Download  Print this page

Mitsubishi Electric FR-A500 Series Technical Manual

Transistored inverter.
Hide thumbs

Advertisement

Table of Contents

Advertisement

Table of Contents

   Summary of Contents for Mitsubishi Electric FR-A500 Series

  • Page 2 ,1752'8&7,21 ìï 6&23( 7KLV 7HFKQLFDO 0DQXDO GHVFULEHV WKH 0LWVXELVKL )5ð$èíí DQG )5ð(èíí õ-DSDQHVH GRPHVWLF YHUVLRQô 6HULHV 7UDQVLVWRUL]HG ,QYHUWHUVï 7KH )5ð(èëíõ6ôðíïì. WR êïæ. GHVFULEHG LQ WKLV PDQXDO KDYH WKH VSHFLILFDWLRQV FRUUHVSRQGLQJ WR WKRVH RI WKH SURGXFWV RI WKH IROORZLQJ VHULDO QXPEHUV õ6(5,$/ô DQG ODWHUï 3OHDVH QRWH WKDW WKH LQYHUWHUV KDYLQJ WKH VHULDO QXPEHUV EHIRUH WKRVH JLYHQ EHORZ VKRXOG EH KDQGOHG GLIIHUHQWO\ï...
  • Page 3 &217(176 ì 63(&,),&$7,216 ì ìïì 6SHFLILFDWLRQ OLVW ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ì ìïìïì 5DWLQJV ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ì ìïìïë &RPPRQ VSHFLILFDWLRQV ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð é ìïë 6SHFLILFDWLRQ FRPSDULVRQ OLVWðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð å ìïëïì 6SHFLILFDWLRQ FRPSDULVRQ OLVWðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð å ìïê 6WDQGDUG &RQQHFWLRQ 'LDJUDPV DQG 7HUPLQDO 6SHFLILFDWLRQV ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððìê ìïêïì ,QWHUQDO EORFN GLDJUDP ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððìê ìïêïë...
  • Page 4 ìïçïå 2XWSXW IUHTXHQFLHV DQG DFFHOHUDWLRQ DQG GHFHOHUDWLRQ WLPHV > 3Uï æñ åñ ìçñ ëíñ ëìñ ëäñ ééñ éèñ ììíóñ ìììóñ ìéí WR ìéêó@ ððððððððððððððððððððððððððððððððððððððððððððððððððððððð äë &20021 ìïçïä 2XWSXW IUHTXHQFLHV DQG RXWSXW YROWDJHV > íñ êñ ìéñ ìäñ éçñ éæñ ììëóñ ììêó@ ðððððððððððððððððððððððððððððð...
  • Page 5 ìïæïë 6WDOO SUHYHQWLRQ IXQFWLRQ DQG FXUUHQW OLPLW IXQFWLRQ ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ìæé &20021 ìïæïê 5HJHQHUDWLYH RYHUYROWDJH SURWHFWLRQ õ29ì WR 29êô ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ìæè &20021 ìïæïé %UDNH UHVLVWRU RYHUKHDW SURWHFWLRQ DQG EUDNH WUDQVLVWRU DODUP GHWHFWLRQ ðððððððððððððððððððððððððððððððððð ìæç &20021 ìïæïè (OHFWURQLF 7KHUPDO 2î/ 5HOD\ õ7+0ñ 7+7ô ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð...
  • Page 6 ëïé 3RZHU 6XSSO\ RI WKH LQYHUWHU ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìê ëïéïì ,QYHUWHU ,QSXW &XUUHQW DQG 3RZHU )DFWRU ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìê ëïéïë ,PSURYHPHQW RI 3RZHU )DFWRU ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìé ëïéïê ,QUXVK &XUUHQW ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìé ëïéïé ,QVWDQWDQHRXV 3RZHU )DLOXUH ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìè ëïéïè 3RZHU 6XSSO\ 9ROWDJH 9DULDWLRQ ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìè ëïéïç...
  • Page 7 êïëïì 6WDQGDUG FRQQHFWLRQ GLDJUDP RI WKH LQYHUWHU HTXLSSHG ZLWK PDJQHWLF FRQWDFWRU RQ SULPDU\ VLGH õ)5ð$; PDQXDO FRQWUROOHU XVHGô ðððððððððððððððððððððððððððððððððððððð ëçç &20021 êïëïë 6WDQGDUG FRQQHFWLRQ GLDJUDP RI WKH LQYHUWHU HTXLSSHG ZLWK PDJQHWLF FRQWDFWRU RQ SULPDU\ VLGH õZLWK 7\SH %8 EUDNH XQLWô ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð...
  • Page 8 ì 63(&,),&$7,216 ìïì 6SHFLILFDWLRQ OLVW ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððì ìïë 6SHFLILFDWLRQ FRPSDULVRQ OLVW ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððå ìïê 6WDQGDUG &RQQHFWLRQ 'LDJUDPV DQG 7HUPLQDO 6SHFLILFDWLRQV ððððððððððððððððððððððððððððððððððððððð ìê ìïé ,QIRUPDWLRQ RQ WKH 8VH RI WKH ([WHUQDO 7HUPLQDOV ðððððððððððððððððððððððððððððððððððððððððððððððððððððð ëì ìïè )XQFWLRQ õ3DUDPHWHUô /LVW ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð èç ìïç )XQFWLRQV õ3DUDPHWHUVô ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð çæ ìïæ...
  • Page 9 ìïì 6SHFLILFDWLRQ /LVW 63(&,),&$7,216 63(&,),&$7,216 6SHFLILFDWLRQ OLVW ìïìïì 5DWLQJV ìïìïì õìô )5ð$èíí „ ëíí9 FODVV íïé íïæè ìïè ëïë êïæ èïè æïè ìì ìè ìåïè ëë êí êæ éè èè $SSOLFDEOH PRWRU FDSDFLW\ &7 íïè ì ë ê è æïè ìí...
  • Page 10 63(&,),&$7,216 „ éíí9 FODVV íïé íïæè ìïè ëïë êïæ èïè æïè ìì ìè ìåïè ëë êí êæ éè èè $SSOLFDEOH PRWRU FDSDFLW\ &7 íïè ì ë ê è æïè ìí ìè ëí ëè êí éí èí çí æè õ1RWH ìô ì...
  • Page 11 63(&,),&$7,216 õëô )5ð(èíí „ êðSKDVH ëíí9 SRZHU VXSSO\ 7\SH )5ð(èëíð . õ&ô õ1RWH åô íïì. íïë. íïé. íïæè. ìïè. ëïë. êïæ. èïè. æïè. $SSOLFDEOH PRWRU FDSDFLW\õN:ô õ1RWH ìô íïì íïë íïé íïæè ìïè ëïë êïæ èïè æïè 5DWHG FDSDFLW\ õN9$ô õ1RWH ëô...
  • Page 12 63(&,),&$7,216 ìïìïë &RPPRQ VSHFLILFDWLRQV õìô )5ð$ èíí ,WHP 'HVFULSWLRQ 6RIWð3:0 FRQWUROîKLJK FDUULHU IUHTXHQF\ 3:0 FRQWURO &RQWURO V\VWHP õ9î) FRQWURO RU DGYDQFHG PDJQHWLF IOX[ YHFWRU FRQWURO FDQ EH VHOHFWHGô 2XWSXW IUHTXHQF\ UDQJH íïë WR éíí+] íïíìè+]îçí+] õWHUPLQDO ë LQSXWã ìë ELWVîí WR ìí9ñ ìì ELWVîí WR è9ñ WHUPLQDO ì LQSXWã ìë ELWVîðìí9 )UHTXHQF\ $QDORJ LQSXW WR òìí9ñ...
  • Page 13 63(&,),&$7,216 ,WHP 'HVFULSWLRQ 6HOHFWLRQ FDQ EH PDGH IURP RXWSXW IUHTXHQF\ñ PRWRU FXUUHQW õVWHDG\ RU SHDN YDOXHôñ RXWSXW YROWDJHñ IUHTXHQF\ VHWWLQJñ UXQQLQJ VSHHGñ PRWRU WRUTXHñ RYHUORDGñ FRQYHUWHU RXWSXW YROWDJH 2SHUDWLQJ õVWHDG\ RU SHDN YDOXHôñ HOHFWURQLF RYHUFXUUHQW SURWHFWLRQ ORDG IDFWRUñ LQSXW SRZHUñ RXWSXW SRZHUñ 2SHUDWLRQ VWDWXV SDQHO RU...
  • Page 14 63(&,),&$7,216 õëô )5ð(èíí ,WHP 'HVFULSWLRQ 6RIWð3:0 FRQWUROîKLJK FDUULHU IUHTXHQF\ 3:0 FRQWURO FDQ EH VHOHFWHGï 9î) FRQWURO RU &RQWURO V\VWHP JHQHUDOðSXUSRVH PDJQHWLF IOX[ YHFWRU FRQWURO FDQ EH VHOHFWHGï 2XWSXW IUHTXHQF\ UDQJH íïë WR éíí+] õVWDUWLQJ IUHTXHQF\ YDULDEOH EHWZHHQ í DQG çí+]ô $FURVV WHUPLQDOV ëðèã...
  • Page 15 63(&,),&$7,216 ,WHP 'HVFULSWLRQ 2YHUFXUUHQW VKXWðRII õGXULQJ DFFHOHUDWLRQñ GHFHOHUDWLRQñ FRQVWDQW VSHHGôñ UHJHQHUDWLYH RYHUYROWDJH VKXWðRIIñ XQGHUYROWDJH õ1RWH ìôñ LQVWDQWDQHRXV SRZHU IDLOXUH õ1RWH ìôñ 3URWHFWLYHîDODUP IXQFWLRQV RYHUORDG VKXWðRII õHOHFWURQLF RYHUFXUUHQW SURWHFWLRQôñ EUDNH WUDQVLVWRU DODUPñ RXWSXW VKRUW FLUFXLWñ VWDOO SUHYHQWLRQñ EUDNH UHVLVWRU RYHUKHDW SURWHFWLRQñ ILQ RYHUKHDWñ IDQ IDLOXUHñ...
  • Page 16 ìïë 6SHFLILFDWLRQ FRPSDULVRQ OLVW 63(&,),&$7,216 6SHFLILFDWLRQ FRPSDULVRQ OLVW ìïëïì 6SHFLILFDWLRQ FRPSDULVRQ OLVW 7KH IROORZLQJ WDEOH FRPSDUHV FKDUDFWHULVWLF VSHFLILFDWLRQV EHWZHHQ WKH )5ð$èííî)5ð(èíí VHULHV DQG FRQYHQWLRQDO LQYHUWHU VHULHVã ,WHP )5ð$èíí )5ð$ëíí 6LQJOHðSKDVH ìíí9 • • 6LQJOHðSKDVH ëíí9 • • &DSDFLW\ UDQJH 7KUHHðSKDVH ëíí9 íïé.
  • Page 17 63(&,),&$7,216 ,WHP )5ð$èíí )5ð$ëíí )5ð'8íé RSHUDWLRQ SDQHO )5ð38íë SDUDPHWHU XQLW HTXLSSHG DV VWDQGDUG 3URYLGHG DV VWDQGDUG 2SHUDWLRQ SDQHOñ SDUDPHWHU XQLW )5ð38íé SDUDPHWHU XQLW IRU SURGXFWV RI XS WR æïè. DYDLODEOH DV RSWLRQ 1RW SURYLGHG DV VWDQGDUG IRU õ)5ð38íé KDV D EDFNOLW /&'ô SURGXFWV JUHDWHU WKDQ æïè.
  • Page 18 63(&,),&$7,216 )5ð(èíí )5ð$íëéî$íéé )5ð8ìíí • • íïì. WR íïé. õê PRGHOVô íïì. WR íïæè. õé PRGHOVô • íïì. WR íïæè. õé PRGHOVô íïì. WR æïè. õä PRGHOVô íïì. WR êïæ. õæ PRGHOVô íïì. WR ìïè. õè PRGHOVô • íïé. WR êïæ. õè PRGHOVô •...
  • Page 19 63(&,),&$7,216 ,WHP )5ð$èíí )5ð$ëíí 56ðéåè SURYLGHG DV VWDQGDUG )5ð$è1… LQERDUG RSWLRQ SURYLGHV 0DGH DYDLODEOH E\ XVLQJ WKH )5ð(3% &RPPXQLFDWLRQ IXQFWLRQ FRPSDWLELOLW\ ZLWK &&ð/LQNñ LQERDUG RSWLRQ 'HYLFH 1HW DQG 3URILEXV '3ï ëí GLIIHUHQW IXQFWLRQV VHOHFWDEOH ,QSXW WHUPLQDO DVVLJQPHQW $VVLJQDEOH WR æ WHUPLQDOV êí...
  • Page 20 63(&,),&$7,216 )5ð(èíí )5ð$íëéõ6ôî$íéé )5ð8ìíí 56ðéåè SURYLGHG DV VWDQGDUG 0DGH DYDLODEOH E\ XVLQJ WKH )5ð&8íê &&ð/LQN FRPSDWLEOH PRGHO ZLOO EH H[WHUQDO RSWLRQ UHOHDVHG VRRQï ä GLIIHUHQW IXQFWLRQV VHOHFWDEOH ìì GLIIHUHQW IXQFWLRQV VHOHFWDEOH ìí GLIIHUHQW IXQFWLRQV VHOHFWDEOH $VVLJQDEOH WR ê WHUPLQDOV õPXOWLðIXQFWLRQ $VVLJQDEOH WR é...
  • Page 21 ìïê 6WDQGDUG &RQQHFWLRQ 'LDJUDPV DQG 7HUPLQDO 6SHFLILFDWLRQV 63(&,),&$7,216 6WDQGDUG &RQQHFWLRQ 'LDJUDPV DQG 7HUPLQDO 6SHFLILFDWLRQV ìïêïì ,QWHUQDO EORFN GLDJUDP ìô )5ð$èíí õ1RWH ìô 3ì õòô õðô 0& &RQYHUWHU ,QYHUWHU õ/ ô ì 0RWRU óê õ1RWH åô óê 3RZHU õ/ ô ë &...
  • Page 22 63(&,),&$7,216 õëô )5ð(èíí x 6LQJOHðSKDVH ëíí9 SRZHU LQSXW 0& õ/ ô ì 3RZHU õ/ ô VXSSO\ ë x êðSKDVH ëíí9 SRZHU LQSXW %UDNH UHVLVWRU õRSWLRQô õ1RWH ìô ì 0& õòô õðô &RQYHUWHU ,QYHUWHU õ/ ô ì 0RWRU õ1RWH ìô õ1RWH ëô ò...
  • Page 23 63(&,),&$7,216 ìïêïë 'HVFULSWLRQ RI ,î2 WHUPLQDO VSHFLILFDWLRQV &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí $èíí êðSKDVHñ ëíí WR ëëí9 èí+] ëíí WR ëéí9 çí+] ,QVWDOO D SRZHU IDFWRU LPSURYLQJ $& UHDFWRU õëêí9ô õ1RWH ìô ZKHQ LQVWDOOLQJ WKH LQYHUWHU QHDU DQ êðSKDVHñ...
  • Page 24 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí )RUZDUG 6KRUW 67)ð6' WR SURYLGH D IRUZDUG URWDWLRQ URWDWLRQ VWDUW FRPPDQG DQG RSHQ WKHP WR VWRSï LQSXW VLJQDO ,QSXW UHVLVWDQFH éïæN: 6KRUW 675ð6' WR SURYLGH D UHYHUVH URWDWLRQ WHUPLQDO 9ROWDJH ëì...
  • Page 25 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí ,QSXW UHVLVWDQFH éïæN: 9ROWDJH ëì WR ëæ9'& ZKHQ RSHQ é WR çP$'& ZKHQ )RU MRJ PRGH VHOHFWLRQñ VKRUW -2*ð6' DQG -RJ PRGH VKRUWHG VKRUWîRSHQ WKH VWDUW VLJQDO WHUPLQDO 67) •...
  • Page 26 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí ,QSXW UHVLVWDQFH éïæN: 9ROWDJH ëì WR ëæ9'& 6KRUW &6ð6' WR HQDEOH DXWRPDWLF UHVWDUW $XWRPDWLF ZKHQ RSHQ FRQWURO ZKHQ SRZHU LV UHVWRUHG IURP DQ UHVWDUW DIWHU é...
  • Page 27 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí :KHQ WKH æê YDOXH LV ìí WR ìèñ HQWHULQJ í 3Uï WR rìí9õrè9ô'& SURYLGHV WKH PD[LPXP õPLQLPXPô RXWSXW IUHTXHQF\ DW òìíõòè9ô )UHTXHQF\ õ ðìíõðè9ôôñ PDNLQJ ,î2 SURSRUWLRQDOï :KHQ WKH ,QSXW UHVLVWDQFH VHWWLQJ æê...
  • Page 28 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí 7KLV RSHQ FROOHFWRU RXWSXW LV VZLWFKHG ORZ ZKHQ WKH SURWHFWLYH FLUFXLW LV DFWLYDWHG GXH WR ,QVWDQWDQHRXV 2SHQ FROOHFWRU RXWSXW DQ LQVWDQWDQHRXV SRZHU IDLOXUH RU SRZHU IDLOXUH •...
  • Page 29 ìïé ,QIRUPDWLRQ RQ WKH 8VH RI WKH ([WHUQDO 7HUPLQDOV 63(&,),&$7,216 ,QIRUPDWLRQ RQ WKH 8VH RI WKH ([WHUQDO 7HUPLQDOV ìïéïì 6ZLWFKLQJ WKH ,QYHUWHU 3RZHU 2Qî2II õ7HUPLQDOV 5ñ 6ñ 7 õ/ ñ / ñ / ôô &20021 ì ë ê õìô 1RðIXVH EUHDNHU DQG PDJQHWLF FRQWDFWRU RQ WKH LQYHUWHU SRZHU VXSSO\ VLGH &20021 ìô...
  • Page 30 63(&,),&$7,216 õëô ,QYHUWHU SRZHU RQîRII WLPLQJ FKDUW &20021 &RDVWLQJ WR VWRS 3Uï ìê 6WDUWLQJ IUHTXHQF\ 7LPH õWô $èíí %HWZHHQ PRUH WKDQ ìèPV DQG OHVV WKDQ èí WR ìííPV õ1RWH ìô 3RZHU VXSSO\ (èíí 5ñ 6ñ 7 õ/ ñ / ñ / ô...
  • Page 31 63(&,),&$7,216 ìïéïë &RQQHFWLQJ ([WHUQDO 3RZHU 6XSSO\ WR WKH &RQWURO &LUFXLW õ7HUPLQDOV 5ìñ 6ìô $èíí ,I DQ\ RI WKH SURWHFWLYH IXQFWLRQV õRWKHU WKDQ WKH VWDOO &RQQHFWLRQ SUHYHQWLRQ DQG FXUUHQW OLPLW IXQFWLRQVô DUH DFWLYDWHGñ 7KH RWKHU SRZHU VXSSO\ FRQQHFWLRQ WHUPLQDO EORFN RQ WKH DODUP LQGLFDWRU ODPS LV OLW DQG WKH FRUUHVSRQGLQJ WKH SULQWHG FLUFXLW ERDUG LV D WZRðVWHS W\SH WHUPLQDO DODUP VLJQDO LV RXWSXWï...
  • Page 32 63(&,),&$7,216 õëô ,I WKH PDJQHWLF FRQWDFWRU RI WKH PDLQ FLUFXLW SRZHU õéô ,I WKH SULPDU\ 0& LV VZLWFKHG RIIñ WKH DODUP RXWSXW VXSSO\ õWHUPLQDOV 5ñ 6ñ 7 õ/ ñ / DQG / ôô LV VLJQDO LV QRW VZLWFKHG RQï :KHQ WKH 0& LV RIIñ WKH ì...
  • Page 33 63(&,),&$7,216 ìïéïé ,QSXW VLJQDOV &RPPRQ õìô ,QSXW WHUPLQDO IXQFWLRQ DVVLJQPHQW &20021 7KH LQYHUWHU KDV WKH LQSXW WHUPLQDOV ZKRVH IXQFWLRQV FDQ EH FKDQJHG E\ SDUDPHWHU VHWWLQJï ìô $èíí :KHQ æç í õIDFWRU\ VHWWLQJôñ WHUPLQDOV 5/ñ 50ñ 5+ñ 57ñ $8ñ -2* DQG &6 DUH DVVLJQHG IXQFWLRQV 3Uï...
  • Page 34 63(&,),&$7,216 êã 8VH FRPPRQ WHUPLQDOV WR DVVLJQ SURJUDPPHG RSHUDWLRQ JURXS VHOHFWLRQñ PXOWLðVSHHGV õæ VSHHGVô DQG UHPRWH VHWWLQJï 7KH\ FDQQRW EH VHW LQGLYLGXDOO\ï õ&RPPRQ WHUPLQDOV DUH XVHG VLQFH WKHVH IXQFWLRQV DUH GHVLJQHG IRU VSHHG VHWWLQJ DQG QHHG QRW EH VHW DW WKH VDPH WLPHïô éã...
  • Page 35 63(&,),&$7,216 õëô &RQWURO ORJLF FKDQJLQJ $èíí 7KH LQSXW VLJQDO FRQWURO ORJLF FDQ EH FKDQJHG &XUUHQW EHWZHHQ WKH VLQN ORJLF W\SH DQG VRXUFH ORJLF W\SHï ,Q WKH VLQN ORJLF W\SHñ D VLJQDO VZLWFKHV RQ ZKHQ D FXUUHQW IORZV RXW RI WKH FRUUHVSRQGLQJ VLJQDO LQSXW WHUPLQDOï...
  • Page 36 63(&,),&$7,216 ì ìïé ìïéïè 5XQ DQ VWRS õ67)ñ 675ñ 6723ô &20021 7R VWDUW DQG VWRS WKH PRWRUñ ILUVW VZLWFK RQ WKH LQSXW 7R GLVDEOH WKH '& G\QDPLF EUDNH IXQFWLRQñ VHW SRZHU VXSSO\ RI WKH LQYHUWHU õPDJQHWLF FRQWDFWRU LQ ûíû LQ HLWKHU RI ìì...
  • Page 37 63(&,),&$7,216 3RZHU 3RZHU )RUZDUG VXSSO\ VXSSO\ ,QYHUWHU ,QYHUWHU URWDWLRQ VWDUW 6WRS )RUZDUG URWDWLRQ VWDUW 5HYHUVH URWDWLRQ VWDUW 5HYHUVH 6723 URWDWLRQ VWDUW 7LPHõWô 7LPH õWô $FURVV 67)ð6' 6WDUW õ675ô 6WRS 7ZRð:LUH 7\SH &RQQHFWLRQ ([DPSOH 7KUHHð:LUH 7\SH &RQQHFWLRQ ([DPSOH '& '\QDPLF %UDNH DQG &RDVWLQJ WR 6WRS 2SHUDWLRQ 0RGH ([WHUQDO 2SHUDWLRQ RU &RPELQHG 2SHUDWLRQ 38 2SHUDWLRQ RU &RPELQHG 2SHUDWLRQ...
  • Page 38 63(&,),&$7,216 '& G\QDPLF EUDNH HQDEOHG '& G\QDPLF EUDNH GLVDEOHG '& G\QDPLF EUDNH QRW RSHUDWHG '& G\QDPLF EUDNH 6WDUWLQJ IUHTXHQF\ RSHUDWLRQ IUHTXHQF\ 3Uï ìí õ1RWH éô 3Uï ìê õ1RWH ìô ê+] ê+] íïè+] íïè+] íïè+] 7LPH &RDVWHG íïèV íïèV õWô 6WDUW VLJQDO WR D VWRS '&...
  • Page 39 63(&,),&$7,216 ìïéïç 5HODWLRQVKLSV EHWZHHQ IUHTXHQF\ VHWWLQJ LQSXW VLJQDOV DQG RXWSXW IUHTXHQFLHV õìíñ ìí(óñ ëñ èñ ìóñ éñ $8ô &20021 õóìí( DQG ì DUH QRW SURYLGHG IRU ô (èíí 7KH DQDORJ IUHTXHQF\ VHWWLQJ LQSXW VLJQDOV WKDW PD\ IUHTXHQFLHVï 1RWH WKDW ZKHQ WKH LQSXW VLJQDO LV OHVV EH HQWHUHG DUH YROWDJH DQG FXUUHQW VLJQDOVï...
  • Page 40 63(&,),&$7,216 õìô 9ROWDJH LQSXW õìíñ ìí(óñ ëñ èô &20021 õóìí( LV QRW SURYLGHG IRU ô x )RU RSHUDWLRQ DW í WR è9'&ñ VHW æê WR WKH í WR (èíí 3Uï (QWHU WKH IUHTXHQF\ VHWWLQJ LQSXW VLJQDO RI í WR è9'& LQSXWï 8VH WHUPLQDO ìí IRU WKH EXLOWðLQ SRZHU è9'&...
  • Page 41 63(&,),&$7,216 õéô $X[LOLDU\ LQSXW õìñ èô $èíí $ FRPSHQVDWLRQ VLJQDO PD\ EH HQWHUHG WR DFURVV õEô æê VHWWLQJ ìí WR ìè 3Uï WKH PDLQ VSHHG VHWWLQJ WHUPLQDO ëðè IRU 7KH SRODULW\ UHYHUVLEOH RSHUDWLRQ IXQFWLRQ LV V\QFKURQRXV RSHUDWLRQñ HWFï VHOHFWHGï 7KH YROWDJH DFURVV WHUPLQDOV ìðè LV í...
  • Page 42 63(&,),&$7,216 ëô 2YHUULGH )RU WKH DERYH DX[LOLDU\ LQSXWñ D IL[HG ìèíø FRPSHQVDWLRQ YDOXH LV DSSOLHG WR HDFK VSHHGï ìííø 7KH RYHUULGH IXQFWLRQ DOORZV HDFK VSHHG WR EH HDVLO\ FKDQJHG DW D FRQVWDQW UDWHï èíø 6HW DQ\ RI éñ èñ ìé DQG ìè LQ æê...
  • Page 43 63(&,),&$7,216 ìïéïæ ([WHUQDO IUHTXHQF\ VHOHFWLRQ õ5(;ñ 5+ñ 50ñ 5/ô &20021 1RWHã ìï $VVLJQ WKH ìèðVSHHG VHOHFW VLJQDO õ5(;ô WR 8S WR ìè VSHHGV PD\ EH VHOHFWHG DFFRUGLQJ WR WKH DQ\ RI WKH LQSXW WHUPLQDOVï FRPELQDWLRQ RI FRQQHFWLQJ WKH PXOWLðVSHHG VHOHFW ëï...
  • Page 44 63(&,),&$7,216 ,QYHUWHU 0RWRU 5 õ/ ô ì 3RZHU 6 õ/ ô ë VXSSO\ 7 õ/ ô ê )RUZDUG URWDWLRQ 5HYHUVH URWDWLRQ ìí õ1RWHô )UHTXHQF\ ë 0XOWLðVSHHG VHWWLQJ SRWHQWLRPHWHU VHOHFWLRQ è 0XOWLð6SHHG 2SHUDWLRQ &RQQHFWLRQ ([DPSOH 1RWHã :KHQ WKH IUHTXHQF\ VHWWLQJ SRWHQWLRPHWHU LV PXOWLðVSHHG VHOHFW VLJQDO LV VZLWFKHG RQï...
  • Page 45 63(&,),&$7,216 ìïéïå -RJ RSHUDWLRQ õ-2*óô &20021 õó-2* LV QRW SURYLGHG IRU ô (èíí õìô -RJ RSHUDWLRQ XVLQJ H[WHUQDO VLJQDOV õëô -RJ RSHUDWLRQ XVLQJ RSHUDWLRQ SDQHO RU SDUDPHWHU $èíí -RJ RSHUDWLRQ FDQ EH VWDUWHGîVWRSSHG E\ VKRUWLQJ XQLW &20021 WKH MRJ PRGH VHOHFW WHUPLQDO -2*ð6' DQG $OVRñ...
  • Page 46 63(&,),&$7,216 ìïéïìí 6HFRQG DQG WKLUG DFFHOHUDWLRQîGHFHOHUDWLRQ WLPH VHOHFWLRQ õ57ñ ;äóô &20021 õó;ä LV QRW SURYLGHG IRU ô (èíí 7KH VHFRQG DQG WKLUG DFFHOHUDWLRQîGHFHOHUDWLRQ õêô )RU ñ WKH YDOXH RI WKH HOHFWURQLF RYHUFXUUHQW (èíí IXQFWLRQV PD\ EH XVHG WRã SURWHFWLRQ FDQ DOVR EH FKDQJHGï 7KH YDOXH LV DV VHW ìô...
  • Page 47 63(&,),&$7,216 ñ WKH 57 VLJQDO DFWLYDWHG FRQGLWLRQ FDQ EH VHW LQ ìèèï $èíí 3Uï 3DUDPHWHU 6HWWLQJ )DFWRU\ )XQFWLRQ 1DPH 6HWWLQJ 'HVFULSWLRQ 1XPEHU 5DQJH 6HWWLQJ 0DGH YDOLG LPPHGLDWHO\ E\ VZLWFKLQJ WKH 57 í VLJQDO RQðRIIï ìèè 57 VLJQDO DFWLYDWHG FRQGLWLRQ VHOHFWLRQ íñ...
  • Page 48 63(&,),&$7,216 ìïéïìë 5HVHW VLJQDO õ5(6ô &RPPRQ 8VHG WR UHVHW WKH DODUP VWRS VWDWH HVWDEOLVKHG E\ WKH 7KH UHVHW WHUPLQDO LV XVHG WR UHVHW WKH LQYHUWHU DODUP LQYHUWHUöV SURWHFWLYH IXQFWLRQ DFWLYDWHGï 7KH UHVHW VWRS VWDWHï ,I WKH UHVHW WHUPLQDO LV VKRUWHGñ WKHQ VLJQDO LPPHGLDWHO\ VHWV WKH FRQWURO FLUFXLW WR WKH LQLWLDO RSHQHG ZKLOH WKH LQYHUWHU LV UXQQLQJñ...
  • Page 49 63(&,),&$7,216 ìïéïìê $XWRPDWLF UHVWDUW DIWHU LQVWDQWDQHRXV SRZHU IDLOXUH VHOHFWLRQ õ&6óô &20021 õó&6 LV QRW SURYLGHG IRU ô (èíí 7KLV IXQFWLRQ DOORZV WKH PRWRU WR EH UHVWDUWHG FRDVWLQJðWRðVWRS WLPHñ WKH PRWRU LV UHVWDUWHG DXWRPDWLFDOO\ ZKHQ SRZHU LV UHVWRUHG DIWHU DQ DIWHU LW KDV VWRSSHG RQFHï LQVWDQWDQHRXV SRZHU IDLOXUHï...
  • Page 50 63(&,),&$7,216 õëô :LWKRXW IUHTXHQF\ VHDUFK ,I FRQWURO SRZHU LV ORVW GXULQJ D ORQJ LQVWDQWDQð &20021 7KLV IXQFWLRQ DOORZV WKH PRWRU WR UHVWDUW DW WKH HRXV SRZHU IDLOXUHñ WKH RSHUDWLRQ RI DXWRPDWLF WLPH RI SRZHU UHVWRUDWLRQ DW WKH IUHTXHQF\ EHIRUH UHVWDUW DIWHU LQVWDQWDQHRXV SRZHU IDLOXUH LV QRW WKH RFFXUUHQFH RI DQ LQVWDQWDQHRXV SRZHU IDLOXUH SHUIRUPHG DW WKH WLPH RI SRZHU UHVWRUDWLRQ DQG DQG UHWXUQ WR LWV RULJLQDO VSHHGï...
  • Page 51 63(&,),&$7,216 ìïéïìé +LJK SRZHU IDFWRU FRQYHUWHU FRQQHFWLRQ õ;ìíóñ ;ììóô &20021 õó;ìí DQG ;ìì DUH QRW SURYLGHG IRU ô (èíí 8VHG ZLWK WKH LQYHUWHU LQ DFFRUGDQFH ZLWK WKH FRQQHFWLRQ õLQYHUWHU RSHUDWLRQ HQDEOHô VLJQDO õ;ìíô -DSDQHVH KDUPRQLF VXSSUHVVLRQ JXLGHOLQHV LVVXHG õ1RWHôï $OVRñ ZKHQ WKH FRPSXWHU OLQN LQERDUG RSWLRQ E\ WKH 0LQLVWU\ RI ,QWHUQDWLRQDO 7UDGH DQG ,QGXVWULHVñ...
  • Page 52 63(&,),&$7,216 ìïéïìè ëé9'& DQG H[WHUQDO WUDQVLVWRU FRPPRQ õ3&ô &20021 :KHQ WKH WUDQVLVWRU RXWSXW õRSHQ FROOHFWRUô RI D 3& ,QYHUWHU SURJUDPPDEOH FRQWUROOHU õ3&ô KDYLQJ DQ H[WHUQDO 3& '&ìëîëé9 SRZHU VXSSO\ LV LQSXW WR WKH LQYHUWHUñ VXSSO\ H[WHUQDO LQWHUIDFH SRZHU WR SUHYHQW D PDOIXQFWLRQ IURP 3KRWRFRXSOHU <íí...
  • Page 53 63(&,),&$7,216 ìïéïìç 2XWSXW VLJQDOV õ581ñ 68ñ ,3)ñ 2/ñ )8ñ $ñ %ñ &ô &20021 õìô 2XWSXW WHUPLQDO IXQFWLRQ DVVLJQPHQW &20021 7KH LQYHUWHU KDV RXWSXW WHUPLQDOV ZKRVH IXQFWLRQV FDQ EH FKDQJHG E\ SDUDPHWHU VHWWLQJï ìô $èíí 7HUPLQDOV 581ñ 68ñ ,3)ñ 2/ñ )8ñ $ñ % DQG & DUH DVVLJQHG IXQFWLRQV E\ ìäí...
  • Page 54 63(&,),&$7,216 6HWWLQJ 6LJQDO 5HODWHG )XQFWLRQ 2SHUDWLRQ 3RVLWLYH 1HJDWLYH 1DPH 3DUDPHWHUV ORJLF ORJLF ëí ìëí %UDNH RSHQ UHTXHVW 5HIHU WR ëæå WR ëåè õEUDNH VHTXHQFH IXQFWLRQôï ëæå WR ëåè 3Uï 3Uï 3Uï ëè ìëè )DQ IDLOXUH RXWSXW 2XWSXW DW WKH WLPH RI IDQ IDLOXUHï •...
  • Page 55 63(&,),&$7,216 õëô 2SHQ FROOHFWRU RXWSXW VLJQDO FRQWURO ORJLF $èíí (LWKHU RI WKH VLQN DQG VRXUFH ORJLF W\SHV PD\ EH ,Q WKH VRXUFH ORJLF W\SHñ D VLJQDO VZLWFKHV RQ XVHG DV WKH RXWSXW VLJQDO FRQWURO ORJLFï 7KH ZKHQ D FXUUHQW IORZV LQWR WKH FRUUHVSRQGLQJ FRQQHFWRU SRVLWLRQ HWFï...
  • Page 56 63(&,),&$7,216 õéô 'HVFULSWLRQ RI WKH RXWSXW IXQFWLRQV &20021 7KH IROORZLQJ GHVFULSWLRQ DVVXPHV WKDW WKH ORJLF êô )UHTXHQF\ GHWHFWLRQ õ)8ñ )8ë õ1RWH ìôñ )8ê VHWWLQJ LV SRVLWLYHï õ1RWH ìôô &20021 ìô ,QYHUWHU UXQQLQJ õ581ô 7KH RXWSXW LV VZLWFKHG RQ ZKHQ WKH RXWSXW &20021 7KH RXWSXW VLJQDO LV 21 õORZô...
  • Page 57 63(&,),&$7,216 èô ,QVWDQWDQHRXV SRZHU IDLOXUH õ,3)ô æô 5HJHQHUDWLYH EUDNH SUHðDODUP õ5%3ô $èíí $èíí 7KH RXWSXW LV SURYLGHG õVZLWFKHG ORZô ZKHQ WKH 7KH SUHðDODUP VLJQDO LV RXWSXW õVZLWFKHG ORZô LQVWDQWDQHRXV SRZHU IDLOXUH RU XQGHUYROWDJH ZKHQ åèø RI WKH UHJHQHUDWLYH EUDNH GXW\ VHW LQ SURWHFWLRQ LV DFWLYDWHG GXULQJ LQYHUWHU æí...
  • Page 58 63(&,),&$7,216 ììô 2XWSXW FXUUHQW GHWHFWLRQ õ<ìëô URWDWLRQ õ):'ôï 7KLV RXWSXW LV QRW SURYLGHG &20021 7KH RXWSXW LV SURYLGHG õVZLWFKHG ORZô ZKHQ WKH ZKHQ WKH LQGLFDWLRQ LV UHYHUVH URWDWLRQ õ5(9ô RXWSXW FXUUHQW UHPDLQV KLJKHU WKDQ WKH YDOXH RU VWRS õ6723ôï VHW LQ ìèí...
  • Page 59 63(&,),&$7,216 ìæô )LQ RYHUKHDW SUHDODUP õ),1ô ìåô /LJKW IDXOW RXWSXW õ/)ô $èíí &20021 7KH RXWSXW LV SURYLGHG õVZLWFKHG ORZô ZKHQ 7KH RXWSXW LV SURYLGHG õVZLWFKHG ORZô ZKHQ D WKH KHDW VLQN WHPSHUDWXUH UHDFKHV DERXW åèø PLQRU IDXOW RFFXUVï RI WKH ILQ RYHUKHDW SURWHFWLRQ DFWLYDWLQJ ìäô...
  • Page 60 63(&,),&$7,216 ìïéïìæ 0HWHU FRQQHFWLRQ DQG DGMXVWPHQW õ)0ô &20021 7KH RXWSXW IUHTXHQF\ HWFï RI WKH LQYHUWHU FDQ EH 2XWSXW ZDYHIRUP RI WHUPLQDO )0 LQGLFDWHG E\ D '& DPPHWHU RI ìP$ IXOOðVFDOH DQG PD[ï 7KH RXWSXW VLJQDO RI WHUPLQDO )0 KDV D SXOVH êíí: LQWHUQDO UHVLVWDQFH RU D FRPPHUFLDOO\ DYDLODEOH ZDYHIRUP DV VKRZQ LQ WKH WDEOH EHORZ DQG WKH GLJLWDO PHWHU ZKLFK LV FRQQHFWHG DFURVV WHUPLQDOV...
  • Page 61 63(&,),&$7,216 $GMXVWPHQW x $QDORJ PHWHU x 'LJLWDO PHWHU 7R DGMXVW WKH UHDGLQJ RI DQ DQDORJ PHWHU 6LQFH WKH GLJLWDO PHWHU FRXQWV DQG GLVSOD\V WKH õDPPHWHUôñ WXUQ WKH FDOLEUDWLRQ UHVLVWRU WR FKDQJH QXPEHU RI SXOVHVñ DGMXVW LW IURP WKH RSHUDWLRQ WKH FXUUHQWï SDQHO RU SDUDPHWHU XQLWï...
  • Page 62 63(&,),&$7,216 ìïéïìä &RQWURO FLUFXLW FRPPRQ WHUPLQDOV õ6'ñ èñ 6(ô &20021 7HUPLQDOV 6'ñ èñ DQG 6( DUH DOO FRPPRQ WHUPLQDOV 7HUPLQDO è LV D FRPPRQ WHUPLQDO IRU WKH IUHTXHQF\ õí9ô IRU ,î2 VLJQDOV DQG DUH LVRODWHG IURP HDFK RWKHUï VHWWLQJ DQDORJ LQSXW VLJQDOVï ,W LV D í9 WHUPLQDO RI WKH 'R QRW HDUWK WKHVH WHUPLQDOVï...
  • Page 63 63(&,),&$7,216 ìïéïëì &RQQHFWLRQ WR 38 FRQQHFWRU &20021 õ ì ô :KHQ FRQQHFWLQJ WKH RSHUDWLRQ SDQHO RU õ ë ô )RU 56ðéåè FRPPXQLFDWLRQ SDUDPHWHU XQLW XVLQJ D FRQQHFWLRQ FDEOH :LWK WKH RSHUDWLRQ SDQHO GLVFRQQHFWHGñ WKH 38 á5HFRPPHQGHG FDEOH FRQQHFWRU! FRQQHFWRU FDQ EH XVHG IRU FRPPXQLFDWLRQ RSHUDWLRQ x 3DUDPHWHU XQLW FRQQHFWLRQ FDEOH õ)5ð&%ë†ô...
  • Page 64 ìïè )XQFWLRQ õ3DUDPHWHUô /LVW 63(&,),&$7,216 ìïèïì )5ð$èíí )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ çøîéøî 0RWRU WRUTXH í 7RUTXH ERRVW õ1RWH ìô í WR êíø êøîëø ìïçïä DGMXVWPHQW õ1RWH äô ì 0D[LPXP IUHTXHQF\ í...
  • Page 65 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ éì 8SðWRðIUHTXHQF\ VHQVLWLYLW\ í WR ìííø ìíø 2XWSXW VLJQDO 21ð éë 2XWSXW IUHTXHQF\ GHWHFWLRQ í WR éíí+] ç+] 2)) SRLQW ìïéïìç 2XWSXW IUHTXHQF\ GHWHFWLRQ IRU UHYHUVH DGMXVWPHQW éê...
  • Page 66 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ /LPLWDWLRQ RI æå 5HYHUVH URWDWLRQ SUHYHQWLRQ VHOHFWLRQ íñ ìñ ë í URWDWLRQ LQ RQH ìïçïê GLUHFWLRQ 2SHUDWLRQ PRGH æä 2SHUDWLRQ PRGH VHOHFWLRQ í WR å í...
  • Page 67 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ íñ ì õGDWD OHQJWK åô ììä 6WRS ELW OHQJWKîGDWD OHQJWK ì ìíñ ìì õGDWD OHQJWK æô ìëí 3DULW\ FKHFN SUHVHQFHîDEVHQFH íñ ìñ ë ë &RPPXQLFDWLRQ ìëì...
  • Page 68 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ 6HOHFWLRQ RI ì WR êñ è WR ìéñ ìèå $0 WHUPLQDO IXQFWLRQ VHOHFWLRQ ì YDULRXV PRQLWRU ìïçïìå ìæñ ìåñ ëì GLVSOD\V 8VHU JURXS ìçí 8VHU JURXS UHDG VHOHFWLRQ íñ...
  • Page 69 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ ~ ëêë 0XOWLðVSHHG VHWWLQJ õVSHHG åô í WR éíí+]ñ ääää ääää ~ ëêê 0XOWLðVSHHG VHWWLQJ õVSHHG äô í WR éíí+]ñ ääää ääää ~ ëêé 0XOWLðVSHHG VHWWLQJ õVSHHG ìíô...
  • Page 70 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ ~ äíí )0 WHUPLQDO FDOLEUDWLRQ •• •• )RU H[WHUQDO ìïçïè PHWHU FDOLEUDWLRQ ~ äíì $0 WHUPLQDO FDOLEUDWLRQ •• •• äíë )UHTXHQF\ VHWWLQJ YROWDJH ELDV í...
  • Page 71 63(&,),&$7,216 ìïèïë )5ð( èíí )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ 0RWRU WRUTXH í 7RUTXH ERRVW õ1RWH ìô í WR êíø çø ìïçïä DGMXVWPHQW ì 0D[LPXP IUHTXHQF\ í WR ìëí+] ìëí+] 2XWSXW IUHTXHQF\ ìïçïæ...
  • Page 72 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ éì 8SðWRðIUHTXHQF\ VHQVLWLYLW\ í WR ìííø ìíø 2XWSXW VLJQDO 21ð éë 2XWSXW IUHTXHQF\ GHWHFWLRQ í WR éíí+] ç+] 2)) SRLQW ìïéïìç DGMXVWPHQW 2XWSXW IUHTXHQF\ GHWHFWLRQ IRU UHYHUVH éê...
  • Page 73 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ )RU JHQHUDOð åí 0RWRU FDSDFLW\ íïì WR æïèN:ñ ääää ääää SXUSRVH PDJQHWLF ìïçïëè IOX[ YHFWRU FRQWURO åë 0RWRU H[FLWLQJ FXUUHQW í WR èíí$ñ ääää ääää...
  • Page 74 63(&,),&$7,216 )XQFð 3DUDPHWHU )DFWRU\ 3XUSRVHñ 5HIHU WR 1DPH 6HWWLQJ 5DQJH WLRQ 1XPEHU 6HWWLQJ $SSOLFDWLRQñ (WFï 6HFWLRQ ëêë 0XOWLðVSHHG VHWWLQJ õVSHHG åô í WR éíí+]ñ ääää ääää ëêê 0XOWLðVSHHG VHWWLQJ õVSHHG äô í WR éíí+]ñ ääää ääää ëêé 0XOWLðVSHHG VHWWLQJ õVSHHG ìíô í...
  • Page 75 ìïç )81&7,216 õ3$5$0(7(5ô 63(&,),&$7,216 ìïç )XQFWLRQV õ3DUDPHWHUVô ìïçïì 2SHUDWLRQ PRGH VHOHFWLRQ > æä@ 3Uï &20021 <RX FDQ FKRRVH WKH RSHUDWLRQ PRGH VXFK DV 38 RU IURP DPRQJ YDULRXV PRGHVñ HïJï WKH PRGH LQ ZKLFK H[WHUQDO RSHUDWLRQ PRGHï 7KH RSHUDWLRQ PRGH LV 38 RSHUDWLRQ LV FKRVHQ DW SRZHUðRQ õVHW YDOXH ìôñ...
  • Page 76 63(&,),&$7,216 õëô ([WHUQDO RSHUDWLRQ &20021 ñ H[WHUQDO RSHUDWLRQ LV VHOHFWHG DW $IWHU PDNLQJ FRQQHFWLRQV DV VKRZQ LQ WKH EHORZ $èíí SRZHUðRQ ZKHQ æä LV DV IDFWRU\ðVHW H[DPSOH DQG VHWWLQJ WKH IXQFWLRQV õSDUDPHWHU 3Uï õ æä íô YDOXHVôñ \RX FDQ HQWHU WKH H[WHUQDO UXQQLQJ 3Uï...
  • Page 77 63(&,),&$7,216 õêô &RPELQHG RSHUDWLRQ õSHUIRUPLQJ RSHUDWLRQ E\ PXOWLðVSHHG VHWWLQJ VLJQDOV RQO\ï 7KH PXOWLðVSHHG HQWHULQJ H[WHUQDO VLJQDO DV VWDUW VLJQDO DQG VHWWLQJ VHWWLQJ VLJQDOV RYHUULGH WKH GLJLWDO VHWWLQJ RQ WKH UXQQLQJ IUHTXHQF\ IURP RSHUDWLRQ SDQHOô RSHUDWLRQ SDQHOï 0DNH FRQQHFWLRQV DV VKRZQ EHORZ DQG VHW ûêû LQ ñ...
  • Page 78 63(&,),&$7,216 õèô 3URJUDPPHG RSHUDWLRQ WKH RSHUDWLRQ SDQHOï $èíí 0DNH FRQQHFWLRQV DV VKRZQ EHORZ DQG DXWRPDWLF 6HW ûèû LQ WKH RSHUDWLRQ PRGH VHOHFWLRQ æä 3Uï RSHUDWLRQ LV SHUIRUPHG XQGHU WKH FRQWURO RI WKH DQG ûêû õSURJUDPPHG RSHUDWLRQ EORFN RXWSXWô LQ WLPHU LQ WKH LQYHUWHU DFFRUGLQJ WR WKH RSHUDWLRQ WKH RXWSXW LQ WHUPLQDO IXQFWLRQ VZLWFKLQJ æçï...
  • Page 79 63(&,),&$7,216 8VH SDUDPHWHUV ëíí WR ëêë IRU WKLV VHWWLQJï 1Rïì )RUZDUG URWDWLRQ DW ëí+]ñ ì KRXU í PLQXWHV 3Uï 3Uï ëíì ìñ ëíñ ìãíí 3Uï 1Rïë 6WRSñ ê KRXUV í PLQXWHV êè+] ëíë íñ íñ êãíí 3Uï ëí+] ìí+] 1Rïê 5HYHUVH URWDWLRQ DW êí+]ñ é KRXUV í PLQXWHV é...
  • Page 80 63(&,),&$7,216 õçô 6ZLWFKðRYHU PRGH &20021 %\ VHWWLQJ ûçû LQ 3Uï æäñ RSHUDWLRQ PRGH VHOHFWLRQñ \RX FDQ VHOHFW EHWZHHQ 38 RSHUDWLRQñ H[WHUQDO RSHUDWLRQ DQG FRPSXWHU OLQN RSHUDWLRQ õZKHQ 35ð$è15 RSWLRQ LV XVHG ZLWK ô ZKLOH $èíí FRQWLQXLQJ WKH RSHUDWLQJ VWDWXVï &RUUHVSRQGLQJ 2SHUDWLRQ 0RGH 0RGHO 6ZLWFKLQJ 2SHUDWLRQî2SHUDWLQJ 6WDWXV...
  • Page 81 63(&,),&$7,216 7KH IROORZLQJ WDEOH LQGLFDWHV WKH IXQFWLRQV RI WKH ;ìë õ056ô VLJQDO ZKHQ WKH æä VHWWLQJ LV æ õ38 3Uï RSHUDWLRQ LQWHUORFNôï ;ìë õ056ô 6LJQDO )XQFWLRQV æä 3Uï ;ìë õ056ô ð6' )XQFWLRQ 6HWWLQJ x 2XWSXW VWRSSHG GXULQJ H[WHUQDO RSHUDWLRQï x 2SHUDWLRQ PRGH FDQ EH VZLWFKHG WR 6KRUWHG 38 RSHUDWLRQ PRGHï...
  • Page 82 63(&,),&$7,216 õåô 2SHUDWLRQ PRGH VZLWFKLQJ E\ H[WHUQDO VLJQDO 6KRUW ;ìçð6' LQ WKH 38 RSHUDWLRQ PRGH WR IRUFLEO\ &20021 0DNH FRQQHFWLRQV DV VKRZQ EHORZ DQG VHW ûåûLQ FKDQJH LW WR WKH H[WHUQDO RSHUDWLRQ PRGHï 2SHQ æäñ RSHUDWLRQ PRGH VHOHFWLRQï 7KH RSHUDWLRQ ;ìçð6' WR VZLWFK WR WKH 38 RSHUDWLRQ PRGHï...
  • Page 83 63(&,),&$7,216 ìïçïë 3DUDPHWHU ZULWH LQKLELW VHOHFWLRQ > ææ@ 3Uï &20021 :ULWLQJ FDQ EH LQKLELWHG VR WKDW WKH IXQFWLRQV VHW IURP 1RWHã ìï $IWHU SDUDPHWHU ZULWH LV LQKLELWHGñ ZULWH LV WKH RSHUDWLRQ SDQHO FDQQRW EH FKDQJHG DFFLGHQWDOO\ï RQO\ HQDEOHG IRU ææ DQG æäï...
  • Page 84 63(&,),&$7,216 /LVW RI ([FHSWLRQV WR ææñ 3DUDPHWHU :ULWH ,QKLELW 6HOHFWLRQñ IRU 3Uï (èíí í õ:ULWH HQDEOHG RQO\ GXULQJ VWRS ææ 6HWWLQJ ì õ:ULWH LQKLELWô ë õ:ULWH DOZD\V HQDEOHGô 3Uï LQ 38 RSHUDWLRQ PRGHô 38õ38ò(ô 38ò( 38ò( 2SHUDWLRQ PRGH í WR éñæñå æä...
  • Page 85 63(&,),&$7,216 õëô 6HW IUHTXHQF\ UHVROXWLRQ )RU D YROWDJH VLJQDOã &20021 7KH VHW IUHTXHQF\ UHVROXWLRQ IRU WKH GLJLWDO LQSXW LV )UHTXHQF\ VHWWLQJ YROWDJH JDLQ õ3Uïäíêô GHWHUPLQHG E\ WKH QXPEHU RI GLJLWV VHW E\ WKH >+]@ éíäç RSHUDWLRQ SDQHO õSDUDPHWHU XQLWôï 7KH VHW IUHTXHQF\ UHVROXWLRQ IRU WKH DQDORJ LQSXW LV )RU D FXUUHQW VLJQDOã...
  • Page 86 63(&,),&$7,216 6HW WKH VWDOO SUHYHQWLRQ RSHUDWLRQ OHYHO LQ éå DQG 3Uï 3DUDPHWHU )DFWRU\ 1DPH 6HWWLQJ 5DQJH ììéï QXPEHU 6HWWLQJ 3Uï í 5HIHU WR WKH IROORZLQJ OLVW WR VHW YDOXHV LQ éä DQG 3Uï 6SHHG êæ íñíïíì WR äääå õ2XWSXW ììèï 3Uï...
  • Page 87 63(&,),&$7,216 7KH DYHUDJH RXWSXW YROWDJH DQG SXOVH VSHHG DFURVV WHUPLQDOV )0ð6' FDQ EH FKDQJHGï 7KH IXQFWLRQ RI FKDQJLQJ WKH DYHUDJH RXWSXW YROWDJH ëéíí DFURVV WHUPLQDOV )0ð6' LV XVHG WR FDOLEUDWH D ìP$ ìééí PHWHU õIUHTXHQF\ PHWHUôï 7KH IXQFWLRQ RI FKDQJLQJ WKH SXOVH VSHHG FDQ EH XVHG DW WKH PD[LPXP RSHUDWLQJ RXWSXW IUHTXHQF\ RI ìíí+] RU KLJKHU RU WR PDLQWDLQ WKH FRPSDWLELOLW\ ZLWK WKH )5ð.î.êî.éíí...
  • Page 88 63(&,),&$7,216 ìí9 '& ìí9 '& èíí$ ì+] çí+] éíí+] 5DWHG RXWSXW FXUUHQW õ)DFWRU\ VHWWLQJô õ)DFWRU\ VHWWLQJô 3Uï èç VHWWLQJ 3Uï èè VHWWLQJ 2XWSXW 9ROWDJH RI 7HUPLQDO $0 2XWSXW 9ROWDJH RI 7HUPLQDO $0 õ&XUUHQW UHIHUHQFHô õ)UHTXHQF\ UHIHUHQFHô êô 2XWSXW YROWDJH FDOLEUDWLRQ >...
  • Page 89 63(&,),&$7,216 ìïçïç )UHTXHQF\ VHWWLQJ > é WR çñ ìèñ ìçñ ëé WR ëåóñ êåóñ êäóñ èäñ æêñ ëêë WR ëêäñ äíë WR 3Uï äíèñ äëëóñ äëêó@ &20021 õó ëå LV QRW SURYLGHG IRU ï êåñ êäñ äëë DQG äëê DUH QRW SURYLGHG IRU ô...
  • Page 90 63(&,),&$7,216 $QDORJ ,QSXW 7\SHV RI $èíí ,QSXW ,QSXW ,QSXW '& 3RZHU 6HOHFWHG 6LJQDOV DQG $X[LOLDU\ ,QSXW )DFWRU\ 5HIHU WR õ'&ô 7HUPLQDOV 5HVLVWDQFH 6XSSO\ 5HODWHG 3DUDPHWHUV 2YHUULGH 6HWWLQJ 6HFWLRQ 5(;ñ 5+ñ 50ñ %XLOWðLQ õWHUPLQDO 7HUPLQDO ì DX[LODU\ ìïçïçõéô í WR òè9 ëðè...
  • Page 91 63(&,),&$7,216 z $8ñ 5(;ñ 5+ñ 50ñ 5/ VLJQDOV ïïï 2)) æê 6HWWLQJ ,QSXW 9ROWDJH 3Uï 6HW )UHTXHQF\ )RUPXOD õ1RWHô &RPSHð :LWKRXW ,QSXW &XUUHQW ã äíê YROWDJH JDLQñ :LWK SRODULW\ 7HUPLQDO ë 7HUPLQDO ì 3Uï í QVDWLRQ 7HUPLQDO é SRODULW\ UHYHUVLEOH >9ë@ >9ì@ äíë...
  • Page 92 63(&,),&$7,216 ëô (èíí $Q LQGHSHQGHQW FRPPDQG LQSXW FDQ EH XVHG WR SHUIRUPHG DW WKH IUHTXHQF\ ZKLFK FRUUHVSRQGV SHUIRUP RSHUDWLRQï WR WKH FRPPDQG YROWDJH UDQJH VHW LQ æêñ 3Uï :KHQ WKH IUHTXHQF\ VHWWLQJ VLJQDO LV HQWHUHG WKH JDLQ LQ êå RU êäñ...
  • Page 93 63(&,),&$7,216 :KHQ RSHUDWLRQ SDQHO õ)5ð'8íéô LV XVHG õ$èíí RQO\ô 6HOHFW WKH 38 RSHUDWLRQ PRGHï 5HDG 3Uï äíë õ 3Uï äíéô YDOXHï 3UHVV WKH >6(7@ NH\ï 8VLQJ WKH >83î'2:1@ NH\ñ VHW WKH ELDV IUHTXHQF\ï 3UHVV WKH >6(7@ NH\ IRU DERXW ìïè VHFRQGV 7KH DQDORJ YROWDJH õFXUUHQWô...
  • Page 94 63(&,),&$7,216 éô ,Q WKH H[WHUQDO RSHUDWLRQ PRGHñ WKH DQDORJ õçô )UHTXHQF\ VHWWLQJ FXUUHQW ELDVñ JDLQ IUHTXHQF\ VHWWLQJ YROWDJH DQG RXWSXW IUHTXHQF\ > êäñ äíéñ äíè@ &20021 3Uï DUH IDFWRU\ðVHW VR WKDW WKH RXWSXW IUHTXHQF\ LV ìô 6HW WKH UHODWLRQVKLS EHWZHHQ WKH IUHTXHQF\ í+] DW WKH LQSXW YROWDJH RI í9 DQG çí+] DW è9 VHWWLQJ LQSXW VLJQDO LQSXW WR WHUPLQDO é...
  • Page 95 63(&,),&$7,216 õåô )RUZDUGðUHYHUVH RSHUDWLRQ E\ DQDORJ r LQSXW )UHTXHQF\ 6HWWLQJ &XUUHQW %LDVñ *DLQ õ([WHUQDO RSHUDWLRQ PRGHô > æê@ $èíí 3Uï 0LQLPXP 3DUDPHWHU 6HWWLQJ )DFWRU\ ìô 7KH DX[LOLDU\ DQDORJ LQSXW WHUPLQDO ì DOORZV 1DPH 6HWWLQJ 1XPEHU 5DQJH 6HWWLQJ IRUZDUG RU UHYHUVH RSHUDWLRQ WR EH SHUIRUPHG ,QFUHPHQWV )UHTXHQF\ XVLQJ RQO\ WKH IUHTXHQF\ VHWWLQJ VLJQDO ZLWKRXW...
  • Page 96 63(&,),&$7,216 E\ WKH DQDORJ LQSXWï 6LQFH WKH SDUDPHWHU LV IDFWRU\ðVHW WR FRPSHQVDWLRQ GLVDEOHñ VHW ûìû LQ ìèí ëå WR PDNH WKH FRPSHQVDWLRQ HQDEOHGï 7KH 3Uï IROORZLQJ WKUHH GLIIHUHQW FRPSHQVDWLRQV DUH ìíí DYDLODEOH GHSHQGLQJ RQ WKH VHWWLQJ RI æêã 3Uï ìô 2YHUULGH FRPSHQVDWLRQ õ æê...
  • Page 97 63(&,),&$7,216 1RWHã ìï :KHQ WKH DFFHOHUDWLRQîGHFHOHUDWLRQ VLJQDO êô 2XWSXW IUHTXHQF\ WXUQV RQñ IUHTXHQF\ YDULHV $èíí DFFRUGLQJ WR WKH UDPS VHW LQ éé RU ([WHUQDO RSHUDWLRQã )UHTXHQF\ VHW E\ 5+ RU 3Uï éèï $OVRñ WKH DFFHOHUDWLRQî 50 ò H[WHUQDO RSHUDWLRQ IUHTXHQF\ RWKHU 3Uï...
  • Page 98 63(&,),&$7,216 ìïçïæ 2XWSXW IUHTXHQF\ UDQJH > ìñ ëñ ìêñ ìå@ 3Uï &20021 7KH RXWSXW IUHTXHQF\ UDQJH LV íïë WR éíí+]ï +RZHYHUñ WKH DFWXDOO\ RSHUDEOH IUHTXHQFLHV KDYH WKH IROORZLQJ UHVWULFWLRQV DFFRUGLQJ WR WKH IXQFWLRQ õ1RWH ìô éíí+] õVHW IURP 38ô õSDUDPHWHUô VHWWLQJVñ RSHUDWLRQ PRGHñ HWFïã 3Uï...
  • Page 99 63(&,),&$7,216 õìô 0D[LPXP IUHTXHQF\ OLPLW > ìñ ìå@ õêô 6WDUWLQJ IUHTXHQF\ > ìê@ &20021 3Uï 3Uï &20021 3Uï 8VLQJ WKH RSHUDWLRQ SDQHO õSDUDPHWHU XQLWôñ VHW 6HW WKH IUHTXHQF\ ZKLFK DOORZV GLUHFWðRQ OLQH WKH PD[LPXP IUHTXHQF\ OLPLW WKDW FDQ EH RXWSXWï VWDUWLQJ ZKHQ WKH VWDUW VLJQDO LV VZLWFKHG RQ 6HW WKH PD[LPXP IUHTXHQF\ OLPLW RI í...
  • Page 100: Xwsxw Iuhtxhqflhv Dqg Dffhohudwlrq Dqg Ghfhohudwlrq Wlphv

    63(&,),&$7,216 ìïçïå 2XWSXW IUHTXHQFLHV DQG DFFHOHUDWLRQ DQG GHFHOHUDWLRQ WLPHV > æñ åñ ìçñ ëíñ ëìñ ëäñ ééñ éèñ ììíóñ ìììóñ ìéí WR ìéêó@ 3Uï &20021 õó ììíñ ììì DQG ìéí WR ìéê DUH QRW SURYLGHG IRU ïô (èíí 3Uï :KHQ WKH IUHTXHQF\ LV YDULHG GXULQJ õ([DPSOH ëô...
  • Page 101 63(&,),&$7,216 )XQFWLRQV 5HODWHG WR $FFHOHUDWLRQ DQG 'HFHOHUDWLRQ 7LPHV 3DUDPHWHU 0LQLPXP 6HWWLQJ 1DPH 6HWWLQJ 5DQJH )DFWRU\ 6HWWLQJ 1XPEHU ,QFUHPHQWV è V IRU æïè. RU OHVV íïíìîíïì V õìí V IRU (èíí èïè. DQG æïè.ô æ $FFHOHUDWLRQ WLPH í WR êçíí V õ1RWH ìô...
  • Page 102 63(&,),&$7,216 õéô 6HFRQG GHFHOHUDWLRQ WLPH > éè@ õæô $FFHOHUDWLRQîGHFHOHUDWLRQ WLPH IRU MRJ RSHUDWLRQ > &20021 3Uï 3Uï 6KRUW WKH VHFRQG IXQFWLRQ VHOHFWLRQ VLJQDO ìç@ &20021 WHUPLQDO 57ð6' WR FKDQJH WKH $OORZV WKH DFFHOHUDWLRQîGHFHOHUDWLRQ WLPH WR EH DFFHOHUDWLRQîGHFHOHUDWLRQ WLPH VHWWLQJ WR WKH YDOXH VHW IRU MRJ RSHUDWLRQ LQ WKH 38 RU H[WHUQDO VHW LQ ééï...
  • Page 103 63(&,),&$7,216 ìô 6ðSDWWHUQ DFFHOHUDWLRQîGHFHOHUDWLRQ $ &20021 ë 7\SH $ LV PD[LPXP LQ DFFHOHUDWLRQ VSHHG QHDU WKH EDVH IUHTXHQF\ õIEô DV VKRZQ EHORZï +HQFHñ LW PDNHV IDVW ì DFFHOHUDWLRQîGHFHOHUDWLRQ LQ D ODUJH PRWRUð JHQHUDWHG WRUTXH UDQJH DQG VPRRWK 7LPH DFFHOHUDWLRQîGHFHOHUDWLRQ LQ D VPDOO WRUTXH UDQJHñ...
  • Page 104 63(&,),&$7,216 6HW ûêû LQ ëä WR PDNH WKH EDFNODVK 3Uï FRPSHQVDWLRQ IXQFWLRQñ ìéí WR ìéêñ 3Uï 3Uï DFFHVVLEOHï 1RWH WKDW WKH DFFHOHUDWLRQîGHFHOHUDWLRQ SDWWHUQ IRU 3Uï ìéë WKH EDFNODVK FRPSHQVDWLRQ LV WKH OLQHDU DFFHOHUDWLRQ 'Ië îGHFHOHUDWLRQï 7KH DFFHOHUDWLRQîGHFHOHUDWLRQ WLPH LV LQFUHDVHG E\ WKH VWRS WLPHï 3Uï...
  • Page 105: Xwsxw Iuhtxhqflhv Dqg Rxwsxw Yrowdjhv

    63(&,),&$7,216 ìïçïä 2XWSXW IUHTXHQFLHV DQG RXWSXW YROWDJHV > íñ êñ ìéñ ìäñ éçñ éæñ 3Uï ììëóñ ììêó@ &20021 õó ììë DQG ììê DUH QRW SURYLGHG IRU ïô 3Uï (èíí 7KH LQYHUWHU FRQWUROV QRW RQO\ WKH RXWSXW IUHTXHQF\ VXSSO\ YROWDJHï EXW DOVR WKH RXWSXW YROWDJHï 7KH UHODWLRQVKLS EHWZHHQ z 7KH RXWSXW YROWDJH YDULHV DFFRUGLQJ WR WKH SRZHU WKH RXWSXW IUHTXHQF\ DQG YROWDJH LV DV IROORZVã...
  • Page 106 63(&,),&$7,216 3Uï ìñ 3Uï ê 7KH VHWWLQJ FRQGLWLRQV RI WKH UHOHYDQW IXQFWLRQV õSDUDPHWHUVô DQG WKH UHODWLRQVKLS EHWZHHQ WKH ìíí IDFWRU\ðVHW RXWSXW IUHTXHQF\ DQG RXWSXW YROWDJH DUH 9DULDEOHðWRUTXH ORDG LQGLFDWHG LQ WKH SUHYLRXV WDEOH DQG WKH IROORZLQJ 3Uï ìé ì GLDJUDPï 3Uï...
  • Page 107 63(&,),&$7,216 ,I WKH EDVH IUHTXHQF\ XVHG LV RWKHU WKDQ èí+] RU éô &KDQJLQJ RI ORDG SDWWHUQ VHOHFWLRQ $èíí çí+]ñ D VSHFLDO PRWRU GHVLJQHG WR PHHW WKDW EDVH 6HW ûéû RU ûèû LQ ìé WR FKDQJH WKH ORDG 3Uï IUHTXHQF\ LV UHTXLUHGï SDWWHUQ VHOHFWLRQ DFFRUGLQJ WR WKH 57 VLJQDOï...
  • Page 108 63(&,),&$7,216 &RQVWDQW RXWSXW UDQJH 7RUTXH %RRVWñ 0RWRU 7RUTXH DQG &XUUHQW ([DPSOHV 1RWHã ìï :KHQ WKH WRUTXH ERRVW VHWWLQJ LV JUHDWHU WKDQ WKH IDFWRU\ VHWWLQJñ WKH FRQWLQXRXVO\ $SSUR[LPDWHO\ HTXDO WR SRZHU VXSSO\ YROWDJH XVDEOH IUHTXHQF\ UDQJH LV QDUURZHG EHFDXVH WKH QRðORDG FXUUHQW RI WKH PRWRU LQFUHDVHVï...
  • Page 109: Lqmhfwlrq Eudnh

    63(&,),&$7,216 ìïçïìí '& LQMHFWLRQ EUDNH > ìí WR ìë@ 3Uï &20021 7KH PRWRU GULYHQ E\ WKH LQYHUWHU LV GHFHOHUDWHG WR D éï 6HWWLQJ í õVHFRQGVô LQ WKH '& G\QDPLF VWRS E\ WKH '& G\QDPLF EUDNH DW ê+] RU OHVVï 7KH EUDNH RSHUDWLRQ WLPH GLVDEOHV WKH '&...
  • Page 110: Hjhqhudwlyh Eudnh Gxw

    63(&,),&$7,216 ìïçïìì 5HJHQHUDWLYH EUDNH GXW\ õø('ô > êíñ æí@ 3Uï &20021 õìô 5HJHQHUDWLYH EUDNH GXW\ DFFRUGLQJ WR WKH UHVLVWRUï &20021 )5ð$èíí ð æïè. RU OHVV KDV D EXLOWðLQ EUDNH UHVLVWRUï ,WV ,I WKH VHW GXW\ LV H[FHHGHGñ WKH EUDNH UHVLVWRU RYHUKHDW VWDQGDUG GXW\ LV DV OLVWHG EHORZï...
  • Page 111: Ohfwurqlf Wkhupdo Uhod

    63(&,),&$7,216 ìïçïìë (OHFWURQLF WKHUPDO UHOD\ > äñ éåóñ æì@ 3Uï &20021 õó éå LV D GLIIHUHQW IXQFWLRQ IRU ïô 3Uï $èíí 6SHFLI\ WKH RSHUDWLRQ OHYHO RI WKH HOHFWURQLF WKHUPDO :KHQ UXQQLQJ WKH 0LWVXELVKL FRQVWDQWðWRUTXH PRWRU UHOD\ ZKLFK VWRSV WKH WUDQVLVWRU RXWSXW RQ GHWHFWLRQ GHGLFDWHG IRU LQYHUWHUVñ...
  • Page 112 63(&,),&$7,216 LQ DQ\ RSHUDWLRQ PRGHï õëô 38 GLVFRQQHFWLRQ GHWHFWLRQ \HVîQR VHOHFWLRQ :KHQ WKH PRWRU LV VWRSSHG E\ WKH >6723@ NH\ 1R SUREOHP DULVHV õRSHUDWLRQ FRQWLQXHVô LI WKH LQSXW IURP WKH RSHUDWLRQ SDQHO õSDUDPHWHU XQLWô LQ RSHUDWLRQ SDQHO õSDUDPHWHU XQLWô LV GLVFRQQHFWHG WKH H[WHUQDO RSHUDWLRQ PRGHñ...
  • Page 113 63(&,),&$7,216 ,I WKH RYHUORDG SHUVLVWV IRU D ORQJ WLPHñ WKH PRWRU ,I WKH RYHUORDG SHUVLVWVñ WKH PRWRU LV GHFHOHUDWHG PD\ EH GHFHOHUDWHG WR D VWRS DQG WKH HOHFWURQLF DFFRUGLQJ WR WKH DFFHOHUDWLRQîGHFHOHUDWLRQ VHWWLQJ WKHUPDO UHOD\ DFWLYDWHGï DQG FXUUHQW YDOXHï *HQHUDOO\ñ WKH PRWRU LV GHFHOHUDWHG RQ D UDPS RI GHFHOHUDWLRQ IURP çí+] ZLWKLQ íïì...
  • Page 114 63(&,),&$7,216 éä 3Uï ììè 6HWWLQJ 2SHUDWLRQ 3Uï 6HWWLQJ í 6HFRQG õWKLUGô VWDOO SUHYHQWLRQ IXQFWLRQ LV QRW DFWLYDWHGï 6HFRQG õWKLUGô VWDOO SUHYHQWLRQ IXQFWLRQ LV DFWLYDWHG DFFRUGLQJ WR WKH íïíì+] WR éíí+] IUHTXHQF\ DV VKRZQ DERYHï õ1RWH ìô 6HFRQG VWDOO SUHYHQWLRQ IXQFWLRQ LV DFWLYDWHG DFFRUGLQJ WR WKH 57 VLJQDOï ääää...
  • Page 115 63(&,),&$7,216 )XQFWLRQV 5HODWHG WR 9DULDEOH 6WDOO 3UHYHQWLRQ 2SHUDWLRQ /HYHO 0LQLPXP 3DUDPHWHU )DFWRU\ 1DPH 6HWWLQJ 5DQJH 6HWWLQJ 5HPDUNV 1XPEHU 6HWWLQJ ,QFUHPHQWV ëë 6WDOO SUHYHQWLRQ OHYHO í WR ëííøñ ääää íïìø ìèíø ääääã DQDORJ LQSXW &XUUHQW OLPLW OHYHO DW ìéå í WR ëííø íïìø...
  • Page 116 63(&,),&$7,216 6WDOO 3UHYHQWLRQ 2SHUDWLRQ 6HOHFWLRQ 2/ 2XWSXW 6LJQDO )DVWð5HVSRQVH &XUUHQW /LPLW { ïïï $FWLYDWHG { ïïï 2SHUDWLRQ )XQFWLRQ 6HOHFWLRQ õ1RWH ëô u ïïï 1RW DFWLYDWHG ìèç 6HWWLQJ FRQWLQXHG 3Uï { ïïï $FWLYDWHG u ïïï 2SHUDWLRQ 'XULQJ 'XULQJ 'XULQJ u ïïï 1RW DFWLYDWHG VWRSSHG õ1RWH ìô...
  • Page 117: Uhtxhqf\ Mxps

    63(&,),&$7,216 ìïçïìç )UHTXHQF\ MXPS > êì WR êç@ 3Uï &20021 -XPS UDQJH ,I PRWRU PHFKDQLFDO UHVRQDQFH RFFXUVñ WKLV IXQFWLRQ 3Uï êç õê%ô DOORZV UXQQLQJ IUHTXHQF\ñ ZKLFK 3Uï êè õê$ô PHFKDQLFDO UHVRQDQFH KDV RFFXUUHGñ WR EH DYRLGHG õMXPSHGôï 3Uï êé õë%ô 7KH IUHTXHQF\ MXPS LV GLVDEOHG ZKHQ WKH YDOXH LV DV 3Uï...
  • Page 118: Xwsxw Vljqdo Vhohfwlrq

    63(&,),&$7,216 ìïçïìæ 2XWSXW VLJQDO VHOHFWLRQ > æç@ 3Uï $èíí %\ VHWWLQJ WKH RXWSXW WHUPLQDO VZLWFKðRYHU IXQFWLRQñ æçñ \RX FDQ FKRRVH WKH RXWSXW PHWKRGV RI IRXU 3Uï WHUPLQDOV 68ñ ,3)ñ 2/ DQG )8ï 2XWSXW 7HUPLQDO )XQFWLRQV æç 6HWWLQJ 3Uï 2XWSXW í õIDFWRU\ VHWWLQJô ê...
  • Page 119: Xowlðixqfwlrq Prqlwrulqj Glvsod\v

    63(&,),&$7,216 ìïçïìå 0XOWLðIXQFWLRQ PRQLWRULQJ GLVSOD\V > ï èë WR èçóñ ìèåó@ &20021 õó èê DQG ìèå DUH QRW SURYLGHG IRU ïô (èíí õìô $èíí ìô 7KH RSHUDWLQJ VWDWXV RI WKH LQYHUWHU FDQ EH 7KH GDWD GLVSOD\HG FDQ EH FKRVHQ DV GHVLUHG LQGLFDWHG VLPXOWDQHRXVO\ LQ IRXU SODFHVñ...
  • Page 120 63(&,),&$7,216 êô 'LVSOD\ GDWD VHOHFWLRQ > èë WR èéñ ìèå@ 3Uï 'LVSOD\ 'DWD /LVW 3DUDPHWHU 6HWWLQJ 'LVSOD\ èë èê èé ìèå )XOOð6FDOH 9DOXH RI 3Uï 3Uï 3Uï 3Uï 6LJQDO 7\SH 8QLW )0ñ $0ñ /HYHO 0HWHU 38 PDLQ 38 OHYHO PRQLWRU PHWHU WHUPLQDO WHUPLQDO...
  • Page 121 63(&,),&$7,216 'XULQJ DQ HUURUñ WKH RXWSXW IUHTXHQF\ DW HUURU WHUPLQDO IRU XVH DV DQ )0 RXWSXW IRU RFFXUUHQFH LV VKRZQï 'XULQJ RXWSXW VKXWðRII õ056 FDOLEUDWLRQï 8VH äíí WR PDNH ILQH 3Uï VLJQDO 21ôñ WKH GDWD GLVSOD\HG LV WKH VDPH DV GXULQJ DGMXVWPHQW QHHGHG GXH WR WKH FDEOH OHQJWK D VWRSï...
  • Page 122 63(&,),&$7,216 êô 2SHUDWLRQ SDQHO õSDUDPHWHU XQLWô GLVSOD\ GDWD )0 WHUPLQDO 3Uï èè VHOHFWLRQï 3Uï èç %\ SUHVVLQJ WKH PRQLWRU NH\ RI WKH RSHUDWLRQ VHWWLQJ SDQHO õSDUDPHWHU XQLWôñ WKH GDWD GLVSOD\HG FDQ EH FKDQJHG EHWZHHQ WKH RXWSXW IUHTXHQF\ñ RXWSXW FXUUHQWñ RXWSXW YROWDJH DODUP GLVSOD\ï...
  • Page 123 63(&,),&$7,216 ìïçïìä $XWRPDWLF UHVWDUW DIWHU LQVWDQWDQHRXV SRZHU IDLOXUH õFRPPHUFLDO SRZHU VXSSO\ðLQYHUWHU VZLWFKðRYHUô > èæñ èåñ ìçë WR ìçèó@ &20021 3Uï õó ìçë WR ìçè DUH QRW SURYLGHG IRU ïô 3Uï <RX FDQ UHVWDUW WKH LQYHUWHU ZLWKRXW VWRSSLQJ WKH õëô 6HWWLQJ &20021 PRWRU õZLWK WKH PRWRU FRDVWLQJô...
  • Page 124: Qwhooljhqw Rshudwlrq Prgh

    63(&,),&$7,216 0&ë õêô &RQQHFWLRQ &20021 ñ WKH DERYH RSHUDWLRQ LV HQDEOHG ZKHQ $èíí WHUPLQDOV &6ð6' DUH WXUQHG RQï 0& :KHQ WHUPLQDOV &6ð6' DUH 2)) DW WKH èæ 3Uï 0&ê 5 õ/ ô ì VHWWLQJ RI í RU DQ\ RI íïì WR èñ H[WHUQDO RU 38 6 õ/ ô...
  • Page 125 63(&,),&$7,216 &RQWURO 6\VWHP &RUUHVSRQGLQJ 6HOHFWLRQ 0RGHO $GYDQFHG çí 3DUDPHWHUV &KDQJHG 3Uï ,WHP 'HVFULSWLRQ õJHQHUDOð 6HWWLQJ õ9DOXHVô $èíí (èíí SXUSRVHô 9î) PDJQHWLF IOX[ YHFWRU ,QYDOLG +DYLQJ WKH (QHUJ\ð 3HUIRUPV WKH RQOLQH WUXH WXQLQJ RI HTXLYDOHQW íã WRUTXH ERRVW 3Uï VDYLQJ PRGH WKH RXWSXW YROWDJH VR WKDW WKH RXWSXW HIIHFWñ...
  • Page 126 63(&,),&$7,216 3DUDPHWHUV 'HVLJQHG ([FOXVLYHO\ IRU ,QWHOOLJHQW 0RGH 3DUDPHWHU 1DPH 6HWWLQJ 5DQJH DQG 'HVFULSWLRQ 9DOLG 0RGH 1XPEHU ääääã UDWHG LQYHUWHU FXUUHQW 6KRUWHVW DFFHOHUDWLRQîGHFHOHUDWLRQ çì 5HIHUHQFH FXUUHQW õ$ô í WR èííã UHIHUHQFH VHWWLQJ õUDWHG 2SWLPXP DFFHOHUDWLRQîGHFHOHUDWLRQ PRWRU FXUUHQWô (OHYDWRU ääääã OLPLW YDOXH ìèíø...
  • Page 127 63(&,),&$7,216 VHOHFWLRQô DXWRPDWLFDOO\ UHWXUQV WKHP WR WKH RSHUDWLRQï 7KH RSHUDWLRQ UHVXOWV DUH VHW LQ IDFWRU\ VHWWLQJ õääääôï +HQFHñ WKH GHGLFDWHG íñ æ DQG å DV WKH RSWLPXP YDOXHV 3Uï 3Uï 3Uï SDUDPHWHUV PXVW EH VHW DIWHU WKH çí DW WKDW SRLQWï 3Uï...
  • Page 128 63(&,),&$7,216 6LQFH WKH QH[W SDUDPHWHUV DUH GHWHUPLQHG JUDGXDOO\ DQG RSHUDWLRQ LV SHUIRUPHG ZLWK WKH DFFRUGLQJ WR WKH FXUUHQW DFFHOHUDWLRQî RXWSXW SRZHU õSURGXFW RI FXUUHQW DQG YROWDJHô GHFHOHUDWLRQ VWDWXVñ PLVðVHWWLQJ LV PDGH LI EHLQJ PLQLPXPï WKH FRQGLWLRQV FKDQJHñ UHVXOWLQJ LQ D IDXOWñ :KHQ WKH RXWSXW FXUUHQW EHJLQV WR LQFUHDVH HïJï...
  • Page 129 63(&,),&$7,216 èô (QHUJ\ðVDYLQJ HIIHFW SUHYHQW DQ RYHUFXUUHQW WULS GXH WR 7KH HQHUJ\ðVDYLQJ HIIHFW GHSHQGV JUHDWO\ RQ RYHUH[FLWDWLRQï %RRVW YDOXH õøô WKH ORDG PDJQLWXGHï 3RZHU FRQVXPSWLRQ õøô 3Uï í o ç 0RGH ,, 2UGLQDU\ PRGH 0RGH , ìíí %RRVW YDOXH í ê...
  • Page 130 63(&,),&$7,216 LV DFWLYDWHG DW WKH ìèíø õìåíøô YDOXH RI WKH UDWHG LQYHUWHU FXUUHQWï çé ã8VHG WR VHW WKH VWDUWLQJ IUHTXHQF\ õ+]ô LQ WKH 3Uï • ,I çì DQG çé KDYH EHHQ VHW RQFHñ HOHYDWRU PRGHï 3Uï 3Uï FKDQJLQJ WKH çí õLQWHOOLJHQW VHOHFWLRQô ääää...
  • Page 131: Hwu\ Ixqfwlrq

    63(&,),&$7,216 ìïçïëì 5HWU\ IXQFWLRQ > çèñçæñçåñçä@ 3Uï &20021 :KHQ DQ DODUP RFFXUV LQ WKH LQYHUWHUñ WKLV IXQFWLRQ PDNHV D UHVWDUW DQG UHVXPHV RSHUDWLRQï DOORZV WKH LQYHUWHU WR DXWRPDWLFDOO\ UHVHW WKH DODUPñ õìô 5HWU\ RSHUDWLRQ IXQFWLRQV )XQFWLRQV 5HODWHG WR 5HWU\ 2SHUDWLRQ 3DUDPHWHU )DFWRU\ 1DPH...
  • Page 132 63(&,),&$7,216 õëô 5HWU\ VHOHFWLRQ IXQFWLRQ 6HW WKH çè YDOXH WR FKRRVH DODUPV WR EH UHVHW 3Uï IRU UHWU\ï ëô ìô (èíí $èíí (UURUV 5HVHW (UURUV 5HVHW çè 6HWWLQJ çè 6HWWLQJ 3Uï 3Uï IRU 5HWU\ IRU 5HWU\ 'LVSOD\ 'LVSOD\ í ì ë...
  • Page 133: Qsxw Ilowhu Frqvwdqw

    63(&,),&$7,216 ìïçïëë 3:0 FDUULHU IUHTXHQF\ > æëñëéí@ 3Uï &20021 $OORZV WKH 3:0 FRQWURO FDUULHU IUHTXHQF\ RI WKH IUHTXHQF\ PD\ SURGXFH DQ HIIHFWï LQYHUWHU WR EH FKDQJHGï :KHQ WKH FDUULHU IUHTXHQF\ VHWWLQJ LV ORZñ PDNLQJ 7R DYRLG WKH UHVRQDQFH IUHTXHQF\ RI D PHFKDQLFDO 6RIWð3:0 FRQWURO YDOLG DOORZV WKH PHWDOOLF WRQH RI V\VWHP RU D PRWRUñ...
  • Page 134: Hohfwlrq Ri Dgydqfhg Pdjqhwlf Iox[ Yhfwru Frqwuro

    63(&,),&$7,216 ìïçïëé 6HOHFWLRQ RI DGYDQFHG PDJQHWLF IOX[ YHFWRU FRQWURO > åíñåìñåä@ $èíí 3Uï $GYDQFHG PDJQHWLF IOX[ YHFWRU FRQWURO LV D FRQWURO $GYDQFHG PDJQHWLF IOX[ YHFWRU FRQWURO FDQ EH V\VWHP ZKLFK DOORZV ORZðVSHHG WRUTXH WR EH FKRVHQ E\ VHWWLQJ WKH FDSDFLW\ñ SROHV DQG W\SH RI WKH LPSURYHG E\ GLYLGLQJ WKH PRWRU FXUUHQW LQWR DQ PRWRU XVHGï...
  • Page 135 63(&,),&$7,216 )XQFWLRQV 5HODWHG WR $GYDQFHG 0DJQHWLF )OX[ 9HFWRU &RQWURO 3DUDPHWHU )DFWRU\ 1DPH 6HWWLQJ 5DQJH 6HW 9DOXH 'HVFULSWLRQ 1XPEHU 6HWWLQJ 0RWRU ääääñ ääää 9î) FRQWURO LV VHOHFWHGï åí FDSDFLW\ íïé WR èèN: íïé WR èè 6HW PRWRU FDSDFLW\ õN:ôï • ääää 9î) FRQWURO LV VHOHFWHGï...
  • Page 136: Hohfwlrq Ri Jhqhudoðsxusrvh Pdjqhwlf Iox[ Yhfwru Frqwuro

    63(&,),&$7,216 ìïçïëè 6HOHFWLRQ RI JHQHUDOðSXUSRVH PDJQHWLF IOX[ YHFWRU FRQWURO > åí@ (èíí 3Uï *HQHUDOðSXUSRVH PDJQHWLF IOX[ YHFWRU FRQWURO LV D õëô +RZ WR VHOHFW JHQHUDOðSXUSRVH PDJQHWLF IOX[ FRQWURO V\VWHP ZKLFK DOORZV ORZðVSHHG WRUTXH WR EH YHFWRU FRQWURO LPSURYHG E\ GLYLGLQJ WKH PRWRU FXUUHQW LQWR DQ *HQHUDOðSXUSRVH PDJQHWLF IOX[ YHFWRU FRQWURO LV H[FLWLQJ FXUUHQW DQG D WRUTXH FXUUHQW DQG PDNLQJ VHOHFWHG E\ PHUHO\ VHWWLQJ DQ\ YDOXH RWKHU WKDQ...
  • Page 137: Iiolqh Dxwr Wxqlqj Ixqfwlrq

    63(&,),&$7,216 ó ìïçïëç 2IIOLQH DXWR WXQLQJ IXQFWLRQ > æìñåë WR åéñäí WR äé ñäç@ 3Uï &20021 õó äì WR äé DUH QRW SURYLGHG IRU ïô (èíí 3Uï %\ XVLQJ WKH RIIOLQH DXWR WXQLQJ IXQFWLRQñ \RX FDQ UXQ DQRWKHU LQYHUWHU ZLWK WKH )5ð'8íé RSHUDWLRQ SDQHO WKH PRWRU ZLWK WKH RSWLPXP RSHUDWLQJ FKDUDFWHULVWLFV RU )5ð38íé...
  • Page 138 63(&,),&$7,216 $XWR 7XQLQJð5HODWHG )XQFWLRQV IRU (èíí 3DUDPHWHU 6HWWLQJ )DFWRU\ 1DPH 6HW 9DOXH 'HVFULSWLRQ 1XPEHU 5DQJH 6HWWLQJ (OHFWURQLF RYHUFXUUHQW SURWHFWLRQ WKHUPDO FKDUDFWHULVWLFV íñ ìíí {õíô VXLWDEOH IRU VWDQGDUG PRWRU (OHFWURQLF RYHUFXUUHQW SURWHFWLRQ WKHUPDO FKDUDFWHULVWLFV ìñ ìíì VXLWDEOH IRU 0LWVXELVKL FRQVWDQWðWRUTXH PRWRU íñ...
  • Page 139 63(&,),&$7,216 õëô 3DUDPHWHU VHWWLQJ ëï :KHQ ûìíìû LV VHW LQ äçñ JXDUG 3Uï 8VLQJ åí DQG åì õ åí IRU ñô (èíí 3Uï 3Uï 3Uï DJDLQVW KD]DUG EHFDXVH WKH PRWRU VHOHFW WKH DGYDQFHG õJHQHUDOðSXUSRVHô PDJQHWLF URWDWHVï IOX[ YHFWRU FRQWUROï $IWHU WKDWñ UHIHU WR WKH êï...
  • Page 140 63(&,),&$7,216 õéô 0RQLWRULQJ WKH RIIOLQH WXQLQJ VWDWXV äêñ ìíìñ ìíë DQG ìíê õ1RWHô DUH GLVSOD\HG DV RQ 'XULQJ WXQLQJñ WKH äç YDOXH LV GLVSOD\HG RQ 3Uï WKH 38ï õ:KHQ èì ûìû õIDFWRU\ VHWWLQJôô WKH PDLQ PRQLWRU DQG OHYHO PHWHU DV OLVWHG EHORZï 3Uï...
  • Page 141: Qolqh Dxwr Wxqlqj Ixqfwlrq

    63(&,),&$7,216 ìïçïëæ 2QOLQH DXWR WXQLQJ IXQFWLRQ > äè@ $èíí 3Uï %\ RQOLQH DXWR WXQLQJñ WKH PRWRU FRQGLWLRQV DUH WXQHG 3HUIRUP WKLV WXQLQJ ZKHQ PXFK KLJKHUðWRUTXHñ PRUH UDSLGO\ DW WKH VWDUWï 7KLV HQDEOHV SUHFLVH RSHUDWLRQ VWDEOH RSHUDWLRQ LV UHTXLUHG DW ORZ VSHHG IRU XQDIIHFWHG E\ PRWRU WHPSHUDWXUHV DQG VWHDG\ KLJKð...
  • Page 142: Ols Frpshqvdwlrq

    63(&,),&$7,216 ìïçïëå 6OLS FRPSHQVDWLRQ > ëéè WR ëéæ@ (èíí 3Uï 7KH LQYHUWHU RXWSXW FXUUHQW PD\ EH XVHG WR DVVXPH PRWRU VOLS WR NHHS WKH PRWRU VSHHG FRQVWDQWï 6\QFKURQRXV VSHHG DW EDVH IUHTXHQF\ ð UDWHG VSHHG 5DWHG VOLS uìíí >ø@ 6\QFKURQRXV VSHHG DW EDVH IUHTXHQF\ 3DUDPHWHU 1DPH 6HWWLQJ...
  • Page 143 63(&,),&$7,216 ìïçïêí &RPSXWHU OLQN RSHUDWLRQ > 3Uï ììæ WR ìëé@ &20021 &RPPXQLFDWLRQ RSHUDWLRQ FDQ EH SHUIRUPHG E\ &RPPXQLFDWLRQ VSHFLILFDWLRQV 56ðéåè IURP WKH 38 FRQQHFWRU RI WKH LQYHUWHUï &RQIRUPLQJ VWDQGDUG 56ðéåè 7R PDNH FRPPXQLFDWLRQ EHWZHHQ WKH SHUVRQDO 1XPEHU RI LQYHUWHUV ìã1 õPD[ï êë LQYHUWHUVô FRQQHFWHG FRPSXWHU DQG LQYHUWHUñ...
  • Page 144 63(&,),&$7,216 &RPSXWHU SURJUDPPLQJ óìï,I D GDWD HUURU LV GHWHFWHG DQG D UHWU\ õ ì ô &RPPXQLFDWLRQ SURWRFRO PXVW EH PDGHñ H[HFXWH UHWU\ RSHUDWLRQ 'DWD FRPPXQLFDWLRQ EHWZHHQ WKH FRPSXWHU DQG LQYHUWHU LV IURP WKH XVHU SURJUDPï 7KH LQYHUWHU SHUIRUPHG XVLQJ WKH IROORZLQJ SURFHGXUHã FRPHV WR DQ DODUP VWRS LI WKH QXPEHU RI FRQVHFXWLYH UHWULHV H[FHHGV WKH 'DWD UHDG...
  • Page 145 63(&,),&$7,216 ëô 5HSO\ GDWD IURP LQYHUWHU WR FRPSXWHU GXULQJ GDWD ZULWH >1R GDWD HUURU GHWHFWHG@ >'DWD HUURU GHWHFWHG@ ,QYHUWHU ,QYHUWHU óê óê (UURU óé )RUPDW & VWDWLRQ )RUPDW ' VWDWLRQ óé $&. FRGH QXPEHU QXPEHU ì ë ê ì ë é...
  • Page 146 63(&,),&$7,216 çô 6XP FKHFN FRGH 7KH VXP FKHFN FRGH LV ëðGLJLW $6&,, õå ELWVô RI WKH VXP õELQDU\ô GHULYHG IURP WKH õKH[DGHFLPDOô UHSUHVHQWLQJ WKH ORZHU ì E\WH FKHFNHG $6&,, GDWDï õ([DPSOHìô 6WDWLRQ ,QVWUXFWLRQ 6XP FKHFN &RPSXWHUo,QYHUWHU 'DWD QXPEHU FRGH FRGH í...
  • Page 147 63(&,),&$7,216 õèô ,QVWUXFWLRQV IRU WKH SURJUDP ìô :KHQ WKHUH LV DQ HUURU LQ GDWD IURP WKH FRPSXWHUñ WKH LQYHUWHU GRHV QRW DFFHSW WKDW GDWDï 7KHUHIRUHñ DOZD\V LQVHUW D GDWD HUURU UHWU\ SURJUDP LQ WKH XVHU SURJUDPï ëô 6LQFH DQ\ GDWD FRPPXQLFDWLRQñ VXFK DV RSHUDWLRQ FRPPDQG RU PRQLWRULQJñ LV DOZD\V UHTXHVWHG E\ WKH FRPSXWHUñ...
  • Page 148 63(&,),&$7,216 õçô 6HWWLQJ LWHPV DQG VHW GDWD $IWHU FRPSOHWLRQ RI SDUDPHWHU VHWWLQJñ VHW WKH LQVWUXFWLRQ FRGHV DQG GDWD DQG VWDUW FRPPXQLFDWLRQ IURP WKH FRPSXWHU WR DOORZ YDULRXV W\SHV RI RSHUDWLRQ FRQWURO DQG PRQLWRULQJï ,QVWUXFWLRQ 1XPEHU RI 1Rï ,WHP 'HVFULSWLRQ &RGH 'DWD 'LJLWV +ííííã...
  • Page 149 63(&,),&$7,216 ,QVWUXFWLRQ 1XPEHU RI 1Rï ,WHP 'HVFULSWLRQ &RGH 'DWD 'LJLWV +íí WR +))ã 5XQ &RPPDQG Eíã Eæ Eí Eìã )RUZDUG URWDWLRQ õ67)ô í í í í í í ì í Eëã 5HYHUVH URWDWLRQ õ675ô õ)RU H[DPSOH ìô Eêã ê 5XQ FRPPDQG ë...
  • Page 150 63(&,),&$7,216 ,QVWUXFWLRQ 1XPEHU RI 1Rï ,WHP 'HVFULSWLRQ &RGH 'DWD 'LJLWV :KHQ VHWWLQJ WKH SURJUDPPHG RSHUDWLRQ õGDWD FRGH +ê' WR +è$ñ +%' WR +$'ô SDUDPHWHUV 5HDG +ç& +ííã 5XQQLQJ IUHTXHQF\ ç ê ê % 6HFRQG +íìã 7LPH SDUDPHWHU 7LPH õ0LQïô 0LQï õ6HFïô +íëã...
  • Page 151 63(&,),&$7,216 õåô &RPPXQLFDWLRQ VSHFLILFDWLRQV IRU 56ðéåè FRPPXQLFDWLRQ 2SHUDWLRQ 0RGH &RPPXQLFDWLRQ 2SHUDWLRQ /RFDWLRQ ,WHP ([WHUQDO &RPSXWHU /LQN 2SHUDWLRQ 2SHUDWLRQ IURP 38 2SHUDWLRQ õLQERDUG RSWLRQ XVHGô &RQQHFWRU 5XQ FRPPDQG õVWDUWô (QDEOH 'LVDEOH 'LVDEOH (QDEOH 5XQQLQJ IUHTXHQF\ VHWWLQJ (QDEOH õ&RPELQHG 'LVDEOH PRGHô &RPSXWHU XVHU SURJUDP YLD 0RQLWRULQJ (QDEOH (QDEOH...
  • Page 152 63(&,),&$7,216 ìïçïêì 3,' FRQWURO > ìëå WR ìêé@ 3Uï &20021 7KH LQYHUWHU FDQ EH XVHG WR H[HUFLVH SURFHVV FRQWUROñ ìêê VHWWLQJ LV XVHG DV D VHW SRLQW DQG WKH é WR 3Uï HïJï IORZ UDWHñ DLU YROXPH RU SUHVVXUHï ëíP$ FXUUHQW LQSXW VLJQDO XVHG DV D IHHGEDFN YDOXH 7KH YROWDJH LQSXW VLJQDO õí...
  • Page 153 63(&,),&$7,216 õëô 3,' DFWLRQ RYHUYLHZ ìô 3, DFWLRQ 'HYLDWLRQ 6HW SRLQW $ FRPELQDWLRQ RI SURSRUWLRQDO FRQWURO DFWLRQ õ3ô 3URFHVV YDOXH DQG LQWHJUDO FRQWURO DFWLRQ õ,ô IRU SURYLGLQJ D PDQLSXODWHG YDULDEOH LQ UHVSRQVH WR GHYLDWLRQ 3 DFWLRQ 7LPH õWô DQG FKDQJHV ZLWK WLPHï , DFWLRQ 7LPH õWô...
  • Page 154 63(&,),&$7,216 õêô :LULQJ H[DPSOH ,QYHUWHU y6LQN ORJLF 3XPS 0RWRU 5 õ/ ô ì ìåê ìé 3Uï 3RZHU VXSSO\ 6 õ/ ô ë 7 õ/ ô ìäë ìç ê 3Uï ìäê ìé 3Uï )RUZDUG URWDWLRQ ìäé ìè 3Uï 5HYHUVH URWDWLRQ 3,' FRQWURO VHOHFWLRQ 57 õ1RWH êô...
  • Page 155 63(&,),&$7,216 ,WHP (QWU\ 'HVFULSWLRQ :KHQ ûìñ êñ èñ ììñ ìê RU ìèû LV VHW LQ æê 3Uï 6HW í9 DV íø DQG è9 DV ìííøï õè9 VHOHFWHG IRU WHUPLQDO ëôï 6HW SRLQW $FURVV WHUPLQDOV ëðè :KHQ ûíñ ëñ éñ ìíñ ìë RU ìéû LV VHW LQ æê...
  • Page 156 63(&,),&$7,216 õçô 6HW SRLQW LQSXW FDOLEUDWLRQ ìô $SSO\ WKH LQSXW YROWDJH RI íø VHW SRLQW VHWWLQJ êô $SSO\ WKH YROWDJH RI ìííø VHW SRLQW VHWWLQJ õHïJï í9ô WR DFURVV WHUPLQDOV ëðèï õHïJï è9ô WR DFURVV WHUPLQDOV ëðèï ëô 0DNH FDOLEUDWLRQ XVLQJ äíëï...
  • Page 157: Rpphufldo Srzhu Vxsso\ðlqyhuwhu Vzlwfkðryhu Vhtxhqfh

    63(&,),&$7,216 ìïçïêë &RPPHUFLDO SRZHU VXSSO\ðLQYHUWHU VZLWFKðRYHU VHTXHQFH > ìêè WR ìêä@ $èíí 3Uï :KHQ UXQ DW IXOO VSHHG DW çí+] õRU èí+]ôñ WKH PRWRU õëô 2SHUDWLRQ PHWKRG FDQ EH RSHUDWHG E\ WKH FRPPHUFLDO SRZHU VXSSO\ ìô 7R SHUIRUP FRPPHUFLDO SRZHU VXSSO\ RSHUDWLRQï PRUH HIILFLHQWO\ WKDQ E\ WKH LQYHUWHUï...
  • Page 158 63(&,),&$7,216 056ð6' &6ð6' 67)ð6' 0&ìð6( 3Uï ìêçñ 3Uï ìêæ 0&ëð6( 3Uï ìêç 0&êð6( 0& 2SHUDWLRQ 7LPLQJ ([DPSOH õêô +RZ WR XVH ,î2 VLJQDOV ìô ,QSXW WHUPLQDO IXQFWLRQV 7HUPLQDO ìêè í ìêè ì 3Uï 3Uï 6\PERO %\ FKRRVLQJ WKH YDOXH RI WKH FRPPHUFLDO SRZHU ,QYHUWHU IRUZDUG õUHYHUVHô...
  • Page 159 63(&,),&$7,216 ëô 2XWSXW WHUPLQDO IXQFWLRQV z 3HUPLVVLEOH FXUUHQW $VVLJQ WKH 0&ì WR 0&ê IXQFWLRQV WR WKH RXWSXW 7KH SHUPLVVLEOH FXUUHQW VKRXOG EH IXOO\ QRWHG WHUPLQDOV RI WKH LQYHUWHU RU )5ð$è$5 RSWLRQï ZKHQ WKH RXWSXWV RI WKH LQYHUWHU RU RSWLRQ êô 2XWSXW LQWHUIDFH VSHFLILFDWLRQV XQLW DUH XVHG WR GULYH WKH PDJQHWLF z )RU XVH ZLWK '&...
  • Page 160 63(&,),&$7,216 :KHQ \RX KDYH VHOHFWHG WKH FRPPHUFLDO SRZHU 0&V RSHUDWH LQ DFFRUGDQFH ZLWK WKH SDUDPHWHU VXSSO\ðLQYHUWHU VZLWFKðRYHU VHTXHQFH IXQFWLRQñ WKH VHWWLQJV OLVWHG EHORZã 0& 2SHUDWLRQð5HODWHG )XQFWLRQV 3DUDPHWHU 6HWWLQJ )DFWRU\ 1DPH 6HW 9DOXH 2SHUDWLRQ 1XPEHU 5DQJH 6HWWLQJ 6HW WKH RSHUDWLRQ LQWHUORFN WLPH RI WKH FRPPHUFLDO SRZHU VXSSO\ 0&...
  • Page 161: Xuuhqw Ghwhfwlrq Ixqfwlrq

    63(&,),&$7,216 ìïçïêê &XUUHQW GHWHFWLRQ IXQFWLRQ > ìèí WR ìèê@ 3Uï &20021 õìô 2XWSXW FXUUHQW GHWHFWLRQ > ìèíñìèì@ :KHQ WKH LQYHUWHUöV RXWSXW FXUUHQW IDOOV WR ûíûñ 3Uï ,I WKH RXWSXW FXUUHQW UHPDLQV KLJKHU WKDQ WKH WRUTXH ZLOO QRW EH JHQHUDWHGï 7KLV PD\ FDXVH D ìèí...
  • Page 162: Vhu Jurxs Vhohfwlrq

    63(&,),&$7,216 ìïçïêé 8VHU JURXS VHOHFWLRQ > ìçíñìæê WR ìæç@ 3Uï &20021 )URP DPRQJ DOO SDUDPHWHUVñ D WRWDO RI êë SDUDPHWHUV ìçí 6HWWLQJ 'HVFULSWLRQ 3Uï FDQ EH UHJLVWHUHG WR WZR GLIIHUHQW XVHU JURXSVï $OO SDUDPHWHUV FDQ EH DFFHVVHG IRU UHDGLQJ í DQG ZULWLQJ õ)DFWRU\ VHWWLQJô...
  • Page 163: Dwwðkrxu Phwhuñ Dfwxdo Rshudwlrq Krxu Phwhu Fohdu

    63(&,),&$7,216 ìïçïêè :DWWðKRXU PHWHUñ DFWXDO RSHUDWLRQ KRXU PHWHU FOHDU > ìæíóñìæì@ 3Uï õó ìæí LV QRW SURYLGHG IRU ïô 3Uï (èíí %\ ZULWLQJ í LQ WKH FRUUHVSRQGLQJ SDUDPHWHUVñ WKH ZDWWðKRXU PHWHU õ1RWHô DQG DFWXDO RSHUDWLRQ KRXU PHWHU DUH FOHDUHGï 3DUDPHWHU )XQFWLRQ 1DPH 6HWWLQJ 5DQJH )DFWRU\ 6HWWLQJ...
  • Page 164: Urjudpphg Rshudwlrq

    63(&,),&$7,216 ìïçïêæ 3URJUDPPHG RSHUDWLRQ > ëíí WR ëêì@ $èíí 3Uï %\ SUHVHWWLQJ WKH WLPH RI GD\ñ PRWRU URWDWLRQ 6HWWLQJ RI 5HIHUHQFH 7LPH RI 'D\ DQG 8QLW GLUHFWLRQ DQG UXQQLQJ IUHTXHQF\ñ WKH 3DUDPHWHU 6HWWLQJ )DFWRU\ 1DPH 'HVFULSWLRQ DXWRPDWLF RSHUDWLRQ RI WKH LQYHUWHU FDQ EH 1XPEHU 5DQJH 6HWWLQJ...
  • Page 165: Rrolqj Idq Rshudwlrq Vhohfwlrq

    63(&,),&$7,216 ìïçïêå &RROLQJ IDQ RSHUDWLRQ VHOHFWLRQ > ëéé@ &20021 3Uï <RX FDQ FRQWURO WKH RSHUDWLRQ RI WKH FRROLQJ IDQ EXLOW ,Q HLWKHU RI WKH IROORZLQJ FDVHVñ IDQ RSHUDWLRQ LV LQ WKH LQYHUWHU õSURYLGHG IRU WKH IRUFHG DLU FRROLQJ UHJDUGHG DV IDXOW\ñ >)1@ LV VKRZQ RQ WKH RSHUDWLRQ LQYHUWHU RQO\ôï...
  • Page 166 63(&,),&$7,216 ëô ëèí í WR ìíí VHFRQGV õRXWSXW LV VKXW RII DIWHU SUHVHQW WLPHô 3Uï 7KH RXWSXW LV VKXW RII ZKHQ WKH WLPH VHW LQ ëèí KDV HODSVHG DIWHU WKH VWDUW VLJQDO ZDV VZLWFKHG RIIï 7KH 3Uï PRWRU FRDVWV WR D VWRSï 6WDUW VLJQDO 2XWSXW LV VKXW RII ZKHQ WLPH VHW LQ 3Uï...
  • Page 167: Rzhu Idloxuh Vwrs Ixqfwlrq

    63(&,),&$7,216 ìïçïéí 3RZHU IDLOXUH VWRS IXQFWLRQ > ëçì WR ëçç@ $èíí 3Uï 3RZHU VXSSO\ :KHQ DQ LQVWDQWDQHRXV SRZHU IDLOXUH RU 3Uï ëçé XQGHUYROWDJH RFFXUVñ WKH LQYHUWHU FDQ EH GHFHOHUDWHG 2XWSXW 6XEWUDFWHG 3RZHUðIDLOXUH GHFHOHUDWLRQ WLPH ì IUHTXHQF\ IUHTXHQF\ WR D VWRSï 3Uï...
  • Page 168: Wrsðrqðfrqwdfwñ Ordg Wrutxh Kljkðvshhg Iuhtxhqf\ Vhohfwlrq

    63(&,),&$7,216 ìïçïéì 6WRSðRQðFRQWDFWñ ORDG WRUTXH KLJKðVSHHG IUHTXHQF\ VHOHFWLRQ > ëæí@ $èíí 3Uï 7KLV IXQFWLRQ LV XVHG WR VHOHFW VWRSðRQðFRQWDFW •8QGHU WKH IROORZLQJ FRQGLWLRQVñ WKH IXQFWLRQV RI FRQWURO DQGîRU ORDG WRUTXH KLJKðVSHHG IUHTXHQF\ ëæí VHWWLQJV ûì WR êû DUH PDGH LQYDOLGã 3Uï...
  • Page 169 63(&,),&$7,216 )UHTXHQF\ :KHQ WKH ;ìä VLJQDO õORDG GHWHFWLRQ KLJKðVSHHG õçí+]ô 3Uï é IUHTXHQF\ IXQFWLRQ VHOHFWLRQô LV WXUQHG RQ WR VWDUW RSHUDWLRQ ZLWK ë RU ê VHW LQ ëæí õVWRSðRQðFRQWDFWñ 3Uï õêí+]ô 3Uï è ORDG WRUTXH KLJKðVSHHG IUHTXHQF\ VHOHFWLRQôñ WKH 3Uï ëæì 3Uï...
  • Page 170: Wrsðrqðfrqwdfw Frqwuro

    63(&,),&$7,216 ìïçïéê 6WRSðRQðFRQWDFW FRQWURO > çñëæíñëæèñëæç@ $èíí 3Uï 7R HQVXUH DFFXUDWH SRVLWLRQLQJ DW WKH XSSHU OLPLW HWFï 7KLV IXQFWLRQ VXSSUHVVHV YLEUDWLRQ ZKLFK LV OLDEOH WR RI D OLIWñ VWRSðRQðFRQWDFW FRQWURO FDXVHV D PHFKDQLFDO RFFXU ZKHQ WKH ORDG LV VWRSSHG XSRQ FRQWDFW LQ EUDNH WR EH FORVHG ZKLOH WKH PRWRU LV GHYHORSLQJ D YHUWLFDO PRWLRQ DSSOLFDWLRQVñ...
  • Page 171: Udnh Vhtxhqfh Flufxlw Ixqfwlrq

    63(&,),&$7,216 ([FLWDWLRQ PXOWLSO\LQJ IDFWRU ìêíø $ u 3Uï ëæè ìííø )UHTXHQF\ 3Uï ç ëíðêí+] 6WRSðRQð&RQWDFW ([FLWDWLRQ 0XOWLSO\LQJ )DFWRU ([DPSOH 2SHUDWLRQ 0RGH õ([WHUQDOô 2UGLQDU\ 2SHUDWLRQ 6WRSðRQð&RQWDFW &RQWURO 5HPDUNV 5/ñ 57 WHUPLQDOV 0DLQ IXQFWLRQ (LWKHU LV 2)) 0XOWLðVSHHGV 2XWSXW IUHTXHQF\ IRU D VWRS í...
  • Page 172 63(&,),&$7,216 õìô 2SHUDWLRQ 0& ìô :KHQ PHFKDQLFDO EUDNH RSHUDWLRQ FRQILUPDWLRQ 0HFKDQLFDO VLJQDO LV LQSXWï EUDNH )LUVW FKRRVH DGYDQFHG PDJQHWLF IOX[ YHFWRU FRQWUROï 6HW ûæû LQ çí DQG HQWHU WKH EUDNH 3Uï RSHQLQJ FRPSOHWLRQ VLJQDO IURP %5,ï 7KH EUDNH 5 õ/ ô...
  • Page 173 63(&,),&$7,216 ëô :KHQ PHFKDQLFDO EUDNH RSHUDWLRQ FRQILUPDWLRQ VLJQDO LV QRW LQSXWï 2SHUDWLRQ LV VLPLODU WR WKH RSHUDWLRQ SHUIRUPHG )RU RSHUDWLRQñ UHIHU WR WKH RSHUDWLRQ WLPLQJ ZKHQ WKH PHFKDQLFDO EUDNH RSHUDWLRQ FKDUWï FRQILUPDWLRQ VLJQDO LV LQSXWï 7DUJHW IUHTXHQF\ 3Uï ëæå 3Uï ëåë 3Uï...
  • Page 174: Urrs Frqwuro

    63(&,),&$7,216 ìïçïéè 'URRS FRQWURO > ëåçñëåæ@ $èíí 3Uï 7KLV IXQFWLRQ EDODQFHV WKH ORDG LQ SURSRUWLRQ WR WKH 7KLV LV HIIHFWLYH LQ EDODQFLQJ WKH ORDG ZKHQ XVLQJ ORDG WRUTXH ZLWK RU ZLWKRXW 3/*ñ DQG SURYLGHV VSHHG PXOWLSOH LQYHUWHUVï GURRSLQJ FKDUDFWHULVWLFVï 3DUDPHWHU )DFWRU\ 1DPH 6HWWLQJ UDQJH...
  • Page 175: Dudphwhu Xqlw Odqjxdjh Fkdqjhðryhu

    63(&,),&$7,216 ìïçïéæ 3DUDPHWHU XQLW ODQJXDJH FKDQJHðRYHU > ìéè@ 3Uï &20021 <RX FDQ FKRRVH WKH GLVSOD\ ODQJXDJH RI WKH )5ð38íé SDUDPHWHU XQLWï 1RWH ã1$ DQG (& YHUVLRQ ìéè 6HWWLQJ 'LVSOD\ /DQJXDJH )DFWRU\ 6HWWLQJ 3Uï LQYHUWHUV DUH IDFWRU\ VHW WR í -DSDQHVH ûìû...
  • Page 176 ìïæ 3URWHFWLYH IXQFWLRQV 63(&,),&$7,216 $ï 7KH )5ð$èíí DQG )5ð(èíí VHULHV KDYH WKH IROORZLQJ EHORZ DQG WKH PRWRU LV FRDVWHG WR D VWRSï 7R UHVWDUW SURWHFWLYH IXQFWLRQVï :KHQ WKH SURWHFWLYH FLUFXLW LV WKH PRWRUñ XVH WKH UHVHW WHUPLQDO õVZLWFK RQðRII 56ð DFWLYDWHGñ...
  • Page 177 63(&,),&$7,216 &RUUHVSRQGLQJ 'LVSOD\ 0RGHO )XQFWLRQ 1DPH 'HVFULSWLRQ õ2SHUDWLRQ õ3DUDPHWHU XQLWô $èíí (èíí SDQHOô ,QVWDQWDQHRXV SRZHU IDLOXUH ,I D SRZHU IDLOXUH KDV RFFXUUHG LQ H[FHVV RI ìèPV ,QVWï3ZUï/RVV • SURWHFWLRQ õWKLV DSSOLHV DOVR WR LQYHUWHU LQSXW VKXWðRIIôñ WKLV õ,3)ô IXQFWLRQ LV DFWLYDWHG WR VWRS WKH LQYHUWHU RXWSXW WR SUHYHQW WKH FRQWURO FLUFXLW IURP RSHUDWLQJ LQFRUUHFWO\ï...
  • Page 178 63(&,),&$7,216 &RUUHVSRQGLQJ 'LVSOD\ 0RGHO )XQFWLRQ 1DPH 'HVFULSWLRQ õ2SHUDWLRQ õ3DUDPHWHU XQLWô $èíí (èíí SDQHOô ,QERDUG RSWLRQ IDXOW ,I WKH LQERDUG RSWLRQ GHGLFDWHG WR WKH LQYHUWHU UHVXOWV 2SWLRQ )DXOW • LQ D VHWWLQJ HUURU RU D FRQQHFWLRQ IDXOWñ WKH LQYHUWHU õ237ô RXWSXW LV VWRSSHGï 2SWLRQ VORW DODUP 6WRSV WKH LQYHUWHU RXWSXW LI D IXQFWLRQDO IDXOW õVXFK DV 2SWLRQ VORW DODUP...
  • Page 179 63(&,),&$7,216 &RUUHVSRQGLQJ 'LVSOD\ 0RGHO )XQFWLRQ 1DPH 'HVFULSWLRQ õ2SHUDWLRQ õ3DUDPHWHU XQLWô $èíí (èíí SDQHOô &XUUHQW OLPLW 'XULQJ :KHQ D FXUUHQW QRW OHVV WKDQ ìèíø õ1RWH ëô RI WKH 2/ FRGH LV VWDOO DFFHOHUDWLRQ UDWHG LQYHUWHU FXUUHQW IORZV LQ WKH PRWRUñ WKH LQFUHDVH GLVSOD\HG RQ WKH õ2/7ô...
  • Page 180 63(&,),&$7,216 $ODUP FRGH RXWSXW $èíí 6HW ûìû õDODUP FRGH RXWSXW QRUPDOO\ô RU ûëû õDODUP &RUUHVSRQGHQFHV EHWZHHQ WKH DODUP GHILQLWLRQV DQG FRGH RXWSXW DW DODUP RQO\ô LQ æçñ RXWSXW WHUPLQDO DODUP FRGHV DUH DV IROORZVï 7KH RSHUDWLRQ SDQHO 3Uï IXQFWLRQ VZLWFKLQJñ WR RXWSXW WKH DODUP GHILQLWLRQ DV D õSDUDPHWHU XQLWô...
  • Page 181: Yhufxuuhqw 3urwhfwlrq õ2&ì Wr

    63(&,),&$7,216 ìïæïì 2YHUFXUUHQW 3URWHFWLRQ õ2&ì WR 2&êô &20021 7R SURWHFW WKH ,30 IURP RYHUFXUUHQWñ WKH RXWSXW 5DWHG RXWSXWðððððððððððððð 0D[LPXP FXUUHQW DOORZHG WR FXUUHQW RI WKH LQYHUWHU LV GHWHFWHG DQG WKH IROORZLQJ FXUUHQW IORZ FRQWLQXRXVO\ï SURWHFWLYH IXQFWLRQ DFWLYDWHGï õìííøô $OVRñ ZKHQ WKH ,30 LV RYHUKHDWHG GXH WR IDQ VWRSñ 2YHUORDG FDSDFLW\ððððððð...
  • Page 182: Wdoo Suhyhqwlrq Ixqfwlrq Dqg Fxuuhqw Olplw Ixqfwlrq

    63(&,),&$7,216 ìïæïë 6WDOO SUHYHQWLRQ IXQFWLRQ DQG FXUUHQW OLPLW IXQFWLRQ &20021 %RWK IXQFWLRQV DUH DFWLYDWHG DJDLQVW WKH RXWSXW 'XULQJ FRQVWDQWðVSHHG FXUUHQW õIDFWRU\ðVHW DFWLYDWLRQ OHYHO ìèíø RI WKH 'XULQJ GHFHOHUDWLRQ 'XULQJ DFFHOHUDWLRQ RSHUDWLRQ UDWHG RXWSXW FXUUHQWôï ,I D ULVH LQ FXUUHQW LV VKDUSñ WKH RYHUFXUUHQW SURWHFWLRQ LV DFWLYDWHG EHFDXVH WKH VWDOO ìèíø...
  • Page 183: Hjhqhudwlyh Ryhuyrowdjh Surwhfwlrq õ29ì Wr

    63(&,),&$7,216 ìïæïê 5HJHQHUDWLYH RYHUYROWDJH SURWHFWLRQ õ29ì WR 29êô &20021 :KHQ WKH PRWRU LV GHFHOHUDWHG E\ WKH LQYHUWHUñ WKH 'HFHOHUDWLRQ VWDUW RXWSXW IUHTXHQF\ IDOOV DFFRUGLQJ WR WKH GHFHOHUDWLRQ WLPH VHW YDOXHï :KHQ WKH ORDG LV OLJKW RU LQHUWLD LV 5HJHQHUDWLYH ððððððððððððððð 6ZLWFKHV RQ WKH EUDNH ODUJHñ...
  • Page 184 63(&,),&$7,216 ìïæïé %UDNH UHVLVWRU RYHUKHDW SURWHFWLRQ DQG EUDNH WUDQVLVWRU DODUP GHWHFWLRQ &20021 õìô %UDNH UHVLVWRU RYHUKHDW SURWHFWLRQ $èíí $Q\ RI WKH )5ð$èíí LQYHUWHUV íïé. WR æïè. KDYH D 8QQHFHVVDU\ UHVHW DQG SRZHUðRII VKRXOG EXLOWðLQ UHJHQHUDWLYH EUDNH GLVFKDUJH UHVLVWRUï 7KLV WKHUHIRUH EH DYRLGHGï 7KH LQYHUWHU PXVW QRW EH EUDNH UHVLVWRU KDV D KHDW FDSDFLW\ ìíí...
  • Page 185 63(&,),&$7,216 ìïæïè (OHFWURQLF 7KHUPDO 2î/ 5HOD\ õ7+0ñ 7+7ô &20021 õìô )XQFWLRQ z :KHQ WKH PRWRU RI XS WR ìïèN: LV UXQ XQGHU 2Q GHWHFWLQJ WKH RYHUORDG RI WKH PRWRU RU DGYDQFHG PDJQHWLF IOX[ YHFWRU FRQWURO IRU $èíí WUDQVLVWRUñ WKH HOHFWURQLF WKHUPDO UHOD\ LQ WKH RU XQGHU JHQHUDOðSXUSRVH PDJQHWLF IOX[ YHFWRU LQYHUWHU VWRSV WKH WUDQVLVWRU RSHUDWLRQ DQG RXWSXW FRQWURO IRU...
  • Page 186 63(&,),&$7,216 èíø VHWWLQJ óó ìííø VHWWLQJ æí x 3URWHFWLRQ DFWLYDWLQJ UDQJH 5DQJH RQ WKH ULJKW RI êí+] RU êí+] RU FKDUDFWHULVWLF FXUYH KLJKHU ó KLJKHU ó x 1RUPDO RSHUDWLQJ UDQJH ëí+] ëí+] 5DQJH RQ WKH OHIW RI FKDUDFWHULVWLF FXUYH ìí+] ìí+] çí...
  • Page 187 63(&,),&$7,216 ìïæïç ,QVWDQWDQHRXV 3RZHU )DLOXUH 3URWHFWLRQ õ,3)ô $èíí õìô ,QVWDQWDQHRXV SRZHU IDLOXUH SURWHFWLRQ õ,3)ô õëô 3RZHU VXSSO\ XQGHUYROWDJH SURWHFWLRQ õ897ô ,I WKH SRZHU VXSSO\ YROWDJH RI WKH LQYHUWHU KDV $FWLYDWHV WKH SURWHFWLYH IXQFWLRQ LI WKH SRZHU VXSSO\ UHGXFHG RU WKH SRZHU LV ORVW GXH WR LQVWDQWDQHRXV YROWDJH GURSV EHORZ...
  • Page 188: Qyhuwhu 6wdwxv Dqg 5hvhw 0hwkrg Dw 2ffxuuhqfh Ri $odup

    63(&,),&$7,216 ([SODQDWLRQ RI WKH ,QVWDQWDQHRXV 3RZHU )DLOXUH 3URWHFWLRQ &LUFXLW %ORFN 'LDJUDP :KHQ WKH LQYHUWHU SRZHU VXSSO\ õ5ñ 6ñ 7 WHUPLQDOVô LV VKXW RII WKH LQYHUWHU DW WKH JDWHï :KHQ WKH SRZHU LV VZLWFKHG RQñ WKH FRQYHUWHU VPRRWKLQJ FDSDFLWRU õ&ô WKHQ UHVWRUHGñ DQ DODUP GLVSOD\ LV SURYLGHG DQG WKH LV FKDUJHGï...
  • Page 189: Vh Ri Wkh Lqyhuwhu Zlwk Vlqjohðskdvh Srzhu Vxsso

    ìïå 8VH RI WKH ,QYHUWHU ZLWK 6LQJOHð3KDVH 3RZHU 6XSSO\ 63(&,),&$7,216 $ï ìïåïì 8VH RI WKH LQYHUWHU ZLWK VLQJOHðSKDVH SRZHU VXSSO\ &20021 :KHQ WKH LQYHUWHU LV XVHG ZLWK D VLQJOHðSKDVH SRZHU WKH UDWHG RXWSXW FXUUHQWñ EXW PD\ EH XVHG LI WKH VXSSO\ LQSXWñ...
  • Page 190 ìïä ,QVWUXFWLRQV IRU 8VLQJ WKH ,QYHUWHU 63(&,),&$7,216 7KH )5 VHULHV LQYHUWHUV DUH KLJKO\ UHOLDEOH SURGXFWVï %HIRUH VWDUWLQJ RSHUDWLRQñ DOZD\V UHFKHFN WKH +RZHYHUñ LWV SURGXFW OLIH PD\ EH VKRUWHQHG RU WKH IROORZLQJ SRLQWVã SURGXFW GDPDJHG LI SHULSKHUDO FLUFXLW DVVHPEOLQJ LV LQFRUUHFW RU LW LV RSHUDWHG RU KDQGOHG LQDGHTXDWHO\ï ìïäïì...
  • Page 191: Djqhwlf Frqwdfwru Rq Wkh Lqyhuwhu Srzhu Vxsso\ Vlgh

    63(&,),&$7,216 ìïäïë 0DJQHWLF FRQWDFWRU RQ WKH LQYHUWHU SRZHU VXSSO\ VLGH 'R QRW XVH WKH LQYHUWHU SRZHU VXSSO\ VLGH PDJQHWLF FRQWDFWRU WR VWDUWîVWRS WKH LQYHUWHUï 0& $V VKRZQ RQ WKH ULJKWñ DOZD\V XVH WKH VWDUW VLJQDO 5 õ/ ô õ21ð2)) DFURVV WHUPLQDOV 67)ð6' RU 675ð6'ô WR ì...
  • Page 192: Rqqhfwlrq Wr D Odujhðfdsdflw\ Srzhu Vxsso

    63(&,),&$7,216 ìïäïè ,î2 VLJQDOV $SSO\ RQO\ D YROWDJH RI ZLWKLQ WKH SHUPLVVLEOH YDOXH WR WKH LQYHUWHU ,î2 VLJQDO FLUFXLWVï 7KH ,î2 GHYLFHV PD\ EH GDPDJHG LI D YROWDJH KLJKHU IUHTXHQF\ VHWWLQJ SRWHQWLRPHWHU FRQQHFWHG WKDQ WKH YDOXH LQGLFDWHG LQ 6HFWLRQ ìïêïë LV DSSOLHG WR FRUUHFWO\ DFURVV WHUPLQDOV ìíðè...
  • Page 193 63(&,),&$7,216 õëô *URXQGLQJ PHWKRGV DQG JURXQGLQJ ZRUN $V GHVFULEHG SUHYLRXVO\ñ JURXQGLQJ LV URXJKO\ èô 5XQ WKH JURXQG FDEOH DV IDU DZD\ DV SRVVLEOH FODVVLILHG LQWR DQ HOHFWULFDO VKRFN SUHYHQWLRQ W\SH IURP WKH ,î2 ZLULQJ RI HTXLSPHQW VHQVLWLYH WR DQG D QRLVHðDIIHFWHG PDOIXQFWLRQ SUHYHQWLRQ W\SHï QRLVHV DQG UXQ WKHP LQ SDUDOOHO LQ WKH PLQLPXP 7KHUHIRUHñ...
  • Page 194 ë 6(/(&7,21 ëïì 6HOHFWLQJ WKH ,QYHUWHU ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ìåç ëïë 0RWRU &KDUDFWHULVWLFV ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëíì ëïê 0RWRU 2SHUDWLRQ ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëíé ëïé 3RZHU 6XSSO\ RI WKH LQYHUWHU ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìê ëïè ,QYHUWHUð*HQHUDWHG +DUPRQLFVñ 1RLVHV DQG /HDNDJH &XUUHQWV ððððððððððððððððððððððððððððððððð ëìæ ëïç 6HOHFWLQJ SHULSKHUDO (TXLSPHQW ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëêé ëïæ...
  • Page 195: Hohfwlqj Wkh ,qyhuwhu

    ëïì 6HOHFWLQJ WKH ,QYHUWHU 6(/(&7,21 6(/(&7,21 6HOHFWLQJ WKH ,QYHUWHU ëïìïì 3ULQFLSOH DQG FRQWURO V\VWHP RI WKH LQYHUWHU &RPPRQ &20021 õìô 3ULQFLSOH õëô &RQWURO V\VWHP &20021 ìô 9î) FRQWURO &20021 ,QYHUWHU :KHQ YDU\LQJ WKH IUHTXHQF\ õIôñ WKH 'LUHFW $OWHUQDWLQJ FXUUHQW FXUUHQW FRQYHQWLRQDO WUDQVLVWRUL]HG LQYHUWHU H[HUFLVH 3RZHU FRQWURO WR PDNH WKH UDWLR RI IUHTXHQF\ õIô...
  • Page 196 6(/(&7,21 &RPSDULVRQ EHWZHHQ 0LWVXELVKL 7UDQVLVWRUL]HG ,QYHUWHU &RQWURO 6\VWHPV *HQHUDOð3XUSRVH 0DJQHWLF )OX[ 9HFWRU $GYDQFHG 0DJQHWLF )OX[ ,WHP 9î) FRQWURO 0DJQHWLF )OX[ 9HFWRU &RQWURO 9HFWRU &RQWURO &RQWURO 6WDQGDUG PRWRU 6WDQGDUG PRWRU 6WDQGDUG PRWRU 6WDQGDUG PRWRU 0RWRU XVHG ZLWK LQYHUWHU õ0LWVXELVKLñ RWKHUVô õ0LWVXELVKLñ RWKHUVô õ0LWVXELVKLñ...
  • Page 197 6(/(&7,21 ëô *HQHUDOðSXUSRVH PDJQHWLF IOX[ YHFWRU FRQWURO 7KH RXWSXW FXUUHQW õPRWRU 0RWRU FXUUHQW (èíí FXUUHQWô RI WKH LQYHUWHU LV 7KH RXWSXW FXUUHQW RI WKH LQYHUWHU LV GLYLGHG LQWR GLYLGHG LQWR DQ H[FLWLQJ DQ H[FLWLQJ FXUUHQW DQG D WRUTXH FXUUHQW E\ FXUUHQW õFXUUHQW UHTXLUHG YHFWRU RSHUDWLRQ DQG WKH YROWDJH LV WR JHQHUDWH D PDJQHWLF...
  • Page 198 6(/(&7,21 êô $GYDQFHG PDJQHWLF IOX[ YHFWRU FRQWURO 7KH DFWXDO PRWRU VSHHG LV HVWLPDWHG IURP WKH $èíí 7KH RXWSXW FXUUHQW RI WKH LQYHUWHU LV GLYLGHG LQWR WRUTXH FXUUHQW DQG WKH RXWSXW IUHTXHQF\ LV DQ H[FLWLQJ FXUUHQW DQG D WRUTXH FXUUHQW E\ FRPSHQVDWHG õLQFUHDVHGîGHFUHDVHGô...
  • Page 199 6(/(&7,21 ëïìïë 5DWHG FDSDFLW\ RI WKH LQYHUWHU &20021 7KH UDWHG FDSDFLW\ RI WKH LQYHUWHU LV FDOFXODWHG RQ WKH õëô 2SHUDWLRQ RI WZR RU PRUH PRWRUV &20021 EDVLV RI WKH UDWHG RXWSXW FXUUHQWï :KHQ WZR RU PRUH PRWRUV DUH FRQQHFWHG WR RQH LQYHUWHU DQG WKH RXWSXW VLGH PDJQHWLF FRQWDFWRU LV 5DWHG LQYHUWHU FDSDFLW\ õN9$ô...
  • Page 200 6(/(&7,21 ëô 6HTXHQWLDO VWDUW õêô /LJKW PRWRU ORDG &20021 ,I WKH ORDG LV H[WUHPHO\ OLJKW DV FRPSDUHG WR WKH 0&ì UDWHG WRUTXH RI WKH PRWRU XVHGñ WKH PRWRU FXUUHQW ,QYHUWHU ì LV VPDOOHU WKDQ WKH UDWHG FXUUHQWï +HQFHñ FRVW PD\ EH UHGXFHG E\ XVLQJ DQ LQYHUWHU KDYLQJ D VPDOOHU 0&...
  • Page 201 6(/(&7,21 õèô )RU VHOHFWLRQ RI WKH DGYDQFHG PDJQHWLF IOX[ õçô )RU VHOHFWLRQ RI WKH JHQHUDOðSXUSRVH PDJQHWLF YHFWRU FRQWURO V\VWHP IOX[ YHFWRU FRQWURO V\VWHP $èíí (èíí 6HOHFW WKH DGYDQFHG PDJQHWLF IOX[ YHFWRU FRQWURO IRU 6HOHFW WKH JHQHUDOðSXUSRVH PDJQHWLF IOX[ YHFWRU D ORDG ZKLFK UHTXLUHV D ODUJH VWDUWLQJ WRUTXH õì+] FRQWURO ZKHQ \RX QHHG D ODUJH VWDUWLQJ WRUTXH ìèíø...
  • Page 202: Wduwlqj 7rutxh Dqg 6wduwlqj &xuuhqw Ri Wkh 0rwru

    6(/(&7,21 ëïìïê 6WDUWLQJ 7RUTXH DQG 6WDUWLQJ &XUUHQW RI WKH 0RWRU &20021 :KHQ WKH JHQHUDOðSXUSRVH PRWRU LV IXOOðYROWDJH 2QH UDQN ëèí KLJKHU FDSDFLW\ VWDUWHG ZLWK WKH FRPPHUFLDO SRZHU VXSSO\ñ WKH 5DWHG VWDUWLQJ FXUUHQW LV JHQHUDOO\ DERXW ç WR æ WLPHV ODUJHU ëëí9 çí+] FDSDFLW\ ëíí...
  • Page 203: Wduwlqj 7rutxh %rrvw

    6(/(&7,21 ëïìïé 6WDUWLQJ 7RUTXH %RRVW &20021 7KH LGHDO FRQVWDQWðWRUTXH FKDUDFWHULVWLF LV SURYLGHG ì ì ì ë ë ZKHQ WKH UDWLR RI WKH LQYHUWHU RXWSXW YROWDJH õ9ô WR RXWSXW IUHTXHQF\ õIô LV DV LQGLFDWHG E\ WKH EURNHQ OLQH LQ WKH ILJXUH RQ WKH ULJKW DQG WKH WRUTXH FKDUDFWHULVWLF ë...
  • Page 204: Ffhohudwlrqî'hfhohudwlrq 7lph Ri Wkh 0rwru

    6(/(&7,21 ëïìïè $FFHOHUDWLRQî'HFHOHUDWLRQ 7LPH RI WKH 0RWRU &20021 7R VXSSUHVV WKH PRWRU VWDUWLQJ FXUUHQW ZLWKLQ WKH ([HUFLVH ìã RYHUORDG FDSDFLW\ RI WKH LQYHUWHUñ VWDUW WKH PRWRU DW D :KHQ D IRXUðSROH PRWRU LV DFFHOHUDWHG IURP èíí WR ORZ IUHTXHQF\ õIDFWRU\ VHW WR íïè+]ô DQG LQFUHDVH WKH ìíííUSP LQ ìí...
  • Page 205 6(/(&7,21 õëô &DOFXODWLRQ RI DFFHOHUDWLRQ DQG GHFHOHUDWLRQ ìô ([SUHVVLRQV IRU FDOFXODWLQJ WKH DFFHOHUDWLRQ &20021 DQG GHFHOHUDWLRQ WLPHV õVLPSOH PHWKRGô ì 6SHHG ë u '1 $FFHOHUDWLRQ ë ò WF >VHFï@ êåïë u õ7 u D ð 7 PD[ô WLPH õWDô 7LPH ë...
  • Page 206 6(/(&7,21 ëô &DOFXODWLRQ DQG VHWWLQJ H[DPSOH RI WKH õêô :KHQ WKHUH LV D UHVWULFWLRQ RQ DFFHOHUDWLRQ WLPH DFFHOHUDWLRQ DQG GHFHOHUDWLRQ WLPHV õQRQðOLQHDU õOLQHDU DFFHOHUDWLRQ PRGHô &20021 DFFHOHUDWLRQ PRGHô 7KH DFFHOHUDWLRQ DQG GHFHOHUDWLRQ WLPHV IRXQG LQ 0DNH FDOFXODWLRQV DQG VHWWLQJV DV GHVFULEHG WKH SUHFHGLQJ VHFWLRQ DUH WKRVH IRU WKH QRQðOLQHDU EHORZ DFFRUGLQJ WR WKH UXQQLQJ IUHTXHQF\ DFFHOHUDWLRQ PRGH LQ ZKLFK WKH PRWRU LV...
  • Page 207: Hfhohudwlrq &kdudfwhulvwlf Ri Wkh ,qyhuwhu

    6(/(&7,21 ëïìïç 'HFHOHUDWLRQ &KDUDFWHULVWLF RI WKH ,QYHUWHU &20021 7R VKRUWHQ WKH DFFHOHUDWLRQ WLPHñ WKH WRUTXH ERRVW LV •)RU IXOO LQIRUPDWLRQ RQ KRZ WR VHOHFW WKH EUDNH UDLVHG RU WKH LQYHUWHU FDSDFLW\ RU PRWRU FDSDFLW\ LV UHVLVWRUñ EUDNH XQLW DQG RWKHU EUDNLQJ XQLWVñ UHIHU WR LQFUHDVHGï...
  • Page 208 6(/(&7,21 õêô '& G\QDPLF EUDNLQJ êô )URP WKH 7HFKQLFDO 1RWH 1Rï ëë õ'DWD 3DUWôñ &20021 7KH '& G\QDPLF EUDNH LV DSSOLHG GXULQJ VHOHFW WKH EUDNH XQLW ZKLFK VDWLVILHV WKH EUDNH GHFHOHUDWLRQï 6LQFH WKH EUDNLQJ WRUTXH JHQHUDWHG WRUTXH FRHIILFLHQW õEôï E\ WKH '& G\QDPLF EUDNH GHSHQGV DOVR RQ WKH éô...
  • Page 209 6(/(&7,21 ([HUFLVH ê ã &DOFXODWHG LQ WKH FRQYHQWLRQDO XQLW õèô &RQWLQXRXV XVH RI WKH %8 EUDNH XQLW &20021 V\VWHP :KHQ WKH PRWRU LV XVHG LQ WKH EUDNH UHJLRQñ ,W LV GHVLUHG WR GHFHOHUDWH D êïæN: é3 PRWRU IURP VHOHFW D EUDNH XQLW ZKLFK VDWLVILHV WKH FRQGLWLRQ ìæèí...
  • Page 210: Rwru &kdudfwhulvwlfv

    ëïë 0RWRU &KDUDFWHULVWLFV 6(/(&7,21 0RWRU &KDUDFWHULVWLFV ëïëïì &KDUDFWHULVWLFV RI WKH LQGXFWLRQ PRWRU 7KHUH DUH WKH IROORZLQJ UHODWLRQVKLSV EHWZHHQ WKH FRQVWDQWñ WKH WRUTXH FKDUDFWHULVWLF LV PDGH FRQVWDQWï VSHHGñ YROWDJHñ IUHTXHQF\ñ PDJQHWLF IOX[ GHQVLW\ñ +RZHYHUñ D YROWDJH GURS GXH WR WKH SULPDU\ WRUTXH DQG RWKHU IDFWRUV RI DQ LQGXFWLRQ PRWRUã...
  • Page 211: Rqwlqxrxv 0rwru 2xwsxw &kdudfwhulvwlf

    6(/(&7,21 ëïëïê &RQWLQXRXV 0RWRU 2XWSXW &KDUDFWHULVWLF :KHQ WKH PRWRU LV GULYHQ IURP WKH LQYHUWHUñ LWV SRZHU WKH SHUPLVVLEOH FRQWLQXRXV RSHUDWLRQ WRUTXH RI WKH IDFWRU DQG HIILFLHQF\ DUH ORZHU WKDQ WKRVH RI WKH WKUHHðSKDVHñ ëíí9 èí+]îëíí9 çí+]îëëí9 çí+] PRWRU GULYHQ ZLWK D VLQH ZDYH õFRPPHUFLDO SRZHU VWDQGDUG PRWRU GULYHQ IURP WKH LQYHUWHUï...
  • Page 212 6(/(&7,21 ëïëïè 9LEUDWLRQ 6LQFH WKH )5ð$èííñ )5ð(èíí VHULHV LQYHUWHUV XVH D $Q\ RI WKH IROORZLQJ PHDVXUHV PD\ EH WDNHQ WR KLJKðFDUULHU IUHTXHQF\ VLQHðZDYH 3:0 FRQWURO UHPHG\ PRWRU RVFLOODWLRQã V\VWHPñ WKH YLEUDWLRQ RI WKH PRWRU LV VPDOOï $V ìô 8VH RI ORZðYLEUDWLRQ PRWRU FRPSDUHG WR WKDW RI WKH PRWRU GULYHQ ZLWK WKH ,GHQWLFDO LQ VL]H WR D JHQHUDOðSXUSRVH PRWRUñ...
  • Page 213 ëïê 0RWRU 2SHUDWLRQ 6(/(&7,21 ëïê 0RWRU 2SHUDWLRQ $ YDULHW\ RI PRWRUV DUH DYDLODEOHâ YDULRXV W\SHV RI WRUTXH ERRVW IXQFWLRQ õ íô DQG 9î) SDWWHUQ õVHH 3Uï PRWRUV FODVVLILHG DFFRUGLQJ WR SURWHFWLRQ W\SHV DQG 6HFWLRQ ëïìïé 6WDUWLQJ 7RUTXH %RRVWô RU D GHGLFDWHG VWUXFWXUHñ...
  • Page 214: Rzð9leudwlrq 0rwru

    6(/(&7,21 6WDQGDUG 6SHFLILFDWLRQV RI &RQVWDQWð7RUTXH 0RWRU õ0RWRU GHGLFDWHG WR PDJQHWLF IOX[ YHFWRU FRQWUROô &RQWLQXRV 2XWSXW 1XPEHU 0LWVXELVKL &DWDORJ )UDPH 3RZHU )UHTXHQF\ $SSOLFDEOH RSHUDWLRQ WRUTXH ,QVXODWLRQ õN:ô RI 3ROHV &RGH 1XPEHU 6XSSO\ 5DQJH õ+]ô ,QYHUWHU õ1Pô õNJPô íïé æì0 ëïìë íïëë )5ð$èëíðíïé.
  • Page 215: Udnh 0rwru

    6(/(&7,21 x ëðSROH PRWRU 1RWHã ìï 6HW WKH PDQXDO WRUTXH ERRVW õ íô RI WKH 3Uï LQYHUWHU WR WKH PLQLPXP YDOXHï /RZðYLEUDWLRQ PRWRU ëï 6HW ¦í¦ LQ ä õHOHFWURQLF WKHUPDO 2î/ 3Uï ìíí UHOD\ô DQG LQVWDOO DQ H[WHUQDO WKHUPDO UHOD\ï ,QGLFDWHV çíø...
  • Page 216: Rohð&kdqjh 0rwru

    ëïê 0RWRU 2SHUDWLRQ 6(/(&7,21 ëïêïè 3ROHð&KDQJH 0RWRU 6LQFH D SROHðFKDQJH PRWRU LV GLIIHUHQW LQ UDWHG 6ZLWFKLQJ IURP KLJKð 2YHUFXUUHQW õ2&êô RU UHJHQHUDWLYH FXUUHQW IURP D JHQHUDOðSXUSRVH PRWRUñ WKH LQYHUWHU VSHHG RSHUDWLRQ WR RYHUYROWDJH õ29êô LV DFWLYDWHG WR FRDVW ORZðVSHHG RSHUDWLRQ WKH PRWRU WR D VWRSï...
  • Page 217 6(/(&7,21 êô 2SHUDEOH IUHTXHQF\ UDQJHï çô ,QVWDOODWLRQ RI OHDNDJH FXUUHQW UHOD\ï 7KH RSHUDEOH IUHTXHQF\ UDQJHV RI WKH 7KH LQVWDOODWLRQ RI D OHDNDJH FXUUHQW UHOD\ LQIRUPV 0LWVXELVKL VXEPHUVLEOH PRWRUV DUH DV RI DQ DODUP RU DQ LQVXODWLRQ IDXOW RI WKH LQGLFDWHG EHORZï VXEPHUVLEOH PRWRU DQG FDEOHñ...
  • Page 218: Sorvlrqð3urri 0rwru

    ëïê 0RWRU 2SHUDWLRQ 6(/(&7,21 ëïêïæ ([SORVLRQð3URRI 0RWRU $Q\ H[LVWLQJ FRPPHUFLDO SRZHU VXSSO\ðGULYHQ 2WKHU LQVWUXFWLRQV SUHVVXUHðUHVLVWDQW H[SORVLRQðSURRI PRWRU RU DQ\ ìô 7KH RSWLRQDO EUDNH XQLW RU SRZHU VXSSO\ VDIHW\ðLQFUHDVHG H[SORVLRQðSURRI PRWRU FDQQRW EH UHJHQHUDWLQJ XQLW FDQQRW EH XVHG ZLWK WKH RSHUDWHG E\ WKH VWDQGDUG LQYHUWHUï LQYHUWHUï...
  • Page 219: Hduhg 0rwruv

    6(/(&7,21 ,QSXW SRZHU VXSSO\ ëíí9îèí+] RU éíí9îèí+] ,QSXW SRZHU VXSSO\ ëííðëëí9îçí+] õZKHQ WKH PRWRUöV UDWHG WRUTXH DW èí+] LV ìííø õZKHQ WKH PRWRUöV UDWHG WRUTXH DW çí+] LV ìííøô ìíí åè æè äí éå éí éè êæ èí ç ëí ìëí...
  • Page 220: Lqjohð3kdvh 0rwru

    6(/(&7,21 õéô &\FOR VSHHG UHGXFHU GLUHFWO\ FRXSOHG ZLWK PRWRU õëô %XLOWðLQ EUDNH W\SH JHDUHG PRWRU :KHQ WKH VSHHG UHGXFHU LV VSHFLILHG DV LQYHUWHUð 5HIHU WR 6HFWLRQ ëïêïé û0RWRU ZLWK %UDNHûï :KHQ GULYHQ LQ WKH SXUFKDVH RUGHUñ WKH PRWRU PD\ EH WKH EUDNH LV XVHGñ...
  • Page 221: Huplvvleoh 0d[lpxp )uhtxhqf\ Ri *hqhudoð 3xusrvh 0rwru

    6(/(&7,21 ëïêïìì 3HUPLVVLEOH 0D[LPXP )UHTXHQF\ RI *HQHUDOð 3XUSRVH 0RWRU õìô 6WDQGDUG PRGHOV õëô 2WKHU PRGHOV 'ULSðSURRI SURWHFWLRQ PRWRUã 6%ð-5õ)ñ 9ô 1XPEHU 7RWDOO\ðHQFORVHG IDQðFRROHG PRWRUã 6)ð-5õ)ñ 9ô RI 3ROHV ë é ç )UDPH 1XPEHU 1XPEHU RI 3ROHV ë é ç êí WR çè+] éè...
  • Page 222: Qyhuwhu ,qsxw &xuuhqw Dqg 3rzhu )dfwru

    ëïé 3RZHU 6XSSO\ RI WKH ,QYHUWHU 6(/(&7,21 ëïé 3RZHU 6XSSO\ RI WKH LQYHUWHU ëïéïì ,QYHUWHU ,QSXW &XUUHQW DQG 3RZHU )DFWRU 7KH FRQYHUWHU FLUFXLW RI WKH WUDQVLVWRUL]HG LQYHUWHU $& 3RZHU 6XSSO\ &XUUHQW DQG 3RZHU FRQVLVWV RI WKUHHðSKDVH EULGJHG GLRGHV DQG )DFWRU RI &RQYHUWHU &LUFXLW LQ ,QYHUWHU FDSDFLWRUðLQSXW VPRRWKLQJ FLUFXLW DV VKRZQ LQ EHORZï...
  • Page 223: Psuryhphqw Ri 3rzhu )dfwru

    6(/(&7,21 ëïéïë ,PSURYHPHQW RI 3RZHU )DFWRU $ ZLGHVSUHDG PHWKRG RI LPSURYLQJ WKH SRZHU IDFWRU 9ROWDJH LV WR LQVHUW D UHDFWRU LQ WKH $& RU '& VLGH RI WKH FRQYHUWHU LQ RUGHU WR VPRRWK WKH FXUUHQWï õ7KH LQYHUWHU LQSXW SRZHU IDFWRU LV QRW LPSURYHG LI D &XUUHQW SRZHUðIDFWRU FRUUHFWLQJ SRZHU FDSDFLWRU LV LQVHUWHG LQ WKH LQSXW FLUFXLWï...
  • Page 224: Qvwdqwdqhrxv 3rzhu )dloxuh

    6(/(&7,21 ëïéïé ,QVWDQWDQHRXV 3RZHU )DLOXUH ,I DQ LQVWDQWDQHRXV SRZHU IDLOXUH KDV RFFXUUHG LQLWLDOðUHVHW DW WKH WLPH RI SRZHU UHVWRUDWLRQ DQG WKH õìèPV RU ORQJHUôñ WKH LQYHUWHU SURWHFWLYH FLUFXLW LV LQYHUWHU UHVWDUWV LI WKH VWDUW VLJQDO UHPDLQV RQï ,I WKH DFWLYDWHG WR FRDVW WKH PRWRU WR D VWRSï õ6HH 6HFWLRQ PRWRU LV FRDVWLQJ DW WKLV WLPHñ...
  • Page 225: Rruglqdwlrq Zlwk &rpphufldo 6xsso

    6(/(&7,21 ëïéïæ &RRUGLQDWLRQ ZLWK &RPPHUFLDO 6XSSO\ :KHQ WKH RYHUDOO LPSHGDQFH RI WKH SRZHU VXSSO\ OLQH z:KHQ DQ DXWRPDWLF SRZHUðIDFWRU UHJXODWRU RU D LV VPDOO RU ZKHQ WKHUH LV D SRZHU FDSDFLWRU VZLWFKLQJ WK\ULVWRU W\SH FRQWUROOHU LV FRQQHFWHG WR WKH SRZHU GHYLFH LQ WKH VDPH SRZHU VXSSO\ OLQHñ...
  • Page 226: Liihuhqfhv Ehwzhhq Qrlvh Dqg Kduprqlfv

    ëïè ,QYHUWHUð*HQHUDWHG +DUPRQLFVñ 1RLVH DQG /HDNDJH &XUUHQW 6(/(&7,21 ,QYHUWHUð*HQHUDWHG +DUPRQLFVñ 1RLVHV DQG /HDNDJH &XUUHQWV ëïèïì 'LIIHUHQFHV EHWZHHQ QRLVH DQG KDUPRQLFV $PRQJ DGYHUVH HIIHFWV JLYHQ E\ DQ LQYHUWHU WR D +DUPRQLFV DUH GHILQHG WR KDYH D IUHTXHQF\ WKDW LV DQ SRZHU VXSSO\ DQG SHULSKHUDO GHYLFHVñ SHULSKHUDO LQWHJUDO PXOWLSOH RI WKH IXQGDPHQWDO ZDYH DQG LV GHYLFH PDOIXQFWLRQV DQG RWKHUV ZKRVH FDXVHV GLIIHUHQWLDWHG...
  • Page 227 6(/(&7,21 õìô ,QIOXHQFH RQ DQG DFWLRQV WDNHQ IRU WKH SRZHU VXSSO\ OLQH õ ô u ,Q Q;V ò Q;U ð ;FîQ 7KH SRZHU VXSSO\ OLQH WR ZKLFK WKH LQYHUWHU LV FRQQHFWHG LV FRQQHFWHG ZLWK SDUDOOHO ORDGV VXFK ,FQ ã +DUPRQLF FXUUHQW IORZLQJ LQWR WKH FDSDFLWRU DV D SRZHU FDSDFLWRU DQG D JHQHUDWRUñ...
  • Page 228 6(/(&7,21 ëô 6\QFKURQRXV JHQHUDWRU SURYLGHG IRU LQ -(0ìêèé õ'LHVHO (QJLQH 'ULYLQJ :KHQ WKH SRZHU LV VXSSOLHG WR WKH LQYHUWHU E\ /DQG 6\QFKURQRXV *HQHUDWRUVôï DQ HQJLQH JHQHUDWRU RU ZKHQ WKH LQYHUWHU LV (TXLYDOHQW QHJDWLYH SKDVHðVHTXHQFH FXUUHQW õ, ôï ë FRQQHFWHG WR D OLQH ZKHUH D V\QFKURQRXV ¦...
  • Page 229 6(/(&7,21 õëô -DSDQHVH KDUPRQLF VXSSUHVVLRQ JXLGHOLQHV DQG WKHLU VXSSUHVVLRQ WHFKQLTXHV ìô $SSOLFDWLRQ WR WKH JXLGHOLQHVï ,QGHSHQGHQWO\ RI ZKHWKHU WKH LQYHUWHU KDV D 7KHUH DUH WKH IROORZLQJ WZR KDUPRQLF VXSSUHð UHDFWRU RU QRWñ WKH UDWHG FDSDFLW\ >N9$@ LV VVLRQ JXLGHOLQHVã VWDQGDUGL]HG DFFRUGLQJ PRWRU $ô...
  • Page 230 6(/(&7,21 õFô &RQYHUVLRQ RI UHFHLYHG SRZHU YROWDJH LQWR )XQGDPHQWDO :DYH &XUUHQWV DQG 5DWHG &DSDFLWLHV UDWHG FXUUHQWï RI ,QYHUWHUV z 5DWHG FXUUHQW FRQYHUWHG IURP UHFHLYHG 0RWRU )XQGDPHQWDO :DYH 5DWHG &DSDFLW\ >N9$@ SRZHU YROWDJH &XUUHQW >$@ &DSDFLW\ IXQGDPHQWDO ZDYH FXUUHQW V\PERO ìåí ?I >N:@ ëíí9 éíí9...
  • Page 231 6(/(&7,21 éô +DUPRQLF VXSSUHVVLRQ WHFKQLTXHV õDô 5HDFWRUV IRU LQYHUWHU õ$&/ñ '&/ô õGô $& ILOWHU &RQQHFW DQ $& UHDFWRU õ$&/ô LQ WKH SRZHU $ FDSDFLWRU DQG D UHDFWRU DUH XVHG WRJHWKHU VXSSO\ VLGH RI WKH LQYHUWHU RU D '& UHDFWRU WR UHGXFH LPSHGDQFH IRU D VSHFLILF õ'&/ô...
  • Page 232 6(/(&7,21 2YHUYLHZ RI WKH *XLGHOLQH õ([FHUSWô +$5021,& 68335(66,21 *8,'(/,1( )25 &21680(56 5(&(,9,1* 32:(5 2) +,*+ 92/7$*( 25 63(&,$//< +,*+ 92/7$*( ìï 385326( 7KLV JXLGHOLQH VHWV IRUWK WHFKQRORJLFDO UHTXLUHPHQWV WR VXSSUHVV KDUPRQLF FXUUHQWV JHQHUDWHG ZKHQ HOHFWULF HTXLSPHQW DUH XVHG E\ FRQVXPHUV ZKR UHFHLYH SRZHU RI KLJK YROWDJH RU VSHFLDOO\ KLJK YROWDJH õKHUHLQDIWHU UHIHUUHG WR DV WKH ûVSHFLILF FRQVXPHUVûô IURP FRPPHUFLDO SRZHU V\VWHPV õKHUHLQDIWHU UHIHUUHG WR DV WKH ûV\VWHPVûôñ...
  • Page 233 6(/(&7,21 &DOFXODWLRQ VKHHW IRU RXWJRLQJ KDUPRQLF FXUUHQWV IURP KDUPRQLF JHQHUDWLQJ HTXLSPHQW õ3DUW ìô á)RUPDW ì! 'DWH RI $SSOLFDWLRQ $SSOLFDWLRQ 1Rï %XVLQHVV 5HFHLYHG &RQWUDFW 'DWH RI &XVWRPHU 1DPH $FFHSWDQFH &DWHJRU\ 3RZHU 9ROWDJH 3RZHU 67(3 ì +$5021,& *(1(5$7,1* (48,30(17 3$57,&8/$56 67(3 ë *(1(5$7(' +$5021,& &855(17 &$/&8/$7,21 5DWHG &XUUHQW 9DOXH +DUPRQLF *HQHUDWLQJ (TXLSPHQW çð3XOVH...
  • Page 234: Qyhuwhuðjhqhudwhg Qrlvh Dqg Phdvxuhv Djdlqvw Qrlvh

    6(/(&7,21 ëïèïê ,QYHUWHUðJHQHUDWHG QRLVH DQG PHDVXUHV DJDLQVW QRLVH 1RLVH JHQHUDWHG E\ WKH LQYHUWHU LV ODUJHO\ FODVVLILHG ,QIOXHQFHV JLYHQ WR WKH SHULSKHUDO GHYLFHV E\ KLJKð LQWR QRLVH UDGLDWHG E\ FDEOHV FRQQHFWHG WR WKH IUHTXHQF\ QRLVH RI WKH LQYHUWHU LQFOXGH WKH LQYHUWHU DQG LWV PDLQ FLUFXLW õLQSXWñ RXWSXWôñ PDJQHWLF PDOIXQFWLRQV RI FRPSXWHUV LQVWUXPHQWDWLRQ DQG VWDWLF LQGXFWLRQ QRLVH DIIHFWLQJ SHULSKHUDO GHYLFH HTXLSPHQWñ...
  • Page 235 6(/(&7,21 õìô 1RLVH WR HOHFWURQLF HTXLSPHQW õëô 5DGLR QRLVH 1RLVH WR HOHFWURQLF GHYLFHV LQFOXGH WKRVH :KHQ WKH PRWRU LV GULYHQ IURP WKH LQYHUWHUñ KLJKð WUDQVPLWWHG GLUHFWO\ RYHU WKH SRZHU VXSSO\ OLQH IUHTXHQF\ QRLVH LV UDGLDWHG WR WKH DLU IURP WKH DQG JURXQG FDEOH RI WKH LQYHUWHU õSDWKV æ...
  • Page 236 6(/(&7,21 ëô 1RLVH PHDVXULQJ PHWKRGV ,QYHUWHU õDô 0HDVXUHPHQW RI QRLVH WHUPLQDO YROWDJH 5 õ/ ô ì 'LVWXUEDQFH ZDYH VWUHQJWK IORZLQJ LQWR WKH 6 õ/ ô ë SRZHU FRUG RI WKH GLVWXUELQJ GHYLFH LV 7 õ/ ô PHDVXUHG DV D GLVWXUEDQFH ZDYH YROWDJH ê...
  • Page 237 6(/(&7,21 õêô 6SHFLILF WHFKQLTXH H[DPSOHV ìô 7HFKQLTXHV DQG HIIHFWV 6\PERO PHDQLQJV 7KH IROORZLQJ OHYHOV õHVWLPDWHG YDOXHVô RI HIIHFWV DUH ~ ã /DUJH HIIHFW H[SHFWHG IRU WKH WHFKQLTXH H[DPSOHV õRQ WKH QH[W SDJHôï { ã (IIHFW SURGXFHG 8VH WKLV GDWD IRU UHIHUHQFH ZKHQ GHWHUPLQLQJ WKH SULRULW\ ' ã...
  • Page 238 6(/(&7,21 ëô 7HFKQLTXH H[DPSOHV 7KH IROORZLQJ PHWKRGV ZLOO SURGXFH VRPH HIIHFWV ZLWK UHJDUG WR LQYHUWHU QRLVH UHGXFWLRQï )RU HIIHFWVñ VHH WKH SUHFHGLQJ SDJHï &DXWLRQã )RU UDGLR QRLVHñ VXIILFLHQW HIIHFWV PD\ QRW EH SURGXFHG E\ WKLV WHFKQLTXH LQ ZHDN 9ï .HHS DV IDU DZD\ ZDYH DUHDV VXFK DV PRXQWDLQV DQG DV SRVVLEOH IURP EXLOGLQJVï...
  • Page 239 6(/(&7,21 ,QVWUXFWLRQV IRU ,QVWDOODWLRQ RI 1RLVH )LOWHUV á,QVWDOODWLRQ LQ LQYHUWHU LQSXW VLGH! á,QVWDOODWLRQ LQ LQYHUWHU RXWSXW VLGH! 6KRUWHVW 6KRUWHVW GLVWDQFH 1XPEHU RI ZLQGV ,QYHUWHU ZLWKLQ ê WLPHV õé7ôï 5 õ/ ô ì 0RWRU 6 õ/ ô ë 7 õ/ ô ê...
  • Page 240: Hdndjh Fxuuhqwv Dqg Frxqwhuphdvxuhv

    6(/(&7,21 ëïèïé /HDNDJH FXUUHQWV DQG FRXQWHUPHDVXUHV 'XH WR FDSDFLWDQFHV H[LVWLQJ LQ WKH LQYHUWHU ,î2 OLQHV ëô ,I WKH ZLULQJ OHQJWK LV ODUJHñ WKH OLQHðWRðOLQH DQG WRð DQG JURXQGñ OHDNDJH FXUUHQWV IORZ WKURXJK WKHPñ LQ JURXQG FDSDFLWDQFHV LQFUHDVHñ LQFUHDVLQJ WKH DGGLWLRQ WR WKH PRWRU FXUUHQWï OHDNDJH FXUUHQWï...
  • Page 241 6(/(&7,21 õëô /HDNDJH FXUUHQW GDWD 7Rð*URXQG /HDNDJH &XUUHQW /LQHðWRð/LQH /HDNDJH &XUUHQW ([DPSOHV ([DPSOH ëíí9 &ODVV éíí9 &ODVV /HDNDJH FXUUHQW YDOXH /HDNDJH FXUUHQW YDOXH &DUULHU /HDNDJH &XUUHQW 0RWRU &RQGLWLRQ õ$ô õ$ô 5DWHG 5DWHG )UHTXHQF\ 9DOXH õP$ô &DSDFLW\ FXUUHQW :LULQJ FXUUHQW :LULQJ )5ð=ëéí...
  • Page 242 6(/(&7,21 ([DPSOHV RI DFWLRQV WR EH WDNHQ WR SUHYHQW XQQHFHVVDU\ RSHUDWLRQ õDô 8VH KDUPRQLFîVXUJH UHGXFWLRQ EUHDNHUï õIô 5HGXFH FDUULHU IUHTXHQF\ï õFô ,QVWDOO UHDFWRU RQ RXWSXW VLGHï õHô ,QFUHDVH WKHUPDO UHOD\ VHWWLQJï (DUWK OHDNDJH 0RWRU FLUFXLW EUHDNHU 3RZHU )5ð%2/ ,QYHUWHU VXSSO\ õJô...
  • Page 243: Hohfwlqj Shulskhudo (txlsphqw)

    ëïç 6HOHFWLQJ SHULSKHUDO (TXLSPHQW 6(/(&7,21 ëïç 6HOHFWLQJ SHULSKHUDO (TXLSPHQW 7KH QRðIXVH EUHDNHUVñ PDJQHWLF FRQWDFWRUV DQG FDEOHV GLIIHU ZLWK WKH LQYHUWHU PRGHOVï )RU VSHFLILF VHOHFWLRQñ UHIHU WR WKH FRUUHVSRQGLQJ PRGHO FDWDORJ RU PDQXDOï 3HULSKHUDO 'HYLFH 6HOHFWLRQ /LVW $èíí 1Rð)XVH %UHDNHU õ1)ô RU ë...
  • Page 244: Rð)xvh %uhdnhu

    6(/(&7,21 ëïçïì 1Rð)XVH %UHDNHU õìô 3URWHFWLYH FRRUGLQDWLRQ õ%UHDNLQJ FDSDFLW\ô õëô 6HWWLQJ WKH UDWHG FXUUHQW RI LQYHUWHU SULPDU\ 1)% 7KH 1)% LV XVHG WR SURWHFW WKH ZLULQJ IURP 7KH 1)% LQ WKH LQYHUWHU SULPDU\ FLUFXLW LV XVHG WR GDPDJH FDXVHG E\ RQ RYHUORDG RU VKRUWðFLUFXLW SURWHFW WKH LQYHUWHU SULPDU\ ZLULQJ IURP RYHUORDG FXUUHQWVï...
  • Page 245 6(/(&7,21 ëïçïë 0DJQHWLF &RQWDFWRU õ0&ô õìô ,QYHUWHU SULPDU\ PDJQHWLF FRQWDFWRU õ0&ô õëô ,QYHUWHU VHFRQGDU\ PDJQHWLF FRQWDFWRU 7KH LQYHUWHU SULPDU\ FLUFXLW FDQ EH GLUHFWO\ 5HIHU WR 6HFWLRQ ìïéïê IRU GHWDLOV RI WKH WXUQðRQ FRQQHFWHG ZLWK D 1)%ï ,Q VRPH FDVHVñ WKH 0& FRQGLWLRQ RI D PDJQHWLF FRQWDFWRU SURYLGHG PD\ EH SURYLGHG IRU DQ\ RI WKH IROORZLQJ EHWZHHQ WKH LQYHUWHU DQG PRWRUï...
  • Page 246: Khupdo 5hod

    6(/(&7,21 ëïçïê 7KHUPDO 5HOD\ $ WKHUPDO UHOD\ LV JHQHUDOO\ XVHG WR SURWHFW D FRQWLQXRXVO\ UXQ DW WKH UDWHG WRUTXH RI èí+] RU DW ORZ JHQHUDOðSXUSRVH PRWRUï 7KH FXUUHQW IORZLQJ LQ WKH VSHHGï 7KHUHIRUHñ VHOHFW WKH PRWRU FDSDFLW\ VR WKDW JHQHUDOðSXUSRVH PRWRU GULYHQ IURP DQ LQYHUWHU LV WKH ORDG WRUTXH LV OHVV WKDQ WKH QRPLQDO PRWRU WRUTXH DERXW ìíø...
  • Page 247 6(/(&7,21 7KH OLQH YROWDJH GURS FDQ EH FDOFXODWHG E\ WKH z :LULQJ OHQJWK WR WKH PRWRU IROORZLQJ H[SUHVVLRQã :KHQ WKH ZLULQJ GLVWDQFH EHWZHHQ WKH LQYHUWHU DQG PRWRU LV ORQJñ RYHUFXUUHQW SURWHFWLRQ PD\ EH /LQH YROWDJH GURS >9@ DFWLYDWHG E\ WKH LQIOXHQFH RI WKH FKDUJLQJ FXUUHQW õOHDNDJH FXUUHQWô...
  • Page 248 6(/(&7,21 ëïçïè *URXQG )DXOW %UHDNHU õ19ô 6LQFH KDUPRQLF FRPSRQHQWV DUH LQFOXGHG LQ WKH ([DPSOH RI OHDNDJH FXUUHQW /HDNDJH FXUUHQW H[DPSOH RI LQ FDEOH SDWK GXULQJ FRPPHUFLDO êðSKDVH LQGXFWLRQ PRWRU GXULQJ RXWSXW YROWDJH RI DQ LQYHUWHU ZKLFK GULYHV D PRWRUñ DQ SRZHU VXSSO\ RSHUDWLRQ ZKHQ FRPPHUFLDO SRZHU VXSSO\ HDUWK OHDNDJH FXUUHQW IORZV GXH WR WKH HDUWK FDSDFLW\...
  • Page 249 6(/(&7,21 õìô &DOFXODWLQJ FRQWLQXRXV OHDNDJH FXUUHQW 7KH YDOXH RI WKH OHDNDJH FXUUHQW GHSHQGV RQ WKH ëô /HDNDJH FXUUHQW IRUP WKH PRWRU õ,JPô FDEOH W\SHñ FDEOH GLDPHWHUñ FDEOH OHQJWK IURP 'HWHUPLQH WKH FDSDFLWLHV DQG WKH QXPEHU RI JURXQG IDXOW EUHDNHU WR LQYHUWHUñ FDEOH OHQJWK IURP PRWRUVñ...
  • Page 250 6(/(&7,21 êô ([DPLQDWLRQ IURP WKH VWDQGSRLQW RI HOHFWULF õêô &KDUDFWHULVWLFV DQG RSHUDWLRQDO LQVWUXFWLRQV IRU VKRFN SUHYHQWLRQï WKH JURXQG IDXOW LQWHUUXSWHU (OHFWULF VKRFN LV GLYLGHG LQWR GLUHFW VKRFN DQG ìô :KHQ WKH )5ð$ëíí VHULHV LQYHUWHU LV XVHGñ WKH LQGLUHFW VKRFNï ,Q -DSDQñ SURWHFWLRQ LV JHQHUDOO\ OHDNDJH FXUUHQW LQFUHDVHV LQ KDUPRQLF FXUUHQW SURYLGHG DJDLQVW LQGLUHFW HOHFWULF VKRFNï...
  • Page 251: Wduwîvwrs Vzlwfk

    6(/(&7,21 ëïçïç 5HOD\V 5HOD\V XVHG LQ WKH FRQWURO FLUFXLWñ HïJï LQSXWV 67)ñ 8VH VPDOOðVLJQDO UHOD\V õWZLQ FRQWDFWô WR SUHYHQW D FRQWDFW IDXOWï 675ñ ìíñ ëñ è HWFï 2PURQã 7\SH *ë$ñ )XMLã 7\SH 1Rï éæêñ éæé 5HOD\V XVHG ZLWK RXWSXWV 581ñ 68 HWFï 8VH VPDOO UHOD\V RI ìë9'&...
  • Page 252: Uhtxhqf\ 0hwhu Dqg &doleudwlrq 5hvlvwru

    6(/(&7,21 ëïçïä )UHTXHQF\ 0HWHU DQG &DOLEUDWLRQ 5HVLVWRU $ PDQXDO FRQWUROOHU ZLWK IUHTXHQF\ PHWHU õVXFK DV z&DOLEUDWLRQ UHVLVWRU WKH )5ð$;ô LV DYDLODEOHï :KHQ RQO\ D IUHTXHQF\ 7\SHã 59ëé<1 ëí6%ìíN: ð . õ7RN\R &RVPRVô PHWHU LV LQVWDOOHG VHSDUDWHO\ñ XVH DQ LQVWUXPHQW RI 'HSRVLWHG FDUERQ YDULDEOH UHVLVWRU ìîê:ñ...
  • Page 253: Zlvwhg Dqg 6klhoghg &deohv

    6(/(&7,21 ëïçïìí 7ZLVWHG DQG 6KLHOGHG &DEOHV ([DPSOHã 7ZLVWHG FDEOH 7\SHã .9ðë& u íïê64 õ2SWHF 'DLð,FKL 'HQNRô &KDUDFWHULVWLFV RI D 6LQJOH &DEOH 4W\ï u 6L]H &RQGXFWRU )LQLVK 2' õPPô &RORU 6WUXFWXUH 3HUPLVVLEOH ë õPP ô UHVLVWDQFH 5DWHG YROWDJH õ9ô õZLUHVîPPô WHPSHUDWXUH õq&ô õå: îNPô...
  • Page 254: Dqho 'hvljq

    ëïæ 3DQHO 'HVLJQ 6(/(&7,21 ëïæ 3DQHO 'HVLJQ 0DQ\ VHPLFRQGXFWRU GHYLFHV DUH XVHG LQ WKH ,Q GHVLJQLQJ DQG PDQXIDFWXULQJ LQYHUWHU SDQHOVñ LQYHUWHU XQLWï 7R HQVXUH KLJK UHOLDELOLW\ DQG D ORQJ KHDW JHQHUDWHG E\ HTXLSPHQW KRXVHG LQ WKH SDQHOñ SHULRG RI XVH WKH LQYHUWHU VKRXOG EH RSHUDWHG LQ DQ WKH RSHUDWLQJ HQYLURQPHQW HWFï...
  • Page 255 6(/(&7,21 õêô 'XVWñ GLUWñ RLO PLVW õçô +LJK DOWLWXGH RSHUDWLRQ 'XVW DQG GLUW ZLOO FDXVH VXFK IDXOWV DV FRQWDFW 8VH WKH LQYHUWHU DW WKH DOWLWXGH RI QRW PRUH WKDQ IDXOW RI FRQWDFW DUHDVñ LQVXODWLRQ GHWHULRUDWLRQ ìíííPï ,I XVHG DW KLJKHU WKDQ ìíííPñ WKH GXH WR PRLVWXUH DEVRUSWLRQ E\ DFFXPXODWHG GXVW FRROLQJ HIIHFW LV OLDEOH WR UHGXFH GXH WR WKLQ DLU DQG GLUWñ...
  • Page 256 6(/(&7,21 ëïæïë +HDW JHQHUDWHG E\ LQYHUWHU DQG UHODWHG GHYLFHV +HDW *HQHUDWHG E\ ,QYHUWHU DQG 5HODWHG 'HYLFHV +LJK 3RZHU )DFWRU &RQYHUWHU 3RZHU 3RZHU )DFWRU 3RZHU )DFWRU ,QYHUWHUð*HQHUDWHG +HDW >:@ 6XUJH õ1RWH ìô 5HWXUQ ,PSURYLQJ '& ,PSURYLQJ $& 0RWRU 6XSSUHVVLRQ $èíí (èíí &RQYHUWHU 5HDFWRU 5HDFWRU...
  • Page 257 6(/(&7,21 õìô ,QYHUWHUðJHQHUDWHG KHDW õëô %UDNH XQLWðJHQHUDWHG KHDW :KHQ WKH UDWHG RXWSXW FXUUHQW IORZVñ WKH LQYHUWHU :KHQ D EUDNH XQLW LV XVHGñ KHDW LV JHQHUDWHG E\ JHQHUDWHV KHDW DV VKRZQ RQ WKH SUHFHGLQJ WKH EUDNH XQLW DQG WKH EUDNH UHVLVWRUï SDJHï...
  • Page 258: Shflilfdwlrq Ri Hqforvhg Sdqho

    6(/(&7,21 ëïæïê 6SHFLILFDWLRQ RI HQFORVHG SDQHO )RU WKH )5ð$èíí VHULHVñ WKH LQVWDOODWLRQ RI WKH HQFORVXUH WR EH GHVLJQHGï 7KH IROORZLQJ WDEOH OLVWV VHPLFRQGXFWRU KHDW VLQN DQG EUDNH UHVLVWRU WKH KHDW GLVVLSDWLRQ DUHD DSSUR[LPDWH RXWVLGH WKH SDQHO DOORZV KHDW JHQHUDWHG LQ WKH GLPHQVLRQV RI WKH HQFORVHG GXVWðSURRI SDQHO ZLWK SDQHO WR EH JUHDWO\ UHGXFHG WR êíø...
  • Page 259: Rrolqj Ri ,qyhuwhu 3dqho

    6(/(&7,21 ëïæïé &RROLQJ RI ,QYHUWHU 3DQHO õìô &RROLQJ PHWKRG õëô &RROLQJ HIIHFW FDOFXODWLRQ 7KH SDQHO KRXVLQJ WKH LQYHUWHU PXVW HIILFLHQWO\ ìô &DOFXODWLRQ RI KHDW GLVVLSDWLRQ HQHUJ\ E\ GLVVLSDWH KHDW JHQHUDWHG E\ WKH LQYHUWHU DQG QDWXUDO KHDW GLVVLSDWLRQ IURP SDQHO VXUIDFHã RWKHU GHYLFHV õWUDQVIRUPHUñ...
  • Page 260: Rwhv Rq ,qvwdoodwlrq Ri ,qyhuwhu Lq D 3dqho

    6(/(&7,21 ëïæïè 1RWHV RQ ,QVWDOODWLRQ RI ,QYHUWHU LQ D 3DQHO õìô 3RVLWLRQ RI LQYHUWHU LQVWDOODWLRQ ìô &OHDUDQFHV DURXQG WKH LQYHUWHUï éô 3RVLWLRQV RI WZR RU PRUH LQYHUWHUV KRXVHG LQ RQH 7R HQVXUH SURSHU KHDW GLVVLSDWLRQ DQG HDV\ SDQHOï DFFHVVñ OHDYH DW OHDVW WKH IROORZLQJ GLVWDQFHV :KHQ VHYHUDO LQYHUWHUV DUH KRXVHG LQ WKH VDPH EHWZHHQ WKH LQYHUWHU DQG RWKHU GHYLFHV RU SDQHOñ...
  • Page 261 6(/(&7,21 õëô ([WHUQDO IUHTXHQWðXVH EUDNH UHVLVWRU õ7\SH Fô :KHQ ZLULQJ WKH EUDNH UHVLVWRUñ WKH UHVLVWRUð )5ð$%5ô JHQHUDWHG KHDW õPD[LPXP VXUIDFH ìô ,QVWDOODWLRQ SRVLWLRQï WHPSHUDWXUH LV DSSUR[LPDWHO\ ìèí WR êííq&ô Dô :KHQ WKH LQYHUWHU RI æïè. RU EHORZ LV PXVW EH WDNHQ LQWR FRQVLGHUDWLRQï ‚...
  • Page 262 6(/(&7,21 Gô 8VH FDEOHV RI WKH IROORZLQJ VL]HVã Eô 7KH ZLULQJ GLVWDQFHV EHWZHHQ WKH LQYHUWHU &DEOHV $SSOLFDEOH WR DQG EUDNH XQLW DQG EHWZHHQ WKH UHVLVWRU XQLW WKH %8 %UDNH 8QLW DQG EUDNH XQLW VKRXOG EH DV VKRUW DV SRVVLEOHï ,I WKH GLVWDQFH H[FHHGV èPñ WZLVW %8 %UDNH 8QLW 7\SH &DEOH 6L]H WKH FDEOHVï...
  • Page 263 6(/(&7,21 êô %UDNH XQLW RSHUDWLRQ LQGLFDWLRQV %UDNH 8QLW 2SHUDWLRQ ,QGLFDWLRQV 1RWH ìã :KHQ WKLV RSHUDWLRQ LQGLFDWRU /(' LV OLW WR LQGLFDWH WKH H[FHVV RI WKH SHUPLVVLEOH æð6HJPHQW /(' 'HVFULSWLRQ ø('ñ WKH EUDNH XQLW VWRSV RSHUDWLQJ DQG ,QGLFDWLRQ WKHUHIRUH WKH ûRYHUFXUUHQWûñ ûRYHUYROWDJHû õíô...
  • Page 264 6(/(&7,21 õçô 6XUJH YROWDJH VXSSUHVVLRQ ILOWHU õ)5ð$6)ð+ô :KHQ D éíí9 FODVV PRWRU LV LQYHUWHUðGULYHQñ D 6XUJH YROWDJH VXSSUHVVLRQ ILOWHU PLFURVXUJH YROWDJH DWWULEXWDEOH WR ZLULQJ FRQVWDQWV LV JHQHUDWHG DW WKH PRWRU WHUPLQDOV DQG PD\ GHWHULRUDWH WKH PRWRU LQVXODWLRQï ,Q VXFK D <...
  • Page 265 6(/(&7,21 õæô :LULQJ WKH FRQWURO FLUFXLW ìô 8VH WZLVWHG RU VKLHOGHG FDEOHV IRU FRQQHFWLRQ ëô 8VH WZLVWHG RU VKLHOGHG FDEOHV IRU FRQQHFWLRQ ZLWK WKH FRQWURO FLUFXLW WHUPLQDOV õìíñ ëñ èñ ìñ éñ ZLWK WKH GLVSOD\ õIUHTXHQF\ô PHWHU WHUPLQDOV $0ôï 'R QRW JURXQG WKH VKLHOG EXW FRQQHFW LW DV õ)0ñ...
  • Page 266 6(/(&7,21 õåô &RXQWHUPHDVXUHV DJDLQVW H[WHUQDO QRLVH ìô 6WUHQJWKHQLQJ WKH FRXQWHUPHDVXUHV DJDLQVW ëô 5HPRWH FRQWUROñ HWFï QRLVHï 7KH )5 VHULHV LQYHUWHUV DUH VXIILFLHQWO\ $FWLQJ DV DQ DQWHQQDñ WKH VLQJOH OLQHV DUH SURWHFWHG IURP QRLVHï +RZHYHUñ H[WUHPHO\ ODUJH VXVFHSWLEOH WR H[WHUQDO QRLVHï 7KHUHIRUHñ UXQ H[WHUQDO QRLVH PD\ FDXVH WKH LQYHUWHU WR WKH VLJQDO OLQHV DV IDU DZD\ DV SRVVLEOH IURP PDOIXQFWLRQï...
  • Page 267: Hwhuv Dqg 0hdvxuhphqw 0hwkrgv

    ëïå 0HWHUV DQG 0HDVXUHPHQW 0HWKRGV 6(/(&7,21 ëïå 0HWHUV DQG 0HDVXUHPHQW 0HWKRGV 1RWHã :KHQ LQVWDOOLQJ PHWHUV HWFïRQ WKH 6LQFH YROWDJHV DQG FXUUHQWV LQ WKH SULPDU\ DQG VHFRQGDU\ VLGH RI WKH LQYHUWHU LQFOXGH KDUPRQLFVñ GLIIHUHQW PHWHUV LQGLFDWH GLIIHUHQW LQYHUWHU RXWSXW VLGH PHDVXUHPHQW YDOXHVï :KHQ PDNLQJ PHDVXUHPHQW ZLWK WKH :KHQ WKH LQYHUWHUðWRðPRWRU ZLULQJ PHWHUV GHVLJQHG IRU FRPPHUFLDO IUHTXHQF\ñ...
  • Page 268: Hdvxuhphqw Ri Yrowdjhv Dqg Xvh Ri

    6(/(&7,21 ëïåïë 0HDVXUHPHQW RI YROWDJHV DQG XVH RI 37 õìô ,QYHUWHU LQSXW VLGH õêô 37 $V WKH LQSXW VLGH YROWDJH KDV D VLQH ZDYH DQG LV 1R 37 FDQ EH XVHG LQ WKH RXWSXW VLGH RI WKH H[WUHPHO\ VPDOO LQ GLVWRUWLRQ IDFWRUñ DFFXUDWH LQYHUWHUï...
  • Page 269: Vh Ri &7 Dqg Wudqvgxfhu

    6(/(&7,21 ëïåïé 8VH RI &7 DQG WUDQVGXFHU $ &7 PD\ EH XVHG LQ ERWK WKH LQSXW DQG RXWSXW VLGHV :KHQ XVLQJ D WUDQVGXFHUñ XVH WKH HIIHFWLYH YDOXH RI WKH LQYHUWHUñ EXW WKH RQH XVHG VKRXOG KDYH WKH FDOFXODWLRQ W\SH õ0LWVXELVKL 6 VHULHVô ZKLFK LV ODUJHVW SRVVLEOH 9$ DELOLW\ EHFDXVH DQ HUURU ZLOO LPPXQH WR KDUPRQLFVï...
  • Page 270: Rpsoldqfh Zlwk 6wdqgdugv

    ëïä &RPSOLDQFH ZLWK 6WDQGDUGV 6(/(&7,21 ëïä &RPSOLDQFH ZLWK 6WDQGDUGV 7KH VWDQGDUG PRGHOV RI WKH )5ð$èíí DQG )5ð(èíí VHULHV LQYHUWHUV FRPSO\ ZLWK WKH 8/ 6WDQGDUGñ &6$ 6WDQGDUG DQG (1 6WDQGDUGï ëïäïì &RPSOLDQFH ZLWK WKH 8/ DQG &6$ 6WDQGDUGV õìô $ERXW WKH 8/ DQG &6$ õF8/ô 6WDQGDUGV 7KH 8/ õ8QGHUZULWHUöV /DERUDWRULHV ,QFïô...
  • Page 271 6(/(&7,21 õêô :LULQJ RI WKH SRZHU VXSSO\ DQG PRWRU 8VH WKH 8/ðDSSURYHG SRZHU VXSSO\ DQG URXQG FULPSLQJ WHUPLQDOV WR ZLUH WKH LQSXW õ5ñ 6ñ 7 õ/ ñ / ñ / ôô ì ë ê DQG RXWSXW õ8ñ 9ñ :ô WHUPLQDOV RI WKH LQYHUWHUï &ULPS WKH WHUPLQDOV ZLWK WKH FULPSLQJ WRRO UHFRPPHQGHG E\ WKH WHUPLQDO PDQXIDFWXUHUï...
  • Page 272: Rpsoldqfh Zlwk Wkh (xurshdq 'luhfwlyhv)

    6(/(&7,21 ëïäïë &RPSOLDQFH ZLWK WKH (XURSHDQ 'LUHFWLYHV õìô $ERXW WKH (XURSHDQ 'LUHFWLYHV )RU (XURSHDQ XQLILFDWLRQñ KDUPRQL]HG UXOHV FRPPRQ WR DOO FRXQWULHV IRU IUHH PRYHPHQWV DQG VDOHV RI SHRSOHñ WKLQJV DQG VHUYLFHV DUH EHLQJ PDGHï $V RQH ZD\ RI WKLV UXOH PDNLQJñ WKH (& &RPPLWWHH KDV FRPSLOHG ìê...
  • Page 273 6(/(&7,21 êô 2XWOLQH RI LQVWDOODWLRQ PHWKRG ,QVWDOO DQ LQYHUWHU LQ WKH IROORZLQJ PHWKRGã z 8VH WKH LQYHUWHU ZLWK DQ (XURSHDQ 6WDQGDUGðFRPSOLDQW QRLVH ILOWHUï z )RU ZLULQJ EHWZHHQ WKH LQYHUWHU DQG PRWRUñ XVH VKLHOGHG FDEOHV RU UXQ WKHP LQ PHWDO SLSLQJ DQG JURXQG WKH FDEOHV RQ WKH LQYHUWHU DQG PRWRU VLGHV ZLWK WKH VKRUWHVW SRVVLEOH GLVWDQFHï...
  • Page 274 ê 35$&7,&$/ &,5&8,76 êïì +RZ WR 8VH WKH 3DUDPHWHUV ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëçè êïë 6WDQGDUG &RQQHFWLRQ 'LDJUDPV ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëçç &20021 êïê 5HPRWH 2SHUDWLRQ ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëæí &20021 êïé 0RWRU (TXLSSHG ZLWK %UDNH ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëæë &20021 êïè 3DUDOOHO 0RWRU 2SHUDWLRQ &20021 ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððëæê êïç ,QYHUWHUð&RPPHUFLDO 3RZHU 6XSSO\ 6ZLWFKð2YHU 2SHUDWLRQ ððððððððððððððððððððððððððð...
  • Page 275: Rz Wr 8vh Wkh 3dudphwhuv

    êïì +RZ WR 8VH WKH 3DUDPHWHUV 35$&7,&$/ &,5&8,76 ê 35$&7,&$/ &,5&8,76 êïì +RZ WR 8VH WKH 3DUDPHWHUV 6HW YDULRXV IXQFWLRQV DFFRUGLQJ WR WKH ORDG VSHFLILFDWLRQV DQG RSHUDWLQJ FRQGLWLRQVï 7KH SXUSRVHV RI XVH DQG DSSOLHG IXQFWLRQV DUH OLVWHG EHORZï 7KH SDUDPHWHU QXPEHUV LQGLFDWHG DUH WKRVH RI WKH )5ð$èííï 7KH SDUDPHWHU QXPEHUV RI WKH RWKHU VHULHV DUH GLIIHUHQW IURP WKRVH OLVWHG EHORZï...
  • Page 276: Wdqgdug Frqqhfwlrq Gldjudp Ri Wkh Lqyhuwhu Htxlsshg Zlwk

    êïë 6WDQGDUG FRQQHFWLRQ 'LDJUDPV &20021 35$&7,&$/ &,5&8,76 êïë 6WDQGDUG &RQQHFWLRQ 'LDJUDPV &RPPRQ 7KH FLUFXLW GLDJUDPV VKRZQ LQ WKLV FKDSWHU DUH UHIHUHQFH FLUFXLW GLDJUDPV XVHG WR DFWLYDWH IXQFWLRQVï :KHQ GHVLJQLQJ DFWXDO FLUFXLWVñ H[DPLQH WKH RSHUDWLRQV RI WKH PDFKLQH DQG V\VWHP DQG WKH UDWLQJñ VDIHW\ LQWHUORFNV DQG RWKHUV GHYLFHV VXFK DV WKH FRQWDFWRUVñ...
  • Page 277 35$&7,&$/ &,5&8,76 êïëïë 6WDQGDUG FRQQHFWLRQ GLDJUDP RI WKH LQYHUWHU HTXLSSHG ZLWK PDJQHWLF FRQWDFWRU RQ SULPDU\ VLGH õZLWK 7\SH %8 EUDNH XQLWô &20021 õ1RWH ìô ,QYHUWHU 0& 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô ë VXSSO\ 7 õ/ ô ê...
  • Page 278 35$&7,&$/ &,5&8,76 êïëïê 6WDQGDUG FRQQHFWLRQ GLDJUDP RI WKH LQYHUWHU HTXLSSHG ZLWK PDJQHWLF FRQWDFWRU RQ SULPDU\ VLGH õZKHQ UHJHQHUDWLYH EUDNH GXW\ LV ODUJHô &20021 )5ð$èíí VHULHV æïè. RU OHVV õ1RWH ìô ,QYHUWHU 0& 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô...
  • Page 279 35$&7,&$/ &,5&8,76 êïëïé 6WDQGDUG FRQQHFWLRQ GLDJUDP RI WKH LQYHUWHU ZLWKRXW PDJQHWLF FRQWDFWRU RQ SULPDU\ VLGH &20021 ,QYHUWHU 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô ë VXSSO\ 7 õ/ ô ê 7 õ1RWH èô *URXQG 6WRS 3%ì )RUZDUG URWDWLRQ 3%ê...
  • Page 280 êïê 5HPRWH 2SHUDWLRQ 35$&7,&$/ &,5&8,76 êïê 5HPRWH 2SHUDWLRQ &RPPRQ êïêïì 8VH RI WKH )5ð). PRWRUL]HG VSHHG VHWWHU &20021 ,QYHUWHU 0& 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô ë VXSSO\ 7 õ/ ô ê 7 õ1RWH éô *URXQG 5HDG\ û21û...
  • Page 281: Xwrpdwlf Rshudwlrq Xvlqj é Wr ëíp$'& Fxuuhqw Vljqdo

    35$&7,&$/ &,5&8,76 êïêïë $XWRPDWLF RSHUDWLRQ XVLQJ é WR ëíP$'& FXUUHQW VLJQDO &20021 ,QYHUWHU 0& õ1RWH éô 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô ë VXSSO\ 7 õ/ ô ê )UHTXHQF\ PHWHU &DOLEUDWLRQ UHVLVWRU 7ZLVWHG FDEOH RU WZLVWHG VKLHOGHG FDEOH XVHG *URXQG &5ì...
  • Page 282 êïé 0RWRU (TXLSSHG ZLWK %UDNH 35$&7,&$/ &,5&8,76 êïé 0RWRU (TXLSSHG ZLWK %UDNH &RPPRQ %UDNH õ1RWH êô ,QYHUWHU 0& 5 õ/ ô ì 3RZHU 6 õ/ ô 0RWRU ë VXSSO\ 7 õ/ ô ê 7 õ1RWH èô *URXQG & :KHQ )5ð%8 EUDNH XQLW LV XVHG 5HDG\ %UDNH 5HVLVWRU...
  • Page 283 êïè 3DUDOOHO 0RWRU 2SHUDWLRQ &20021 35$&7,&$/ &,5&8,76 êïèïì 0RWRUV GULYHQ E\ RQH LQYHUWHU &20021 $ODUP VLJQDO 5HDG\ 2&5ì 2&5ë 2&5ê & 0& 0& 7 õ1RWH éô ,QYHUWHU õ1RWH ìô 0& 2&5ì 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô ë...
  • Page 284: Qyhuwhuv Dqg Prwruv Duh Lq Sdluv

    35$&7,&$/ &,5&8,76 êïèïë ,QYHUWHUV DQG PRWRUV DUH LQ SDLUV &20021 ,QYHUWHU 1Rï ì ,QYHUWHU 1Rï ë 5HDG\ DODUP VLJQDO DODUP VLJQDO & & 0& 0& 7 õ1RWH êô ,QYHUWHU 1Rï ì 0& 0RWRU 5 õ/ ô ì 3RZHU 6 õ/ ô...
  • Page 285 35$&7,&$/ &,5&8,76 êïèïê 6RIW VWDUWHU LV XVHG WR VRIWðVWDUWîVRIWðVWRS WZR PRWRUV DW WKH VDPH WLPH &20021 õ1RWH éô 0& 3RZHU VXSSO\ ,QYHUWHU 1Rï ì ,QYHUWHU 1Rï ë 5 õ/ ô 0RWRU 0RWRU 5 õ/ ô ì ì 6 õ/ ô 6 õ/ ô...
  • Page 286 êïç ,QYHUWHU l l &RPPHUFLDO 3RZHU 6XSSO\ 6ZLWFKð2YHU 2SHUDWLRQ &20021 35$&7,&$/ &,5&8,76 êïç ,QYHUWHUð&RPPHUFLDO 3RZHU 6XSSO\ 6ZLWFKð2YHU 2SHUDWLRQ &RPPRQ ð6WDUW êïçïì &20021 :KHQ WKH PRWRU LV URWDWHG DW IXOO VSHHG DW çí+] õRU èí+]ôñ FRPPHUFLDO SRZHU VXSSO\ RSHUDWLRQ LV PRUH HIILFLHQW WKDQ LQYHUWHU RSHUDWLRQï...
  • Page 287 35$&7,&$/ &,5&8,76 êïçïë &RPPHUFLDO SRZHU VXSSO\ l LQYHUWHU VZLWFKðRYHU RSHUDWLRQ &20021 &RPPHUFLDO SRZHU VXSSO\ RSHUDWLRQ FDQ EH FKDQJHG RYHU WR LQYHUWHU RSHUDWLRQ ZLWKRXW VWRSSLQJ WKH PRWRUï 0&ì 2&5 ,QYHUWHU 0& 0&ë 5 õ/ ô ì 3RZHU 6 õ/ ô 0RWRU ë...
  • Page 288 35$&7,&$/ &,5&8,76 >)RU FRPPHUFLDO SRZHU VXSSO\ðLQYHUWHU VZLWFKðRYHU RSHUDWLRQ RQO\@ < ,QYHUWHU UHDG\ 0& 0& õ1RWH éô á:KHQ VWRS SXVKEXWWRQ LV SUHVVHG LQ LQYHUWHU PRGH WKH PRWRU LV GHFHOHUDWHG WR D VWRS! óë 5$ë 0& 5$ç 0&ì ,QYHUWHU RSHUDWLRQ 0&ë VHOHFWLRQ 0&ë...
  • Page 289 35$&7,&$/ &,5&8,76 >)RU FRPPHUFLDO SRZHU VXSSO\ðLQYHUWHU VZLWFKðRYHU RSHUDWLRQ DQG DXWRPDWLF UHVWDUW DIWHU LQVWDQWDQHRXV SRZHU IDLOXUH@ < ,QYHUWHU UHDG\ 0& 0& õ1RWH éô á:KHQ VWRS SXVKEXWWRQ LV SUHVVHG LQ LQYHUWHU PRGH WKH PRWRU LV GHFHOHUDWHG WR D VWRS! õ,QYHUWHUô õ6WRSô óé 5$ç...
  • Page 290 35$&7,&$/ &,5&8,76 êïçïê &RPPHUFLDO SRZHU VXSSO\ l LQYHUWHU VZLWFKðRYHU RSHUDWLRQ >ZKHQ FRPPHUFLDO SRZHU VXSSO\ l LQYHUWHU VZLWFKðRYHU VHTXHQFH LV XVHG@ $èíí 5HOD\ RXWSXW LQERDUG RSWLRQ LV XVHG õ1RWH ëô 0&ë 2&5 1RWHã %HIRUH PDNLQJ FRQQHFWLRQñ HQVXUH WKDW WKH SKDVH URWDWLRQ RI WKH FRPPHUFLDO SRZHU VXSSO\ LV LQ 5o6o7 VHTXHQFHï...
  • Page 291 êïæ &LUFXLW IRU $XWRPDWLF 5HVWDUW DIWHU ,QVWDQWDQHRXV 3RZHU )DLOXUH 35$&7,&$/ &,5&8,76 êïæ &LUFXLW IRU $XWRPDWLF 5HVWDUW DIWHU ,QVWDQWDQHRXV 3RZHU )DLOXUH &RPPRQ ,QYHUWHU 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô ë VXSSO\ 7 õ/ ô ê 6WDUW VZLWFK $ODUP RXWSXW VLJQDO &...
  • Page 292 êïå $XWRPDWLF 2SHUDWLRQ RI )DQñ 3XPS RU WKH /LNH 8VLQJ 6SHHG 6HWWHU 35$&7,&$/ &,5&8,76 êïå $XWRPDWLF 2SHUDWLRQ RI )DQñ 3XPS RU WKH /LNH 8VLQJ 6SHHG 6HWWHU &RPPRQ >$XWRðPDQXDO VZLWFKðRYHU RSHUDWLRQ@ 5HDG\ $ODUP VLJQDO & 0& 0& 7 õ1RWH ìô ,QYHUWHU 0&...
  • Page 293: Rvlwlrqlqj 2shudwlrq &rpprq

    êïä 3RVLWLRQLQJ 2SHUDWLRQ &RPPRQ &20021 35$&7,&$/ &,5&8,76 êïä 3RVLWLRQLQJ 2SHUDWLRQ &RPPRQ %UDNH ,QYHUWHU 0& õ1RWH éô 5 õ/ ô ì 3RZHU 6 õ/ ô 0RWRU ë VXSSO\ 7 õ/ ô ê 7 õ1RWH èô õòô 3 :KHQ SURYLGHG ZLWK DQ H[WHUQDO GLVFKDUJH UHVLVWRU IRU UHJHQHUDWLYH EUDNH...
  • Page 294: Huwlfdo :lqglqjñ /liwhu

    êïìí 9HUWLFDO :LQGLQJñ /LIWHU $èíí 35$&7,&$/ &,5&8,76 êïìí 9HUWLFDO :LQGLQJñ /LIWHU $èíí êïìíïì 8VH RI UHOD\ RXWSXW RSWLRQ $èíí %UDNH ,QYHUWHU 0& õ1RWH åô 5 õ/ ô ì 3RZHU 6 õ/ ô 0RWRU ë VXSSO\ 7 õ/ ô ê 7 õ1RWH æô õ1RWH çô...
  • Page 295: Vh Ri Eudnh Vhtxhqfh Flufxlw Ixqfwlrq

    35$&7,&$/ &,5&8,76 êïìíïë 8VH RI EUDNH VHTXHQFH FLUFXLW IXQFWLRQ $èíí $èíí %UDNH ,QYHUWHU 0& 5 õ/ ô ì 3RZHU 6 õ/ ô 0RWRU ë VXSSO\ 7 õ/ ô ê 7 õ1RWH ëô & *URXQG 5HDG\ û21û û2))û ëé9'& 0& SRZHU VXSSO\ 0&...
  • Page 296: Qyhuwhu $odup 2xwsxw 'lvsod\ Dqg )dloxuh 5hvhw

    êïìì ,QYHUWHU $ODUP 2XWSXW 'LVSOD\ DQG )DLOXUH 5HVHW $èíí 35$&7,&$/ &,5&8,76 êïìì ,QYHUWHU $ODUP 2XWSXW 'LVSOD\ DQG )DLOXUH 5HVHW $èíí :KHQ WKH RYHUFXUUHQWñ RYHUYROWDJHñ LQVWDQWDQHRXV SRZHU IDLOXUH RU DQRWKHU SURWHFWLYH IXQFWLRQ LV DFWLYDWHGñ WKH LQYHUWHU RXWSXWV WKH FRUUHVSRQGLQJ DODUP VLJQDOï $ UHOD\ FRQWDFW LV XVHG WR RXWSXW WKH DODUP VLJQDO DQG LV DFWXDWHG õWXUQHG RQô...
  • Page 297 êïìë 0XOWLð6SHHG 2SHUDWLRQ $SSOLFDWLRQ ([DPSOH &20021 35$&7,&$/ &,5&8,76 êïìë 0XOWLð6SHHG 2SHUDWLRQ $SSOLFDWLRQ ([DPSOH &RPPRQ 7KH )5ð$èíí VHULHV DOORZV ìèðVSHHG RSHUDWLRQï 7KH IROORZLQJ DSSOLFDWLRQ JLYHV DQ H[DPSOH RI RSHUDWLRQ SHUIRUPHG DW WKHVH VSHHGVï ,QYHUWHU 0& 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô...
  • Page 298: Rj 2shudwlrq Lq ([whuqdo 2shudwlrq 0rgh)

    êïìê -RJ 2SHUDWLRQ LQ ([WHUQDO 2SHUDWLRQ 0RGH $èíí 35$&7,&$/ &,5&8,76 êïìê -RJ 2SHUDWLRQ LQ ([WHUQDO 2SHUDWLRQ 0RGH $èíí 3DUW ì >:LWK MRJ PRGH VHOHFWLRQ VZLWFK@ õ-2*ô 0DQXDO FRQWUROOHU ,QYHUWHU &26 õ2IIô õ2Qô &26 õ)RUZDUG URWDWLRQô õ2IIô õ2IIô õ2Qô õ1RWH êô ìí...
  • Page 299 êïìé 2SHUDWLRQ 8VLQJ WKH 6HFRQG $FFHOHUDWLRQî'HFHOHUDWLRQ 7LPH &20021 35$&7,&$/ &,5&8,76 êïìé 2SHUDWLRQ 8VLQJ WKH 6HFRQG $FFHOHUDWLRQî'HFHOHUDWLRQ 7LPH &RPPRQ 1RWHãìï 3URYLGH D FRQWURO WUDQVIRUPHU õ1RWH ëô ,QYHUWHU 0& ZKHQ WKH SRZHU VXSSO\ LV 5 õ/ ô 0RWRU ì éíí9 FODVVï 3RZHU ëï...
  • Page 300 êïìè 6WDUW 6LJQDO õ7KUHHð:LUHô +ROGLQJ &20021 35$&7,&$/ &,5&8,76 êïìè 6WDUW 6LJQDO õ7KUHHð:LUHô +ROGLQJ &RPPRQ ,QYHUWHU 0& õ1RWH éô 5 õ/ ô ì 0RWRU 3RZHU 6 õ/ ô ë VXSSO\ 7 õ/ ô ê *URXQG õ5HVHWô 3%é 5(6 õ1RWH ìô 6723 6WRS )RUZDUG 3%ì...
  • Page 301: Hyhuvleoh 2shudwlrq E\ $qdorj ,qsxw

    êïìç 5HYHUVLEOH 2SHUDWLRQ E\ $QDORJ ,QSXW $èíí 35$&7,&$/ &,5&8,76 êïìç 5HYHUVLEOH 2SHUDWLRQ E\ $QDORJ ,QSXW $èíí %\ FKDQJLQJ WKH SRODULW\ RI WKH DQDORJ LQSXW VLJQDO WR WHUPLQDO ì EHWZHHQ SRVLWLYH DQG QHJDWLYHñ UHYHUVLEOH RSHUDWLRQ FDQ EH SHUIRUPHG EHWZHHQ IRUZDUG URWDWLRQ DQG UHYHUVH URWDWLRQï õ1RWH ìô...
  • Page 302: Shudwlrq Xvlqj 6wrsðrqð&rqwdfw &rqwuro )xqfwlrq

    êïìæ 2SHUDWLRQ XVLQJ 6WRSðRQð&RQWDFW &RQWURO )XQFWLRQ $èíí 35$&7,&$/ &,5&8,76 êïìæ 2SHUDWLRQ XVLQJ 6WRSðRQð&RQWDFW &RQWURO )XQFWLRQ $èíí %UDNH ,QYHUWHU 0& 5 õ/ ô 0RWRU ì 3RZHU 6 õ/ ô ë VXSSO\ 7 õ/ ô ê 7 õ1RWH éô /657 6WRS & 'LVFKDUJH EUDNH XQLW UHVLVWRU...

This manual is also suitable for:

Fr-e500 series

Comments to this Manuals

Symbols: 0
Latest comments: