7URXEOHVKRRWLQJ
7KHIROORZLQJV\PSWRPVDUHQRWWURXEOH
6\PSWRPV &DXVHV
0DFKLQHEHJLQVÀOOLQJZDWHULQWKH
PLGGOHRIWKHZDVK
:KHQWKHODXQGU\DPRXQWLVODUJHDWWKH+,*+ZDWHUOHYHOWKH
PDFKLQHVRPHWLPHVÀOOVDXWRPDWLFDOO\:KHQOHYHOJRHVGRZQWKH
PDFKLQHÀOOVDXWRPDWLFDOO\
7KHZDWHUOHYHOLVWRRKLJKIRUWKH
DPRXQWRIODXQGU\EHLQJZDVKHG
:KHQWKHODXQGU\LVDOUHDG\VRDNHGZLWKZDWHUEHIRUHWKHZDVKLV
VWDUWHGRULIWKHUHLVZDWHULQWKHWXEEHIRUHWKHZDVKLVVWDUWHGWKH
ZDWHUOHYHOZLOOVRPHWLPHVEHKLJKHU
7KHZDWHUOHYHOLVWRRORZIRUWKH
DPRXQWRIODXQGU\EHLQJZDVKHG
:LWKOLJKWODXQGU\PDGHRIV\QWKHWLFRUEOHQGHGIDEULFWKHZDWHUOHYHO
ZLOOVRPHWLPHVEHORZHU
0LGZD\GXULQJVSLQQLQJWKHRSHUD
WLRQVXGGHQO\FKDQJHVWRULQVLQJ
:KHQWKHODXQGU\LVXQEDODQFHGGXULQJVSLQULQVLQJDQGDXWRPDWLF
FRUUHFWLRQRIXQEDODQFHGODXQGU\ZLOOEHJLQ/DWHUVSLQQLQJZLOOUHWXUQ
WR1RUPDOFRQGLWLRQ
7KHZDWHULVGUDLQHGHYHQÀOOHGE\
DEXFNHW
'RQRWOHDYHPRUHWKDQVHFRQGVZKLOHSRZHUHGRQ)LOOWKHZDWHU
ZKLOHSRZHUHGRIIRUDIWHUSXVKLQJWKHVWDUWEXWWRQ
'XULQJGUDLQLQJWKHODXQGU\DQG
WKHVSLQQHUURWDWHVZLWKLUUHJXODU
PRYHPHQWV
7RVXSSUHVVGHWHUJHQWVXGVEXLOGXSWKHZDVKLQJWXEWXUQVVORZO\
DQGTXLFNO\
7KHEXWWRQVGRQRWZRUN 2QO\WKH>:DWHU/HYHO@EXWWRQLVDYDLODEOHDIWHUWKHPDFKLQHEHJLQV
ZDVKLQJ
7RFKDQJHWKHVHWWLQJSUHVVWKH>3RZHU2II@EXWWRQDQGUHFRQÀJXUH
WKHVHWWLQJ
,I\RXVWDUWZLWKWKHULQVHF\FOHWKH
WXELVQRWÀOOHGZLWKZDWHU
:KHQWKHUHLVZDWHULQWKHWXEWKHRSHUDWLRQVWDUWVZLWKWKHGUDLQLQJ
$IWHUVSLQF\FOHLVÀQLVKHGWKHWXEZLOOEHÀOOHGZLWKZDWHU
:DWHUGRHVQRWÁRZWKURXJKWKH
OLQWÀOWHU'RXEOH&DVFDGHGRHVQRW
RSHUDWH
:KHQWKHZDWHUOHYHOLVVHWWRYHU\ORZZDWHUVRPHWLPHVZLOOQRWÁRZ
WKURXJKWKHOLQWÀOWHU'RXEOH&DVFDGHGRHVQRWRSHUDWHZKHQWKHVH
VHWWLQJVKDYHEHHQVHOHFWHG
:DVKLQJPDFKLQHGRHVQRWUXQDWDOO
&KHFNLIWKHUHLVSRZHUIDLOXUH
&KHFNLIWKHSRZHUIXVHKDVEORZQRXWRUWKHEUHDNHULVDFWXDWHG
&KHFNLIWKHSRZHUSOXJLVSOXJJHGLQWKRURXJKO\
&KHFNLIWKH´3RZHU6ZLWFK··KDVEHHQSUHVVHG
+DVWKHZDWHUIDXFHWEHHQWXUQHGRQ"
&KHFNLIWKH>6WDUW3DXVH@EXWWRQKDVEHHQSUHVVHG
+DVWKHPDFKLQHEHHQSURJUDPPHGXQGHU>5HVHUYH@WLPHU"
:DWHULVQRWVXSSOLHG &KHFNLIWKHZDWHUIDXFHWLVWXUQHGRQ
,VWKHZDWHUVXSSO\FXWRII"
&KHFNLIWKHFRQQHFWLRQRIWKHZDWHUVXSSO\KRVHLVFORJJHGZLWKGLUW
3OHDVHUHIHUWRSDJHIRUFOHDQLQJZDWHUVXSSO\KRVHILOWHU
:DVKLQJRSHUDWLRQVWLOOFRQWLQXHHYHQ
WKRXJKWKHH[SHFWHGILQLVKLQJWLPH
KDGSDVVHGRQ5HVHUYH3URJUDP
:DVKLQJWLPHZLOOEHORQJHUEHFDXVHRIODXQGU\XQEDODQFHZDWHU
IHHGLQJDQGGUDLQLQJFRQGLWLRQ
%X]]HUVRXQGVIROORZHGE\D
GUDLQLQJZKHQRSHQLQJWKHOLG
GXULQJZDVKDQGULQVH
,QWKHFDVHZKHQRSHQWKHOLGDIWHUVHWWLQJWKH>&KLOG/RFN@PRGHLWZLOO
IRUFHWKHGUDLQLQJSURFHVV3XOORXWWKHSRZHUSOXJIURPWKHRXWOHWDQG
UHSOXJLWDIWHUVHFRQGV
%X]]HUVRXQGVZKHQRSHQLQJWKHOLG
GXULQJFDVFDGHULQVLQJRUVSLQQLQJ
7KLVLVDUHPLQGHUIRUDXVHUQRWWRSXWDKDQGDQGRUDQ\REMHFWLQWRWKHWXE
,WLVQRWRXWRIRUGHU
-7RWXUQRIIWKHEX]]HUFORVHWKHOLG
7XEVKDNLQJZLWKWKHVRXQGRIZDWHU 7KLVLVWKHVRXQGRIWKHOLTXLGWRPDLQWDLQWKHEDODQFHGXULQJVSLQQLQJ
:DWHUVXSSO\IDLOXUH
1RUPDOO\DIWHUWKHZDWHUVXSSO\IDLOXUHWKHZDWHUZLOOEHFRPHPXGG\
'HWDFKWKHZDWHUIHHGLQJKRVHDQGWXUQRQWKHZDWHUIDXFHWWRUHOHDVHWR
GXHPXGG\ZDWHU)L[ZDWHUKRVHDQGVWDUWZDVKLQJ
3RZHUIDLOXUH ,QWKLVFDVH>3RZHU2Q@DQG>6WDUW3DXVH@EXWWRQVQHHGWREHSUHVVHG
DJDLQDIWHUHOHFWULFLW\LVUHVWRUHG7KHQWKHPDFKLQHZLOOUHVXPH
RSHUDWLRQDXWRPDWLFDOO\IURPEHJLQQLQJRIWKHVWRSSHGSURFHVV
1$)%B(1LQGG 30