A SERVICE OF

logo

Open as PDF
next previous

3RZHUIDLOXUHVWRSIXQFWLRQV3UWR3U
3RZHUIDLOXUHVWRSIXQFWLRQV3UWR3U3RZHUIDLOXUHVWRSIXQFWLRQV3UWR3U
3RZHUIDLOXUHVWRSIXQFWLRQV3UWR3U
6HWWLQJ!
6HWWLQJ!6HWWLQJ!
6HWWLQJ!
3DUDPHWHU
3DUDPHWHU3DUDPHWHU
3DUDPHWHU 6HWWLQJ
6HWWLQJ6HWWLQJ
6HWWLQJ 'HVFULSWLRQ
'HVFULSWLRQ'HVFULSWLRQ
'HVFULSWLRQ

&RDVWLQJWRVWRS
:KHQXQGHUYROWDJHRUSRZHUIDLOXUHRFFXUVWKHLQYHUWHURXWSXWLVVKXWRII
:KHQXQGHUYROWDJHRUSRZHUIDLOXUHRFFXUVWKHLQYHUWHULVGHFHOHUDWHGWRDVWRS
 WRUPLQ
1RUPDOO\RSHUDWLRQFDQEHSHUIRUPHGZLWKWKHIDFWRU\VHWWLQJXQFKDQJHGEXWWKHVSHHG
FDQEHDGMXVWHGZLWKLQWKHUDQJHWRUPLQDFFRUGLQJWRWKHORDGVSHFLILFDWLRQV
LQHUWLDPRPHQWWRUTXH

WRUPLQ
,IWKHRXWSXWVSHHGDWRFFXUUHQFHRIXQGHUYROWDJHRUSRZHUIDLOXUHLVHTXDOWRRUJUHDWHU
WKDQWKHVSHHGVHWLQ3UGHFHOHUDWLRQVWDUWVDWWKHYDOXHIRXQGE\VXEWUDFWLQJWKH
VSHHGVHWLQ3UIURPWKHRXWSXWVSHHGDWWKDWWLPH,IWKHRXWSXWVSHHGDWRFFXUUHQFH
RIXQGHUYROWDJHRUSRZHUIDLOXUHLVOHVVWKDQWKHVSHHGVHWLQ3UWKHLQYHUWHULV
GHFHOHUDWHGWRDVWRSVWDUWLQJDWWKHRXWSXWVSHHGDWWKDWWLPH

7KHLQYHUWHULVGHFHOHUDWHGWRDVWRSVWDUWLQJDWWKHYDOXHIRXQGE\VXEWUDFWLQJWKHVSHHG
VHWLQ3UIURPWKHRXWSXWVSHHGDWRFFXUUHQFHRIXQGHUYROWDJHRUSRZHUIDLOXUH

3U  WRV
6HWDGHFHOHUDWLRQVORSHGRZQWRWKHVSHHGVHWLQ3U6HWWKHVORSHLQWHUPVRIWLPH
UHTXLUHGIRUGHFHOHUDWLRQIURPWKHVSHHGVHWLQ3UWRUPLQ
3U  WRV

3U  WRV
6HWDGHFHOHUDWLRQVORSHEHORZWKHVSHHGVHWLQ3U6HWWKHVORSHLQWHUPVRIWLPH
UHTXLUHGIRUGHFHOHUDWLRQIURPWKHVSHHGVHWLQ3UWRUPLQ
3U  WRV
 6DPHVORSHDVLQ3U
 WRUPLQ
6HWWKHVSHHGDWZKLFKWKHGHFHOHUDWLRQVORSHLVVZLWFKHGIURPWKH3UVHWWLQJWRWKH
3UVHWWLQJ
&$87,21
&$87,21&$87,21
&$87,21


 7KLVIXQFWLRQLVLQYDOLGZKHQWKHDXWRPDWLFUHVWDUWDIWHULQVWDQWDQHRXVSRZHUIDLOXUHIXQFWLRQLVDFWL
7KLVIXQFWLRQLVLQYDOLGZKHQWKHDXWRPDWLFUHVWDUWDIWHULQVWDQWDQHRXVSRZHUIDLOXUHIXQFWLRQLVDFWL7KLVIXQFWLRQLVLQYDOLGZKHQWKHDXWRPDWLFUHVWDUWDIWHULQVWDQWDQHRXVSRZHUIDLOXUHIXQFWLRQLVDFWL
7KLVIXQFWLRQLVLQYDOLGZKHQWKHDXWRPDWLFUHVWDUWDIWHULQVWDQWDQHRXVSRZHUIDLOXUHIXQFWLRQLVDFWL
YDWHG
YDWHGYDWHG
YDWHG


 )RU WKH RXWSXW VSHHG DW RFFXUUHQFH RI XQGHUYROWDJH RU SRZHU IDLOXUH WKH FDOFXODWLRQ UHVXOW LV
)RU WKH RXWSXW VSHHG DW RFFXUUHQFH RI XQGHUYROWDJH RU SRZHU IDLOXUH WKH FDOFXODWLRQ UHVXOW LV)RU WKH RXWSXW VSHHG DW RFFXUUHQFH RI XQGHUYROWDJH RU SRZHU IDLOXUH WKH FDOFXODWLRQ UHVXOW LV
)RU WKH RXWSXW VSHHG DW RFFXUUHQFH RI XQGHUYROWDJH RU SRZHU IDLOXUH WKH FDOFXODWLRQ UHVXOW LV
UHJDUGHGDVUPLQLIWKHVSHHGVHWLQ3ULVQHJDWLYH
UHJDUGHGDVUPLQLIWKHVSHHGVHWLQ3ULVQHJDWLYHUHJDUGHGDVUPLQLIWKHVSHHGVHWLQ3ULVQHJDWLYH
UHJDUGHGDVUPLQLIWKHVSHHGVHWLQ3ULVQHJDWLYH


 7KHSRZHUIDLOXUHVWRSIXQFWLRQLVQRWDFWLYDWHGLIDSRZHUIDLOXUHRFFXUVGXULQJDVWRSRUHUURU
7KHSRZHUIDLOXUHVWRSIXQFWLRQLVQRWDFWLYDWHGLIDSRZHUIDLOXUHRFFXUVGXULQJDVWRSRUHUURU7KHSRZHUIDLOXUHVWRSIXQFWLRQLVQRWDFWLYDWHGLIDSRZHUIDLOXUHRFFXUVGXULQJDVWRSRUHUURU
7KHSRZHUIDLOXUHVWRSIXQFWLRQLVQRWDFWLYDWHGLIDSRZHUIDLOXUHRFFXUVGXULQJDVWRSRUHUURU


 ,ISRZHULVUHVWRUHGGXULQJGHFHOHUDWLRQWKHLQYHUWHULVNHSWGHFHOHUDWHGWRDVWRS
,ISRZHULVUHVWRUHGGXULQJGHFHOHUDWLRQWKHLQYHUWHULVNHSWGHFHOHUDWHGWRDVWRS,ISRZHULVUHVWRUHGGXULQJGHFHOHUDWLRQWKHLQYHUWHULVNHSWGHFHOHUDWHGWRDVWRS
,ISRZHULVUHVWRUHGGXULQJGHFHOHUDWLRQWKHLQYHUWHULVNHSWGHFHOHUDWHGWRDVWRS
7RUHVWDUWWXUQRIIWKHVWDUWVLJQDORQFHWKHQWXUQLWRQDJDLQ
7RUHVWDUWWXUQRIIWKHVWDUWVLJQDORQFHWKHQWXUQLWRQDJDLQ7RUHVWDUWWXUQRIIWKHVWDUWVLJQDORQFHWKHQWXUQLWRQDJDLQ
7RUHVWDUWWXUQRIIWKHVWDUWVLJQDORQFHWKHQWXUQLWRQDJDLQ


 7KLVIXQFWLRQLVQRWDFWLYDWHGZKHQWKHKLJKSRZHUIDFWRUFRQYHUWHURUSRZHUUHJHQHUDWLRQFRPPRQ
7KLVIXQFWLRQLVQRWDFWLYDWHGZKHQWKHKLJKSRZHUIDFWRUFRQYHUWHURUSRZHUUHJHQHUDWLRQFRPPRQ7KLVIXQFWLRQLVQRWDFWLYDWHGZKHQWKHKLJKSRZHUIDFWRUFRQYHUWHURUSRZHUUHJHQHUDWLRQFRPPRQ
7KLVIXQFWLRQLVQRWDFWLYDWHGZKHQWKHKLJKSRZHUIDFWRUFRQYHUWHURUSRZHUUHJHQHUDWLRQFRPPRQ
FRQYHUWHULVXVHG3U 
FRQYHUWHULVXVHG3U FRQYHUWHULVXVHG3U 
FRQYHUWHULVXVHG3U 
&$87,21
&$87,21&$87,21
&$87,21
,ISRZHUIDLOXUHGHFHOHUDWLRQRSHUDWLRQLVVHWVRPHORDGVPD\FDXVHWKHLQYHUWHUWRWULSDQGWKHPRWRU
,ISRZHUIDLOXUHGHFHOHUDWLRQRSHUDWLRQLVVHWVRPHORDGVPD\FDXVHWKHLQYHUWHUWRWULSDQGWKHPRWRU,ISRZHUIDLOXUHGHFHOHUDWLRQRSHUDWLRQLVVHWVRPHORDGVPD\FDXVHWKHLQYHUWHUWRWULSDQGWKHPRWRU
,ISRZHUIDLOXUHGHFHOHUDWLRQRSHUDWLRQLVVHWVRPHORDGVPD\FDXVHWKHLQYHUWHUWRWULSDQGWKHPRWRU
WRFRDVW
WRFRDVWWRFRDVW
WRFRDVW
7KHPRWRUZLOOFRDVWLIHQRXJKUHJHQHUDWLYHHQHUJ\LVJLYHQIURPWKHPRWRU
7KHPRWRUZLOOFRDVWLIHQRXJKUHJHQHUDWLYHHQHUJ\LVJLYHQIURPWKHPRWRU7KHPRWRUZLOOFRDVWLIHQRXJKUHJHQHUDWLYHHQHUJ\LVJLYHQIURPWKHPRWRU
7KHPRWRUZLOOFRDVWLIHQRXJKUHJHQHUDWLYHHQHUJ\LVJLYHQIURPWKHPRWRU
5HODWHGSDUDPHWHUV
5HODWHGSDUDPHWHUV5HODWHGSDUDPHWHUV
5HODWHGSDUDPHWHUV
⇒3U'&LQMHFWLRQEUDNHYROWDJH5HIHUWRSDJH
⇒3UDFFHOHUDWLRQGHFHOHUDWLRQUHIHUHQFHVSHHG3UDFFHOHUDWLRQGHFHOHUDWLRQWLPHLQFUHPHQWV5HIHUWRSDJH
3UWR3U
3UWR3U3UWR3U
3UWR3U 5HIHUWR3USDJH
5HIHUWR3USDJH5HIHUWR3USDJH
5HIHUWR3USDJH