You are on page 1of 23

0$='$ 0* $1'

0* (1*,1(6
6+;0
6+;0

3$57 12   650 


6$)(7< 35(&$87,216
0$,17(1$1&( $1' 5(3$,5

œ :KHQ OLIWLQJ SDUWV RU DVVHPEOLHV PDNH VXUH WKDW DOO VOLQJV FKDLQV RU FDEOHV
DUH FRUUHFWO\ IDVWHQHG DQG WKDW WKH ORDG EHLQJ OLIWHG LV EDODQFHG 0DNH VXUH
WKDW WKH FUDQH FDEOHV DQG FKDLQV KDYH WKH FDSDFLW\ WR VXSSRUW WKH ZHLJKW RI
WKH ORDG

œ 'R QRW OLIW KHDY\ SDUWV E\ KDQG 8VH D OLIWLQJ PHFKDQLVP

œ :HDU VDIHW\ JODVVHV

œ ',6&211(&7 7+( %$77(5< &211(&725 EHIRUH GRLQJ DQ\


PDLQWHQDQFH RU UHSDLU RQ HOHFWULF OLIW WUXFNV 'LVFRQQHFW WKH EDWWHU\ JURXQG
FDEOH RQ LQWHUQDO FRPEXVWLRQ OLIW WUXFNV

œ $OZD\V XVH FRUUHFW EORFNV WR SUHYHQW WKH XQLW IURP UROOLQJ RU IDOOLQJ 6HH
´+RZ 7R 3XW 7KH /LIW 7UXFN 2Q %ORFNVµ LQ WKH 23(5$7,1* 0$18$/ RU
WKH 3(5,2',& 0$,17(1$1&( VHFWLRQ

œ .HHS WKH XQLW DQG ZRUNLQJ DUHD FOHDQ DQG LQ RUGHU

œ 8VH WKH FRUUHFW WRROV IRU WKH MRE

œ .HHS WKH WRROV FOHDQ DQG LQ JRRG FRQGLWLRQ

œ $OZD\V XVH +<67(5 $33529(' SDUWV ZKHQ PDNLQJ UHSDLUV


5HSODFHPHQW SDUWV PXVW PHHW RU H[FHHG WKH VSHFLILFDWLRQV RI WKH RULJLQDO
HTXLSPHQW PDQXIDFWXUHU

œ 0DNH VXUH WKDW DOO QXWV EROWV VQDS ULQJV DQG RWKHU IDVWHQLQJ GHYLFHV DUH
UHPRYHG EHIRUH XVLQJ IRUFH WR UHPRYH SDUWV

œ $OZD\V IDVWHQ D '2 127 23(5$7( VLJQ WR WKH FRQWUROV RI WKH XQLW ZKHQ
PDNLQJ UHSDLUV RU LI WKH XQLW QHHGV UHSDLUV

œ 0DNH VXUH \RX IROORZ WKH :$51,1* DQG &$87,21 QRWHV LQ WKH
LQVWUXFWLRQV

œ *DVROLQH /LTXLG 3HWUROHXP *DV /3*  DQG 'LHVHO DUH IODPPDEOH IXHOV
0DNH VXUH WKDW \RX IROORZ WKH QHFHVVDU\ VDIHW\ SUHFDXWLRQV ZKHQ KDQGOLQJ
WKHVH IXHOV DQG ZKHQ ZRUNLQJ RQ WKHVH IXHO V\VWHPV

œ %DWWHULHV JHQHUDWH IODPPDEOH JDV ZKHQ WKH\ DUH EHLQJ FKDUJHG .HHS ILUH DQG
VSDUNV DZD\ IURP WKH DUHD 0DNH VXUH WKH DUHD KDV YHQWLODWLRQ
,1752'8&7,21
*(1(5$/ VPDOO YHQWXUL $Q DXWRPDWLF FKRNH FRQWUROV WKH FKRNH
SODWH DQG WKH IDVW LGOH FDP $Q LGOH FRQWURO DFWXDWRU
7KLV VHFWLRQ KDV WKH GHVFULSWLRQ RSHUDWLRQ DQG WKH VHU FKDQJHV WKH WKURWWOH SRVLWLRQ WR NHHS WKH LGOH VSHHG
YLFH SURFHGXUHV IRU WKH JDVROLQH FDUEXUHWRU DQG WKH JRY VWHDG\ ZKHQ WKH HQJLQH ORDG FKDQJHV $ IXHO VROHQRLG
HUQRU YDOYH VWRSV WKH HQJLQH TXLFNO\ ZKHQ WKH LJQLWLRQ VZLWFK
LV LQ WKH 2)) SRVLWLRQ
'(6&5,37,21 2) 7+( &$5%85(725
6HH ),*85(  7KHUH DUH VL[ EDVLF V\VWHPV LQ WKH FDUEXUHWRU 7KH V\V
WHPV FRQWURO WKH IORZ RI IXHO ZLWK WKH DLU IORZ LQ WKH FDU
7KH FDUEXUHWRU KDV RQH ODUJH SDVVDJH ZLWK D ODUJH DQG D EXUHWRU

 ,'/( $&78$725
 '(/$< 9$/9(
  *29(5125
 ,'/( 0,;785( 6&5(:
 *29(5125 $'-8670(176
 9$&880 +26( )25 *29(5125
 62/(12,' 6+872)) 9$/9(
 $&&(/(5$725 3803
 )8(/ ,1/(7
 7+5277/( /,1.$*(
 &+2.( 5(/($6( 0(&+$1,60











 




),*85(  3$576 2) 7+( &$5%85(725


7KH FDUEXUHWRU PDNHV VXUH WKH FRUUHFW DLU WR IXHO PL[WXUH
JRHV WR WKH FRPEXVWLRQ FKDPEHUV XQGHU WKH GLIIHUHQW RS  

HUDWLQJ FRQGLWLRQV RI WKH HQJLQH 7KH V\VWHPV DUH DV IRO
ORZV

 )ORDW 6\VWHP

 ,GOH 6\VWHP

D ,GOH &RQWURO $FWXDWRU 


E ,GOH &RPSHQVDWRU 9DOYH
F ,GOH 0HWHULQJ 6\VWHP
G 6ROHQRLG 9DOYH 6KXW2II 9DOYH

 0DLQ 0HWHULQJ 6\VWHP 


 )8(/ ,1/(7
 3RZHU 6\VWHP  6&5((1  ,1/(7 9$/9( 1(('/(
 )/2$7  ,1/(7 9$/9( 6($7
 $FFHOHUDWRU 3XPS 6\VWHP
),*85(  )8(/ ,1/(7 $1' )/2$7 6<67(0
 &KRNH 6\VWHP
$V WKH IXHO HQWHUV WKH IORDW FKDPEHU WKH IORDW UDLVHV
D 9DFXXP 'LDSKUDJP :KHQ WKH OHYHO RI WKH IXHO LV FRUUHFW WKH QHHGOH LV KHOG
DJDLQVW WKH VHDW DQG VWRSV WKH IORZ RI IXHO :KHQ WKH OHY
E 7HPSHUDWXUH 6HQVRU 6\VWHP
HO RI IXHO ORZHUV LQ WKH IORDW FKDPEHU WKH QHHGOH PRYHV
F &KRNH 5HOHDVH 0HFKDQLVP IURP WKH VHDW )XHO HQWHUV WKH IORDW FKDPEHU DJDLQ XQWLO
WKH OHYHO RI IXHO LV FRUUHFW 7KLV F\FOH FRQWLQXHV GXULQJ
WKH RSHUDWLRQ RI WKH HQJLQH WR NHHS D FRQVWDQW OHYHO RI
23(5$7,21 2) 7+( &$5%85(725 IXHO LQ WKH IORDW FKDPEHU 7KH IORDW FKDPEHU KDV D YHQW
WKDW JRHV WR WKH ERUH RI WKH FDUEXUHWRU DERYH WKH FKRNH
SODWH 7KLV YHQW NHHSV WKH DLU LQ WKH IORDW FKDPEHU DW WKH
)ORDW 6\VWHP 6HH ),*85(  VDPH SUHVVXUH DV WKH DLU WKDW HQWHUV WKH FDUEXUHWRU
,GOH 6\VWHP 6HH ),*85( 
7KH IORDW V\VWHP FRQWUROV WKH OHYHO RI WKH IXHO WKDW LV LQ 7KH LGOH V\VWHP LV XVHG ZKHQ WKH HQJLQH LV DW RU QHDU LGOH
WKH IORDW FKDPEHU 7KH FDUEXUHWRU UHFHLYHV IXHO IURP WKH VSHHG :KHQ WKH WKURWWOH LV RSHQ MXVW HQRXJK WR DOORZ WKH
IXHO SXPS WKURXJK WKH IXHO LQOHW YDOYH 7KH LQOHW YDOYH HQJLQH WR LGOH WKHUH LV D KLJK YDFXXP DW WKH HQJLQH VLGH
KDV D QHHGOH WKDW PDNHV D VHDO RQ WKH YDOYH VHDW RI WKH WKURWWOH SODWH 7KH KLJKHU SUHVVXUH RI WKH DLU LQ WKH


IORDW FKDPEHU SXVKHV IXHO WKURXJK DQ LGOH SRUW WKDW LV OR D VSULQJ PDGH RI WZR GLIIHUHQW PHWDOV 7KH VSULQJ EHQGV
FDWHG MXVW EHORZ WKH WKURWWOH SODWH 7KH IXHO PRYHV IURP ZKHQ WKH WHPSHUDWXUH LQFUHDVHV $W KLJK WHPSHUDWXUHV
WKH IORDW FKDPEHU WKURXJK PHWHULQJ MHWV DQG LQWR D WXEH WKH VSULQJ RSHQV WKH LGOH FRPSHQVDWRU YDOYH DQG DGGL
7KH SUHVVXUH GLIIHUHQFH DOVR PRYHV DLU WKURXJK DLU MHWV WLRQDO DLU IORZV WKURXJK D SDVVDJH WR D RSHQLQJ EHORZ WKH
LQWR WKH WXEH ZKHUH LW EHFRPHV EXEEOHV LQ WKH IXHO 7KLV WKURWWOH SODWH
PL[WXUH WKHQ IORZV WKURXJK DQ LGOH SDVVDJH WR WKH LGOH
SRUW DQG WKH VORZ VSHHG SRUW
$,5 

 




 

  

$,5

 $,5 -(7 )25 6/2: 63((' 7(03(5$785( 6(1625 635,1*
 60$// $,5 -(7 )25 6/2: 63(('  ,'/( &203(16$725 9$/9(
 )8(/$,5 -(7  $,5 -(7
 )8(/ -(7 )25 6/2: 63(('
 0$,1 -(7 ),*85(  ,'/( &203(16$725 9$/9(
 ,'/( 0,;785( 6&5(:
 ,'/( 3257 ,GOH 0HWHULQJ 6\VWHP 6HH ),*85( 
 6/2: 63((' 3257
 )8(/ 62/(12,' 9$/9( 7KH DPRXQW RI IXHO WKDW IORZV WKURXJK WKH LGOH SRUW LV
FRQWUROOHG ZLWK WKH LGOH PL[WXUH VFUHZ 6HH ),*85( 
),*85(  ,'/( &,5&8,76 7KH LQQHU HQG RI WKH DGMXVWPHQW VFUHZ KDV D QHHGOH WKDW
ILWV LQ D VHDW LQ WKH LGOH SRUW
,GOH &RQWURO $FWXDWRU 6HH ),*85( 
7XUQ WKH DGMXVWPHQW VFUHZ FRXQWHUFORFNZLVH WR LQFUHDVH
7KH LGOH FRQWURO DFWXDWRU LQFUHDVHV WKH WKURWWOH RSHQLQJ WKH IORZ RI IXHO WKURXJK WKH LGOH SRUW 7XUQ WKH DGMXVW
ZKHQ D ORDG LV DSSOLHG WR WKH HQJLQH DW LGOH 6HH PHQW VFUHZ FORFNZLVH WR GHFUHDVH WKH IORZ RI IXHO
),*85(  7KH V\VWHP KDV DQ DFWXDWRU GLDSKUDJP WKURXJK WKH SRUW
GHOD\ YDOYH DQG DQ DUP RQ WKH WKURWWOH VKDIW :KHQ WKH $GGLWLRQDO DLU DQG IXHO LV QHHGHG WR LQFUHDVH WKH HQJLQH
HQJLQH LV QRW XQGHU D ORDG PDQLIROG YDFXXP KROGV WKH VSHHG DERYH LGOH :KHQ WKH WKURWWOH LV RSHQHG D VPDOO
DFWXDWLQJ URG LQ D GLVHQJDJHG SRVLWLRQ :KHQ D ORDG LV DPRXQW WKH YDFXXP EHORZ WKH WKURWWOH SODWH GHFUHDVHV
DSSOLHG WR WKH HQJLQH WKH YDFXXP GHFUHDVHV DQG WKH GLD :LWK WKH GHFUHDVH LQ YDFXXP OHVV IXHO IORZV IURP WKH
SKUDJP VSULQJ H[WHQGV WKH DFWXDWLQJ URG 7KH URG LGOH SRUW $Q RIILGOH SRUW LV XVHG WR DGG IXHO ZKHQ WKH
SXVKHV RQ WKH WKURWWOH DUP WR RSHQ WKH WKURWWOH SODWH YDFXXP LV ORZ 7KH VORZ VSHHG SRUW LV DERYH WKH LGOH
SRUW :KHQ WKH WKURWWOH SODWH LV RSHQHG MXVW SDVW WKH VORZ
,GOH &RPSHQVDWRU 9DOYH 6HH ),*85( 
VSHHG SRUW WKH YDFXXP DW WKH VORZ VSHHG SRUW LQFUHDVHV
7KH LGOH FRPSHQVDWRU YDOYH DOORZV PRUH DLU WR IORZ LQWR 7KH HQJLQH XVHV WKH IXHO DQG DLU PL[WXUH SURYLGHG E\
WKH IXHO PL[WXUH ZKHQ WKH WHPSHUDWXUH DW WKH FDUEXUHWRU ERWK WKH LGOH DQG WKH VORZ VSHHG SRUWV DW WKLV WKURWWOH
LV KLJK 6HH ),*85(  7KH LGOH FRPSHQVDWRU YDOYH KDV SRVLWLRQ


6ROHQRLG 9DOYH 6KXW2II 9DOYH
6HH ),*85(  


7KH IXHO VROHQRLG YDOYH SUHYHQWV WKH HQJLQH IURP UXQ
QLQJ ZKHQ WKH LJQLWLRQ VZLWFK LV WXUQHG WR WKH 2)) SRVL 
WLRQ 6HH ),*85(  7KH VROHQRLG LV HQHUJL]HG ZKHQ
WKH VZLWFK LV LQ WKH 21 SRVLWLRQ :KHQ HQHUJL]HG D 
SOXQJHU LQ WKH VROHQRLG UHWUDFWV DQG RSHQV WKH SDVVDJH
IRU IXHO DQG DLU LQ WKH LGOH FLUFXLW :KHQ WKH LJQLWLRQ
VZLWFK LV LQ WKH 2)) SRVLWLRQ WKH SOXQJHU H[WHQGV DQG
FORVHV WKH SDVVDJH WR WKH SRUWV 7KLV DFWLRQ VWRSV WKH HQ
JLQH TXLFNO\ 


0DLQ 0HWHULQJ 6\VWHP 6HH ),*85(  
 0$,1 $,5 -(7
 0$,1 -(7  0$,1 12==/(
7KH PDLQ PHWHULQJ V\VWHP FRQWUROV WKH IORZ RI IXHO IRU
 0,;785( 78%(  $,5 -(7 )25 0$,1
WKH HQJLQH DERYH LGOH VSHHG 6HH ),*85(  :KHQ WKH  60$// 9(1785, 12==/(
WKURWWOH SODWH RSHQV SDVW WKH LGOH SRUWV PRUH DLU HQWHUV
WKH HQJLQH 7KH LQFUHDVH LQ DLU IORZ WKURXJK WKH PDLQ ),*85(  0$,1 0(7(5,1* 6<67(0
YHQWXUL FDXVHV D KLJK YDFXXP DW WKH VPDOO YHQWXUL $V D
UHVXOW RI WKH YDFXXP IXHO VWDUWV WR IORZ WKURXJK D QR]]OH
DW WKH VPDOO YHQWXUL :KHQ WKH HQJLQH VSHHG LQFUHDVHV 

WKH IORZ RI IXHO WKURXJK WKH PDLQ PHWHULQJ V\VWHP LQ
FUHDVHV

7KH IXHO IORZV IURP WKH IORDW FKDPEHU WKURXJK WKH PDLQ
MHW DQG LQWR WKH SDVVDJH ZLWK WKH PL[WXUH WXEH $LU IORZV

WR WKH WXEH WKURXJK DQ DLU SDVVDJH WKDW FRQQHFWV WR WKH
PDLQ YHQWXUL :KHQ WKH IXHO IORZV XS WKH SDVVDJH LW
MRLQV WKH DLU WKDW HQWHUHG WKURXJK WKH KROHV LQ WKH WXEH
7KH IXHO ZLWK DLU EXEEOHV IORZV WR WKH PDLQ QR]]OH DW WKH 
 
VPDOO YHQWXUL

&KRNH 6\VWHP 6HH ),*85(  

7KH FKRNH V\VWHP FDXVHV PRUH IXHO WR EH DGGHG WR WKH DLU  '(/$< 9$/9(
IORZ IRU VWDUWLQJ DQG UXQQLQJ D FROG HQJLQH 6HH  &+2.( 3/$7(  (1*,1( &22/$17
 9$&880  63(&,$/ :$;
),*85(  8QWLO WKH HQJLQH ZDUPV XS VRPH IXHO ZLOO ',$3+5$*0  7+5277/( 3/$7(
FKDQJH EDFN WR OLTXLG ZKHQ LW WRXFKHV WKH FROG F\OLQGHUV
DQG WKH LQWDNH PDQLIROG SDVVDJHV ),*85(  &+2.( 6<67(0


7KLV DFWLRQ SUHYHQWV WKH HQJLQH IURP UHFHLYLQJ WKH FRU SRZHU YDOYH :KHQ WKH HQJLQH LV UXQQLQJ QHDU IXOO SRZ
UHFW DPRXQW RI IXHO YDSRU QHHGHG IRU FRPEXVWLRQ :KHQ HU LQWDNH PDQLIROG YDFXXP LV ORZ :LWK WKH GHFUHDVH LQ
WKH FKRNH SODWH LV FORVHG WKH DLU SUHVVXUH EHWZHHQ WKH YDFXXP WKH VSULQJ SXVKHV WKH SLVWRQ URG DJDLQVW WKH
FKRNH SODWH DQG WKH WKURWWOH SODWH GHFUHDVHV 7KH KLJKHU SRZHU YDOYH 7KH SRZHU YDOYH RSHQV DQG SHUPLWV DGGL
DLU SUHVVXUH LQ WKH IORDW FKDPEHU SXVKHV IXHO RXW WKH WLRQDO IXHO WR IORZ IURP WKH IORDW FKDPEHU 7KH IXHO
PDLQ PHWHULQJ V\VWHP DQG LQFUHDVHV WKH IORZ RI IXHO WR IORZV WKURXJK D SRZHU MHW LQWR WKH PDLQ IXHO SDVVDJH
WKH HQJLQH
7KH DXWRPDWLF FKRNH XVHV WKH IROORZLQJ WKUHH V\VWHPV WR 

RSHUDWH WKH FKRNH SODWH

9DFXXP 'LDSKUDJP 6HH ),*85( 



$ YDFXXP GLDSKUDJP FKRNH UHOHDVH V\VWHP RSHQV WKH 
FKRNH SDUW ZD\ ZKHQ VWDUWLQJ WKH HQJLQH 9DFXXP IURP
WKH LQWDNH PDQLIROG DFWXDWHV WKH GLDSKUDJP $ OHYHU
FRQQHFWHG WR WKH GLDSKUDJP RSHQV WKH FKRNH SODWH $Q
DLU MHW LV FRQQHFWHG WR WKH YDFXXP KRVH EHWZHHQ WKH GLD 
SKUDJP DQG WKH LQWDNH PDQLIROG 7KH GHOD\ YDOYH LV D UH
VWULFWLRQ LQ WKH KRVH WKDW SUHYHQWV WKH FKRNH IURP RSHQ
LQJ WRR IDVW $ UHWXUQ VSULQJ DW WKH GLDSKUDJP UHWXUQV WKH 
OHYHU WR WKH FORVHG SRVLWLRQ ZKHQ WKH HQJLQH LV QRW UXQ
QLQJ 


7HPSHUDWXUH 6HQVRU 6\VWHP 6HH ),*85(   $,5 )520
$V WKH HQJLQH ZDUPV XS D WHPSHUDWXUH VHQVRU V\VWHP ,17$.(0$1,)2/'  0,;785( 78%(
 32:(5 3,6721  0$,1 -(7
IXOO\ RSHQV WKH FKRNH SODWH 7KHUH LV D FDYLW\ LQ WKH  0$,1 12==/(  32:(5 -(7
FKRNH KRXVLQJ ILOOHG ZLWK D VSHFLDO ZD[ :KHQ WKH HQ  60$// 9(1785,  32:(5 9$/9(
JLQH FRRODQW JHWV ZDUP WKH KHDW H[SDQGV WKH ZD[ LQ WKH
),*85(  32:(5 6<67(0
ERUH 7KH ZD[ SXVKHV D SOXQJHU DJDLQVW WKH FKRNH OHYHU
$V WKH OHYHU URWDWHV JHDUV RQ WKH OHYHU DQG WKH FKRNH
VKDIW PRYH WKH FKRNH SODWH WR WKH IXOO\ RSHQ SRVLWLRQ $
UHWXUQ VSULQJ DW WKH FKRNH OHYHU UHWXUQV WKH FKRNH SODWH WR $FFHOHUDWRU 3XPS 6\VWHP 6HH ),*85( 
WKH FORVHG SRVLWLRQ ZKHQ WKH HQJLQH LV QRW UXQQLQJ
7KH DFFHOHUDWRU SXPS KDV D PHFKDQLFDOO\ RSHUDWHG GLD
&KRNH 5HOHDVH 0HFKDQLVP 6HH ),*85(  SKUDJP DQ LQOHW YDOYH DQG DQ RXWOHW YDOYH 6HH
),*85(  7KH DFFHOHUDWRU SXPS SOXQJHU LV DFWXDWHG
7KH FKRNH UHOHDVH PHFKDQLVP RSHQV WKH FKRNH SODWH
E\ OLQNDJH FRQQHFWHG WR WKH WKURWWOH VKDIW :KHQ WKH
ZKHQ WKH WKURWWOH SHGDO LV IXOO\ SXVKHG 7KH FKRNH UH
WKURWWOH LV RSHQHG RQ DFFHOHUDWLRQ WKH OLQNDJH SXVKHV WKH
OHDVH OLQNDJH FRQQHFWV WKH WKURWWOH VKDIW WR WKH FKRNH
SOXQJHU DJDLQVW D VSULQJ WKDW WRXFKHV WKH GLDSKUDJP
VKDIW 7KLV V\VWHP LV XVHG ZKHQ WU\LQJ WR VWDUW D FROG HQ
7KH VSULQJ FRPSUHVVHV DQG SXVKHV WKH GLDSKUDJP WR
JLQH WKDW KDV UHFHLYHG WRR PXFK IXHO
PRYH IXHO IURP WKH DFFHOHUDWRU SXPS FKDPEHU WKURXJK
3RZHU 6\VWHP 6HH ),*85(  WKH RXWOHW FKHFN YDOYH $Q LQOHW FKHFN YDOYH FORVHV WR
SUHYHQW IORZ RI IXHO EDFN WR WKH IORDW FKDPEHU 7KH IXHO
7KH SRZHU V\VWHP LQFUHDVHV WKH DPRXQW RI IXHO ZKHQ WKH
IORZV WKURXJK WKH DFFHOHUDWRU SXPS QR]]OH LQWR WKH PDLQ
HQJLQH LV XQGHU D ORDG RU GXULQJ DFFHOHUDWLRQ 6HH
YHQWXUL
),*85(  7KH SRZHU V\VWHP XVHV D SLVWRQ ZLWK D
VSULQJ DQG D SRZHU YDOYH 'XULQJ KLJK YDFXXP DW LGOH :KHQ WKH WKURWWOH SODWH LV FORVHG RQ GHFHOHUDWLRQ D UH
WKH YDFXXP SXOOV WKH SLVWRQ DJDLQVW WKH VSULQJ 7KH YDF WXUQ VSULQJ RQ WKH RWKHU VLGH RI WKH GLDSKUDJP SXVKHV WKH
XXP KROGV WKH SLVWRQ DQG WKH SLVWRQ GRHV QRW WRXFK WKH GLDSKUDJP DQG SOXQJHU DVVHPEO\ EDFN 7KH RXWOHW YDOYH


VSULQJ SXVKHV WKH EDOO DJDLQVW WKH VHDW DQG SUHYHQWV IXHO

IURP OHDYLQJ WKH FKDPEHU 7KH GLDSKUDJP PRYHPHQW
FDXVHV D YDFXXP WKDW RSHQV WKH LQOHW YDOYH DQG SXOOV IXHO
LQWR WKH SXPS FKDPEHU  
 

'(6&5,37,21 $1' 23(5$7,21 2)


7+( *29(5125 6HH ),*85( 

7KH JRYHUQRU NHHSV WKH HQJLQH VSHHG DW WKH VSHFLILFDWLRQ


 
OLPLW XQGHU DOO ORDG FRQGLWLRQV ZKHQ WKH WKURWWOH SODWH LQ
WKH FDUEXUHWRU LV IXOO\ RSHQ 7KH JRYHUQRU PHDVXUHV WKH   

DLU SUHVVXUH DERYH DQG EHORZ WKH FDUEXUHWRU WKURWWOH  &$0  287/(7 &+(&.
SODWH $ SLVWRQ DGMXVWV WKH JRYHUQRU WKURWWOH SODWH DV  ,1/(7 &+(&. 9$/9(
QHHGHG WR PDLQWDLQ WKH FRUUHFW HQJLQH VSHHG $ OHDI 9$/9(  12==/(
VSULQJ DQG D FRLO VSULQJ DUH XVHG WR FRQWURO WKH WHQVLRQ RI  /,1.$*(  0$,1 9(1785,
 3/81*(5  7+5277/(
WKH JRYHUQRU WKURWWOH SODWH 7KH DGMXVWPHQW VFUHZ  ',$3+5$*0 3/$7(
FKDQJHV WKH QXPEHU RI FRLOV XVHG E\ WKH FRLO VSULQJ 7KH
DGMXVWPHQW ZKHHO FKDQJHV WKH WHQVLRQ RI WKH FRLO VSULQJ ),*85(  $&&(/(5$725 3803 6<67(0

5(3$,56

&$5%85(725  5HPRYH WKH WZR QXWV IURP WKH VWXGV WKDW IDVWHQ WKH
FDUEXUHWRU DQG WKH JRYHUQRU WR WKH LQWDNH PDQLIROG 5H
5HPRYDO 6HH ),*85(  PRYH WKH FDUEXUHWRU DQG WKH JRYHUQRU IURP WKH LQWDNH
PDQLIROG
:$51,1*
.HHS DOO ILUH DQG VSDUNV DZD\ IURP WKH DUHD XVHG IRU 'LVDVVHPEO\
UHPRYDO DQG GLVDVVHPEO\ 7R SUHYHQW HOHFWULFDO 6HH ),*85(  DQG ),*85( 
VSDUNV GLVFRQQHFW WKH QHJDWLYH FDEOH DW WKH EDWWHU\
 5HPRYH WKH WZR QXWV WKDW IDVWHQ WKH DLU LQOHW WXEH WR
127( 7KH FDUEXUHWRU DQG JRYHUQRU XVH WKH VDPH WKH FDUEXUHWRU 5HPRYH WKH DLU LQOHW WXEH IURP WKH FDUEX
PRXQW VWXGV 5HPRYH WKH FDUEXUHWRU DQG WKH JRYHUQRU DV UHWRU
D VLQJOH XQLW
 8VH WDJV IRU WKH ORFDWLRQ RI WKH YDFXXP KRVHV EHIRUH
 8VH WDJV IRU WKH LGHQWLILFDWLRQ DQG ORFDWLRQ RI WKH YDF GLVDVVHPEO\ RI WKH FDUEXUHWRU 5HPRYH WKH YDFXXP
XXP DQG HQJLQH FRRODQW KRVHV EHIRUH WKH UHPRYDO RI WKH KRVHV IURP WKH FDUEXUHWRU
FDUEXUHWRU DQG WKH JRYHUQRU
 5HPRYH WKH ILYH VFUHZV WKDW IDVWHQ WKH DLU KRUQ WR WKH
 'LVFRQQHFW WKH DLU ILOWHU KRVH DQG WKH YDFXXP KRVHV DW IORDW ERZO KRXVLQJ 6HSDUDWH WKH DLU KRUQ IURP WKH KRXV
WKH DLU LQOHW WXEH RQ WKH FDUEXUHWRU LQJ 7KH LGOH FRPSHQVDWRU YDOYH ILWV ORRVHO\ LQ WKH KRXV
LQJ DQG ZLOO IDOO RXW LI WKH KRXVLQJ LV WXUQHG XSVLGH GRZQ
 'LVFRQQHFW WKH IXHO OLQH DW WKH FDUEXUHWRU 3XW D FDS RQ
WKH RSHQ IXHO OLQH  5HPRYH WKH WZR VFUHZV DQG ORFN ZDVKHUV WKDW IDVWHQ
WKH WKURWWOH ERG\ WR WKH IORDW ERZO KRXVLQJ 6HSDUDWH WKH
 'LVFRQQHFW WKH WKURWWOH FDEOH DW WKH FDUEXUHWRU 'LV
WKURWWOH ERG\ IURP WKH KRXVLQJ 5HPRYH WKH SODVWLF
FRQQHFW WKH VROHQRLG ZLUH DW WKH FRQQHFWRU
VSDFHU DQG WKH JDVNHWV
 'LVFRQQHFW WKH YDFXXP KRVHV DW WKH JRYHUQRU
 5HPRYH WKH VFUHZ DQG WKH UHWDLQHU IRU WKH SRZHU SLV
 'LVFRQQHFW WKH HQJLQH FRRODQW OLQHV DW WKH FDUEXUHWRU WRQ 5HPRYH WKH SRZHU SLVWRQ DQG WKH VSULQJ IURP WKH
DQG WKH JRYHUQRU ERUH


 5HPRYH WKH SLYRW SLQ DW WKH IORDW 5HPRYH WKH IORDW ERZO KRXVLQJ
DQG WKH LQOHW YDOYH %H FDUHIXO ZKHQ UHPRYLQJ WKH IORDW
 &DUHIXOO\ OLIW WKH RXWOHW QR]]OH IRU WKH DFFHOHUDWRU
IURP WKH LQOHW ERG\ ,I WKH WDEV RQ WKH IORDW DUH EHQW GXU
SXPS DQG WKH UHWDLQHU IRU WKH QR]]OH IURP WKH VORW LQ WKH
LQJ UHPRYDO WKH IORDW ZLOO QRW EH DGMXVWHG FRUUHFWO\ 5H
IORDW ERZO KRXVLQJ 5HPRYH WKH VSULQJ DQG WKH FKHFN
PRYH WKH LQOHW YDOYH VHDW IURP WKH DLU KRUQ
EDOO IURP WKH ERUH
 5HPRYH WKH WKUHH VFUHZV IURP WKH FRYHU RI WKH FKRNH
 5HPRYH WKH VORZ VSHHG MHW IURP WKH IORDW ERZO KRXV
UHOHDVH PHFKDQLVP &DUHIXOO\ UHPRYH WKH FRYHU DQG WKH
LQJ 5HPRYH WKH IORDW FKDPEHU SOXJ DQG ZDVKHU WR UHDFK
UHWXUQ VSULQJ 5HPRYH WKH GLDSKUDJP DQG OHYHU
WKH PDLQ MHW 5HPRYH WKH PDLQ MHW DQG ZDVKHU IURP WKH
 5HPRYH WKH LGOH FRPSHQVDWRU YDOYH IURP WKH IORDW IORDW ERZO KRXVLQJ




 '

&


$ %

 

&
'
 





 %
(
 






(

 $,5 +251  ,'/( -(7  ,'/( 62/(12,'


 9$&880 +26(  ,'/( $&78$725 )8(/ 6+872))
 )/2$7  '5$,1 3/8*  ,'/( 0,;785( 6&5(:
 675$,1(5 $1' )8(/ 9$/9(  $&&(/(5$725 3803  7+5277/( %2'<
 32:(5 9$/9( $66(0%/<  &+2.( $&78$725 $66(0%/<
 ,'/( &203(16$725  )/2$7 %2:/ +286,1*  &+2.( 5(/($6(
 25,1*  *$6.(76
 12==/(

),*85(  3$576 2) 7+( &$5%85(725


 5HPRYH WKH IRXU VFUHZV DQG ZDVKHUV IURP WKH FRYHU ,QVSHFWLRQ
RI WKH DFFHOHUDWRU SXPS &DUHIXOO\ UHPRYH WKH FRYHU GL
,QVSHFW WKH FDUEXUHWRU SDUWV IRU FRUUHFW RSHUDWLRQ ZHDU
DSKUDJP DQG UHWXUQ VSULQJ IURP WKH IORDW ERZO KRXVLQJ
RU GDPDJH 5HSODFH WKH FDUEXUHWRU SDUWV RU WKH FDUEXUH
 5HPRYH WKH LGOH FRQWURO DFWXDWRU DQG WKH VROHQRLG WRU DV QHFHVVDU\
YDOYH IURP WKH IORDW ERZO KRXVLQJ  ,QVSHFW WKH FDUEXUHWRU ERG\ IRU FUDFNV GLVWRUWLRQ RU
RWKHU GDPDJH ,QVSHFW HDFK JDVNHW VXUIDFH IRU GDPDJH
 5HPRYH WKH LGOH PL[WXUH VFUHZ DQG VSULQJ IURP WKH
WKURWWOH ERG\  ,QVSHFW WKH FKRNH SODWH VKDIW DQG OLQNDJH IRU ZHDU DQG
GDPDJH &KHFN IRU URXJK HGJHV RQ WKH FKRNH SODWH
&OHDQLQJ 0DNH VXUH WKH FKRNH SODWH PRYHV IUHHO\ ,QVSHFW WKH
FKRNH UHWXUQ VSULQJV IRU GLVWRUWLRQ DQG GDPDJH ,QVSHFW
:$51,1* WKH YDFXXP EUHDN GLDSKUDJP DQG UHWXUQ VSULQJ IRU GDP
7KH VROYHQW IRU FOHDQLQJ FDUEXUHWRUV LV YHU\ IODP DJH
PDEOH &DUHIXOO\ IROORZ WKH LQVWUXFWLRQV RI WKH
 ,QVSHFW WKH WKURWWOH SODWH VKDIW DQG OLQNDJH IRU ZHDU RU
PDQXIDFWXUHU
GDPDJH &KHFN IRU URXJK HGJHV RQ WKH WKURWWOH SODWH
0DNH VXUH WKH WKURWWOH SODWH PRYHV IUHHO\ ,QVSHFW WKH
:$51,1* WKURWWOH EXVKLQJV DQG UHWXUQ VSULQJV IRU GDPDJH
&RPSUHVVHG DLU FDQ FDXVH VPDOO SDUWLFOHV WR HQWHU
\RXU VNLQ $OZD\V ZHDU SURWHFWLYH JRJJOHV ZKHQ XV  ,QVSHFW WKH DFFHOHUDWRU SXPS GLDSKUDJP DQG UHWXUQ
LQJ FRPSUHVVHG DLU VSULQJ IRU GDPDJH 0DNH VXUH WKH SDVVDJH LQ WKH DFFHOHU
DWRU SXPS QR]]OH LV RSHQ
&$87,21  &KHFN WKH RSHUDWLRQ RI WKH SRZHU YDOYH DQG SLVWRQ
'R QRW XVH FOHDQLQJ VROYHQW WR FOHDQ WKH IORDW FKRNH 7KH SRZHU YDOYH DQG SLVWRQ PXVW PRYH IUHHO\ LQ WKHLU
GLDSKUDJP DFFHOHUDWRU SXPS GLDSKUDJP VROHQRLG ERUHV 0DNH VXUH WKH SLVWRQ DQG WKH SLVWRQ ERUH DUH
YDOYH DQG WKH LGOH FRQWURO DFWXDWRU 'R QRW XVH FOHDQ FOHDQ &KHFN WKH SLVWRQ VSULQJ IRU GDPDJH ,QVSHFW WKH
LQJ IOXLG RQ WKH 2ULQJV DW WKH LGOH FRPSHQVDWRU SRUW
VSULQJ DQG UHWDLQHU FOLS RQ WKH SRZHU YDOYH IRU GDPDJH
DQG WKH DFFHOHUDWRU SXPS QR]]OH 5HPRYH WKH 2
ULQJV EHIRUH FOHDQLQJ WKH FDUEXUHWRU %H FDUHIXO  ,QVSHFW WKH LGOH FRPSHQVDWRU YDOYH DQG 2ULQJ IRU
ZKHQ FOHDQLQJ WKH SODVWLF DQG Q\ORQ SDUWV RQ WKH GDPDJH &KHFN WKH PHWDO VSULQJ IRU GDPDJH 5HSODFH
FDUEXUHWRU )ROORZ WKH LQVWUXFWLRQV RI WKH FOHDQLQJ
WKH YDOYH LI LW LV LQ WKH RSHQ SRVLWLRQ
VROYHQW PDQXIDFWXUHU IRU FOHDQLQJ SODVWLF DQG Q\
ORQ  ,QVSHFW WKH FDUEXUHWRU MHWV IRU ZHDU RU GDPDJH
 ,QVSHFW WKH IORDW DQG LQOHW YDOYH IRU ZHDU DQG GDPDJH
'LUW RU ZDWHU LQVLGH RU RXWVLGH WKH FDUEXUHWRU LV RIWHQ WKH
0DNH VXUH WKH QHHGOH PRYHV IUHHO\ LQ WKH VHDW 0DNH
FDXVH RI FDUEXUHWRU SUREOHPV ,W LV LPSRUWDQW WKDW WKH
VXUH WKH LQOHW VFUHHQ LV FOHDQ
FDUEXUHWRU EH FRPSOHWHO\ FOHDQHG EHIRUH DVVHPEO\
 ,QVSHFW WKH FDUEXUHWRU VFUHZV DQG QXWV IRU GDPDJHG
:DVK DOO WKH PHWDO FDUEXUHWRU SDUWV ZLWK D FDUEXUHWRU WKUHDGV
FOHDQLQJ VROYHQW 8VH FRPSUHVVHG DLU WR FOHDQ WKH MHWV
DQG SDVVDJHV RI WKH FDUEXUHWRU 'R QRW XVH FRPSUHVVHG  ,QVSHFW WKH KRVHV IRU GDPDJH &KHFN WKH KRVHV IRU D
DLU RQ WKH GLDSKUDJPV JRRG VHDO DW WKH SRUWV
 ,QVSHFW WKH VHDO RQ WKH FDUEXUHWRU LQOHW WXEH
&$87,21
'R QRW XVH D ZLUH EUXVK WR FOHDQ DQ\ SDUWV RI WKH FDU $VVHPEO\ 6HH ),*85(  DQG ),*85( 
EXUHWRU 'R QRW XVH D GULOO RU ZLUH WR FOHDQ WKH MHWV RU
127( 8VH QHZ JDVNHWV DQG GLDSKUDJPV GXULQJ WKH DV
SDVVDJHV RI WKH FDUEXUHWRU
VHPEO\ RI WKH FDUEXUHWRU
8VH D FOHDQ FORWK IRU FOHDQLQJ WKH SDUWV WKDW FDQQRW EH  ,QVWDOO WKH JDVNHWV DQG WKH VSDFHU RQ WKH WKURWWOH ERG\
FOHDQHG LQ VROYHQW +ROG WKH WKURWWOH OLQNDJH LQ WKH RSHQ SRVLWLRQ DQG LQVWDOO


WKH IORDW ERZO KRXVLQJ RQ WKH WKURWWOH ERG\ ,QVWDOO DQG D +ROG WKH IORDW ERZO KRXVLQJ LQ D YHUWLFDO SRVLWLRQ
WLJKWHQ WKH WZR VFUHZV VR WKDW WKH IORDW KLQJH LV DERYH WKH IORDW 7KH WDE
RQ WKH IORDW KLQJH PXVW OLJKWO\ SXVK WKH QHHGOH RI
 ,QVWDOO WKH LGOH PL[WXUH VFUHZ DQG VSULQJ LQ WKH WKURWWOH WKH IXHO LQOHW YDOYH 0HDVXUH WKH GLVWDQFH IURP
ERG\ WKH FORVHVW SDUW RI WKH IORDW WR WKH FRYHU 7KLV GLV
WDQFH PXVW EH PP  LQ  7KLV VHWWLQJ NHHSV
 ,QVWDOO WKH GLDSKUDJP LQ WKH DFFHOHUDWRU SXPS FRYHU WKH IXHO OHYHO LQ WKH IORDW FKDPEHU DW PP 
3XW WKH UHWXUQ VSULQJ LQWR SRVLWLRQ RQ WKH GLDSKUDJP LQ EHORZ WKH WRS HGJH RI WKH IORDW FKDPEHU ZKHQ
,QVWDOO WKH UHWXUQ VSULQJ DQG WKH FRYHU RQ WKH IORDW ERZO WKH HQJLQH LV UXQQLQJ
KRXVLQJ :KHQ WKH FRYHU LV LQVWDOOHG WKH UROOHU RQ WKH E 7R FKDQJH WKH IORDW VHWWLQJ FDUHIXOO\ EHQG WKH WDE
SXPS OHYHU PXVW EH DOLJQHG ZLWK WKH FDP RQ WKH WKURWWOH RQ WKH IORDW KLQJH DVVHPEO\ WKDW WRXFKHV WKH
VKDIW 3XW WKH UROOHU LQ D SRVLWLRQ VR WKDW WKH WKURWWOH VKDIW QHHGOH YDOYH 0HDVXUH WKH GLVWDQFH EHWZHHQ WKH
FDP DFWLYDWHV WKH UROOHU DQG SXPS DVVHPEO\ ZKHQ WKH IORDW DQG WKH LQOHW FRYHU WR PDNH VXUH WKDW WKH VHW
WKURWWOH LV RSHQHG ,QVWDOO DQG WLJKWHQ WKH IRXU VFUHZV DQG WLQJ LV FRUUHFW
ZDVKHUV
 ,QVWDOO WKH 2ULQJ IRU WKH LGOH FRPSHQVDWRU YDOYH LQ
 ,QVWDOO WKH FKHFN EDOO DQG WKH VSULQJ LQ WKH RXWOHW SDV WKH IORDW ERZO KRXVLQJ ,QVWDOO WKH LGOH FRPSHQVDWRU
VDJH RI WKH DFFHOHUDWRU SXPS ,QVWDOO WKH DFFHOHUDWRU YDOYH LQ WKH KRXVLQJ 6HH ),*85( 
SXPS QR]]OH LQ WKH IORDW ERZO KRXVLQJ

 ,QVWDOO WKH PDLQ MHW DQG ZDVKHU LQ WKH IORDW ERZO KRXV

LQJ ,QVWDOO WKH GUDLQ SOXJ DQG ZDVKHU LQ WKH KRXVLQJ

,QVWDOO WKH VORZ VSHHG MHW LQ WKH KRXVLQJ

 ,QVWDOO WKH VROHQRLG YDOYH LQ WKH IORDW ERZO KRXVLQJ

 ,QVWDOO WKH SRZHU SLVWRQ DQG VSULQJ LQ WKH DLU KRUQ


,QVWDOO WKH UHWDLQHU DQG VFUHZ IRU WKH SRZHU SLVWRQ 0DNH
VXUH WKH SLVWRQ PRYHV IUHHO\ LQ WKH ERUH

 ,QVWDOO WKH FKRNH UHOHDVH GLDSKUDJP DQG OHYHU RQ WKH


DLU KRUQ ,QVWDOO WKH OHYHU EHKLQG D WDE RQ WKH DLU KRUQ 3XW
WKH HQG RI WKH GLDSKUDJP OHYHU DJDLQVW WKH FKRNH SODWH  25,1*
 ,'/( &203(16$725
OHYHU 7KH DOLJQPHQW LV FRUUHFW LI WKH FKRNH SODWH RSHQV 9$/9(
ZKHQ WKH HQG RI WKH GLDSKUDJP OHYHU LV SXVKHG ,QVWDOO
WKH VSULQJ LQ WKH GLDSKUDJP FRYHU ,QVWDOO WKH VSULQJ DQG ),*85(  ,'/( &203(16$725
FRYHU RQ WKH GLDSKUDJP DQG WKH DLU KRUQ ,QVWDOO DQG
WLJKWHQ WKH WKUHH VFUHZV DQG ZDVKHUV &RQQHFW WKH YDFX  ,QVWDOO WKH DLU KRUQ DQG JDVNHW WR WKH IORDW ERZO KRXV
XP KRVH DQG GHOD\ YDOYH WR WKH UHOHDVH GLDSKUDJP 0DNH LQJ ,QVWDOO DQG WLJKWHQ WKH VFUHZV ,QVWDOO WKH VROHQRLG LQ
VXUH WKH \HOORZ HQG RI WKH GHOD\ YDOYH LV WRZDUG WKH GLD WKH IORDW ERZO KRXVLQJ
SKUDJP
 ,QVWDOO WKH LGOH DFWXDWRU RQ WKH IORDW ERZO KRXVLQJ
 ,QVWDOO WKH LQOHW YDOYH VHDW LQ WKH IORDW ERZO KRXVLQJ ,QVWDOO WKH FKHFN YDOYH DQG YDFXXP KRVHV 0DNH VXUH WKH
3XW WKH LQOHW QHHGOH LQ SRVLWLRQ RQ WKH IORDW WDE /RZHU DUURZ RQ WKH FKHFN YDOYH LV WRZDUG WKH LGOH DFWXDWRU
WKH LQOHW QHHGOH LQWR WKH LQOHW VHDW ZKLOH DOLJQLQJ WKH IORDW
,QVWDOODWLRQ 6HH ),*85( 
KLQJH ZLWK WKH KLQJH PRXQW KROH &RQQHFW WKH IORDW
KLQJH WR WKH KRXVLQJ ZLWK WKH IORDW KLQJH VKDIW 0DNH 127( 7KH YDFXXP DQG HQJLQH FRRODQW KRVHV LQVWDOOHG
VXUH WKH LQOHW QHHGOH PRYHV IUHHO\ LQ WKH VHDW ZKHQ WKH RQ WKH FDUEXUHWRU DQG JRYHUQRU DUH PDGH RI VSHFLDO
IORDW LV UDLVHG DQG ORZHUHG &KHFN DQG DGMXVW WKH IORDW DV KLJKWHPSHUDWXUH PDWHULDO ,I DQ\ RI WKH KRVHV DUH UH
IROORZV SODFHG PDNH VXUH WKH FRUUHFW KRVHV DUH LQVWDOOHG


 ,QVWDOO WKH JRYHUQRU DQG JDVNHW RQ WKH HQJLQH PDQ  &RQQHFW WKH HQJLQH FRRODQW KRVHV WR WKH FDUEXUHWRU
LIROG VWXGV ,QVWDOO WKH FDUEXUHWRU DQG JDVNHW RQ WKH JRY DQG JRYHUQRU )RU WKH ORFDWLRQ RI WKH KRVHV VHH
HUQRU ,QVWDOO DQG WLJKWHQ WKH QXWV RQ WKH VWXGV ),*85( 
 &RQQHFW WKH YDFXXP KRVHV WR WKH FDUEXUHWRU DQG JRY  &RQQHFW WKH VROHQRLG ZLUH
HUQRU )RU WKH ORFDWLRQ RI WKH KRVHV VHH ),*85( 
 &RQQHFW WKH WKURWWOH FDEOH WR WKH FDUEXUHWRU
  ,QVWDOO WKH DLU LQOHW WXEH RQ WKH FDUEXUHWRU ,QVWDOO DQG
WLJKWHQ WKH WZR QXWV &RQQHFW WKH LQOHW WXEH WR WKH DLU ILO
  WHU KRVH


 *29(5125
127( 3DUWV DUH QRW DYDLODEOH IRU UHSDLULQJ WKH JRYHU
QRU ,I WKH JRYHUQRU QHHGV UHSDLU UHSODFH LW ZLWK D QHZ
JRYHUQRU 7KH YDFXXP KRVHV LQVWDOOHG RQ WKH JRYHUQRU
DUH PDGH RI VSHFLDO KLJKWHPSHUDWXUH PDWHULDO ,I DQ\ RI
  WKH KRVHV DUH UHSODFHG PDNH VXUH WKH FRUUHFW KRVHV DUH
LQVWDOOHG
 3/8*
 72 (1*,1( &22/$17
 72 $,5 ,1/(7 78%(
 72 ,'/( 63((' $&78$725
 72 (1*,1( &22/$17
 72 ',675,%8725
 72 &$5%85(725
 72 &+2.( 5(/($6( 0(&+$1,60

),*85(  *29(5125 &211(&7,216

&+(&.6 $1' $'-8670(176


*29(5125
6HH ),*85(  DQG ),*85(  

127( 7KH YDFXXP KRVHV LQVWDOOHG RQ WKH JRYHUQRU DUH


PDGH RI VSHFLDO KLJKWHPSHUDWXUH PDWHULDO ,I DQ\ RI WKH
KRVHV DUH UHSODFHG PDNH VXUH WKH FRUUHFW KRVHV DUH
LQVWDOOHG

7KH JRYHUQRU GRHV QRW QRUPDOO\ QHHG DGMXVWPHQW ,I DG 
MXVWPHQW LV QHFHVVDU\ GR QRW WXUQ WKH DGMXVWPHQW VFUHZV
PRUH WKDQ  WXUQ DW D WLPH ,I WKH DGMXVWPHQW VFUHZV DUH  0$,1 $'-8670(17 :+((/
WXUQHG PRUH WKDQ WKLV WKH JRYHUQRU FDQ EH GLIILFXOW WR DG  6(&21'$5< $'-8670(17 6&5(:
 /2&. 6&5(:
MXVW
),*85(  *29(5125 $'-8670(17


%HIRUH PDNLQJ DQ\ DGMXVWPHQWV WR WKH JRYHUQRU FKHFN  5XQ WKH HQJLQH ZLWK WKH WKURWWOH IXOO\ RSHQ WKHQ SXOO
WKH IROORZLQJ RQ WKH 7LOW OHYHU WR ORDG WKH HQJLQH 7KH JRYHUQRU VHWWLQJ
œ 0DNH VXUH WKH PHFKDQLFDO HOHFWULFDO DQG IXHO LV FRUUHFW ZKHQ WKH HQJLQH UXQV VPRRWKO\ ZLWKRXW VSHHG
V\VWHPV DUH RSHUDWLQJ FRUUHFWO\ FKDQJHV  DQG WKH GLIIHUHQFH LQ VSHHG EHWZHHQ WKH ORDG
DQG QR ORDG FRQGLWLRQV LV ZLWKLQ WKH OLPLWV RI WKH VSHFLIL
œ 0DNH VXUH WKH WDFKRPHWHU ZLOO ZRUN ZLWK WKH
FDWLRQV
LJQLWLRQ V\VWHP
œ 0DNH VXUH WKH DLU ILOWHU LV FOHDQ DQG FRQQHFWHG WR  ,I WKH HQJLQH VSHHG FKDQJHV ORRVHQ WKH ORFN VFUHZ DQG
WKH FDUEXUHWRU WXUQ WKH VHFRQGDU\ DGMXVWPHQW VFUHZ  WXUQ FORFNZLVH
$SSO\ WKH SDUNLQJ EUDNH :LWK WKH HQJLQH DW RSHUDWLQJ 6HW WKH PD[LPXP QR ORDG HQJLQH VSHHG E\ WXUQLQJ WKH
WHPSHUDWXUH DGMXVW WKH JRYHUQRU DV IROORZV PDLQ DGMXVWPHQW ZKHHO FRXQWHUFORFNZLVH 5HSHDW WKLV
SURFHGXUH XQWLO WKH HQJLQH VSHHG LV VWHDG\
 5HPRYH WKH ORFN ZLUH IURP WKH JRYHUQRU ORFN VFUHZ
/RRVHQ WKH JRYHUQRU ORFN VFUHZ  ,I WKH HQJLQH VSHHG GLIIHUHQFH EHWZHHQ WKH ORDG DQG QR
 :LWK QR ORDG RQ WKH HQJLQH UXQ WKH HQJLQH DW IXOO RSHQ ORDG FRQGLWLRQV LV JUHDWHU WKDQ VSHFLILHG WXUQ WKH PDLQ
WKURWWOH WR REWDLQ PD[LPXP HQJLQH VSHHG 7R DGMXVW WKH DGMXVWPHQW ZKHHO  WXUQ FORFNZLVH 6HW WKH PD[LPXP
PD[LPXP QR ORDG VSHHG KROG WKH VHFRQGDU\ DGMXVWPHQW QR ORDG HQJLQH VSHHG E\ WXUQLQJ WKH VHFRQGDU\ DGMXVW
VFUHZ DQG WXUQ WKH PDLQ DGMXVWPHQW ZKHHO 7XUQ WKH PHQW VFUHZ FRXQWHUFORFNZLVH 5HSHDW WKLV SURFHGXUH
PDLQ DGMXVWLQJ ZKHHO FORFNZLVH WR LQFUHDVH HQJLQH XQWLO WKH HQJLQH UXQV FRUUHFWO\
VSHHG DQG FRXQWHUFORFNZLVH WR GHFUHDVH HQJLQH VSHHG
 :KHQ WKH JRYHUQRU DGMXVWPHQW LV FRUUHFW WLJKWHQ WKH
6HW WKH PD[LPXP HQJLQH VSHHG WR  WR  USP
ORFN VFUHZ DQG LQVWDOO ZLUH EHWZHHQ WKH ORFN VFUHZ DQG
 7LJKWHQ WKH JRYHUQRU ORFN VFUHZ WKH VHFRQGDU\ DGMXVWPHQW VFUHZ




 0$,1 $'-8670(17 :+((/


 6(&21'$5< $'-8670(17
6&5(:
 /2&. 6&5(:

),*85(  *29(5125 $'-8670(176



&$5%85(725 D $GMXVW WKH LGOH VSHHG DQG PL[WXUH DV GHVFULEHG
DERYH
,GOH 6SHHG $QG 0L[WXUH $GMXVWPHQW E :LWK WKH HQJLQH UXQQLQJ DW LGOH VSHHG DGMXVW WKH
6HH ),*85(  LGOH FRQWURO VFUHZ  VR WKDW WKHUH LV  WR 
 7KH HQJLQH PXVW EH DW WKH QRUPDO RSHUDWLQJ WHPSHUD PP  WR  LQ FOHDUDQFH EHWZHHQ WKH
WXUH 6WRS WKH HQJLQH $SSO\ WKH SDUNLQJ EUDNH &KHFN VFUHZ DQG WKH FRQWURO URG  
WKDW WKH FKRNH SODWH LV IXOO\ RSHQ &RQQHFW D WDFKRPHWHU F 'LVFRQQHFW WKH YDFXXP KRVH IURP WKH LGOH FRQ
WR WKH HQJLQH WURO DFWXDWRU   3XW D SOXJ LQ WKH HQG RI WKH KRVH
&KHFN WKDW WKH LGOH VSHHG LQFUHDVHV WR  WR
 3XW WKH WUDQVPLVVLRQ LQ 1(875$/ 6WDUW WKH HQJLQH  USP
6HH ),*85(  7XUQ WKH LGOH VSHHG VFUHZ  XQWLO WKH G &RQQHFW WKH YDFXXP KRVH DQG FODPS WR WKH LGOH
LGOH VSHHG LV  WR  USP 8VH DQ H[KDXVW JDV DQDO\] FRQWURO DFWXDWRU   &KHFN WKDW WKH FOHDUDQFH EH
HU WR FKHFN WKDW WKH &2 UHDGLQJ LV  WR  DW LGOH WZHHQ WKH LGOH FRQWURO VFUHZ  DQG WKH FRQWURO
URG  LV VWLOO  WR  PP  WR  LQ 
&$87,21 $GMXVW WKH LGOH FRQWURO VFUHZ DV QHFHVVDU\ WR RE
7KH PL[WXUH VFUHZ ZLOO EH GDPDJHG LI LW LV WLJKWHQHG WDLQ WKH FRUUHFW FOHDUDQFH ,W LV LPSRUWDQW WKDW WKH
DJDLQVW LWV VHDW LGOH FRQWURO VFUHZ GRHV QRW WRXFK WKH FRQWURO URG
ZKLOH WKH HQJLQH LV UXQQLQJ DW LGOH
 7XUQ WKH LGOH PL[WXUH VFUHZ  XQWLO WKH WDFKRPHWHU
LQGLFDWHV WKH KLJKHVW LGOH VSHHG 5HSHDW VWHS  DQG VWHS   &KHFN WKDW WKH HQJLQH UXQV DW LWV JRYHUQHG VSHHG ZKHQ
XQWLO WKH LGOH VSHHG LV  WR  USP WKH DFFHOHUDWRU SHGDO RU WKH 0212752/9 SHGDO
UHDFKHV WKH IORRU SODWH ,I QHFHVVDU\ DGMXVW WKH WKURWWOH
FDEOH DW WKH EUDFNHW RQ WKH HQJLQH /RRVHQ WKH ORFN QXWV
DQG PRYH WKH FDEOH DV QHFHVVDU\ &KHFN WKDW WKH PD[L
PXP HQJLQH VSHHG LV  WR  USP
 :KHQ DGMXVWPHQWV DUH FRPSOHWH FKHFN WKH IXHO PL[
WXUH IRU WKH SRZHU V\VWHP ZLWK DQ H[KDXVW JDV DQDO\]HU
 DV IROORZV
D ,QVWDOO DQ H[KDXVW JDV DQDO\]HU LQ WKH H[KDXVW
 SLSH &RQQHFW D WDFKRPHWHU WR WKH HQJLQH 6WDUW
WKH HQJLQH DQG SXOO EDFN RQ WKH 7,/7 OHYHU WR SXW D
 ORDG RQ WKH HQJLQH )XOO\ GHSUHVV WKH DFFHOHUDWRU
SHGDO DQG FKHFN WKH UHDGLQJ RQ WKH H[KDXVW JDV
 DQDO\]HU 7KH FRUUHFW UHDGLQJ LV  WR  &2
FDUERQ PRQR[LGH PD[LPXP
 E ,I WKH UHDGLQJ LV QRW FRUUHFW WKH SRZHU MHW RU RWKHU
 SDUWV RI WKH SRZHU V\VWHP QHHG WR EH UHSODFHG
7+5277/( /,1.$*( $'-8670(17
6HH ),*85( 

 ,'/( 63((' 6&5(: &$87,21


 ,'/( 0,;785( 6&5(: 7KH DGMXVWPHQW RI WKH WKURWWOH FDEOH PXVW EH FRUUHFW
 ,'/( &21752/ 6&5(: RU LW FDQ EUHDN GXULQJ RSHUDWLRQ 7KH DFFHOHUDWRU
 &21752/ 52' 
 ,'/( &21752/ $&78$725 SHGDO RU WKH 0212752/ SHGDO PXVW UHDFK WKH
 9$&880 +26( &211(&7,21 SHGDO VWRS IORRU SODWH E\ WKH WLPH WKH WKURWWOH SODWH
LQ WKH FDUEXUHWRU LV IXOO\ RSHQ
),*85(  &$5%85(725 $'-8670(176
127( (DFK WLPH WKH WKURWWOH V\VWHP LV GLVDVVHPEOHG LW
 &KHFN WKH LGOH FRQWURO DGMXVWPHQW DV IROORZV LV LPSRUWDQW WR DGMXVW WKH WKURWWOH FDEOH


127( $GMXVW WKH WKURWWOH SHGDO ZKHQ WKH HQJLQH LV UXQ
QLQJ DW LGOH DQG DW WKH QRUPDO RSHUDWLQJ WHPSHUDWXUH

 :LWK WKH WKURWWOH SHGDO UHOHDVHG DGMXVW WKH XSSRVL 
WLRQ SHGDO VWRS XQWLO WKH WHQVLRQ LV UHPRYHG IURP WKH 
WKURWWOH FDEOH 

 /RRVHQ WKH FDEOH KRXVLQJ  DW WKH EUDFNHW DQG DGMXVW


WKH LGOH VSHHG DV GHVFULEHG LQ ,GOH 6SHHG $GMXVWPHQW 

 0DNH VXUH WKH WKURWWOH OLQNDJH DW WKH SHGDO DVVHPEO\ LV


LQ WKH FRUUHFW SRVLWLRQ 7KH WKURWWOH FDEOH PXVW EH FRQ
QHFWHG WR WKH ERWWRP KROH LQ WKH FUDQN  

 0DNH VXUH WKH FDEOH HQG  LV LQ WKH FDUEXUHWRU OLQN


DJH $GMXVW WKH OHQJWK RI WKH FDEOH KRXVLQJ VR WKDW WKH
FDEOH LV QRW ORRVH :LWK WKH HQJLQH UXQQLQJ DW WKH FRUUHFW

LGOH VSHHG FKDQJH WKH SRVLWLRQ RI WKH FDEOH KRXVLQJ 
ZLWK WKH QXWV  


 7XUQ WKH SHGDO VWRS  GRZQ XQWLO LW LV DJDLQVW WKH MDP
QXW   'HSUHVV WKH DFFHOHUDWRU SHGDO  XQWLO WKH
WKURWWOH SODWH RQ WKH FDUEXUHWRU LV ZLGH RSHQ 7XUQ WKH
SHGDO VWRS  XS XQWLO LW WRXFKHV WKH SHGDO 7XUQ WKH SHG   3('$/ 6723
  -$0 187
DO VWRS XS DQRWKHU  WXUQ 7LJKWHQ WKH MDP QXW    &5$1.
&KHFN WKDW WKH KHLJKW RI WKH SHGDO VWRS LV DSSUR[LPDWHO\  &$%/( (1'
 PP  LQ   $&&(/(5$725  7+5277/( &$%/(
3('$/  -$0 1876
 /,1.  &$%/( +286,1*

),*85(  7+5277/( &$%/(


$55$1*(0(17


&KHFN WKH 0212752/9 3HGDO
6HH ),*85( 
127( 0RYH WKH 0212752/ SHGDO E\ DSSO\LQJ
SUHVVXUH WR WKH LQQHU HGJH RI WKH SHGDO EXWWRQV
6ORZO\ PRYH WKH 0212752/ SHGDO IURP )25:$5'
WR 5(9(56( DQG IURP 5(9(56( WR )25:$5'
7KHUH PXVW EH VRPH PRYHPHQW RI WKH SHGDO SDG EHIRUH
WKH SHGDO IUDPH PRYHV DQG WKH WKURWWOH RSHQV







  
 3('$/ 3$'
 /,1.
 
 &5$1.
 3('$/ )5$0(
 )25:$5' 62/(12,' %/$&. :,5(
 %$77(5< 5(' :,5(
 5(9(56( 62/(12,' <(//2: :,5(
 &255(&7 +2/(6 )25 7+( /,1.$*(

),*85(  0212752/ 3('$/ $1'


/,1.$*(


7528%/(6+227,1*

352%/(0 3266,%/( &$86( 352&('85( 25 $&7,21

7KH HQJLQH ZLOO QRW VWDUW RU LV 7KH IXHO VROHQRLG YDOYH LV QRW RSHUDW ,QVWDOO QHZ IXHO VROHQRLG YDOYH
GLIILFXOW WR VWDUW LQJ FRUUHFWO\
7KH FKRNH UHOHDVH GLDSKUDJP LV GDP 5HSODFH GLDSKUDJP
DJHG
7KH YDFXXP KRVH IRU WKH FKRNH GLD 5HPRYH UHVWULFWLRQ RU LQVWDOO QHZ
SKUDJP KDV D UHVWULFWLRQ KRVH
7KH GLDSKUDJP YDFXXP KRVH LV GLV &RQQHFW WKH KRVH RU UHSODFH LI GDP
FRQQHFWHG RU KDV D OHDN DJHG
7KH DLU MHW IRU WKH FKRNH UHOHDVH GLD &KHFN FOHDQ RU LQVWDOO QHZ SDUWV DV
SKUDJP KDV D UHVWULFWLRQ UHTXLUHG
7KH VFUHHQ DW WKH IXHO LQOHW YDOYH KDV 5HPRYH WKH UHVWULFWLRQ
D UHVWULFWLRQ
7KH LQOHW YDOYH QHHGOH GRHV QRW &KHFN FOHDQ RU LQVWDOO QHZ SDUWV DV
PRYH UHTXLUHG
7KH FKRNH SODWH GRHV QRW PRYH FRU 5HSDLU FKRNH SODWH RU RYHUKDXO FDUEX
UHFWO\ UHWRU

7KH VPRNH IURP WKH H[KDXVW 7KH DLU ILOWHU KDV UHVWULFWLRQV &KHFN DLU UHVWULFWLRQ LQGLFDWRU &OHDQ
LV EODFN RU LQVWDOO QHZ ILOWHU HOHPHQW
7KH HQJLQH LQOHW YDOYH V ZLOO QRW FORVH $GMXVW YDOYHV *ULQG YDOYHV ,QVWDOO
RU KDV GDPDJH QHZ YDOYH VSULQJV
7KH FDUEXUHWRU IORDW DGMXVWPHQW LV QRW &KHFN DQG DGMXVW IORDW OHYHO
FRUUHFW IXHO OHYHO LV WRR KLJK 
7KH IORDW KDV GDPDJH ,QVWDOO QHZ IORDW &KHFN DQG DGMXVW
IORDW OHYHO
7KH FKRNH SODWH GRHV QRW PRYH 5HSDLU FKRNH SODWH RU RYHUKDXO FDUEX
UHWRU
7KH FRRODQW KRVH KDV D UHVWULFWLRQ 5HPRYH UHVWULFWLRQ ,QVWDOO QHZ KRVH
7KH FKRNH OLQNDJH LV QRW FRQQHFWHG &RQQHFW DQG DGMXVW FKRNH OLQNDJH

7KH HQJLQH GRHV QRW UXQ 7KH LGOH FRPSHQVDWRU YDOYH GRHV QRW 5HSDLU RU LQVWDOO QHZ LGOH FRPSHQVD
VPRRWKO\ DW LGOH ZLWK OLJKW RSHQ ZKHQ KRW WRU YDOYH
ORDG RU KRW FRQGLWLRQV
FRQGLWLRQV
7KH LGOH VSHHG GLDSKUDJP KDV OHDNV ,QVWDOO QHZ GLDSKUDJP
7KH GHOD\ YDOYH LV QRW RSHUDWLQJ FRU ,QVWDOO QHZ GHOD\ YDOYH
UHFWO\
7KH GHOD\ YDOYH LV QRW LQVWDOOHG FRU ,QVWDOO GHOD\ YDOYH FRUUHFWO\
UHFWO\
7KH YDFXXP KRVH WR WKH LGOH VSHHG &KHFN YDFXXP KRVH
KRVH ,QVWDOO QHZ
GLDSKUDJP KDV OHDNV
OHDNV KRVH
KRVH


7528%/(6+227,1*
352%/(0 3266,%/( &$86( 352&('85( 25 $&7,21
7KH HQJLQH VSHHG LV IDVWHU 7KH DGMXVWPHQW RI WKH JRYHUQRU LV QRW $GMXVW JRYHUQRU
WKDQ WKH VSHFLILHG JRYHUQRU FRUUHFW
OLPLW
OLPLW
7KH JRYHUQRU LV QRW RSHUDWLQJ FRUUHFW ,QVWDOO QHZ JRYHUQRU
O\

7KH HQJLQH GRHV QRW UXQ 7KH YDFXXP KRVH KDV UHVWULFWLRQV 5HPRYH UHVWULFWLRQ RU LQVWDOO QHZ
VPRRWKO\ DW LGOH KRVH
7KH IXHO VROHQRLG YDOYH LV QRW RSHUDW ,QVWDOO QHZ IXHO VROHQRLG YDOYH
LQJ FRUUHFWO\
7KH FKRNH V\VWHP GRHV QRW RSHUDWH &KHFN FOHDQ DQG UHSDLU FKRNH V\V
FRUUHFWO\ WHP
7KH DGMXVWPHQW IRU WKH IORDW PHFKD &KHFN DQG DGMXVW IORDW OHYHO
QLVP LV QRW FRUUHFW
7KH IXHO LQOHW VFUHHQ KDV UHVWULFWLRQV &OHDQ WKH VFUHHQ
7KH WKURWWOH DVVHPEO\ LV ZRUQ RU EHQW 5HSDLU WKURWWOH DVVHPEO\ 2YHUKDXO
FDUEXUHWRU ,QVWDOO QHZ FDUEXUHWRU
7KH IDVW LGOH VSHHG LV WRR VORZ $GMXVW IDVW LGOH VSHHG
7KH LGOH VSHHG LV WRR VORZ $GMXVW LGOH VSHHG
7KH DGMXVWPHQW IRU WKH LGOH PL[WXUH LV $GMXVW WKH LGOH PL[WXUH
QRW FRUUHFW
7KH 3&9 V\VWHP LV QRW RSHUDWLQJ FRU &KHFN DQG FOHDQ 3&9 V\VWHP ,QVWDOO
UHFWO\ QHZ 3&9 YDOYH
7KH DLU ILOWHU KDV UHVWULFWLRQV &KHFN DLU UHVWULFWLRQ LQGLFDWRU &OHDQ
RU LQVWDOO QHZ ILOWHU HOHPHQW
7KH DLU MHWV KDYH UHVWULFWLRQV &OHDQ RU LQVWDOO QHZ DLU MHWV
,FH LV RQ WKH WKURWWOH SODWH DW  WR +HDW LQOHW DLU 2SHUDWH LQ ZDUPHU DQG
E)  WR E& DLU WHPSHUDWXUH GULHU DLU

7KH HQJLQH GRHV QRW DFFHOHU 7KH IXHO SUHVVXUH LV WRR ORZ &KHFN IXHO SUHVVXUH ,QVWDOO QHZ IXHO
DWH VPRRWKO\ SXPS
7KH DLU ILOWHU KDV D UHVWULFWLRQ &KHFN DLU UHVWULFWLRQ LQGLFDWRU &OHDQ
RU LQVWDOO QHZ ILOWHU HOHPHQW
7KH DGMXVWPHQW RI WKH FDUEXUHWRU IORDW $GMXVW IORDW OHYHO
PHFKDQLVP LV QRW FRUUHFW
7KH IXHO LQOHW VFUHHQ KDV D UHVWULFWLRQ &OHDQ WKH VFUHHQ
7KH PDLQ MHW KDV D UHVWULFWLRQ &OHDQ RU LQVWDOO QHZ PDLQ MHW
7KH RSHUDWLRQ RI WKH WKURWWOH YDOYH LV 5HSDLU WKURWWOH DVVHPEO\ 2YHUKDXO
QRW FRUUHFW FDUEXUHWRU ,QVWDOO QHZ FDUEXUHWRU
7KH RSHUDWLRQ RI WKH IXHO VROHQRLG ,QVWDOO QHZ IXHO VROHQRLG YDOYH
YDOYH LV QRW FRUUHFW


7528%/(6+227,1*
352%/(0 3266,%/( &$86( 352&('85( 25 $&7,21
7KH HQJLQH GRHV QRW DFFHOHU 7KH RSHUDWLRQ RI WKH SRZHU SLVWRQ LV &KHFN FOHDQ RU LQVWDOO QHZ SRZHU
DWH VPRRWKO\ QRW FRUUHFW SLVWRQ 2YHUKDXO FDUEXUHWRU
7KH RSHUDWLRQ RI WKH SRZHU YDOYH LV &KHFN FOHDQ RU LQVWDOO QHZ SRZHU
QRW FRUUHFW YDOYH 2YHUKDXO FDUEXUHWRU
7KH DFFHOHUDWRU SXPS LV QRW RSHUDW 5HSDLU FOHDQ RU LQVWDOO QHZ DFFHOHUD
LQJ FRUUHFWO\ WLRQ SXPS
7KH LQOHW FKHFN YDOYH KDV D UHVWULFWLRQ &KHFN FOHDQ RU LQVWDOO QHZ SDUWV DV
RU LV GDPDJHG UHTXLUHG
7KH RXWOHW FKHFN YDOYH KDV D UHVWULF &KHFN FOHDQ RU LQVWDOO QHZ SDUWV DV
WLRQ RU LV GDPDJHG UHTXLUHG


127(6



7(&+1,&$/ 38%/,&$7,216

 650      /LWKR LQ 86$

You might also like