&KLOG/RFNSURJUDP
7KLVLVDQHPHUJHQF\DODUPLQJPRGHZLWKDFRQWLQXRXVEX]]HUVRXQGVZKHQFKLOGRSHQWKHOLG
GXULQJRSHUDWLRQWRSUHYHQWDFKLOGIURPGURZQLQJFRQGLWLRQZKHUHWKHUHLVDZDWHULQVLGHWKHWXE E\IDOOLQJLQWRWKHWXEZKLFKFRQWDLQVZDWHU &ORVHWKHOLGWRVWRSWKHEX]]HU,IWKHOLGLVNHSWRSHQIRUPRUHWKDQVHFRQGVWKHPDFKLQHZLOO IRUFHGUDLQWKHZDWHULQVLGHWKHWXEDVVXPLQJWKDWWKHFKLOGKDGIDOOHQLQWRWKHWXEEXWPDNHVXUH WKDWWKHGUDLQKRVHLVODLGGRZQ
7KLVLVGLIIHUHQWIURPWKHIXQFWLRQWKDWORFNEXWWRQRSHUDWLRQDQGWKHOLG
,17+(&$6(2))25&('5$,1,1*
7KHUHZLOOEHDQDEQRUPDODODUPÁLFNHULQJRIODPSVDQGEX]]HU
3OHDVHFKHFNLQVLGHWKHWXE
5(6(70(7+2'2)$%1250$/$/$50
%XWWRQRSHUDWLRQFDQQRWEHXVHG
$WÀUVWXQSOXJWKHSRZHUFRUGIURPWKHRXWOHWDQGUHSOXJLWDJDLQDIWHUVHFRQGV
3OHDVHUHSHDWWKHRSHUDWLRQIURPWKHEHJLQQLQJEHFDXVHWKHSURFHVVKDGEHHQFDQFHOOHG
3OHDVHGRQRWOHDYHZDWHULQVLGHWKHWXEDV>&KLOG/RFN@PRGHGRHVQRWIXQFWLRQLQ
WKHIROORZLQJFDVH
,QWKHFDVHRISRZHUVXSSO\RII
,QWKHFDVHZKHQIRUJHWWROD\GRZQWKHGUDLQKRVH
3OHDVHFORVHWKHOLGLPPHGLDWHO\DIWHUSUHVVWKH>6WDUW3DXVH@EXWWRQEHFDXVHZKHQWKHOLGLVRSHQWKHUH
ZLOOEHDQDEQRUPDODODUPDQGIRUFHGUDLQGXULQJZDWHUIHHGLQJ
3UHVVWKH>3RZHU2Q@EXWWRQ
3UHVVWKH>3URJUDP@
EXWWRQIRUDWOHDVWVHFRQGV
6(77,1*0(7+2'
3UHVVWKH>3RZHU2Q@EXWWRQ
3UHVVWKH>3URJUDP@EXWWRQIRUDWOHDVWVHFRQGV
7KHEX]]HUVRXQGVWZRWLPHVIRUVHWWLQJDQGWKH>&KLOG/RFN@LQGLFDWLRQWXUQVRQ
5HPDUN &/ ZLOOEHLQGLFDWHGRQWLPHGLVSOD\RQO\VHFRQGVDQGWKHQLWZLOOEHWXUQRII
&$1&(//,1*0(7+2'
5HSHDWWKHRSHUDWLRQDQG
7KHEX]]HUVRXQGVWLPHVIRUFDQFHOOLQJDQGWKH>&KLOG/RFN@LQGLFDWLRQWXUQVRII
>127(@
:KHQ\RXSUHVV>3URJUDP@EXWWRQLWVZLWFKHVRYHUIURP´1RUPDOµWR´6SHHG\µIRUH[DPSOH
7RVHWLWEDFNWR´1RUPDOµWXUQRIIWKHSRZHUDQGWXUQLWRQDJDLQ
&DQFHOOLQJHQGEX]]HUDIWHUZDVKLQJ
3UHVV
:KLOHSUHVVLQJ
3UHVV>6WDUW3DXVH@EXWWRQDQG>3RZHU2Q@EXWWRQDWWKHVDPHWLPHUHOHDVH>3RZHU2Q@EXWWRQDQG KROG>6WDUW3DXVH@EXWWRQDWOHDVWIRUVHFRQGV7ZRWLPHVEHHSVRXQGLQGLFDWHVWKHHQGEX]]HURI
ZDVKLQJKDVEHHQFDQFHOOHG
5HSHDWVWHSWRDFWLYDWHWKHHQGEX]]HU)RXUWLPHVEHHSVRXQGLQGLFDWHVWKHHQGEX]]HUKDVEHHQ
DFWLYDWHG
:KHQWKHSRZHUFRUGLVXQSOXJJHGRUDSRZHURXWDJHRFFXUVWKHODVWVHWWLQJRIWKHHQGEX]]HUZLOOEH UHPDLQHG
1$)%B(1LQGG
30