You are on page 1of 34



&KDSWHU$

&KDSWHU

'HYHORSPHQWRIVLQJOHDFWXDWRUFLUFXLWV

)HVWR'LGDFWLF73

&KDSWHU$

 'LUHFWFRQWURORIDSQHXPDWLFF\OLQGHU

7KHVLPSOHVWOHYHORIFRQWUROIRUWKHVLQJOHRU GRXEOHDFWLQJ F\OLQGHU LQ


YROYHV GLUHFW FRQWURO VLJQDOV :LWK WKLV WKH F\OLQGHU LV DFWXDWHG GLUHFWO\
YLDDPDQXDOO\RUPHFKDQLFDOO\DFWXDWHGYDOYHZLWKRXWDQ\LQWHUPHGLDWH
VZLWFKLQJRIDGGLWLRQDOGLUHFWLRQDOFRQWUROYDOYHV,IWKHSRUWVL]HVDQGWKH
IORZYDOXHVRIWKHYDOYHDUHWRRODUJHWKHRSHUDWLQJIRUFHVUHTXLUHGPD\
EHWRRJUHDWIRUGLUHFWPDQXDORSHUDWLRQ

5HIHUHQFHYDOXHVIRUOLPLWVRIGLUHFWF\OLQGHUFRQWURO
 &\OLQGHUZLWKSLVWRQGLDPHWHUVPDOOHUWKDQPP
 9DOYHVZLWKFRQQHFWLRQVL]HVVPDOOHUWKDQ

 ([DPSOH'LUHFWFRQWURORIDVLQJOHDFWLQJF\OLQGHU

7KH3UREOHP $ VLQJOHDFWLQJ F\OLQGHU RI  PP GLDPHWHU LV WR FODPS D FRPSRQHQW
ZKHQDSXVKEXWWRQLVSUHVVHG$VORQJDVWKHSXVKEXWWRQLVDFWLYDWHG
WKH F\OLQGHU LV WR UHPDLQ LQ WKH FODPSHG SRVLWLRQ ,I WKH SXVK EXWWRQ LV
UHOHDVHGWKHFODPSLVWRUHWUDFW

)LJ
3RVLWLRQDOVNHWFK

73)HVWR'LGDFWLF

&KDSWHU$

7KHFRQWUROYDOYHXVHGIRUWKHVLQJOHDFWLQJF\OLQGHULVWKHZD\YDOYH 6ROXWLRQ
,QWKLVFDVHVLQFHWKHF\OLQGHULVRIVPDOOFDSDFLW\WKHRSHUDWLRQFDQEH
GLUHFWO\FRQWUROOHGE\DSXVKEXWWRQZD\GLUHFWLRQDOFRQWUROYDOYHZLWK
VSULQJUHWXUQ

)LJ
&LUFXLWGLDJUDP

2QRSHUDWLQJWKHSXVKEXWWRQWKHDLUSDVVHVWKURXJKWKHYDOYHIURPSRUW
WRYLDWKHYDOYH6LQWRWKHSLVWRQFKDPEHURIWKHF\OLQGHU$7KH
SUHVVXUHEXLOGVXSDQGDGYDQFHVWKHSLVWRQURGDJDLQVWWKHIRUFHRIWKH
F\OLQGHUUHWXUQVSULQJ2QUHOHDVHRIWKHEXWWRQWKHYDOYHVSULQJUHWXUQV
WKHZD\YDOYHWRLWVLQLWLDOSRVLWLRQDQGWKHF\OLQGHUUHWUDFWV7KHDLU
UHWXUQVIURPWKHF\OLQGHUYLDWKHH[KDXVWSRUW&RPSRQHQWVZKLFKDUH
WKHRQO\RQHRIWKHLUW\SHDUHGHVLJQDWHGZLWKRXWVXSSOHPHQWDU\QXP
EHU 6LQFH WKH F\OLQGHU LV WKH RQO\ ZRUNLQJ HOHPHQW LQ WKH FLUFXLW LW LV
GHVLJQDWHG$

,Q WKLV DQG WKH IROORZLQJ FLUFXLW GLDJUDPV WKH VHUYLFH XQLW =  DQG WKH 1RWH
VWDUWXSYDOYH 6 KDYHDOVREHHQGUDZQLQ

)HVWR'LGDFWLF73

&KDSWHU$

 ([HUFLVH'LUHFWFRQWURORIDGRXEOHDFWLQJF\OLQGHU

7KH3UREOHP $ GRXEOHDFWLQJ F\OLQGHU LV WR H[WHQG ZKHQ D SXVK EXWWRQ LV RSHUDWHG
8SRQUHOHDVHRIWKHSXVKEXWWRQWKHF\OLQGHULVWRUHWUDFW7KHF\OLQGHULV
RIVPDOOERUH PPGLDPHWHU UHTXLULQJDVPDOOIORZUDWHWRRSHUDWHDW
WKHFRUUHFWVSHHG

([HUFLVH 'UDZWKHFLUFXLWGLDJUDPIRUWKHSUREOHP
'HVLJQDWH WKH YDOYHV DQG LQGLFDWH WKH QXPEHULQJ V\VWHP IRU WKH FRQ
QHFWLRQV SRUWV 

)LJ
3RVLWLRQDOVNHWFK

73)HVWR'LGDFWLF

&KDSWHU$

:KDW KDSSHQV WR WKH F\OLQGHU LI WKH SXVK EXWWRQ LV SUHVVHG IRU D YHU\ 4XHVWLRQ
VKRUWSHULRGDQGLVWKHQLPPHGLDWHO\UHOHDVHG"
'HVFULEHWKHRSHUDWLRQRIWKHFLUFXLW

)LJ
&LUFXLWGLDJUDP

)HVWR'LGDFWLF73

&KDSWHU$

 ,QGLUHFWFRQWURORIDSQHXPDWLFF\OLQGHU

&\OLQGHUV ZLWK D ODUJH SLVWRQ GLDPHWHU KDYH D KLJK DLU UHTXLUHPHQW $


FRQWURO HOHPHQW ZLWK KLJK QRPLQDO IORZ UDWH PXVW EH XVHG WR DFWXDWH
WKHVH ,I WKH IRUFH VKRXOG SURYH WRR KLJK IRU D PDQXDO DFWXDWLRQ RI WKH
YDOYHWKHQDQLQGLUHFWDFWXDWLRQVKRXOGEHFRQVWUXFWHGZKHUHE\DVLJ
QDOLVJHQHUDWHGYLDDVHFRQGVPDOOHUYDOYHZKLFKZLOOSURYLGHWKHIRUFH
QHFHVVDU\WRVZLWFKWKHFRQWUROHOHPHQW

 ([DPSOH,QGLUHFWFRQWURORIDVLQJOHDFWLQJF\OLQGHU

7KH3UREOHP $VLQJOHDFWLQJF\OLQGHUZLWKDODUJHSLVWRQGLDPHWHULVWRFODPSDZRUN
SLHFHIROORZLQJDFWXDWLRQRIDSXVKEXWWRQ7KHF\OLQGHULVWRUHWUDFWRQFH
WKHSXVKEXWWRQLVUHOHDVHG

)LJ
3RVLWLRQDOVNHWFK

73)HVWR'LGDFWLF

&KDSWHU$

,QWKHLQLWLDOSRVLWLRQWKHVLQJOHDFWLQJF\OLQGHU$LVUHWUDFWHG$VSULQJ 6ROXWLRQ
UHWXUQZD\SQHXPDWLFYDOYHLVXVHGWRDFWXDWHWKHF\OLQGHU&RQQHF
WLRQ RI WKH YDOYH9 LV FORVHG FRQQHFWLRQ LV H[KDXVWHG WR DWPRV
SKHUHYLDFRQQHFWLRQ

)LJ
&LUFXLWGLDJUDP

7KHYDOYH6LVDFWXDWHGZKHQWKHSXVKEXWWRQLVDFWLYDWHGDQGSUHVVX
UHLVDSSOLHGWR WKH FRQWURO SRUW  RI WKH FRQWURO YDOYH 9 7KH FRQWURO
YDOYH 9 LV DFWXDWHG DJDLQVW VSULQJ IRUFH DQG LV WKXV VZLWFKHG WR IORZ
7KH SUHVVXUH EXLOGLQJ XS DW WKH F\OLQGHU SLVWRQ FDXVHV WKH F\OLQGHU SL
VWRQURGRIWKHVLQJOHDFWLQJF\OLQGHUWRH[WHQG7KHVLJQDODWWKHFRQWURO
SRUWUHPDLQVDVORQJDVWKHSXVKEXWWRQLVRSHUDWHG2QFHWKHSLVWRQ
URGKDVUHDFKHGHQGSRVLWLRQ LW UHWXUQV RQO\ DIWHU WKH SXVK EXWWRQ KDV
EHHQUHOHDVHG
:KHQWKHSXVKEXWWRQLVUHOHDVHGWKHYDOYH6UHWXUQVWRLWVLQLWLDOSRVL
WLRQ&RQWUROSRUWRIWKHFRQWUROYDOYH9H[KDXVWVWRDWPRVSKHUHDQG
WKHVLJQDOLVUHVHW7KHFRQWUROYDOYHDOVRUHWXUQVWRLQLWLDOSRVLWLRQ7KH
UHWXUQ VSULQJ FDXVHV WKH F\OLQGHU WR UHWUDFW 7KH DLU IURP WKH F\OLQGHU
FKDPEHULVH[KDXVWHGWRDWPRVSKHUHYLDWKHFRQWUROYDOYH

)HVWR'LGDFWLF73

&KDSWHU$

 ([HUFLVH,QGLUHFWFRQWURORIDGRXEOHDFWLQJF\OLQGHU

7KH3UREOHP $GRXEOHDFWLQJF\OLQGHULVWRDGYDQFHZKHQDSXVKEXWWRQLVRSHUDWHG
8SRQUHOHDVHRIWKHSXVKEXWWRQWKHF\OLQGHULVWRUHWUDFW7KHF\OLQGHULV
PPGLDPHWHUDQGFRQVXPHVDODUJHYROXPHRIDLU

([HUFLVH 'UDZWKHFLUFXLWGLDJUDPIRUWKHSUREOHP
'HVLJQDWH WKH YDOYHV DQG LQGLFDWH WKH QXPEHULQJ V\VWHP IRU WKH FRQ
QHFWLRQV

)LJ
3RVLWLRQDOVNHWFK

73)HVWR'LGDFWLF

&KDSWHU$

:KDW KDSSHQV WR WKH F\OLQGHU LI WKH SXVK EXWWRQ LV SUHVVHG IRU D YHU\ 4XHVWLRQ
VKRUWSHULRGDQGLVWKHQLPPHGLDWHO\UHOHDVHG"
'HVFULEHWKHRSHUDWLRQRIWKHFLUFXLW

)LJ
&LUFXLWGLDJUDP

)HVWR'LGDFWLF73

&KDSWHU$

 /RJLFIXQFWLRQV$1'25

'HVFULEH WKH IXQFWLRQ XVLQJ D FLUFXLW GLDJUDP 7KH SQHXPDWLF VKXWWOH


YDOYH DQG WKH GXDO SUHVVXUH YDOYH KDYH ORJLF IXQFWLRQV %RWK KDYH WZR
LQSXWVDQGRQHRXWSXWHDFK7KHVKXWWOHYDOYHKDVWKHFKDUDFWHULVWLFRI
DQ 25 IXQFWLRQ ZKHUHE\ DW OHDVW HLWKHU RI WZR LQSXWV  RU    DUH UH
TXLUHG WR JHQHUDWH DQ RXWSXW DW SRUW  RI WKH YDOYH ,Q WKH FDVH RI WKH
GXDO SUHVVXUH YDOYH WKH FKDUDFWHULVWLF LV WKDW RI WKH $1' IXQFWLRQ
ZKHUHE\ERWKLQSXWVDQG  DUHUHTXLUHGWRLQLWLDWHDQRXWSXW

 ([DPSOH7KHORJLF$1'IXQFWLRQ

7KH3UREOHP 7KHSLVWRQURGRIDGRXEOHDFWLQJF\OLQGHU LV WR DGYDQFH ZKHQ WKH 


ZD\ UROOHU OHYHU YDOYH 6 LV DFWXDWHG DQG WKH SXVK EXWWRQ RI WKH 
ZD\YDOYH6LVDFWXDWHG,IHLWKHURIWKHVHDUHUHOHDVHGWKHQWKHF\O
LQGHULVWRUHWXUQWRWKHLQLWLDOSRVLWLRQ

)LJ
&LUFXLWGLDJUDP

73)HVWR'LGDFWLF

&KDSWHU$

7KHLQSXWVDQG  RIWKHGXDOSUHVVXUHYDOYH9DUHFRQQHFWHGWR 6ROXWLRQ


WKHZRUNLQJSRUWVRIWKHYDOYHV6DQG67KHZD\UROOHUOHYHU
YDOYH6LVDFWXDWHGE\WKHLQVHUWLRQRIDZRUNSLHFHDQGWKHQFUHDWHVD
VLJQDO DW RQH LQSXW RI WKH GXDOSUHVVXUH YDOYH 6LQFH RQO\ RQH LQSXW LV
DFWXDWHGWKH$1'FRQGLWLRQKDVQRWEHHQIXOILOOHGDQGWKHRXWSXWRIWKH
GXDOSUHVVXUHYDOYHUHPDLQVFORVHG
,IWKHSXVKEXWWRQRIWKHZD\YDOYH6LVQRZDOVRDFWXDWHGDVLJ
QDOZLOODOVREHDSSOLHGDW WKH VHFRQG LQSXW 7KH $1' FRQGLWLRQ LV QRZ
IXOILOOHG DQG D VLJQDO LV JHQHUDWHG DW WKH RXWSXW  RI WKH GXDOSUHVVXUH
YDOYH7KHZD\SQHXPDWLFYDOYH9VZLWFKHVWKHSLVWRQVLGHRIWKH
F\OLQGHULVSUHVVXULVHGDQGWKHSLVWRQURGDGYDQFHV
,IRQHRIWKHWZRYDOYHV6RU6LVQRORQJHUDFWXDWHGWKHQWKH$1'
FRQGLWLRQ ZLOO QR ORQJHU EH IXOILOOHG DQG WKH VLJQDO DW WKH RXWSXW RI WKH
GXDOSUHVVXUHYDOYHZLOOEHUHVHW7KHVLJQDOSUHVVXUHDWWKHFRQWUROSRUW
RIWKHFRQWUROHOHPHQW9LVH[KDXVWHGWRDWPRVSKHUHYLDWKHUHVHW
YDOYH6RU67KHFRQWUROHOHPHQW9VZLWFKHVEDFN7KHSUHVVXUH
EXLOGLQJ XS RQ WKH SLVWRQ URG VLGH HQVXUHV WKH UHWUDFWLRQ RI WKH SLVWRQ
URG
$QDOWHUQDWLYHVROXWLRQWRXVLQJWKHGXDOSUHVVXUHYDOYHLVWRXVHWZR
ZD\YDOYHVLQVHULHV+HUHWKHVLJQDOLVSDVVHGIURPSXVKEXWWRQYDOYH
6WRWKHUROOHUOHYHUYDOYH6DQGWKHQRQWRWKHFRQWUROHOHPHQW9
EXW RQO\ LI ERWK YDOYHV 6 DQG 6 DUH RSHUDWHG LH ZKHQ WKH $1'
FRQGLWLRQLVPHW:KHQDYDOYHLVUHOHDVHGWKHVLJQDODWWKHFRQWUROHOH
PHQWLVUHVHWDQGWKHSLVWRQURGUHWUDFWV

)HVWR'LGDFWLF73

&KDSWHU$

)LJ
&LUFXLWGLDJUDP

1RWH $ VLPSOLILHG UHSUHVHQWDWLRQ ZLWKRXW VHUYLFH XQLW DQG VWDUWXS YDOYH KDV
EHHQVHOHFWHGIRUWKLVFLUFXLWGLDJUDP

73)HVWR'LGDFWLF

&KDSWHU$

 ([HUFLVH7KHORJLF$1'IXQFWLRQ

7KH SLVWRQ URG RI WKH F\OLQGHU $ LV WR DGYDQFH RQO\ LI D ZRUNSLHFH LV 7KH3UREOHP
LQVHUWHG LQ WKH ZRUNSLHFH UHWDLQHU D JXDUG KDV EHHQ ORZHUHG DQG WKH
RSHUDWRU SUHVVHV WKH SXVK EXWWRQ YDOYH 8SRQ WKH UHOHDVH RI WKH SXVK
EXWWRQRULIWKHJXDUGLVQRORQJHULQLWVORZHUSRVLWLRQWKHF\OLQGHU$LV
WRUHWUDFWWRWKHLQLWLDOSRVLWLRQ

'UDZWKHFLUFXLWGLDJUDPIRUWKHSUREOHP ([HUFLVH
'HVLJQDWH WKH YDOYHV DQG LQGLFDWH WKH QXPEHULQJ V\VWHP IRU WKH FRQ
QHFWLRQV SRUWV 

)LJ
3RVLWLRQDOVNHWFK

)HVWR'LGDFWLF73

&KDSWHU$

4XHVWLRQ :KDW KDSSHQV WR WKH F\OLQGHU LI WKH SXVK EXWWRQ LV SUHVVHG IRU D YHU\
VKRUWSHULRGDQGLVWKHQLPPHGLDWHO\UHOHDVHG"
'HVFULEHWKHRSHUDWLRQRIWKHFLUFXLW

)LJ
&LUFXLWGLDJUDP

73)HVWR'LGDFWLF

&KDSWHU$

 ([DPSOH7KHORJLF25IXQFWLRQ

$GRXEOHDFWLQJF\OLQGHULVWRDGYDQFHLIRQHRIWZRSXVKEXWWRQVLVRS 7KH3UREOHP
HUDWHG,IWKHSXVKEXWWRQLVWKHQUHOHDVHGWKHF\OLQGHULVWRUHWUDFW

)LJ
&LUFXLWGLDJUDP

7KH LQSXWV  DQG    RI WKH VKXWWOH YDOYH 9 DUH FRQQHFWHG WR WKH 6ROXWLRQ
ZRUNLQJFRQQHFWLRQVRIWKHYDOYHV6DQG68SRQRSHUDWLRQRIRQH
RIWKHSXVKEXWWRQVWKHFRUUHVSRQGLQJYDOYH6RU6LVDFWXDWHGDQG
DVLJQDOLVJHQHUDWHGDWWKHRU  VLGHRIWKHVKXWWOHYDOYH7KH25
FRQGLWLRQLVIXOILOOHGDQGWKHVLJQDOSDVVHVWKURXJKWKHVKXWWOHYDOYHDQG
LVHPLWWHGDWSRUW7KHVLJQDOSUHVVXUHLVSUHYHQWHGIURPHVFDSLQJYLD
WKH H[KDXVW RI WKH XQDFWXDWHG YDOYH E\ FORVLQJ WKH OLQH LQ WKH VKXWWOH
YDOYH7KHVLJQDOHIIHFWVWKHVZLWFKLQJRI WKH FRQWURO HOHPHQW9 7KH
SLVWRQVLGHRIWKHF\OLQGHULVSUHVVXULVHGDQGWKHSLVWRQURGDGYDQFHV
:KHQ WKH DFWXDWHG SXVK EXWWRQ LV UHOHDVHG WKH VLJQDO SUHVVXUH LV UH
OLHYHGYLDWKHYDOYHV6 DQG 6 DQG WKH FRQWURO HOHPHQW LV VZLWFKHG
EDFN WR LWV LQLWLDO SRVLWLRQ 7KH SUHVVXUH QRZ EXLOGLQJ XS RQ WKH SLVWRQ
URGVLGHHQVXUHVWKHUHWUDFWLRQRIWKHSLVWRQURG

)HVWR'LGDFWLF73

&KDSWHU$

([WHQGHG $GRXEOHSLORWYDOYHVKRXOGEHILWWHGIRUWKHFRQWURORIWKHF\OLQGHU,IWKH
SUREOHPGHILQLWLRQ F\OLQGHU LV WR UHWUDFW RQ UHDFKLQJ LWV IXOO\ H[WHQGHG SRVLWLRQ UROOHU OHYHU
YDOYHV VKRXOG EH XVHG DV OLPLW YDOYHV WR FRQILUP WKDW WKLV SRVLWLRQ KDV
EHHQUHDFKHG

)LJ
&LUFXLWGLDJUDP

2QHRIWKHSXVKEXWWRQVQHHGRQO\EHRSHUDWHGIRUDVKRUWGXUDWLRQDQG
WKHF\OLQGHUZLOOIXOO\H[WHQGVLQFHWKHHIIHFWRIWKHVLJQDODWLQSXWRI
WKHZD\GRXEOHSLORWYDOYH9LVPDLQWDLQHGXQWLODVLJQDOLVDSSOLHG
DWLQSXW$VVRRQDVWKHSLVWRQURGKDVUHDFKHGWKHIRUZDUGHQGSR
VLWLRQWKHOLPLWVZLWFK6JHQHUDWHVDVLJQDODWLQSXWDQGWKHYDOYH
9LVUHYHUVHG7KHUHWUDFWHGHQGSRVLWLRQRIWKHSLVWRQURGFDQDOVREH
VHQVHG7KLVUHTXLUHVDQDGGLWLRQDOOLPLWVZLWFK

)LJ
&LUFXLWGLDJUDP

73)HVWR'LGDFWLF

&KDSWHU$

7KH DGGLWLRQ RI WKH GXDO SUHVVXUH YDOYH 9 DQG WKH UROOHU OLPLW VZLWFK
6HQVXUHVWKDWWKHF\OLQGHULVIXOO\UHWUDFWHGEHIRUHWKHF\OLQGHUFDQEH
H[WHQGHGDJDLQ7KHFRQGLWLRQIRUDUHQHZHGDGYDQFLQJRIWKHSLVWRQURG
LVWKHDFWXDWLRQRIRQHRIWKHYDOYHV6RU6DQGWKHOLPLWVZLWFK6
:KHQ WKH F\OLQGHU LV DGYDQFHG DW SRVLWLRQ 6 WKH F\OLQGHU UHWUDFWV
HYHQLIWKHYDOYHV6DQG6DUHVWLOORSHUDWHGVLQFHWKHOLPLW VZLWFK
6LVLQDFWLYH

 ([HUFLVH7KHORJLF25IXQFWLRQ

$ GRXEOHDFWLQJ F\OLQGHU LV XVHG WR WUDQVIHU SDUWV IURP D PDJD]LQH ,I 7KH3UREOHP
HLWKHU D SXVK EXWWRQ RU D IRRW SHGDO LV RSHUDWHG WKH F\OLQGHU LV WR DG
YDQFH 2QFH WKH F\OLQGHU LV IXOO\ DGYDQFHG LW LV WR UHWUDFW WR WKH LQLWLDO
SRVLWLRQ$ZD\UROOHUOHYHUYDOYHLVWREHXVHGWRGHWHFWWKHIXOOH[
WHQVLRQRIWKHF\OLQGHU

'UDZWKHFLUFXLWGLDJUDPIRUWKHSUREOHP ([HUFLVH
'HVLJQDWH WKH YDOYHV DQG LQGLFDWH WKH QXPEHULQJ V\VWHP IRU WKH FRQ
QHFWLRQV SRUWV 

)LJ
3RVLWLRQDOVNHWFK

)HVWR'LGDFWLF73

&KDSWHU$

4XHVWLRQ :KDW KDSSHQV WR WKH F\OLQGHU LI WKH SXVK EXWWRQ RU SHGDO DUH SUHVVHG
IRUDYHU\VKRUWSHULRGDQGWKHQLPPHGLDWHO\UHOHDVHG"
'HVFULEHWKHRSHUDWLRQRIWKHFLUFXLW

)LJ
&LUFXLWGLDJUDP

73)HVWR'LGDFWLF

&KDSWHU$

 ([DPSOH0HPRU\FLUFXLWDQGVSHHGFRQWURORIDF\OLQGHU

7KHSLVWRQURGRIDGRXEOHDFWLQJF\OLQGHULVWRDGYDQFHZKHQDZD\ 7KH3UREOHP
SXVK EXWWRQ YDOYH LV DFWXDWHG PDQXDOO\ 7KH F\OLQGHU LV WR UHPDLQ DG
YDQFHGXQWLODVHFRQGYDOYHLVDFWXDWHG7KHVLJQDORIWKHVHFRQGYDOYH
FDQRQO\WDNHHIIHFWDIWHUWKHILUVWYDOYHKDVEHHQUHOHDVHG7KHF\OLQGHU
LV WR WKHQ UHWXUQ WR WKH LQLWLDO SRVLWLRQ 7KH F\OLQGHU LV WR UHPDLQ LQ WKH
LQLWLDOSRVLWLRQXQWLODQHZVWDUWVLJQDOLVJLYHQ7KHVSHHGRIWKHF\OLQGHU
LVWREHDGMXVWDEOHLQERWKGLUHFWLRQV

)LJ
&LUFXLWGLDJUDPZLWK
ZD\GRXEOHSLORWYDOYH

)HVWR'LGDFWLF73

&KDSWHU$

6ROXWLRQ ZD\ RU ZD\ GRXEOH SLORW YDOYHV SRVVHVV WKH UHTXLUHG PHPRU\
IXQFWLRQ 7KH YDOYH UHWDLQV LWV ODVW VZLWFKHG SRVLWLRQ XQWLO DQ RSSRVLQJ
VLJQDOLVUHFHLYHG7KLVFKDUDFWHULVWLFLVLQGHSHQGHQWRIWKHWLPHSHULRG
IRUZKLFKWKHVLJQDOLVDSSOLHGWRWKHVZLWFKLQJYDOYH
7KHRQHZD\IORZFRQWUROYDOYHVFRQWUROWKHF\OLQGHUVSHHGLQERWKGLUHF
WLRQV DQG DUH LQGHSHQGHQWO\ DGMXVWDEOH 6LQFH WKH GLVSODFHG DLU IORZ LV
UHVWULFWHGLQHDFKFDVHWKLVLVDQH[KDXVWDLUIORZFRQWURO

)LJ
&LUFXLWGLDJUDPZLWK
ZD\GRXEOHSLORWYDOYH

,QWKHLQLWLDOSRVLWLRQWKHFRQWUROHOHPHQW9LVVZLWFKHGLQVXFKDZD\
WKDWWKHSLVWRQURGVLGHRIWKHF\OLQGHULVSUHVVXULVHGDQGWKHF\OLQGHULV
LQWKHUHWUDFWHGVWDWH

73)HVWR'LGDFWLF

&KDSWHU$

8SRQRSHUDWLRQRIWKHSXVKEXWWRQWKHYDOYH6LVDFWXDWHGVRWKDWD
VLJQDOLVJHQHUDWHGDWWKHSLORWSRUWRIWKHFRQWUROHOHPHQW97KH
FRQWUROHOHPHQW9VZLWFKHVWKHSLVWRQVLGHRIWKHF\OLQGHULVSUHVVXU
LVHG DQG WKH SLVWRQ URG DGYDQFHV :KLOVW WKH VXSSO\ DLU IORZV XQUH
VWULFWHGWKURXJKWKHRQHZD\IORZFRQWUROYDOYH9WKHDLUGLVSODFHGYLD
WKHRQHZD\IORZFRQWUROYDOYH9RQWKHSLVWRQURGVLGHLVUHVWULFWHG
7KH DGYDQFLQJ VSHHG RI WKH SLVWRQ URG LV WKHUHIRUH UHGXFHG 7KH
VZLWFKLQJ VWDWXV RI WKH YDOYH 9 LV PDLQWDLQHG LI WKH YDOYH 6 LV UH
OHDVHGVLQFHWKLVLVDPHPRU\YDOYH,IWKHYDOYH6LVDFWXDWHGDVLJ
QDOLVJHQHUDWHGDWWKHFRQWUROSRUWRIWKHFRQWUROHOHPHQW7KHYDOYH
VZLWFKHV SUHVVXUH LV DSSOLHG DW WKH SLVWRQ URG VLGH RI WKH F\OLQGHU DQG
WKHSLVWRQURGUHWUDFWV([KDXVWDLUIORZFRQWUROLVHIIHFWHGYLDWKHRQH
ZD\ IORZ FRQWURO YDOYH 9 ,I WKH YDOYH 6 LV UHOHDVHG WKH VZLWFKLQJ
SRVLWLRQ RI WKH FRQWURO HOHPHQW 9 LV PDLQWDLQHG GXH WR LWV PHPRU\
IXQFWLRQ

7KHVXSSO\DLULVWUDQVIHUUHGWKURXJKWKHE\SDVVFKHFNYDOYHRIWKHIORZ
FRQWUROYDOYHVJLYLQJXQUHVWULFWHGVXSSO\WRWKHF\OLQGHU7KHIORZFRQWURO
LQIOXHQFHV WKH YROXPHWULF IORZ UDWH RI WKH H[KDXVW DLU DQG DV VXFK WKH
SLVWRQVSHHG'XHWRWKHGLIIHUHQWYROXPHVRIDLUWREHGLVSODFHGRQWKH
SLVWRQVLGHDQGRQWKHSLVWRQURGVLGHWKHUHVWULFWRUVPXVWEHVHWDWGLI
IHUHQWOHYHOVWRREWDLQWKHVDPHUHWUDFWLQJDQGDGYDQFLQJVSHHG

)HVWR'LGDFWLF73

&KDSWHU$

 ([HUFLVH0HPRU\FLUFXLWDQGVSHHGFRQWURORIDF\OLQGHU

7KH3UREOHP $GRXEOHDFWLQJF\OLQGHULVWREHXVHGWRWUDQVIHUSDUWVIURPDPDJD]LQH
7KHF\OLQGHULVWRDGYDQFHIXOO\ZKHQDSXVKEXWWRQLVRSHUDWHGDQGWKHQ
UHWUDFWDXWRPDWLFDOO\)XOOH[WHQVLRQLVFRQILUPHGE\DUROOHUOHYHUYDOYH
7KH F\OLQGHU LV WR FRQWLQXH IRUZDUG HYHQ LI WKH SXVK EXWWRQ LV UHOHDVHG
EHIRUHIXOOH[WHQVLRQLVUHDFKHG7KHVSHHGRIWKHF\OLQGHULVWREHDG
MXVWDEOHLQERWKGLUHFWLRQVRIPRWLRQ

([HUFLVH 'UDZWKHFLUFXLWGLDJUDPIRUWKHSUREOHP
'HVLJQDWH WKH YDOYHV DQG LQGLFDWH WKH QXPEHULQJ V\VWHP IRU WKH FRQ
QHFWLRQV SRUWV 

)LJ
3RVLWLRQDOVNHWFK

73)HVWR'LGDFWLF

&KDSWHU$

 :KDW LV WKH HIIHFW RQ WKH SLVWRQ URG PRYHPHQW LI WKH SXVK EXWWRQ 4XHVWLRQV
UHPDLQVDFWXDWHGRQFHWKHSLVWRQURGKDVUHDFKHGWKHHQGSRVLWLRQ"
 :KDWLVWKHHIIHFWRQWKHDGYDQFHVWURNHLIWKHUROOHUOHYHUYDOYHLV
ILWWHGDWWKHVWURNHPLGSRVLWLRQRIWKHSLVWRQURG"
 'HVFULEHWKHLQLWLDOVWDWXVRIWKHV\VWHP
 'HVFULEHWKHRSHUDWLRQRIWKHFLUFXLW

)LJ
&LUFXLWGLDJUDP

)HVWR'LGDFWLF73

&KDSWHU$

 ([HUFLVH7KHTXLFNH[KDXVWYDOYH

7KH3UREOHP 7KHFRPELQHGDFWXDWLRQRIDPDQXDOO\DFWXDWHGYDOYHDQGDUROOHUOHYHU
YDOYH DGYDQFHV D IRUPLQJ WRRO RQ DQ HGJHIROGLQJ GHYLFH 7KH IRUPLQJ
WRRO LV GULYHQ E\ D GRXEOHDFWLQJ F\OLQGHU )RU UDSLG IRUZDUG WUDYHO WKH
FLUFXLW XWLOLVHV D TXLFN H[KDXVW YDOYH 7KH UHWUDFWLQJ VSHHG LV WR EH DG
MXVWDEOH ,I HLWKHU RI WKH WZR YDOYHV DUH UHOHDVHG WKH WRRO UHWXUQV WR LWV
LQLWLDOSRVLWLRQ

([HUFLVH 'UDZWKHFLUFXLWGLDJUDPIRUWKHSUREOHP
'HVLJQDWH WKH YDOYHV DQG LQGLFDWH WKH QXPEHULQJ V\VWHP IRU WKH FRQ
QHFWLRQV SRUWV 

)LJ
3RVLWLRQDOVNHWFK

73)HVWR'LGDFWLF

&KDSWHU$

:KDW KDSSHQV WR WKH F\OLQGHU LI WKH SXVK EXWWRQ LV SUHVVHG IRU D VKRUW 4XHVWLRQ
SHULRGDQGWKHQUHOHDVHG"
'HVFULEHWKHRSHUDWLRQRIWKHFLUFXLW

)LJ
&LUFXLWGLDJUDP

)HVWR'LGDFWLF73

&KDSWHU$

 ([DPSOH3UHVVXUHGHSHQGHQWFRQWURO

7KH3UREOHP $SODVWLFFRPSRQHQWLVHPERVVHGXVLQJDGLHGULYHQE\DGRXEOHDFWLQJ
F\OLQGHU 7KH GLH LV WR DGYDQFH DQG HPERVV WKH SODVWLF ZKHQ D SXVK
EXWWRQLVRSHUDWHG7KHUHWXUQRIWKHGLHLVWREHHIIHFWHGZKHQDSUHVHW
SUHVVXUHLVUHDFKHG7KHHPERVVLQJSUHVVXUHLVWREHDGMXVWDEOH

)LJ
3RVLWLRQDOVNHWFK

6ROXWLRQ ,IWKHSLVWRQURGLVQRWLQLWVLQLWLDOSRVLWLRQWKHFLUFXLWPXVWEHUHVHWE\
RSHUDWLQJWKHPDQXDORYHUULGHRQWKHZD\GRXEOHSLORWYDOYH
$OOYDOYHVDUHXQDFWXDWHGLQWKHLQLWLDOSRVLWLRQSUHVVXUHLVDSSOLHGDWWKH
SLVWRQ URG VLGH RI WKH F\OLQGHU DQG WKH SLVWRQ URG UHPDLQV LQ WKH UH
WUDFWHGVWDWH
$FWXDWLRQRIWKHSXVKEXWWRQVZLWFKHVWKHYDOYH6WRIORZDQGDVLJQDO
LVDSSOLHGDWWKHFRQWUROSRUWRIWKHGRXEOHSLORWYDOYH97KHYDOYH
9VZLWFKHVSUHVVXUHLVDSSOLHGDWWKHSLVWRQVLGHRIWKHF\OLQGHUDQG
WKHSLVWRQURGDGYDQFHV7KHVZLWFKLQJVWDWXVRIWKHGRXEOHSLORW YDOYH
9 UHPDLQV LQWDFW LI WKH SXVK EXWWRQ 6 LV UHOHDVHG :KHQ WKH SLVWRQ
URGUHDFKHVWKHZRUNSLHFHWUDYHOLVVWRSSHGDQGSUHVVXUHVWDUWVWREXLOG
XSRQWKHSLVWRQVLGH7KHLQFUHDVLQJSUHVVXUHFDXVHVWKHIRUFHRIWKH
GLHWRLQFUHDVH

73)HVWR'LGDFWLF

&KDSWHU$

7KHFRQWUROSRUWRIWKHSUHVVXUHVHTXHQFHYDOYH9LVFRQQHFWHGWR
WKHSUHVVXUHOLQHRQWKHSLVWRQVLGHRIWKHF\OLQGHU$:KHQWKHSUHV
VXUH LQ WKH F\OLQGHU UHDFKHV WKH YDOXH VHW RQ WKH SUHVVXUH VHTXHQFH
YDOYHWKHZD\YDOYHVZLWFKHV$VLJQDOLVQRZDSSOLHGDWWKHFRQWURO
SRUWRIWKHYDOYH97KHYDOYH9VZLWFKHVSUHVVXUHLVDSSOLHGDW
WKH SLVWRQ URG VLGH RI WKH F\OLQGHU DQG WKH SLVWRQ URG UHWUDFWV 'XULQJ
UHWUDFWLRQWKHUHVSRQVHSUHVVXUHVHWRQWKHSUHVVXUHVHTXHQFHYDOYHLV
QRWPHWDQGWKHSUHVVXUHVHTXHQFHYDOYHUHWXUQVWRLWVLQLWLDOSRVLWLRQ

)LJ
&LUFXLWGLDJUDP

7KH UHVSRQVH SUHVVXUH VHW RQ WKH SUHVVXUH VHTXHQFH YDOYH PXVW EH
ORZHUWKDQWKHV\VWHPSUHVVXUHLQRUGHUWRHQVXUHUHOLDEOHVZLWFKLQJ
6KRXOG WKH DGYDQFLQJ SLVWRQ URG PHHW DQ REVWDFOH WKHQ LW ZLOO UHWUDFW
DJDLQEHIRUHUHDFKLQJWKHHPERVVLQJSRVLWLRQ

)HVWR'LGDFWLF73

&KDSWHU$

 ([HUFLVH3UHVVXUHGHSHQGHQWFRQWUROHPERVVLQJRI
SODVWLFFRPSRQHQWV

7KH3UREOHP $ SODVWLF FRPSRQHQW LV HPERVVHG XVLQJ D GLH SRZHUHG E\ D GRXEOH
DFWLQJF\OLQGHU7KHUHWXUQRIWKHGLHLVWREHHIIHFWHGZKHQWKHF\OLQGHU
URG KDV IXOO\ H[WHQGHG WR WKH HPERVVLQJ SRVLWLRQ DQG WKH SUHVHW SUHV
VXUHLVUHDFKHG$UROOHUOHYHUYDOYHLVWREHXVHGWRFRQILUPIXOOH[WHQ
VLRQ7KHVLJQDOIRUUHWUDFWLQJPXVW RQO\ EH JHQHUDWHG ZKHQ WKH SLVWRQ
URG KDV UHDFKHG WKH HPERVVLQJ SRVLWLRQ 7KH SUHVVXUH LQ WKH SLVWRQ
FKDPEHULVLQGLFDWHGE\DSUHVVXUHJDXJH

([HUFLVH 'UDZWKHFLUFXLWGLDJUDPIRUWKHSUREOHP
'HVLJQDWH WKH YDOYHV DQG LQGLFDWH WKH QXPEHULQJ V\VWHP IRU WKH FRQ
QHFWLRQV SRUWV 

)LJ
3RVLWLRQDOVNHWFK

73)HVWR'LGDFWLF

&KDSWHU$

:KDW KDSSHQV WR WKH F\OLQGHU LI WKH SXVK EXWWRQ LV SUHVVHG IRU D VKRUW 4XHVWLRQ
SHULRGDQGWKHQLPPHGLDWHO\UHOHDVHG"
'HVFULEHWKHRSHUDWLRQRIWKHFLUFXLW

)LJ
&LUFXLWGLDJUDP

)HVWR'LGDFWLF73

&KDSWHU$

 ([DPSOH7KHWLPHGHOD\YDOYH

7KH3UREOHP $ GRXEOHDFWLQJ F\OLQGHU LV XVHG WR SUHVV WRJHWKHU JOXHG FRPSRQHQWV
8SRQRSHUDWLRQRIDSXVKEXWWRQWKHFODPSLQJF\OLQGHUH[WHQGV
2QFHWKHIXOO\DGYDQFHGSRVLWLRQLVUHDFKHGWKHF\OLQGHULVWRUHPDLQIRU
DWLPHRI7 VHFRQGVDQGWKHQLPPHGLDWHO\UHWUDFWWRWKHLQLWLDOSRVL
WLRQ7KHF\OLQGHUUHWUDFWLRQLVWREHDGMXVWDEOH$QHZVWDUWF\FOHLVRQO\
SRVVLEOHDIWHUWKHF\OLQGHUKDVIXOO\UHWUDFWHG

)LJ
3RVLWLRQDOVNHWFK

6ROXWLRQ ,IWKHSLVWRQURGLVQRWLQLWVLQLWLDOSRVLWLRQWKHFLUFXLWPXVWEHUHVHWE\
RSHUDWLQJWKHPDQXDORYHUULGHRQWKHZD\GRXEOHSLORWYDOYH
,Q WKH LQLWLDO SRVLWLRQ DOO YDOYHV ZLWK WKH H[FHSWLRQ RI WKH UROOHU OHYHU
YDOYH6 OLPLWVZLWFK DUHXQDFWXDWHG3UHVVXUHLVDSSOLHGDWWKHSLVWRQ
URGVLGHRIWKHF\OLQGHUDQGWKHSLVWRQURGUHPDLQVLQWKHUHWUDFWHGVWDWH

73)HVWR'LGDFWLF

&KDSWHU$

9DOYH 6 DQG WKH OLPLW VZLWFK 6 PXVW EH DFWXDWHG DV D VWDUW FRQGL
WLRQ7KHOLPLWVZLWFK6LVQRWDFWXDWHGXQOHVVWKHSLVWRQURG LV LQ LWV
LQLWLDO SRVLWLRQ ,I WKH VWDUW FRQGLWLRQ LV IXOILOOHG WKH GXDOSUHVVXUH YDOYH
9LVVZLWFKHGWRIORZDQGDVLJQDOLVDSSOLHGDWWKHFRQWUROSRUWRI
WKHGRXEOHSLORWYDOYH97KHYDOYH9UHYHUVHVSUHVVXUHLVDSSOLHG
DWWKHSLVWRQVLGHRIWKHF\OLQGHUDQGWKHSLVWRQURGDGYDQFHV7KHDG
YDQFLQJVSHHG LV GHSHQGHQW RQ WKH VHWWLQJ RI WKH RQHZD\ IORZ FRQWURO
YDOYH9 H[KDXVWDLUFRQWURO $IWHUDVKRUWDGYDQFLQJWUDYHOWKHSLVWRQ
URGUHOHDVHVWKHOLPLWVZLWFK6

)LJ
&LUFXLWGLDJUDP

)HVWR'LGDFWLF73

&KDSWHU$

)ROORZLQJ WKLV WKH $1' FRQGLWLRQ DW WKH GXDOSUHVVXUH YDOYH 9 LV QR
ORQJHUPHWDQGWKHVLJQDODWWKHFRQWUROSRUWRIWKHGRXEOHSLORWYDOYH
9 LV UHVHW ZKLOVW LWV VZLWFKLQJ SRVLWLRQ VWRUHG  GRHV QRW FKDQJH $
UHQHZHG DFWXDWLRQ RI WKH YDOYH 6 LV QRZ LQHIIHFWLYH XQWLO WKH V\VWHP
KDV UHDFKHG LWV LQLWLDO VWDWXV DJDLQ :KHQ WKH HPERVVLQJ SRVLWLRQ LV
UHDFKHG WKH OLPLW VZLWFK 6 LV DFWXDWHG 7KH DLU UHVHUYRLU LQ WKH WLPH
GHOD\YDOYH9VWDUWVILOOLQJXSYLDWKHLQWHJUDWHGRQHZD\IORZFRQWURO
YDOYH7KHUDWHRISUHVVXUHLQFUHDVHLVGHSHQGHQWRQWKHVHWWLQJRIWKH
LQWHJUDWHGUHVWULFWRU:KHQWKHSUHVVXUHLVVXIILFLHQWO\KLJKWKHZD\
YDOYHVZLWFKHVDQGDVLJQDOLVDSSOLHGDWWKHFRQWUROSRUWRIWKHGRX
EOHSLORWYDOYH97KHYDOYH9 UHYHUVHV SUHVVXUH LV DSSOLHG DW WKH
SLVWRQURGVLGHRIWKHF\OLQGHUDQGWKHSLVWRQURGUHWUDFWV7KHUHWUDFWLQJ
VSHHG LV GHSHQGHQW RQ WKH VHWWLQJ RI WKH RQHZD\ IORZ FRQWURO YDOYH
9
:KHQ UHWUDFWLQJ WKH OLPLW VZLWFK 6 UHYHUVHV DQG WKH DLU UHVHUYRLU RI
WKHWLPHGHOD\YDOYH9LVH[KDXVWHGWRDWPRVSKHUHYLDWKHQRQUHWXUQ
YDOYHDQGWKHOLPLWVZLWFK6$VUHVXOWRIWKLVWKHZD\YDOYHRIWKH
WLPHGHOD\YDOYHVZLWFKHVLQWRLWVLQLWLDOSRVLWLRQ7KHVLJQDODWWKHFRQWURO
SRUWRIWKHGRXEOHSLORWYDOYH9LVWKHQUHVHW
:KHQ WKH SLVWRQ URG UHDFKHV LWV LQLWLDO SRVLWLRQ WKH OLPLW VZLWFK 6 LV
DFWXDWHGDQGDQHZF\FOHFDQEHVWDUWHG

73)HVWR'LGDFWLF

&KDSWHU$

 ([HUFLVH7KHWLPHGHOD\YDOYH

$ GRXEOHDFWLQJ F\OLQGHU LV XVHG WR SUHVV WRJHWKHU JOXHG FRPSRQHQWV 7KH3UREOHP
8SRQRSHUDWLRQRIDSXVKEXWWRQWKHFODPSLQJF\OLQGHUVORZO\DGYDQFHV
2QFHWKHIXOO\H[WHQGHGSRVLWLRQLVUHDFKHGWKHF\OLQGHULVWRUHPDLQIRU
DWLPHRI7 VHFRQGVDQGWKHQLPPHGLDWHO\UHWUDFWWRWKHLQLWLDOSRVL
WLRQ $ QHZ VWDUW F\FOH LV RQO\ SRVVLEOH DIWHU WKH F\OLQGHU KDV IXOO\ UH
WUDFWHG DQG DIWHU D GHOD\ RI  VHFRQGV 'XULQJ WKLV GHOD\ WKH ILQLVKHG
SDUW LV PDQXDOO\ UHPRYHG DQG UHSODFHG ZLWK QHZ SDUWV IRU JOXLQJ 7KH
UHWUDFWLQJVSHHGVKRXOGEHIDVWEXWDGMXVWDEOH

'UDZWKHFLUFXLWGLDJUDPIRUWKHSUREOHP ([HUFLVH
'HVLJQDWH WKH YDOYHV DQG LQGLFDWH WKH QXPEHULQJ V\VWHP IRU WKH FRQ
QHFWLRQV SRUWV 

)LJ
3RVLWLRQDOVNHWFK

)HVWR'LGDFWLF73

&KDSWHU$

4XHVWLRQ :KDW KDSSHQV WR WKH F\OLQGHU LI WKH SXVK EXWWRQ LV SUHVVHG IRU D VKRUW
SHULRGDQGWKHQLPPHGLDWHO\UHOHDVHG"
'HVFULEHWKHRSHUDWLRQRIWKHFLUFXLW

)LJ
&LUFXLWGLDJUDP

73)HVWR'LGDFWLF

You might also like