AvionTEq CA-1550-CML User manual

5HY&
,16758&7,210$18$/
&$ ± &0/
%$77(5<&+$5*(5$1$/<=(5
/DPDU7HFKQRORJLHV//&
WK$YH1(0DU\VYLOOH:$ 
7HO )D[
ZZZODPDUWHFKFRPSRZHUSURGXFWV

7$%/(2)&217(176
 6<67(029(59,(:  
 6<67(029(59,(:  
 ',63/$<6$1'&21752/6  
 ,167$//$7,21 
 /,1(92/7$*( 
 7(50,1$/6  
 63$&(5(48,5(0(176  
 23(5$7,1**8,'(  &+$5*,1*  
 &+$5*(&+$5$&7(5,67,&6  
 &+$5*,1*0(7+2'6  
 35(3$5$7,21)25&+$5*,1*  
 &+$5*(7,0( 
 6(77,1*&+$5*(92/7$*($1' &855(17 
 23(5$7,1**8,'(  ',6&+$5*,1* 
 ',6&+$5*(&+$5$&7(5,67,&6 
 ',6&+$5*(&$3$&,7<7(67,1* 
 35(3$5$7,21)257(67,1* 
 ',6&+$5*(7,0( 
 &872))92/7$*( 
 6(77,1*',6&+$5*(&855(17 
 7(67&203/(7,21$1'$1$/<6,6  
 &$/,%5$7,21$1'0$,17(1$1&(  
 29(59,(:2)&$/,%5$7,21  
 92/70(7(5&$/,%5$7,21 
 $00(7(5&$/,%5$7,21  
 6+8179(5,),&$7,21  
 ',6&+$5*(&855(17 23(5$7,1*5$1*( 
 0$,17(1$1&( 
7528%/(6+227,1* 
 63(&,),&$7,216 
:$55$17<  
&(57,),&$7,212)&$/,%5$7,21  

 6<67(029(59,(:
 6<67(029(59,(:
 6<67(029(59,(:
7KH&$&KDUJHU$QDO\]HULVDVHOIFRQWDLQHGXQLWIRUFKDUJLQJDQGGLVFKDUJH
FDSDFLW\WHVWLQJRIUHFKDUJHDEOHEDWWHULHV,WKDVEHHQGHVLJQHGWRDFFXUDWHO\WHVW
FKDUJHDQGLQGLFDWHWKHHPHUJHQF\FDSDFLW\RIVHDOHGRUYHQWHGOHDGDFLGRUQLFNHO
FDGPLXPEDWWHULHV(PHUJHQF\FDSDFLW\LVHVSHFLDOO\LPSRUWDQWIRUDLUFUDIWEDWWHULHV
7KHXQLWFRPHVLQDFRQYHQLHQWSURWHFWLYHFDUU\LQJFDVH,WLVYHU\HDV\WRPRYH
DURXQGWRDFFRPPRGDWHIOH[LELOLW\LQWKHZRUNHQYLURQPHQWZKHWKHUXVHGSRUWDEOHRU
LQWKHKDQJDURUEDWWHU\ VKRS7KHIOH[LELOLW\RIFKDUJHDQGGLVFKDUJHSDUDPHWHUVRI
WKH&$PDNHVLWXVDEOHIRUDZLGHYDULHW\RIEDWWHULHVDQGYROWDJHV7KHXQLW
DFFXUDWHO\FKDUJHVDQGWHVWVOHDGDFLGEDWWHULHVRIRUYROWVDVZHOODV QLFNHO
FDGPLXPEDWWHULHVRIDVLQJOHFHOOWRYROWV
7KHFKDUJHXQLWRIWKH&$DOORZVFKDUJLQJDWERWKFRQVWDQWSRWHQWLDODQG
FRQVWDQWFXUUHQWWRJLYHPD[LPXPIOH[LELOLW\LQVHOHFWLRQRIFKDUJHPHWKRG7KH
FKDUJHUKDVDQDGMXVWDEOHFKDUJHFXUUHQWIURP WRDPSHUHVDQGDQDXWRPDWLF
WLPHUIRUFKDUJHWLPHVHOHFWLRQ
7KHGLVFKDUJHXQLWRIWKH&$HQDEOHVEDWWHU\FDSDFLW\WHVWLQJZLWKDFRQVWDQW
FXUUHQWRIWRDPSHUHVXVXDOO\VHWWRRIWKHEDWWHU\VFDSDFLW\UDWLQJIRU
DSUHVHWWLPH7KHXQLWDXWRPDWLFDOO\DQDO\]HVWKHGLVFKDUJHFKDUDFWHULVWLFVDQG
SDVVHVRUIDLOVWKHEDWWHU\GHSHQGLQJRQWKHEDWWHU\¶VDELOLW\WRPDLQWDLQWKH
VSHFLILHGPLQLPXPYROWDJHIRUWKHGXUDWLRQRIWKHWHVW
 ',63/$<6$1'&21752/6
7KH&$KDVEHHQGHVLJQHG WRKDYHYHU\VLPSOH DQG HDV\WRXQGHUVWDQG
FRQWUROVDQGGLVSOD\V
7ZRGLJLWDOSDQHOPHWHUVDOORZYLHZLQJRIFKDUJHDQGGLVFKDUJHFXUUHQWDQG
YROWDJH$GLJLWDOHOHFWURQLFWLPHUGLVSOD\VHODSVHGWLPHDQG FDQEHVHWWRDQ\IL[HG
GXUDWLRQSHULRG/LJKWLQGLFDWRUVGLVSOD\LIWKHXQLWLVLQFKDUJHRUGLVFKDUJHPRGH DQG
DOVRLQGLFDWHEDWWHU\SDVVRUUHMHFWVWDWXVDIWHUDGLVFKDUJHWHVWVHH)LJXUH

&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 6<67(029(59,(:
)LJXUH&RQWUROVDQGGLVSOD\VRI&$
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 ,167$//$7,21
 ,167$//$7,21
 /,1(92/7$*(
7KH&$FDQRSHUDWHRQHLWKHURUYROWV$&7KHGHVLUHGOLQHYROWDJH
FDQEHFKDQJHGE\RSHQLQJWKHXQLWDQG PRGLI\LQJWKHYROWDJHVHW MXPSHUV 7KH
XQLWLVIDFWRU\SUHVHWDWYROWV$&
:$51,1* (QVXUH WKDW WKH XQLW LV WXUQHG RII DQG WKDW QR
EDWWHU\LVFRQQHFWHGEHIRUHDWWHPSWLQJWRRSHQWKHFRYHU
&$87,21 (QVXUHWKDWWKHXQLWLVVHWIRUWKHDSSURSULDWH
OLQHYROWDJHEHIRUHRSHUDWLRQ
$ 7XUQRIIWKHXQLWDQGUHPRYHDQ\EDWWHU\
% 2SHQWKHFRYHUE\ILUVWXQVFUHZLQJWKHWZRVFUHZVRQWKHIDUULJKWRIWKH
IURQWFRYHU
& /RFDWHWKHIRXUSRVLWLRQWHUPLQDOVWULSZLWKMXPSHUV1RWH7KHUHLVDUHG
VWULSHRQWRSRIHDFKMXPSHU 5HPRYHWKHFOHDUSODVWLFFRYHU
' 7ZRMXPSHUVDUHXVHGIRU9$&LQSXWDQGRQHMXPSHUDFURVVWKHPLGGOH
WZRVFUHZVLVXVHGIRU9$&LQSXW6HH)LJXUHVEHORZ
YROW$&VHWWLQJ YROW$&VHWWLQJ
( )RU9$&RSHUDWLRQWKH9$&SOXJPXVWEHUHSODFHGZLWKRQHIRU
9$&LQUHTXLUHGFRQILJXUDWLRQ
127( ,IWKHSOXJKDVWREHFKDQJHGPDNHVXUHWRFRQQHFW
WKHJUHHQ$&OLQHZLUHWRJURXQG
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/ 9 3DJH

 ,167$//$7,21
&RQQHFWWKHXQLWWR D ZDOORXWOHWZLWKD DPSHUH FDSDFLW\6KDULQJRIWKHOLQH
ZLWK RWKHU HTXLSPHQW PD\ UHVXOW LQHUUDWLF RSHUDWLRQ LI RWKHU HTXLSPHQW GUDZV KLJK
SXOVHRUVXUJHFXUUHQWV
127( 7KH &$ ZLOO PDLQWDLQ LWV RSHUDWLRQDO LQWHJULW\
ZLWKOLQHIOXFWXDWLRQOHVVWKDQ
 7(50,1$/6
7ZRLPSRUWDQWSRLQWVDERXWWKH'&EDWWHU\FDEOHDQGFRQQHFWRUDUH
$ ,I WKH DLUFUDIW EDWWHU\ TXLFN GLVFRQQHFW FRQQHFWRU LV UHPRYHG WKH ULQJ
WHUPLQDOV FDQEHXVHGWRFRQQHFWWRDSRVWWHUPLQDOEDWWHU\
:$51,1* &RUUHFWSRODULW\PXVWEHREVHUYHG
% ,IWKHFDEOHLVH[WHQGHGRUUHSDLUHGGXULQJPDLQWHQDQFHWKHVHQVLQJOHDGV
ZKLFKUXQZLWKWKHKHDY\'&FDEOHPXVWEHFRQQHFWHGWRWKHQHZWHUPLQDO
VHHVHFWLRQ 
 63$&(5(48,5(0(176
7KH&$V\VWHPFRPHVLQDVWXUG\WUDQVLWFDVH,WRFFXSLHV[PP[
PPRIWDEOHWRSVSDFH3ODFHWKHXQLWRQDVWXUG\ZRUNEHQFKLQDZHOO
YHQWLODWHGDUHDZLWKWKHEDWWHU\DGMDFHQWWRLW
7KH WRSRIWKHXQLWKDVDLUIORZIURPKRWUHVLVWRUV$OZD\VOHDYHWKHFRYHURSHQDQG
WKHUHVLVWRUYHQWXQFRYHUHGZKHQLQRSHUDWLRQWRPDLQWDLQSURSHUDLUIORZ
127( ,Q QRQ DLUFRQGLWLRQHG URRPV LW LV UHFRPPHQGHG
WKDW FLUFXODWLQJ RU H[WUDFWLQJ IDQV EH XVHG WR DLG LQ WKH
UHPRYDORIKHDWHGDLU
127( 2SHUDWLRQLQGXVW\RURWKHUZLVHGLUW\DLU
HQYLURQPHQWV ZLOO VHYHUHO\ UHGXFH WKH FRROLQJ FDSDFLW\ RI
WKHIDQVDQGFDQOHDGWRSUHPDWXUHIDLOXUH
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  &+$5*,1*
 23(5$7,1**8,'(  &+$5*,1*
 &+$5*(&+$5$&7(5,67,&6
7KHFRQVWDQWFXUUHQWFKDUJHFKDUDFWHULVWLFVRIDOHDGDFLGFHOOZLWKUHVSHFWWRFHOO
YROWDJHDPSHUHKRXUVLQSXWVSHFLILFJUDYLW\DQG UDWHRIJDVVLQJDWFRQVWDQW
FXUUHQWFDQEHVHHQLQ)LJXUH
)LJXUH&KDUJHFKDUDFWHULVWLFVRIDOHDGDFLGFHOO
$VVKRZQE\WKHFXUYHLQ)LJXUHWKHFHOOYROWDJHRIDGLVFKDUJHGEDWWHU\ULVHV
UDSLGO\ZKHQWKHEDWWHU\LVILUVWSODFHGRQFKDUJH7KHH[WHQWRIWKHLQLWLDOULVH
GHSHQGVRQWKHFKDUJLQJUDWH$VWKHFKDUJHFRQWLQXHVWKHYROWDJHULVHVDWD
VORZHUUDWHDQGHYHQWXDOO\OHYHOVRIIZKHQDIXOOVWDWHRIFKDUJHLVUHDFKHG,WFDQ
EHVHHQWKDWWKHVSHFLILFJUDYLW\UHDGLQJODJVEHKLQGWKHUDWHRIDPSHUHKRXUUHWXUQ
GXULQJPRVWRIWKHFKDUJLQJF\FOH&RQVHTXHQWO\WKHVSHFLILFJUDYLW\LVQRW
LQGLFDWLYHRIWKHDYDLODEOHDPSHUHKRXUFDSDFLW\XQWLOWKHFHOODSSURDFKHVDIXOO
FKDUJHVWDWH
:KHQDEDWWHU\UHDFKHVDIXOO VWDWHRIFKDUJHWKHYROWDJHRIWKHEDWWHU\ZLOO
VWDELOL]H DQG UHPDLQ FRQVWDQW RU GHFUHDVH 7KH FKDUJLQJ VKRXOG GLVFRQWLQXH DW WKLV
VWDJH$PLQLPXPRIRISUHYLRXVGLVFKDUJHVKRXOGEHSODFHGLQWKHEDWWHU\
,QJHQHUDODYHQWHGEDWWHU\PD\EHFKDUJHG DWDQ\UDWHWKDWZLOOQRWSURGXFH
H[FHVVLYHJDVVLQJRUHOHFWURO\WHWHPSHUDWXUHVDERYH) &6HDOHGOHDG
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  &+$5*,1*
DFLGEDWWHULHVVKRXOGQHYHUEHFKDUJHGLQDFRQVWDQWFXUUHQWPRGHZLWKDFXUUHQW
JUHDWHUWKDQ&

&

HTXDOVWKHUDWHGFDSDFLW\RIWKHEDWWHU\'XULQJFRQVWDQW
FXUUHQWFKDUJLQJDWDUDWHLQH[FHVVRI&R[\JHQLVSURGXFHGDWDQH[FHVVLYHUDWH
7KHUHVXOWLQJLQFUHDVLQJSUHVVXUH ZLOOFDXVHWKHFHOOWRYHQW9HQWLQJRI
JDVVHVUHVXOWVLQDGHSOHWLRQRIHOHFWURO\WH$VWKHHOHFWURO\WHFDQQRWEHUHSODFHGLQD
VHDOHGEDWWHU\WKHFHOOZLOOGU\RXWUHVXOWLQJLQDGHFUHDVHLQFDSDFLW\DQG
HYHQWXDOO\EDWWHU\IDLOXUH7KHUHIRUHFRQVWDQWSRWHQWLDOFKDUJLQJLVWKH
UHFRPPHQGHGFKDUJHPHWKRGIRUVHDOHGEDWWHULHV6/$%
 &+$5*,1*0(7+2'6
7KHUHDUHWZRPDLQPHWKRGVRIFKDUJLQJDEDWWHU\FRQVWDQWFXUUHQWDQG
FRQVWDQWSRWHQWLDO,QZKDWIROORZVERWKPHWKRGVZLOOEHGHVFULEHGLQ VRPHGHWDLO
 &2167$17&855(17&+$5*(0(7+2'&,
,QWKLVPHWKRGWKHFXUUHQWUHPDLQVDWDSUHVHWOHYHO ZKLOHWKHYROWDJHFDQUHDFKD
KLJKOHYHOHJYROWV
$QDGYDQWDJHRIWKHFRQVWDQWFXUUHQWFKDUJHPHWKRGLVWKDWWKHDPSHUHKRXULQSXW
LQWRWKHEDWWHU\FDQEHGHWHUPLQHGSUHFLVHO\E\PXOWLSO\LQJWKHFKDUJLQJFXUUHQW
ZLWKWKHFKDUJHWLPHLQKRXUV+RZHYHULWLVQHFHVVDU\WRHQVXUHWKDWWKHEDWWHU\LV
QRWFKDUJHGDWD KLJKUDWH IRUDQH[FHVVLYHSHULRGRI WLPH6XFKRYHUFKDUJLQJFDQ
UHVXOW LQRYHUKHDWLQJH[FHVVLYHJDVVLQJDQGSRVVLEOHGDPDJHWRWKHEDWWHU\
 &2167$17327(17,$/&+$5*(0(7+2'&3
$ FKDUJH VRXUFH DSSOLHV D IL[HG FRQVWDQW YROWDJH SRWHQWLDO WR WKH EDWWHU\ 7KH
FXUUHQWVXSSOLHGE\ WKH FKDUJH VRXUFH IOXFWXDWHV ULVHV DQG IDOOV ZLWK WKHEDWWHU\
YROWDJH
7KHUHDUHVHYHUDODGYDQWDJHVRIWKHFRQVWDQWSRWHQWLDOFKDUJHPHWKRG)LUVWWKHUH
LVOHVVGDQJHURIJDVVLQJDWDQH[FHVVLYHUDWH6HFRQGO\EDWWHULHVRIWKHVDPH
QRPLQDOYROWDJHEXWZLWKGLIIHUHQWFDSDFLWLHVFDQEH FRQQHFWHGLQSDUDOOHOGLUHFWO\WR
WKHFKDUJLQJVRXUFH7KLUGO\EDWWHULHVDUHFKDUJHGPRUHUDSLGO\DQGZLWKOHVV
DWWHQWLRQ
 /($'$&,'%$77(5,(6
:LWKWKHFRQVWDQWFXUUHQWFKDUJHPHWKRGWKHYROWDJHFDQFOLPEWRYROWV
7KHUHIRUH WKLV PHWKRG VKRXOG QRUPDOO\ QRW EH XVHG WR FKDUJH OHDGDFLG EDWWHULHV
HVSHFLDOO\ QRW WKH VHDOHG W\SH 6/$% ,W LV SUHIHUUHG WR FKDUJH D VHDOHG OHDGDFLG
EDWWHU\LQFRQVWDQWSRWHQWLDOPRGHDWDYROWDJHRI YROWVIRUIRXUKRXUVRU
XQWLOWKHFKDUJHFXUUHQWGURSVEHORZRQHDPSHUH
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  &+$5*,1*
7KHFRQVWDQWFXUUHQWFKDUJHPHWKRGFDQKRZHYHUEHXVHGIRUUHFRQGLWLRQLQJ
6/$%¶V7KHFXUUHQWPXVWEHVHWORZ DQGWKHWLPHUVHWWRKRXUV7KHEDWWHU\
VKRXOGEHSHULRGLFDOO\PRQLWRUHGIRURYHUKHDWGXULQJUHFRQGLWLRQLQJ:KHQWKHEDWWHU\
EHJLQVWRDFFHSWFKDUJHFXUUHQWLWFDQEHVZLWFKHGWRFRQVWDQWSRWHQWLDOFKDUJLQJVHW
WRYROWEDWWHU\RU  YROWVYROWEDWWHU\
 1,&.(/&$'0,80%$77(5,(6
1LFNHOFDGPLXPEDWWHULHVPD\EHLQLWLDOO\FKDUJHGZLWKFRQVWDQWSRWHQWLDOVHWWR
YROWEDWWHU\RU YROWEDWWHU\$IWHUWKHLQLWLDOFKDUJHWKHEDWWHULHV
FRXOGEHWRSSHGZLWKDORZFRQVWDQWFXUUHQWXVXDOO\&
SHUFHOO
 FKDUJHWRYROWV
7KHQLFNHOFDGPLXPFDQDOVREHFRPSOHWHO\FKDUJHGLQWKHFRQVWDQWFXUUHQWPRGH
7KHFXUUHQWZRXOGEHDGMXVWHGWRDORZHUUDWHIRUWRSSLQJ$ORZFRQVWDQWFXUUHQW
DSSOLHGGXULQJDORQJWLPHFDQDOVREHXVHGWRHOLPLQDWHIDGLQJSUHYLRXVO\FDOOHG WKH
³PHPRU\HIIHFW´IURPQLFNHOFDGPLXPEDWWHULHV
5HIHUWR RXUPDQXIDFWXUHU¶VPDLQWHQDQFHPDQXDOIRUWKHUHFRPPHQGHG
GLVFKDUJHWLPHV
 35(3$5$7,21)25&+$5*,1*
%HIRUH VWDUWLQJ FKDUJLQJ WKH EDWWHU\ UHDG WKH FRPSRQHQW PDLQWHQDQFH PDQXDO
&00 RU WKH RSHUDWLQJ DQG PDLQWHQDQFH PDQXDO 200 IRU WKH VSHFLILF EDWWHU\
(QVXUHWKDWWKHFKDUJHWLPHDQGFXUUHQWRUYROWDJH IURP WKH EDWWHU\PDQXIDFWXUHU
DUHIROORZHG
,WLVUHFRPPHQGHGWKDWDYLVXDOLQVSHFWLRQRIWKHEDWWHU\LVFDUULHGRXWLQ
FRQMXQFWLRQ ZLWK WHVWLQJ DQG FKDUJLQJ EDWWHULHV 7KH FKDUJLQJ XQOHVV RWKHUZLVH
VSHFLILHG LQ WKH PDQXIDFWXUHUV &00200 VKDOO EH FRQGXFWHG DW URRP DPELHQW
WHPSHUDWXUHRI)WR)&WR&
 9(5,)<(1'92/7$*(
7KHHQGYROWDJHLQDOOFKDUJHPRGHVFDQEHYHULILHGE\WKHIROORZLQJVWHSV
WXUQXQLWSRZHURIIGLVFRQQHFWDQ\EDWWHU\WXUQFKDUJHFXUUHQWWRPD[WXUQ
XQLW SRZHU RQ DQG  YHULI\ WKH HQG YROWDJHV RQ WKH &$ GLJLWDO YROWPHWHU VHH
DOVR0RGLI\&RQVWDQW3RWHQWLDOLQVHFWLRQ
:$51,1* $OZD\V WXUQ WKH $& SRZHU VZLWFK RII EHIRUH
FRQQHFWLQJRUGLVFRQQHFWLQJDEDWWHU\
127( 2QFHVHWDOOVHWWLQJVDUHPDLQWDLQHGDQGQHHGQRWEH
UHVHWIRUGXSOLFDWHFKDUJLQJ
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  &+$5*,1*
$ 6:,7&+2))0$,1632:(5
7XUQRIIWKH$&RQRIIUHVHWSRZHUVZLWFK
% 7851'2:1&+$5*(&855(17
5HSHDWHGO\WXUQWKH$PSHUH$GMXVWNQREIXOO\
FRXQWHUFORFNZLVHWRVHWFKDUJHFXUUHQWWR
]HUR
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  &+$5*,1*
 &+$5*(7,0(
 7,0(581,76(77,1*
7KH&$KDVDEXLOWLQWLPHUDOORZLQJFKDUJHWLPHVHWWLQJVIURP 
PLQXWHV
 &+$5*(7,0(6(77,1*
7KHFKDUJHWLPHZLOOEHVHWEDVHGRQWKHVWDWHRIFKDUJHRIWKHEDWWHU\DQGDW
ZKLFKUDWHWKHEDWWHU\LVEHLQJFKDUJHG
& 6(77,0(5
6HWWKHWLPHUE\ SXVKLQJWKHXSGRZQEXWWRQV
WRWKHUHTXLUHGFKDUJHWLPH
' 6(/(&7&+$5*(02'(
7XUQWKH0RGH6HOHFWNQREWRWKHGHVLUHG
FKDUJH PRGH  &RQVWDQW SRWHQWLDO &3 RU 
&RQVWDQWFXUUHQW&,
127( 7KHIDFWRU\SUHVHWVDUH DQG 
YROWVLQFRQVWDQWSRWHQWLDOPRGHFDQLIGHVLUHG
EHPRGLILHGLQVWHS(
 6(77,1*&+$5*(92/7$*($1'&855(17
7KH &$ SURYLGHV PD[LPXP IOH[LELOLW\ LQ VHWWLQJ FKDUJH SDUDPHWHUV %RWK WKH
FXUUHQW DQG WKH YROWDJH FDQ EH PRGLILHG WR DFFRPPRGDWH GLIIHUHQW EDWWHU\ YROWDJHV
DQGFKDUJHPHWKRGV
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  &+$5*,1*
( 02',)<&2167$17327(17,$/
,IFKDUJLQJLQFRQVWDQWSRWHQWLDOPRGH&3
WKHFRQVWDQWFKDUJLQJYROWDJHFDQEH
PRGLILHG7KLVKDVWREHGRQHEHIRUH
FRQQHFWLQJWKHEDWWHU\
 7XUQRQWKH$&RQRIIUHVHWSRZHUVZLWFK
 7XUQWKH&RQVWDQW3RWHQWLDO$GMXVW
7ULPSRWXQWLOWKHGHVLUHGYROWDJHLV
REWDLQHG 7KH YROWPHWHU ZLOO GLVSOD\ WKH
YROWDJHDVLWLVEHLQJDGMXVWHG
 7XUQ RII WKH $& RQRIIUHVHW SRZHU VZLWFK
ZKHQYROWDJHKDVEHHQDGMXVWHG
&$87,21 (QVXUH WKH XQLW LV WXUQHG RII
EHIRUHFRQQHFWLQJWKHEDWWHU\
) &211(&7%$77(5<
&RQQHFWWKHEDWWHU\'&FDEOHWRWKHEDWWHU\
(QVXUHWKHFRQQHFWRUVDUHSOXJJHGLQ
FRPSOHWHO\
127( 7KHIDFWRU\SUHVHWVDUHDQG 
YROWVLQFRQVWDQWSRWHQWLDOPRGHFDQLIGHVLUHG
EHPRGLILHGLQVWHS(
* 6:,7&+210$,1632:(5
7XUQRQWKH$&RQRIIUHVHWSRZHUVZLWFK7KH
YROWPHWHUUHDGVWKHEDWWHU\WHUPLQDOYROWDJH
WKHDPPHWHUUHDGV]HUR7KHWLPHUUHDGV¶V
DQGLWVUHG/('LVRII
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  &+$5*,1*
+ 6(7&+$5*(&855(17
 &2167$17&855(17
&+$5*,1*
7XUQWKH$PSHUH$GMXVWNQREXQWLOWKH
GHVLUHGFKDUJHFXUUHQWKDVEHHQUHDFKHG
7KHFKDUJHFXUUHQWLVGLVSOD\HGRQWKH
DPPHWHUDVWKHFXUUHQWLVEHLQJDGMXVWHG
 &2167$17327(17,$/
&+$5*,1*
7XUQWKH$PSHUH$GMXVWNQREWRPD[IXOO\
FORFNZLVH RU WR WKH GHVLUHG FXUUHQW OLPLW 7KH
FKDUJHFXUUHQWLVGLVSOD\HGRQWKHDPPHWHUDV
WKHFXUUHQWLVEHLQJDGMXVWHG
127( 7KH &$ KDV D FXUUHQW OLPLW RI 
DPSHUHV
, :$,7)25&+$5*(72$8720$7,&$//<&203/(7(
'XULQJ WKH FKDUJLQJ RI WKH EDWWHU\ WKH EDWWHU\ YROWDJH FKDUJH FXUUHQW DQG
HODSVHGFKDUJHWLPHDUHGLVSOD\HG
 &2167$17&855(17&+$5*,1*
7KH FXUUHQW UHPDLQV FRQVWDQW ZKLOH WKH YROWDJH LQFUHDVHV GXULQJ WKH WLPH RI
FKDUJLQJ
 &2167$17327(17,$/&+$5*,1*
7KHFKDUJHU¶VHQGYROWDJHUHPDLQVFRQVWDQWZKLOHWKHFXUUHQWVWDUWVDWD
KLJK YDOXH DQG JUDGXDOO\ DSSURDFKHV ]HUR DV WKH EDWWHU\ DSSURDFKHV D IXOO
FKDUJH
7KHDFWXDOFKDUJHYROWDJHLQERWKPRGHVLVGHWHUPLQHGE\WKHEDWWHU\XQWLO
WKHFRQVWDQWYROWDJHLVUHDFKHG YROWVRUYROWVLQ FRQVWDQWFXUUHQW
PRGH
7KH WHVW FRPSOHWHV ZKHQ WKH VHW FKDUJH WLPH KDV EHHQ UHDFKHG 7KH2II
ODPSLOOXPLQDWHV
)RU WKH FRQVWDQWFXUUHQW PHWKRG LI D VHFRQG FKDUJLQJ LV GHVLUHG WRSSLQJ
UHSHDWVWHSV&+DQG,ZLWKWKHFXUUHQWDGMXVWHGWRDORZHUYDOXHXVXDOO\
&


&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  &+$5*,1*
. 6:,7&+$&32:(52))
6ZLWFKWKH$&RQRIIVZLWFKRIIEHIRUHUHPRYLQJWKHEDWWHU\
127( ,ILQHPHUJHQF\LWLV UHTXLUHGWRVWRS
FKDUJLQJVZLWFKWKHXQLWWRRII:KHQFKDUJLQJLV
UHVWDUWHGWKHWLPHULVUHVHWWR]HUR,WPD\EH
QHFHVVDU\WRDGMXVWWKHSDUDPHWHUVFXUUHQWDQG
WLPHEHIRUHUHVXPLQJFKDUJH
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  ',6&+$5*,1*
 23(5$7,1**8,'(  ',6&+$5*,1*
 ',6&+$5*(&+$5$&7(5,67,&6
7KH OHDGDFLG DQG WKH QLFNHOFDGPLXP FHOOV DUH JHQHUDOO\ DVVLJQHG QRPLQDO RSHQ
FLUFXLWYROWDJHV RIYROWVDQGYROWVUHVSHFWLYHO\$FWXDORSHQFLUFXLWYROWDJHDW
) & IRU D IXOO\ FKDUJHG EDWWHU\ FHOO GHSHQGV RQ VWDWHRIFKDUJH DQG WLPH
DIWHUFKDUJH
'XULQJGLVFKDUJHWKHYROWDJHRIWKHFHOORUEDWWHU\LPPHGLDWHO\EHJLQVWRGHFUHDVH
EHFDXVHRIWKHHIIHFWLYHLQWHUQDOUHVLVWDQFHRIWKHFHOO7KLVLQFOXGHVWKHUHVLVWDQFHRI
WKHWHUPLQDOSRVWVDFWLYHPDWHULDOSODWHOXJVDQGJULGVVHSDUDWRUVDQGFRQWDFW
UHVLVWDQFHEHWZHHQWKHVXUIDFHRIWKHDFWLYHPDWHULDODQGWKHHOHFWURO\WH7KH
LQWHUQDOUHVLVWDQFHLQFUHDVHVGXULQJGLVFKDUJHEHLQJJUHDWHUWRZDUGWKHHQGRI
GLVFKDUJHZKHQWKHWHUPLQDOYROWDJHLVORZHU
$VYROWDJHJUDGXDOO\EHFRPHVORZHUGXULQJGLVFKDUJHWKHSRLQWRIQHDUH[KDXVWLRQ
LVUHDFKHG$WWKLVSRLQWWKHGLVFKDUJHYROWDJH FXUYHEHJLQVWRGURSYHU\VKDUSO\WR
DYDOXHZKLFKLVRIQRIXUWKHUSUDFWLFDOXVH8VXDOO\WKLVKDSSHQVDWYROWVIRU
DYROWOHDGDFLGEDWWHU\DQGYROWSHUFHOOIRUDQLFNHOFDGPLXPEDWWHU\VHH
)LJXUH
%DWWHU\PDQXIDFWXUHUVVSHFLI\D FXWRIIYROWDJHZKLFKWKHEDWWHU\PXVWH[FHHG
GXULQJDGLVFKDUJHWHVWWRKDYHDFFHSWDEOHFDSDFLW\7KHFXWRIIYROWDJHYDULHVZLWK
WKHUDWHRIGLVFKDUJHWKHGLVFKDUJHFXUUHQWWLPHFRPELQDWLRQXVHGWRGUDZWKH
VDPHFDSDFLW\)RUH[DPSOHWKHPLQLPXPFXWRIIYROWDJHVIRUDDPSHUHKRXU
YROWQDYDODLUFUDIWOHDGDFLGVWRUDJHEDWWHU\DUHJHQHUDOO\VSHFLILHGDVLVVKRZQ
LQ7DEOH 
7DEOH   &XWRII YROWDJHV DW GLIIHUHQW GLVFKDUJH UDWHV IRU D 
DPSHUHKRXUYROWOHDGDFLGEDWWHU\
7KHVSHFLILHGILQDOPLQLPXPFXWRIIYROWDJHUHSUHVHQWVWKHYDOXHRIYROWDJHDWZKLFKWKH
UDWHGDPSHUHKRXUFDSDFLW\RIWKHEDWWHU\PXVWKDYHEHHQGHOLYHUHGIRUWKH VSHFLILHG
GLVFKDUJHUDWH)LJXUHLVDW\SLFDOGLVFKDUJHFXUYHIRUDDPSHUH
KRXUVHDOHGOHDGDFLG6/$%DLUFUDIWVWRUDJHEDWWHU\GLVFKDUJHGDWDKRXUUDWHRI
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  ',6&+$5*,1*
DPSHUHV)URP)LJXUHLWLVREVHUYHGWKDWDWWKHHQGRIKRXURIGLVFKDUJH
WLPHWKHEDWWHU\YROWDJHKDVUHGXFHGRQO\WRDERXWYROWV%HFDXVHWKHPLQLPXP
UHTXLUHGFXWRIIYROWDJHLVYROWVDWWKHKRXUGLVFKDUJHUDWHWKHEDWWHU\H[FHHGVWKH
PLQLPXPUHTXLUHPHQWV:LWKLQFUHDVLQJKRXUVRIXVHRUDJHWKHEDWWHU\
FDSDFLW\GHFUHDVHV7KHUHIRUHEDWWHU\PDQXIDFWXUHUVXVXDOO\UHFRPPHQGWHVWLQJ IRU
DFDSDFLW\HTXDOWRRIWKHRULJLQDODPSHUHKRXUUDWLQJ
)LJXUH7\SLFDOGLVFKDUJHFXUYHIRUDPSHUHKRXUOHDGDFLG DLUFUDIW
EDWWHU\
)LJXUH  LOOXVWUDWHV GLVFKDUJH FXUYHV IRU W\SLFDO 6/$%V DW GLIIHUHQW GLVFKDUJH
UDWHV1RWHWKDW WKH FHOOYROWDJHGURSVPXFK PRUHUDSLGO\ DW WKHKLJKHUGLVFKDUJH
UDWHVLHWKH UDWHVDWZKLFKDJUHDWHUFXUUHQWLVGUDZQGXULQJ DVKRUWHUSHULRGRI
WLPH
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  ',6&+$5*,1*
)LJXUH7\SLFDOGLVFKDUJHFXUYHVIRU6/$%VDWGLIIHUHQWUDWHV
7KHGLVFKDUJHRIDOHDGDFLGEDWWHU\EH\RQG WKHSRLQWRIZKLFKH[KDXVWLRQRIWKHFHOO
LVDSSURDFKHGFDQEHKDUPIXODVWKHEDWWHU\PD\IRUPDVXOIDWHGHSRVLWRQLWVSODWHV
7KLVLVSDUWLFXODUO\WUXHLIWKHEDWWHU\LVQRWVRRQUHFKDUJHG
 ',6&+$5*(&$3$&,7<7(67,1*
7KHSXUSRVHRIDGLVFKDUJHWHVWLVWRGHWHUPLQHWKHORQJWHUPFDSDFLW\RIWKH
EDWWHU\)RUDOHDGDFLGDLUFUDIWEDWWHU\IRUH[DPSOHWKHFDSDFLW\WHVWLVWKH
DPRXQWRIFXUUHQWZKLFKFDQEHGHOLYHUHGIRURQHKRXURUXQWLOWKHYROWDJH
GHFUHDVHV WR  YROWV SHU FHOO 7KLV LV FRQVLGHUHG WKH HPHUJHQF\ FDSDFLW\ RI WKH
EDWWHU\7KHUHVXOWRIWKHWHVWZLOOGHWHUPLQHZKHWKHUWR DFFHSWRUUHMHFWWKH EDWWHU\
DQGZKLFKVWHSVFRXOGEHWDNHQWRHOHFWULFDOO\UHFRQGLWLRQWKHEDWWHU\
7KHDPRXQWRIHOHFWULFDOFDSDFLW\DYDLODEOHIURPDIXOO\FKDUJHGQLFNHOFDGPLXPRU
OHDGDFLGEDWWHU\LVGHILQHGE\WKHFDSDFLW\UDWLQJRIWKHEDWWHU\DQGLVVWDWHGLQWHUPV
RIDPSHUHKRXUV%HFDXVHRILQWHUQDOUHVLVWDQFHWKHKLJKHUWKHGLVFKDUJHUDWHKLJKHU
FXUUHQWGXULQJDVKRUWHUSHULRGRIWLPHGHPDQGHGRIDEDWWHU\WKHOHVVXVDEOH
FDSDFLW\LWFDQVXSSO\6HH)LJXUH
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  ',6&+$5*,1*
 &RQVWDQW&XUUHQW'LVFKDUJH0HWKRG
7KHPRVWDFFXUDWHDQGUHSHDWDEOHPHWKRGRIPHDVXULQJFDSDFLW\LVWRGLVFKDUJHWKH
EDWWHU\DWDFRQVWDQWFXUUHQWUDWH7KLVLVDOVRWKHPHWKRGXVHGE\WKH&$7KH
ORDGUHVLVWDQFHLQWKLVPHWKRGLVFRQWLQXRXVO\DQGDXWRPDWLFDOO\YDULHGWRPDLQWDLQD
FRQVWDQWGLVFKDUJHFXUUHQWDVWKHEDWWHU\VYROWDJHGHFUHDVHV$ VFKHPDWLFRIWKH
FLUFXLWGLDJUDPIRUWKH&$FDQEHVHHQLQ)LJXUH$WWKH HQGRIGLVFKDUJH
WKHFDOFXODWLRQRIDPSHUHKRXUFDSDFLW\LVWKHSURGXFWRI
GLVFKDUJHFXUUHQWDQGWKHHODSVHGGLVFKDUJHWLPH
/2$'5(6,6725
)LJXUH&LUFXLWGLDJUDPIRUFRQVWDQWFXUUHQWGLVFKDUJHWHVW
127( $OZD\VUHDGWKHEDWWHU\PDQXIDFWXUHUVRSHUDWLQJ
LQVWUXFWLRQV6RPHOHDGDFLGEDWWHULHVDUHUHFRPPHQGHGDWD
YROWFXWRIIZKHQWHVWHGIRUDQKRXUDWRIUDWHG
FDSDFLW\6RPHQLFNHOFDGPLXPEDWWHU\UHTXLUHPHQWVDUH
WHVWLQJIRUWZRKRXUVDWKDOIWKHUDWHGFDSDFLW\DQGDYROWSHU
FHOOFXWRII
 35(3$5$7,21)257(67,1*
%HIRUHVWDUWLQJWKHGLVFKDUJHWHVWUHDGWKHFRPSRQHQWPDLQWHQDQFHPDQXDO
&00RUWKHRSHUDWLQJDQGPDLQWHQDQFHPDQXDO200IRUWKHVSHFLILFEDWWHU\WREH
WHVWHG(QVXUHWKDWWKHGLVFKDUJHUDWHDQGFXWRIIYROWDJHIURPWKHEDWWHU\
PDQXIDFWXUHUDUHIROORZHG
,WLVUHFRPPHQGHGWKDWDYLVXDOLQVSHFWLRQRIWKHEDWWHU\LVFDUULHGRXWLQ
FRQMXQFWLRQZLWKWHVWLQJDQGFKDUJLQJEDWWHULHV
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  ',6&+$5*,1*
7KHEDWWHU\PXVWEHIXOO\FKDUJHGEHIRUHWHVWLQJVWDUWVH[FHSWIRUVSHFLDOWHVWV
:$51,1* $OZD\VWXUQRIIWKH$&SRZHUVZLWFKEHIRUH
FRQQHFWLQJRUGLVFRQQHFWLQJDEDWWHU\
127( 7KHWHVWXQOHVVRWKHUZLVHVSHFLILHGLQWKH
PDQXIDFWXUHUV &00200 VKDOO EH FRQGXFWHG DW URRP
DPELHQWWHPSHUDWXUHRI)WR)&WR&
$ 6:,7&+2))0$,1632:(5
7XUQRII$&RQRIIUHVHWSRZHUVZLWFK
% 6(/(&7',6&+$5*(02'(
7XUQWKH0RGH6HOHFWNQREWRWKH
³'LVFKDUJH´VHWWLQJ
& 7851 '2:1 ',6&+$5*(
&855(17
5HSHDWHGO\WXUQWKH$PSHUH$GMXVWNQREIXOO\
FRXQWHUFORFNZLVHWRVHWGLVFKDUJHFXUUHQWWR
]HUR7KLVSUHYHQWVH[FHVVFXUUHQWZKLFK
PD\EHWRRKLJKIRUWKHEDWWHU\RQFHWKH
EDWWHU\LVFRQQHFWHGDQGWKHGLVFKDUJHWHVW
KDVEHJXQ
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH

 23(5$7,1**8,'(  ',6&+$5*,1*
 ',6&+$5*(7,0(
 7,0(581,76(77,1*
7KH&$KDVDEXLOWLQWLPHUDOORZLQJGLVFKDUJHWLPHVHWWLQJVIURPWR
PLQXWHV
 ',6&+$5*(7,0(6(77,1*
7KHGLVFKDUJHWLPHLVXVXDOO\VHWWR PLQXWHVDIWHUZKLFKDSDVVUHMHFWVLJQDOLV
JLYHQEDVHGRQZKHWKHUWKHEDWWHU\UHDFKHGWKHFXWRIIYROWDJHRUQRW
7RGHWHUPLQHWKHIXOOFDSDFLW\RIWKHEDWWHU\DORQJHUWLPHFDQEHVHWVHYHUDO
KRXUV7KH&$ZLOOWKHQFRQWLQXHWKHGLVFKDUJHWHVWRQO\XQWLOWKHFXWRII
YROWDJHKDVEHHQUHDFKHG7KHWLPHUFXWRIIYROWDJHDQGGLVFKDUJHFXUUHQWGLVSOD\V
ZLOOIUHH]HDWWKLVSRLQW7KHFDSDFLW\FDQEHFDOFXODWHGDVWKHSURGXFWRIWKH
GLVFKDUJHFXUUHQWDQGWKHWLPHSDVVHGXQWLOWKHYROWDJHFXWRIIZDVUHDFKHG
5HIHUWR\RXUEDWWHU\PDQXIDFWXUHU¶VPDLQWHQDQFHPDQXDOIRUW H
UHFRPPHQGHGGLVF DUJHWLPHV
' 6(77,0(5
6HWWKHWLPHUE\ SXVKLQJ WKH XSGRZQEXWWRQV
WRWKHUHTXLUHGGLVFKDUJHWLPHXVXDOO\ 
PLQXWHV
&$87,21 )RUOHDGDFLGEDWWHULHVWKH
WLPHDQGYROWDJHFXWRIIVKRXOGEH VHWZLWK
FDXWLRQ,IGLVFKDUJHFRQWLQXHVWRRIDU
EH\RQGWKHSRLQWRIH[KDXVWLRQLWPD\EH
KDUPIXOWRWKHEDWWHU\XQOHVVWKHEDWWHU\LV
VRRQWREHUHFKDUJHG
 &872))92/7$*(
7KH &$ZLOODXWRPDWLFDOO\ VWRSWKHGLVFKDUJH WHVW ZKHQ WKHFXWRII YROWDJH KDV
EHHQ UHDFKHG 7KH FXWRII YROWDJH LV VHW VR WKDW LI WKH EDWWHU\ YROWDJH LV KLJKHU WKDQ
WKHFXWRIIYROWDJH ZKHQ WKHGLVFKDUJHWLPH KDV H[SLUHGWKHEDWWHU\KDVSDVVHGWKH
FDSDFLW\WHVW
&$&+$5*(5$1$/<=(5  23(5$7,1*0$18$/9 3DJH