN RI WKH VKLIW VKDIW WR WKH FOXWFK JURRYH RI WKH FHQWHU VKDIW DVVHPEO\ &HQWHU VKDIW DVVHPEO\ 6KLIW VKDIW )LJXUH ,QSXW VKDIW 'LIIHUHQWLDO DVVHPEO\ % 5HSODFH RLO VHDOV IRU WKH LQSXW DQG VHOHFWRU VKDIWV RQ WKH FDVH /+ LI FUDFNHG QLFNHG RU GLV WRUWHG VXFK WKDW WKH\ ZRXOG QRW KROG D SURSHU VHDO ,03257$17 0DNH VXUH QRW WR GDPDJH WKH
)LJXUH )RUN VHOHFWRU VKDIW 3LQ VKLIW VKDIW ' 0DNH VXUH WKH VHOHFWRU VKDIW IRUN LV FRQWDFWLQJ WKH SLQ RQ WKH VKLIW VKDIW 6SDFHU )LJXUH %RVV FRXQWHU VKDIW ( 3ODFH VSDFHU RQ WKH FRXQWHU VKDIW ERVV RI WKH FDVH /+ VR WKH RLO JURRYH IDFHV XS 7ZLVWHUZ 3DJH 'ULYH 7UDLQ
*HDU &RXQWHU VKDIW )LJXUH 6SDFHU ) $SSO\ PRO\EGHQXP GLVXOILGH JUHDVH WR WKH LQVLGH RI JHDU DQG WKH FRQWDFW VXUIDFH EHWZHHQ WKH FDVH DQG WKH FRXQWHU VKDIW * 3ODFH JHDU RQWR WKH VSDFHU 0DNH VXUH QRW WR GURS WKH VSDFHU ,QVHUW QHHGOH EHDULQJ LQWR JHDU ,Q VHUW FRXQWHU VKDIW ZLWK UHPDLQLQJ VSDFHU WKURXJK WKH QHHGOH EHDULQJ JHDU DQG LQWR WKH VSDFHU DQG FDVH $VVHPEOH FDVH /+ DQG 5+ &DVH VHDOLQJ VXUIDFH )LJXUH 3LSH NQRFN $ 0DNH VXUH JDVNH
WR IW OE WR 1 P *RYHUQRU VKDIW )LJXUH %ROWV 1RWH :KHQ LQVWDOOLQJ FDVH 5+ WR WKH FDVH /+ KROG JRYHUQRU VKDIW VR WKH EDOO EHDULQJ ZLOO QRW GURS RII .
WR IW OE WR 1 P &DEOH EUDFNHW )LJXUH %ROW VWHHO EDOO VSULQJ JDVNHW ) ,QVWDOO FDEOH EUDFNHW WR WKH WUDQVD[OH * ,QVWDOO VWHHO EDOO VSULQJ JDVNHW DQG EROW 7RUTXH EROW IURP WR IW OE WR 1 P 'ULYH 7UDLQ 3DJH + )LOO WUDQVD[OH ZLWK TXDUWV OLWHUV RI QHZ : PRWRU RLO 7ZLVWHUZ
&KDSWHU (OHFWULFDO 6\VWHP 7DEOH RI &RQWHQWV 6SHFLDO 7RROV 0XOWLPHWHU 6NLQ 2YHU *UHDVH 7URXEOHVKRRWLQJ (OHFWULFDO 6\VWHP 4XLFN &KHFNV %DWWHU\ 7HVW &RPSRQHQW 7HVWLQJ
6SHFLDO 7RROV 0XOWLPHWHU 7KH PHWHU FDQ WHVW HOHFWULFDO FRPSRQHQWV DQG FLUFXLWV IRU FXUUHQW UHVLVWDQFH RU YROWDJH 127( 7RUR UHFRPPHQGV WKH XVH RI D ',*,7$/ 9ROW 2KP $PS PXOWLPHWHU ZKHQ WHVWLQJ HOHFWULFDO FLUFXLWV 7KH KLJK LPSHGDQFH LQWHUQDO UHVLVWDQFH RI D GLJLWDO PH WHU LQ WKH YROWDJH PRGH ZLOO PDNH VXUH WKDW H[FHVV FXU UHQW LV QRW DOORZHG WKURXJK WKH PHWHU 7KLV H[FHVV FXUUHQW FDQ FDXVH GDPDJH WR FLUFXLWV QRW GHVLJQHG WR FDUU\ LW )LJXUH 6NLQ 2YHU *UHDVH 6SHFLDO QRQ FRQGXFWLYH JUHDVH 7RU
7URXEOHVKRRWLQJ &$87,21 5HPRYH DOO MHZHOU\ HVSHFLDOO\ ULQJV DQG ZDWFKHV EHIRUH GRLQJ DQ\ HOHFWULFDO WURXEOH VKRRWLQJ RU WHVWLQJ 'LVFRQQHFW WKH EDWWHU\ FDEOHV XQOHVV WKH WHVW UHTXLUHV EDWWHU\ YROWDJH )RU HIIHFWLYH WURXEOHVKRRWLQJ DQG UHSDLUV \RX PXVW KDYH D JRRG XQGHUVWDQGLQJ RI WKH HOHFWULFDO FLUFXLWV DQG FRPSRQHQWV XVHG RQ WKLV YHKLFOH VHH :LULQJ 6FKHPDWLF DW WKH HQG RI WKLV FKDSWHU ,I WKH YHKLFOH KDV DQ\ LQWHUORFN VZLWFKHV E\ SDVVHG WKH\ PXVW EH UHFRQQHFWHG IRU SURSHU WURXEOHVKRRWLQJ DQG VDIHW
*HQHUDO 5XQ 3UREOHPV 3UREOHP 3RVVLEOH &DXVHV %DWWHU\ GRHV QRW FKDUJH :LULQJ WR WKH FKDUJLQJ FLUFXLW VHH :LULQJ 6FKHPDWLF FRPSRQHQWV LV ORRVH FRUURGHG RU GDPDJHG 9ROWDJH UHJXODWRU DQG RU VWDUWHU JHQHUDWRU LV IDXOW\ %DWWHU\ LV GHDG (QJLQH NLOOV GXULQJ RSHUDWLRQ (OHFWULFDO 6\VWHP :LULQJ WR WKH UXQ FLUFXLW VHH :LULQJ 6FKHPDWLF FRPSRQHQWV EHFDPH EURNHQ RU GLVFRQQHFWHG 3DJH 7ZLVWHUZ
(OHFWULFDO 6\VWHP 4XLFN &KHFNV %DWWHU\ 7HVW 8VH D PXOWLPHWHU WR PHDVXUH WKH YROWDJH EHWZHHQ WKH EDWWHU\ WHUPLQDOV 6HW WKH PXOWLPHWHU WR WKH '& YROWV VHWWLQJ 7KH EDWWHU\ VKRXOG EH DW D WHPSHUDWXUH RI E WR E ) 7KH LJQLWLRQ NH\ VKRXOG EH RII DQG DOO DFFHVVRULHV WXUQHG RII &RQQHFW WKH SRVLWLYH PHWHU OHDG WR WKH SRVLWLYH EDWWHU\ SRVW DQG WKH QHJDWLYH PHWHU OHDG WKH WKH QHJDWLYH EDWWHU\ SRVW 9ROWDJH 0HDVXUHG %DWWHU\ &KDUJH /HYHO 9 RU KLJKHU )XOO\ FKDUJHG 9 FKDUJHG
&RPSRQHQW 7HVWLQJ )RU DFFXUDWH UHVLVWDQFH DQG RU FRQWLQXLW\ FKHFNV HOHF WULFDOO\ GLVFRQQHFW WKH FRPSRQHQW EHLQJ WHVWHG IURP WKH FLUFXLW H J XQSOXJ WKH LJQLWLRQ VZLWFK FRQQHFWRU EHIRUH GRLQJ D FRQWLQXLW\ FKHFN RQ WKH VZLWFK 1RWH 6HH WKH %ULJJV 6WUDWWRQ 5HSDLU 0DQXDO IRU &\FOH 9 7ZLQ &\OLQGHU 2+9 +HDG (QJLQHV IRU DGGL WLRQDO FRPSRQHQW WHVWLQJ LQIRUPDWLRQ &$87,21 :KHQ WHVWLQJ HOHFWULFDO FRPSRQHQWV IRU FRQWLQX LW\ ZLWK D PXOWLPHWHU RKPV VHWWLQJ PDNH VXUH WKDW SRZHU WR WKH FLUFXLW KDV EHHQ G
$WWDFKPHQW 5HOD\ 9HULI\ FRLO UHVLVWDQFH EHWZHHQ WHUPLQDOV DQG ZLWK D PXOWLPHWHU RKPV VHWWLQJ 5HVLVWDQFH VKRXOG EH IURP WR RKPV 7KHUH VKRXOG QRW EH DQ\ FRQWLQXLW\ EHWZHHQ WHUPLQDOV DQG 7R EHQFK WHVW WKH UHOD\ FRQQHFW PXOWLPHWHU RKPV VHWWLQJ OHDGV WR UHOD\ WHUPLQDOV DQG *URXQG WHU PLQDO DQG DSSO\ 9'& WR WHUPLQDO 7KH UHOD\ VKRXOG PDNH DQG EUHDN FRQWLQXLW\ EHWZHHQ WHUPLQDOV DQG DV 9'& LV DSSOLHG DQG UHPRYHG IURP WHUPLQDO 5HOD\ LV RSHUDWL
+RXU 0HWHU ,03257$17 0DNH VXUH WR REVHUYH SRODULW\ RQ WKH KRXU PHWHU ODEHO ZKHQ WHVWLQJ 'DPDJH WR WKH PHWHU PD\ UHVXOW IURP DQ LPSURSHU FRQQHFWLRQ ,VRODWH KRXU PHWHU IURP WKH FLUFXLW 48$57= &RQQHFW SRVLWLYH WHUPLQDO RI D 9'& VRXUFH WR WKH SRVLWLYH WHUPLQDO RI WKH KRXU PHWHU 5811,1* ,1',&$725 :,1'2: +2856 &RQQHFW QHJDWLYH WHUPLQDO RI WKH YROWDJH VRXUFH WR WKH RWKHU WHUPLQDO RI WKH KRXU PHWHU :+((/ :+,7( : %/$&. 180%(56 +285 :+((/6 %/$&.
2LO 3UHVVXUH 6ZLWFK 7KH VZLWFK LV ORFDWHG RQ WKH PRXQWLQJ DGDSWHU IRU WKH RLO ILOWHU ,W LV D QRUPDOO\ FORVHG VZLWFK DQG RSHQV ZLWK SUHV VXUH 2LO SUHVVXUH VZLWFK WHVWLQJ 7XUQ WKH LJQLWLRQ VZLWFK WR 21 7KH RLO LQGLFDWRU OLJKW VKRXOG EH RQ ,I WKH OLJKW LV QRW RQ GLVFRQQHFW WKH ZLUH IURP WKH RLO SUHVVXUH VZLWFK DQG JURXQG WKH ZLUH WR WKH HQJLQH EORFN ,I WKH OLJKW FRPHV RQ WKH RLO SUHVVXUH VZLWFK LV EDG ,I WKH OLJKW GRHV QRW FRPH RQ DIWHU VWHS FKHFN WKH LQGLFDWLQJ FLUFXLW VHH (OHFWUL
6HUYLFH DQG 5HSDLUV +HDGOLJKWV 6HW SDUNLQJ EUDNH WXUQ LJQLWLRQ RII DQG UHPRYH NH\ 8QGHUQHDWK WKH GDVK \RX ZLOO VHH WKH EDFNVLGH RI HDFK KHDGOLJKW 2Q HDFK VLGH RI WKH KHDGOLJKW DVVHPEO\ WKHUH DUH UHWDLQHU EUDFNHWV KROGLQJ HDFK KHDGOLJKW DVVHPEO\ WR WKH KRRG DVVHPEO\ (DFK UHWDLQHU EUDFNHW KDV RQH VFUHZ KROGLQJ WKH EUDFNHW /RRVHQ HDFK VFUHZ XQWLO \RX FDQ WXUQ WKH UH WDLQHU EUDFNHW 2QFH ERWK EUDFNHWV DUH ORRVHG DQG WXUQHG \RX ZLOO EH DEOH WR SXOO WKH KHDGOLJKW DVVHPEO\ RXW WKURXJK W
%DWWHU\ 6HUYLFH 7KH EDWWHU\ LV WKH KHDUW RI WKH HOHFWULFDO V\VWHP :LWK UHJXODU DQG SURSHU VHUYLFH EDWWHU\ OLIH FDQ EH H[WHQGHG $GGLWLRQDOO\ EDWWHU\ DQG HOHFWULFDO FRPSRQHQW IDLOXUH FDQ EH SUHYHQWHG ),//(5 &$36 &$3 78%(6 &255(&7 :$7(5 /(9(/ &29(5 6($/ :$51,1* 327(17,$/ +$=$5' x (LWKHU WKH EDWWHU\ WHUPLQDOV RU PHWDO WRROV FRXOG VKRUW DJDLQVW PHWDO YHKLFOH FRPSRQHQWV :+$7 &$1 +$33(1 x 6SDUNV FDQ FDXVH WKH EDWWHU\ JDVVHV WR H[ SORGH x 'DPDJHG FDEOHV FRXOG VKRUW DJDLQVW PHWDO YH KLFOH FRPSRQHQWV DQG F
,03257$17 %HIRUH FOHDQLQJ WKH EDWWHU\ WDSH RU EORFN WKH YHQW KROHV WR WKH ILOOHU FDSV DQG PDNH VXUH WKH FDSV DUH RQ WLJKWO\ & &KHFN IRU VLJQV RI ZHWQHVV RU OHDNDJH RQ WKH WRS RI WKH EDWWHU\ ZKLFK PLJKW LQGLFDWH D ORRVH RU PLV VLQJ ILOOHU FDS RYHUFKDUJLQJ ORRVH WHUPLQDO SRVW RU RYHUILOOLQJ $OVR FKHFN WKH EDWWHU\ FDVH IRU GLUW DQG RLO &OHDQ WKH EDWWHU\ ZLWK D VROXWLRQ RI EDNLQJ VRGD DQG ZDWHU WKHQ ULQVH LW ZLWK FOHDQ ZDWHU 7KLV LV RQH RI WKH PRVW UHOLDEOH PHDQV RI WHVWLQJ D EDWWHU\ DV LW VLPXODW
, ,I WKH WHVW YROWDJH LV EHORZ WKH PLQLPXP UHSODFH WKH EDWWHU\ ,I WKH WHVW YROWDJH LV DW RU DERYH WKH PLQL PXP UHWXUQ WKH EDWWHU\ WR VHUYLFH %DWWHU\ &KDUJH /HYHO 6SHFLILF *UDYLW\ 2SHQ &LUFXLW 9ROWDJH ,QVWDOODWLRQ ,03257$17 7R SUHYHQW SRVVLEOH HOHFWULFDO SURE OHPV LQVWDOO RQO\ D IXOO\ FKDUJHG EDWWHU\ 0DNH VXUH WKH LJQLWLRQ VZLWFK DQG DOO DFFHVVRULHV DUH RII 0DNH VXUH WKH EDWWHU\ EDVH LV FOHDQ D
)ROORZ WKH PDQXIDFWXUHU·V LQVWUXFWLRQV &RQ QHFW FKDUJHU FDEOHV WR WKH EDWWHU\ 0DNH VXUH D JRRG FRQQHFWLRQ LV PDGH &KDUJH WKH EDWWHU\ IROORZLQJ WKH PDQXIDFWXUHU·V LQVWUXFWLRQV 2FFDVLRQDOO\ FKHFN WKH WHPSHUDWXUH RI WKH EDWWHU\ HOHFWURO\WH ,I WKH WHPSHUDWXUH H[FHHGV E) E& RU WKH HOHFWURO\WH LV YLROHQWO\ JDVVLQJ RU VSHZLQJ WKH FKDUJLQJ UDWH PXVW EH ORZHUHG RU WHPSRUDULO\ VWRSSHG 7KUHH KRXUV SULRU WR WKH HQG RI WKH FKDUJLQJ PHD VXUH WKH VSHFLILF JUDYLW\ RI D EDWWHU\ FHOO RQFH SHU K
(OHFWULFDO 6FKHPDWLF 1 % 5 3 6 7 6 ,' 2 1 ( / 2 6 < * 8 % : 6 / $ 5 7 8 ( 1 $ ) / $ 5 7 8 ( 1 5 + 55 8( 7 2( + 0 5 ' 1 8 2 5 * ( 0 $ 5 ) . % 5 ,1 ' ( 6 2 / & 3 3 < 2 , 9 . 1 , / ( / ,% 6 8 ) 7 1 , 7 5 $ 7 6 1 8 5 ) ) 2 $ 0 % 2 3 . % : + & 7 , : 6 0 6 5 ( : 2 3 * $ 0 1 2 , 7 , * 8 / 3 . 5 $ 3 6 & $ 1 * , .
7KLV SDJH LV LQWHQWLRQDOO\ EODQN (OHFWULFDO 6\VWHP 3DJH 7ZLVWHUZ
&KDSWHU &KDVVLV :KHHOV DQG %UDNHV 7DEOH RI &RQWHQWV 63(&,),&$7,216 7528%/(6+227,1* 6XVSHQVLRQ DQG 6WHHULQJ %UDNHV $'-8670(176 $GMXVW %UDNHV 7ZLVWHU $GMXVW 3DUNLQJ %UDNH 7ZLVWHU &KHFN )URQW 5LGH +HLJKW
6SHFLILFDWLRQV ,WHP 'HVFULSWLRQ 7ZLVWHU IURQW WLUH [ SO\ SUHVVXUH WR 36, WR EDU 7ZLVWHU UHDU WLUH [ SO\ SUHVVXUH WR 36, WR EDU 7ZLVWHU IURQW WLUH [ SO\ SUHVVXUH WR 36, WR EDU 7ZLVWHU UHDU WLUH [ SO\ SUHVVXUH WR 36, WR EDU )URQW ZKHHO EROW WRUTXH WR IW OE WR 1 P :KHHO OXJ QXW WRUTXH &KDVVLV :KHHOV DQG %UDNHV WR I
7URXEOHVKRRWLQJ 6XVSHQVLRQ DQG 6WHHULQJ 3UREOHP 3RVVLEOH &DXVH )URQW HQG LV QRLV\ )URQW ZKHHO EHDULQJV DUH ORRVH RU ZRUQ )URQW ZKHHO OXJ QXWV DUH ORRVH )URQW HQG FRPSRQHQWV DUH ORRVH RU ZRUQ 6WHHULQJ JHDU LV ORRVH &RQWURO DUP EXVKLQJV DUH ZRUQ 5HDU HQG LV QRLV\ &OXWFK RU WUDQVD[OH SUREOHP VHH &KDSWHU 'ULYH 7UDLQ 5HDU ZKHHO OXJ QXWV DUH ORRVH ([FHVVLYH VWHHULQJ SOD\ )URQW ZKHHO EHDULQJV DUH ORRVH RU ZRUQ )URQW ZKHHO OXJ QXWV DUH ORRVH 6WHHULQJ OLQNDJH LV ORRVH RU ZRUQ 7LH URG HQGV
6XVSHQVLRQ DQG 6WHHULQJ FRQWLQXHG 3UREOHP 3RVVLEOH &DXVH 6WHHULQJ LV KDUG 6WHHULQJ OLQNDJH LV ELQGLQJ RU GDPDJHG 7LUH SUHVVXUH LV ORZ RU XQHYHQ EHWZHHQ WLUHV 6WHHULQJ JHDU LV GDPDJHG RU ZRUQ )URQW ZKHHO DOLJQPHQW WRH LQ LV LQFRUUHFW 9HKLFOH SXOOV WR RQH VLGH ZKHQ QRW EUDNLQJ 7LUH SUHVVXUH LV ORZ RU XQHYHQ EHWZHHQ WLUHV )URQW ZKHHO DOLJQPHQW WRH LQ LV LQFRUUHFW 6WHHULQJ RU VXVSHQVLRQ FRPSRQHQW PD\ EH EHQW &KDVVLV :KHHOV DQG %UDNHV 3DJH 7ZLVWHUZ
%UDNHV 3UREOHP 3RVVLEOH &DXVH %UDNH SHGDO JRHV WR WKH IORRU %UDNHV DUH LQFRUUHFWO\ DGMXVWHG 7ZLVWHU %UDNH FDEOH LV ORRVH RU EURNHQ 7ZLVWHU 5HDU EUDNH VKRHV DUH H[FHVVLYHO\ ZRUQ )URQW EUDNH SDGV DUH H[FHVVLYHO\ ZRUQ 7ZLVWHU %UDNH IOXLG OHYHO ORZ 7ZLVWHU %UDNH IOXLG OHDN DW KRVH FDOLSHU RU ZKHHO F\OLQGHU 7ZLVWHU %UDNH PDVWHU F\OLQGHU IDXOW\ 7ZLVWHU %UDNH SHGDO LV VSRQJ\ %UDNH GUXPV DUH H[FHVVLYHO\ ZRUQ RU FUDFNHG 7ZLVWHU %UDNH VKRHV DUH QRW EXU
%UDNHV FRQWLQXHG 3UREOHP 3RVVLEOH &DXVH %UDNHV VTXHDO %UDNH OLQLQJ LV JOD]HG RU VDWXUDWHG 6KRH WR VKRH VSULQJ V LV DUH ZHDN RU EURNHQ %UDNH VKRHV DUH GLVWRUWHG $QFKRU SODWH LV EHQW %UDNH GUXPV DQG VKRHV DUH GXVW\ %UDNH GUXPV DUH VFRUHG RU RXW RI URXQG %UDNHV GUDJ 3DUNLQJ EUDNH LV VHW %UDNHV DUH LQFRUUHFWO\ DGMXVWHG 7ZLVWHU 6KRH WR VKRH VSULQJ V LV DUH ZHDN RU EURNHQ %UDNH SHGDO LV ELQGLQJ %UDNH FDEOH LV ELQGLQJ 7ZLVWHU %UDNH OLQLQJV DUH VDWXUDWHG %UDNH GUXPV DU
$GMXVWPHQWV $GMXVW %UDNHV 7ZLVWHU &$87,21 %HIRUH DQG DIWHU DGMXVWLQJ WKH EUDNHV DOZD\V FKHFN WKH EUDNHV LQ D ZLGH RSHQ DUHD WKDW LV IODW DQG IUHH RI RWKHU SHUVRQV DQG REVWUXFWLRQV :KLOH GULYLQJ WKH PDFKLQH GHSUHVV EUDNH SHGDO %RWK ZKHHOV VKRXOG ORFN HTXDOO\ 3DUN PDFKLQH RQ D OHYHO VXUIDFH 0DNH VXUH HQJLQH LV RII 5HPRYH NH\ IURP LJQLWLRQ VZLWFK :$51,1* %HIRUH MDFNLQJ XS WKH PDFKLQH UHYLHZ DQG IROORZ -DFNLQJ ,QVWUXFWLRQV LQ &KDSWHU 6DIHW\ )LJXUH &DEOH DGMXVWLQJ VFUH
&KHFN )URQW 5LGH +HLJKW $GMXVW WLUH SUHVVXUHV WR SVL EHIRUH FKHFNLQJ IURQW ULGH KHLJKW :LWK D WR OE WR NJ RSHUDWRU LQ WKH GULYHU·V VHDW GULYH YHKLFOH EDFN DQG IRUWK D IHZ WLPHV RQ D OHYHO VXUIDFH WR UHOD[ VXVSHQVLRQ 6WRS YHKLFOH :LWK RSHUDWRU VWLOO LQ GULYHU·V VHDW DQG ZKHHOV SRLQWHG VWUDLJKW DKHDG PHDVXUH WKH IURQW ULGH KHLJKW 7KH IURQW ULGH KHLJKW LV WKH GLVWDQFH IURP WKH ERW WRP RI WKH IURQW WRZLQJ WRQJXH WR WKH JURXQG )URQW ULGH KHLJKW VKRXOG EH IURP WR
$GMXVW )URQW 5LGH +HLJKW ,I IURQW ULGH KHLJKW DGMXVWPHQW LV QHHGHG SDUN PD FKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK :$51,1* %HIRUH MDFNLQJ XS WKH PDFKLQH UHYLHZ DQG IROORZ -DFNLQJ ,QVWUXFWLRQV LQ &KDSWHU 6DIHW\ -DFN IURQW HQG RI WKH YHKLFOH RII WKH JURXQG 5HPRYH WUDYHO OLPLWLQJ EROW )LJ /RRVHQ FHQWHULQJ EROWV IURQW DQG UHDU LQ WKH $ DUP )LJ 5HPRYH ULGH KHLJKW DGMXVWPHQW EROW )LJ 127( 7KH $
$GMXVW )URQW :KHHO 7RH LQ 1RWH $GMXVW IURQW ZKHHO ULGH KHLJKW EHIRUH FKHFNLQJ RU DGMXVWLQJ IURQW ZKHHO WRH LQ $GMXVW WLUH SUHVVXUHV WR SVL EHIRUH FKHFNLQJ IURQW ZKHHO WRH LQ :LWK D WR OE WR NJ RSHUDWRU LQ WKH GULYHU·V VHDW GULYH YHKLFOH EDFN DQG IRUWK D IHZ WLPHV RQ D OHYHO VXUIDFH WR UHOD[ VXVSHQVLRQ 6WRS YHKLFOH :LWK RSHUDWRU VWLOO LQ GULYHU·V VHDW DQG ZKHHOV SRLQWHG VWUDLJKW DKHDG PHDVXUH WKH IURQW ZKHHO WRH LQ 0HDVXUH GLVWDQFH EHWZHHQ WKH IURQW WLUHV
6HUYLFH DQG 5HSDLUV &KHFN 7LUH 3UHVVXUH 6HH 6SHFLILFDWLRQV IRU WLUH SUHVVXUH UDQJH IRU IURQW DQG UHDU WLUHV SDFWLRQ DQG WLUH PDUNV DUH PLQLPL]HG /RZHU SUHVVXUH VKRXOG QRW EH XVHG IRU KHDY\ SD\ORDGV DW KLJK VSHHGV 7KH DLU SUHVVXUH QHHGHG LV GHWHUPLQHG E\ WKH SD\ORDG FDUULHG 7KH ORZHU WKH DLU SUHVVXUH WKH OHVV WKH FRP +LJKHU SUHVVXUHV VKRXOG EH XVHG IRU KHDYLHU SD\ORDGV DW KLJKHU VSHHGV 'R QRW H[FHHG WKH PD[LPXP WLUH SUHV VXUH ,QVSHFW 7LUHV DQG :KHHOV &KHFN ZKHHOV WR HQVXUH WKH\ DUH PRXQWHG VHFXU
8SSHU 6WHHULQJ $QWLVHL]H OXEULFDQW $QWLVHL]H OXEULFDQW 1XW /RFN ZDVKHU 6WHHULQJ ZKHHO )ODQJHG ORFN QXW 6WHHULQJ JHDUER[ &DS VFUHZ )LJXUH :DVKHU 6WHHULQJ VKDIW &DS VFUHZ 8SSHU VWHHULQJ EXVKLQJ &DUULDJH VFUHZ 5HPRYDO 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 6WHHULQJ FROXPQ 'XVW FRYHU 6WHHULQJ ZKHHO FRYHU 'HFDO 3LWPDQ DU
'LVFRQQHFW ERWK WLH URGV IURP WKH 3LWPDQ DUP RQ WKH VWHHULQJ JHDUER[ VHH /RZHU 6WHHULQJ DQG )URQW :KHHO 5HPRYDO 3RVLWLRQ NQXFNOH RI WKH ORZHU VWHHULQJ VKDIW RQWR WKH JHDUER[ VKDIW 6HFXUH NQXFNOH WR WKH VWHHULQJ JHDUER[ VKDIW ZLWK FDS VFUHZ DQG ORFN ZDVKHU 5HPRYH IODQJH ORFN QXWV DQG FDS VFUHZV VHFXULQJ WKH VWHHULQJ JHDUER[ WR WKH WRZHU SODWH RQ WKH IURQW IUDPH 5HPRYH JHDUER[ IURP WKH WRZHU SODWH &RQQHFW ERWK WLH URGV WR WKH 3LWPDQ DUP RQ WKH VWHHU LQJ JHDUER[ VHH /RZHU 6WHHULQJ DQG )
6WHHULQJ *HDUER[ 0DWFKPDUN EHIRUH GLVDVVHPEO\ *DVNHW +H[ ZDVKHU KHDG VFUHZ 6HDO 6HFWRU JHDU )ODW ZDVKHU %DOO EHDULQJ 2XWSXW VKDIW VSDFHU &KDVVLV :KHHOV DQG %UDNHV )LJXUH 6WHSSHG ZDVKHU )ODQJH KHDG VFUHZ ZLWK SDWFK ORFN %DOO EHDULQJ ,QSXW VKDIW VSDFHU )ODW ZDVKHU &DS VFUHZ 3DJH /XEH ILWWLQJ 6WHHULQJ KRXVLQJ FRYHU 6WHHULQJ KRXVLQJ 3LQLRQ JHDU 2LO VHDO 3LWPDQ
'LVDVVHPEO\ ,I VHDOV ZHUH UHPRYHG SUHVV QHZ VHDOV LQWR KRXVLQJ ,03257$17 'R QRW UHXVH IODQJH KHDG VFUHZ ZLWK SDWFK ORFN DIWHU LW KDV EHHQ UHPRYHG 3ODFH IODW ZDVKHU RQWR VKDIW RI WKH 3LWPDQ DUP ,QVHUW VKDIW LQWR VWHHULQJ KRXVLQJ 5HPRYH IODQJH KHDG VFUHZ ZLWK SDWFK ORFN DQG VWHSSHG ZDVKHU IURP 3LWPDQ DUP 'LVFDUG IODQJH KHDG VFUHZ ,03257$17 7KH SRVLWLRQ RI WKH 3LWPDQ DUP DQG VHFWRU JHDU LV FULWLFDO GXULQJ UHDVVHPEO\ ,I HLWKHU RU ERWK RI WKHVH SDUWV LV UHSODFHG PDNH VXUH WKHLU DOLJQPHQW P
/RZHU 6WHHULQJ DQG )URQW :KHHOV 7ZLVWHU WR IW OE WR 1 P $QWLVHL]H OXEULFDQW WR IW OE WR 1 P WR IW OE WR 1 P 5,*+7 )5217 WR IW OE WR 1 P 7KUHDG ORFNLQJ FRPSRXQG )LJXUH 7LUH )URQW ZKHHO 3ODVWLF GXVW FDS &DS VFUHZ /DUJH IODW ZDVKHU )ODW ZDVKHU %HDULQJ 6SDFHU 6SLQGOH /+
,QVWDOODWLRQ ,QVWDOO WLUH DQG IURQW ZKHHO DV IROORZV ,QVWDOO VSLQGOH DV IROORZV $ 3ODFH DQWLVHL]H OXEULFDQW RQ VSLQGOH VKDIW $ 3RVLWLRQ NLQJ SLQ VOHHYH LQWR WKH SLYRW KXE RI WKH $ DUP 6SDFHU PXVW H[WHQG WKURXJK WKH ERWWRP RI WKH KXE % 3ODFH WKUXVW ZDVKHU RQWR WKH ERWWRP RI WKH NLQJ SLQ VOHHYH 7KHQ SRVLWLRQ VSLQGOH RYHU WKH KXE NLQJ SLQ VOHHYH DQG WKUXVW ZDVKHU % 6OLGH WLUH DQG ZKHHO DVVHPEO\ RQWR WKH VKDIW ZLWK WKH YDOYH VWHP IDFLQJ RXW 127( $SSO\ WKUHDG ORFNLQJ FRPSRXQG WR WKH WK
/RZHU 6WHHULQJ DQG )URQW :KHHOV 7ZLVWHU WR IW OE WR 1 P WR IW OE WR 1 P IW OE 1 P 7KUHDG ORFNLQJ &RPSRXQG 5,*+7 WR IW OE WR 1 P WR IW OE WR 1 P )5217 :KHHO DVVHPEO\ /XJ QXW 'XVW FDS &RWWHU SLQ 1XW UHWDLQHU -DP QXW 7DE ZDVKHU %HDU
5HPRYH OXJ QXWV DQG SXOO ZKHHO DVVHPEO\ IURP PD FKLQH ' ,QVHUW WLH URG EDOO MRLQWV GRZQ WKURXJK WKH VSLQGOH DQG XS WKURXJK WKH 3LWPDQ DUP 6HFXUH ZLWK FDVWOH QXWV 5HPRYH EUDNH FDOLSHU IURP VSLQGOH VHH )URQW %UDNH &DOLSHU 3RVLWLRQ FDOLSHU DZD\ IURP ZKHHO KXE DQG VSLQGOH ( 7RUTXH FDVWOH QXWV IURP WR IW OE WR 1 P WR VHFXUH EDOO MRLQW ZKLOH DOLJQLQJ FDVWOH QXW VORW ZLWK KROH LQ EDOO MRLQW VWXG ,I QHFHVVDU\ WR DOLJQ KROHV FDVWOH QXW WRUTXH PD\ EH VOLJKWO\ PRUH WKDQ VSHFLIL FD
$ DUP DQG )UDPH 3LYRW
$ DUP 5HPRYDO )LJ DQG 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK :$51,1* %HIRUH MDFNLQJ XS WKH PDFKLQH UHYLHZ DQG IROORZ -DFNLQJ ,QVWUXFWLRQV LQ &KDSWHU 6DIHW\ &KRFN ZKHHOV QRW EHLQJ MDFNHG XS -DFN IURQW ZKHHO RII WKH JURXQG DQG SODFH EORFNV EHQHDWK WKH IUDPH 5HPRYH IURQW ZKHHO DQG VSLQGOH IURP $ DUP VHH /RZHU 6WHHULQJ DQG )URQW :KHHO 5HPRYDO 5HPRYH ORFN QXW DQG WUDYHO OLPLWLQJ EROW IURP WKH I
3LYRW
&KDVVLV :KHHOV DQG %UDNHV 7KLV SDJH LV LQWHQWLRQDOO\ EODQN 7ZLVWHUZ 3DJH &KDVVLV :KHHOV DQG %UDNHV
5HDU :KHHOV DQG %UDNHV 7ZLVWHU IW OE 1 P WR IW OE WR 1 P WR IW OE WR 1 P $QWLVHL]H /XEULFDQW 5,*+7 )5217 /XJ QXW :KHHO DVVHPEO\ :KHHO KXE %UDNH GUXP &RWWHU SLQ &DVWOH QXW &KDVVLV :KHHOV DQG %UDNHV )LJXUH /RFN ZDVKHU 6SDFHU &DS VFUHZ %UDNH FDEOH &OHYLV SLQ 3DJH &RWWHU SLQ )ODQJH ORFN QXW 7UDQVD[OH VKDIW %UDNH DVVHPEO\ /+ VKRZQ
5HPRYDO )LJ 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK :$51,1* %HIRUH MDFNLQJ XS WKH PDFKLQH UHYLHZ DQG IROORZ -DFNLQJ ,QVWUXFWLRQV LQ &KDSWHU 6DIHW\ &KRFN ZKHHOV QRW EHLQJ MDFNHG XS /LIW UHDU ZKHHO RII WKH JURXQG XVLQJ D MDFN DQG SODFH EORFNV EHQHDWK WKH IUDPH XQGHU WKH D[OH WXEH 5HPRYH ILYH OXJ QXWV WLUH DQG ZKHHO DQG EUDNH GUXP IURP WKH ZKHHO KXE 5HPRYH FRWWHU SLQ IURP WKH FDVWOH QXW DQG WUDQVD[OH VKDIW 5HPRYH
5HDU %UDNH 6HUYLFH 7ZLVWHU 527$7,21 72 (;3$1' %5$.
'LVDVVHPEO\ )LJ 5HPRYH DXWR DGMXVW VSULQJ DQG VKRH WR VKRH VSULQJV IURP EUDNH VKRHV 5HPRYH KROG GRZQ SLQV DQG VKRH FXSV VHFXULQJ WKH EUDNH VKRHV WR WKH EDFNLQJ SODWH ,QVSHFW EDFNLQJ SODWH VXUIDFHV ZKLFK FRQWDFW ZLWK WKH EUDNH VKRHV IRU JURRYHV WKDW PD\ UHVWULFW VKRH PRYHPHQW 5HSODFH SODWH LI JURRYHV FDQ QRW EH UH PRYHG E\ OLJKW VDQGLQJ ZLWK HPHU\ FORWK RU RWKHU VXLW DEOH DEUDVLYH 5HSODFH SODWH LI FUDFNHG ZDUSHG RU H[FHVVLYHO\ UXVWHG ,QVSHFW DQFKRU DEXWPHQW DQG ULYHWV IRU GHIRU
5HDU :KHHOV DQG %UDNHV 7ZLVWHU IW OE 1 P WR IW OE WR 1 P $QWLVHL]H /XEULFDQW 5,*+7 )5217 WR IW OE WR 1 P :KHHO DVVHPEO\ /XJ QXW &DVWOH QXW %UDNH GUXP 6RFNHW KHDG VFUHZ %UDNH DVVHPEO\ /+ VKRZQ &KDVVLV :KHHOV DQG %UDNHV )LJXUH &OHYLV SLQ &RWWHU SLQ &RWWHU SLQ )ODQJH ORFN QXW 7UDQVD[OH 3DJH 3DUNLQJ EUDNH FDEOH :KHHO KXE :DVKHU
5HPRYDO )LJ 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK :$51,1* ,03257$17 'R QRW JHW DQWLVHL]H OXEULFDQW RQWR EUDNH VKRHV $SSO\ OLJKW FRDW RI DQWLVHL]H OXEULFDQW WR WKH WUDQVD[OH VKDIW VSOLQHV 6HFXUH ZKHHO KXE WR WKH VKDIW ZLWK ZDVKHU VSULQJ ZDVKHU DQG FDVWOH QXW %HIRUH MDFNLQJ XS WKH PDFKLQH UHYLHZ DQG IROORZ -DFNLQJ ,QVWUXFWLRQV LQ &KDSWHU 6DIHW\ 7RUTXH FDVWOH QXW IURP WR IW OE WR 1 P ZKLOH
5HDU %UDNH 6HUYLFH 7ZLVWHU WR LQ OE WR 1 P WR LQ OE WR 1 P WR LQ OE WR 1 P %UDNH EDFNLQJ SODWH :DVKHU KHDG VFUHZ %UDNH VKRH /RZHU VSULQJ :KHHO F\OLQGHU )LJXUH 3DUNLQJ EUDNH OHYHU /+ VKRZQ %HOOHYLOOH ZDVKHU $GMXVWHU OHYHU 'XVW FRYHU 'LVDVVHPEO\ )LJ )ODW ZDVKHU %ROW 6KRH KROG GRZQ FXS DQG VSULQJ 8SSHU VSULQJ ,
,QVSHFWLRQ )LJ $VVHPEO\ )LJ ,QVSHFW EUDNH GUXPV ,03257$17 %UDNH VKRH OLQLQJ VXUIDFHV PXVW EH IUHH RI JUHDVH RLO DQG RWKHU IRUHLJQ PDWWHU $SSO\ D OLJKW ILOP RI OXEULFDQW WR WKH IROORZLQJ $ /HGJHV RQ ZKLFK WKH EUDNH VKRHV UHVW $ &OHDQ GUXPV ZLWK GHQDWXUHG DOFRKRO &KHFN EUDNLQJ VXUIDFH GLDPHWHU LQ DW OHDVW WKUHH SODFHV ,I WKH GLDPHWHU H[FHHGV LQFKHV FP UH SODFH ERWK EUDNH GUXPV % 5HSODFH GUXPV WKDW DUH FUDFNHG GHHSO\ JURRYHG WDSHUHG VLJQLILFDQWO\ RXW RI UR
)URQW %UDNH &DOLSHUV 7ZLVWHU 7KUHDG ORFNLQJ &RPSRXQG WR IW OE WR 1 P 5,*+7 IW OE 1 P )5217 /+ EUDNH FDOLSHU 5+ EUDNH FDOLSHU /RFN ZDVKHU SHU FDOLSHU XVHG &DS VFUHZ SHU FDOLSHU XVHG :KHHO KXE DVVHPEO\ &KDVVLV :KHHOV DQG %UDNHV )LJXUH %UDNH URWRU 6RFNHW KHDG VFUHZ SHU URWRU XVHG 6SLQGOH /+ VKRZQ $ DUP /+ VKRZQ 3DJH %UDNH PDVWHU F\OLQGHU :KHHO DVVHPEO\ /XJ
5HPRYDO ,QVWDOODWLRQ 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH VHW SDUNLQJ EUDNH DQG UHPRYH NH\ IURP WKH LJQLWLRQ VZLWFK 6OLGH EUDNH FDOLSHU RQWR EUDNH URWRU 0DNH VXUH WKDW URWRU LV EHWZHHQ EUDNH SDGV $OLJQ FDOLSHU PRXQWLQJ KROHV ZLWK VSLQGOH 6HFXUH FDOLSHU ZLWK FDS VFUHZV DQG ORFN ZDVKHUV 7RUTXH VFUHZV IW OE 1 P :$51,1* %HIRUH MDFNLQJ XS WKH PDFKLQH UHYLHZ DQG IROORZ -DFNLQJ ,QVWUXFWLRQV LQ &KDSWHU 6DIHW\ &KRFN ZKHHOV QRW EHLQJ MDFNHG XS -DFN IURQW ZKHHO RII WKH
)URQW %UDNH &DOLSHU 6HUYLFH 7ZLVWHU WR LQ OE WR 1 P &DOLSHU EUDFNHW &DOLSHU KRXVLQJ 5XEEHU VSULQJ 2 ULQJ ,QQHU EUDNH SDG 2XWHU EUDNH SDG &KDVVLV :KHHOV DQG %UDNHV )LJXUH 3LVWRQ SOXJ 2YDO SLVWRQ 5RXQG SLVWRQ 6TXDUH VHDO *DVNHW 3DJH &RYHU /+ VKRZQ %OHHGHU VFUHZ 6HDW LQVHUW &RYHU VFUHZ XVHG &DS 7ZLVWHUZ
'LVDVVHPEO\ $VVHPEO\ 6OLGH FDOLSHU IURP EUDFNHW UDLOV EHLQJ FDUHIXO QRW WR GDPDJH UXEEHU VSULQJV &RDW URXQG SLVWRQ ZLWK D VPDOO DPRXQW RI VLOLFRQH JUHDVH DQG FRDW VTXDUH VHDO ZLWK FOHDQ EUDNH IOXLG 5HPRYH LQQHU DQG RXWHU EUDNH SDGV IURP KRXVLQJ ,QVWDOO VTXDUH VHDO DQG URXQG SLVWRQ LQWR FRYHU 5HPRYH IRXU FRYHU VFUHZV DQG VHSDUDWH FRYHU IURP FDOLSHU KRXVLQJ 5HPRYH JDVNHW IURP EHWZHHQ FRYHU DQG KRXVLQJ ,QVHUW R ULQJ LQWR ERUH RI FDOLSHU KRXVLQJ 5HPRYH RYDO SLVWRQ DQG R ULQ
%UDNH 0DVWHU &\OLQGHU 7ZLVWHU 5,*+7 )5217 0DVWHU F\OLQGHU &DS VFUHZ %UDNH SHGDO &OHYLV SLQ &RWWHU SLQ )LJXUH )ODQJH KHDG QXW 3HGDO IUDPH 5HPRYDO ,QVWDOODWLRQ 5HPRYH IURQW KRRG IURP PDFKLQH 3RVLWLRQ PDVWHU F\OLQGHU WR SHGDO IUDPH DQG VHFXUH ZLWK FDS VFUHZV DQG IODQJH QXWV 5HPRYH FRWWHU SLQ IURP WKH FOHYLV SLQ WKDW FRQQHFWV PDVWHU F\OLQGHU WR EUDNH SHGDO &OHDQ K\GUDXOLF EUDNH OLQH DUHD RI PDVWHU F\OLQGHU WR SUHYHQW FRQWDPLQDWLRQ 5HPR
%UDNH 0DVWHU &\OLQGHU 6HUYLFH 7ZLVWHU 'LVDVVHPEO\ )LJ 5HPRYH UHVHUYRLU DQG IODQJH VHDO 3XVK LQ RQ WKH SXVK URG VR WKH VWRS SLQ FDQ EH UHPRYHG 'LVFRQQHFW ORZHU HQG RI WKH GXVW FRYHU IURP WKH KRXVLQJ 3XVK LQ RQ WKH SXVK URG DQG UHPRYH FLUFOLS WKHQ UH PRYH SXVK URG ZLWK GXVW FRYHU DQG FOHYLV 5HPRYH UH WDLQHU ZDVKHU 5HPRYH SULPDU\ SLVWRQ DVVHPEO\ DQG VHFRQGDU\ SLVWRQ DVVHPEO\ IURP F\OLQGHU KRXVLQJ ,QVSHFWLRQ &OHDQ DOO PHWDO SDUWV ZLWK LVRSURS\O DOFRKRO
+\GUDXOLF %UDNH 6\VWHP 7ZLVWHU 5,*+7 IW OE 1 P )5217 7KUHDG ORFNLQJ &RPSRXQG )LJXUH %UDNH FDOLSHU /+ %UDNH FDOLSHU 5+ %UDNH URWRU )URQW EUDNH WXEH )URQW EUDNH KRVH &DUULDJH VFUHZ 5HDU EUDNH WXEH &DUULDJH VFUHZ 5HDU EUDNH KRVH EUDFNHW &DS VFUHZ 7KUHDG IRUPLQJ VFUHZ &OLS 7HH ILWWLQJ 5HDU E
&KHFN %UDNH )OXLG /HYHO 7ZLVWHU 7KH EUDNH IOXLG UHVHUYRLU LV ILOOHG DQG VKLSSHG IURP WKH IDFWRU\ ZLWK '27 EUDNH IOXLG &KHFN WKH OHYHO EHIRUH WKH HQJLQH LV ILUVW VWDUWHG DQG HYHU\ KRXUV RU GDLO\ WKHUHDIWHU 3DUN WKH PDFKLQH RQ D OHYHO VXUIDFH VHW WKH SDUNLQJ EUDNH WXUQ WKH LJQLWLRQ RII DQG UHPRYH WKH NH\ /RRN DW WKH VLGH RI WKH UHVHUYRLU 7KH OHYHO VKRXOG EH DERYH WKH 0LQLPXP OLQH )LJ ,I WKH IOXLG OHYHO LV ORZ FOHDQ WKH DUHD DURXQG WKH FDS UHPRYH WKH FDS DQG ILOO WKH UHVH
)URQW +RRG 23326,7( 6,'( 6FUHZ 1XW )ODQJH 1, )HQGHU $60 /+ )HQGHU $60 5+ 6FUHZ ++ +HDGOLJKW /DPS 9ROW QRW LOOXVWUDWHG /HQV /LJKW +HDG )LJXUH 'HFDO 7RUR +RRG $60 'DVK $60 'HFDO :DUQLQJ 'DVK 'HFDO 'DQJHU *HQHUDO :DVKHU )ODW 1XW )ODQJH 1, 6FUHZ %XPSHU 7XEH %UDFNHW +HDGOLJKW 6FUHZ +:+ &DS (QG 6FUHZ ++)
&DUJR %HG DQG 7DLOJDWH 7DLOJDWH URG 5+ 7DLOJDWH ODWFK EUDFNHW 5+ 7DLOJDWH &DS VFUHZ 6WULNHU SODWH /+ 'HFDO 7DLOJDWH URG /+ 6FUHZ 7DLOJDWH ODWFK EUDFNHW /+ /DWFK ZDVKHU 6SULQJ 7DLOJDWH SLYRW EUDFNHW )LJXUH 7DLOJDWH FKDQQHO +H[ IODQJH KHDG VFUHZ 3LYRW EUDFNHW 5+ 6WULNHU SODWH 5+ 3LYRW EUDFNHW /+ +H
7KLV SDJH LV LQWHQWLRQDOO\ EODQN &KDVVLV :KHHOV DQG %UDNHV 3DJH 7ZLVWHUZ
