7KH*HRORJLFDO*DPH'HVLJQ3URMHFW 7KHWDVN&UHDWHDPXOWLOHYHOYLGHRJDPHRQ*DPHVWDU0HFKDQLFWKDWGHPRQVWUDWHV\RXUNQRZOHGJHRIDQDUHDRI*HRORJ\7KH JDPHPXVWLQFOXGHVSHFLILFYRFDEXODU\IURPWKH6FLHQFH8QLWDVZHOOEHFHQWHUHGDURXQGDQDUUDWLYHVKRUWVWRU\LGHD<RXZLOODOVREH NHHSLQJD³JDPHGHYHORSHU¶VORJ´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³SOD\HU´RI\RXUJDPH³OHDUQV´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³JDPHVWDWV´WKDWZLOOJLYH\RXLQIRUPDWLRQDERXW WKHZD\SHRSOHKDYHSOD\HG\RXUJDPH5HZRUN\RXUJDPHWKHLWHUDWLYHSURFHVVWRPDNHLWEHWWHU1RWH<RXZLOOQHHGWRPDNH \RXUZD\WKURXJKWKHILUVW4XHVWDVDSOD\HULQRUGHUWRJDLQDFFHVVWRSXEOLVKWRWKH*DPHVWDUVLWH 2SWLRQDO/HYHO6L[6XEPLW\RXUJDPHWRWKHQDWLRQDO67(0&RPSXWHU*DPH&RPSHWLWLRQ0U+RGJVRQDQG0UV5LFHZLOOKHOS \RXZLWKWKLVVWHS *HRORJLFDO*DPH'HVLJQ([SHFWDWLRQV *DPH'HVLJQ([SHFWDWLRQ 0HHWLQJ([SHFWDWLRQV 5HIOHFWLYH*DPHU/RJSRVWHGDWWKH(OHFWURQLF3HQFLO -RXUQDOHQWULHVVKRZJRRGWKLQNLQJVNLOOVDQGDUHUHIOHFWLYH RQWKHH[SHULHQFHRIFUHDWLQJDYLGHRJDPH(DFKHQWU\LV DWOHDVWILYHVHQWHQFHVORQJ 6WRU\ERDUG 7KHVWRU\ERDUGLVDFOHDUYLVXDOPDSWRWKHJDPHGHVLJQ SURFHVV,WLQFOXGHVVNHWFKGUDZLQJVRIWKHOHYHOVRIWKH JDPHVKRUWQDUUDWLYHZULWLQJDQGGLUHFWLRQVIRUSOD\LQJWKH JDPH 6FLHQWLILF&RQFHSWV 7KHJDPHXVHVDWOHDVWILYHVSHFLILFYRFDEXODU\WHUPV IURPWKH*HRORJ\XQLWVHHOLVWDQGWKHJDPHLVEXLOW DURXQGDQH[SODQDWLRQRIDVFLHQWLILFLGHD )LQDO*DPH'HVLJQ 7KHJDPHLVFKDOOHQJLQJEXWQRWLPSRVVLEOH7KHGHVLJQ RIWKHJDPHLQFOXGLQJXVHRIFRORUVFKRLFHRIFKDUDFWHUV XVHRIJDPLQJHOHPHQWVWRUHSUHVHQWLGHDVVKRZSODQQLQJ DQGWKRXJKWIXOQHVV7KHILQDOJDPHUHIOHFWVFKDQJHVIURP WKHIHHGEDFNVWDJHDQGLWLVSXEOLVKHGWRWKH*DPHVWDU 0HFKDQLFFRPPXQLW\ *HRORJLFDO*DPH'HVLJQ3URMHFW 1DPHRI\RXU*DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /HYHO ,PDJH 1DUUDWLYH'HVFULSWLRQ *HRORJLFDO7HUPV $FWLYH±DYROFDQRZKLFKLVFXUUHQWO\HUXSWLQJJDVDVKVWHDPIXOOEORZQHUXSWLRQHWFRUKDVHUXSWHG UHFHQWO\LQUHFRUGHGKLVWRU\ $OIUHG:HJHQHU*HUPDQPHWHRURORJLVWZKRILUVWVXJJHVWHGWKHLGHDRIFRQWLQHQWDOGULIWDQG3DQJDHD LQWKHHDUO\¶V $QWLFOLQH±7KHXSZDUGIROGRUSHDNLQDIROGPRXQWDLQ $VWKHQRVSKHUH±DUHJLRQLQWKHLQWHULRURIWKHHDUWKWKDWLVGLUHFWO\EHORZWKHOLWKRVSKHUH7KLVLVPDGH XSRIPDJPDPROWHQURFNDQGLVZKHUHFRQYHFWLRQFXUUHQWVWDNHSODFH7KHWHFWRQLFSODWHV³IORDW´RQ WKLVUHJLRQ &RQWLQHQWDOFUXVW±WKLVFUXVWLVPDGHXSRIODQGPDVVHVDQGLVWKLFNHUWKDQRFHDQLFFUXVWEXWOHVV GHQVH &RQWLQHQWDOGULIW±DWKHRU\SURSRVHGE\$OIUHG:HJHQHUEXWQRWVXSSRUWHGDWILUVWWKDWWKHFRQWLQHQW KDYHVORZO\PRYHGGULIWHGRYHUWLPHWRWKHLUFXUUHQWORFDWLRQ &RQYHFWLRQFXUUHQWV±WKHSURFHVVZKLFKLVUHVSRQVLEOHIRUPRYLQJWKHWHFWRQLFSODWHV7KLV SURFHVVRFFXUVZLWKLQWKHDVWKHQRVSKHUHDQGLVWKHPRYHPHQWRIKRWWHUPDJPDDWWKHERWWRPRIWKH DVWKHQRVSKHUHULVLQJEHFDXVHLWLVOHVVGHQVH$VWKHPDJPDUHDFKHVWKHWRSRIWKHDVWKHQRVSKHUHLW EHFRPHVFRROHUEHFDXVHLWLIIDWKHUDZD\IURPWKHFRUH%HFDXVHLWLVFRROHULWEHFRPHVPRUHGHQVH DQGVRLWVLQNV7KLVLVDFRQWLQXRXVPRYHPHQWRIPDJPDULVLQJDQGIDOOLQJ &RQYHUJHQWSODWHERXQGDU\±DERXQGDU\EHWZHHQWZRSODWHVZKLFKDUHPRYLQJWRZDUGVHDFKRWKHU &UXVW±WKLVLVWKHWKLQQHVWOD\HURIWKHHDUWKDQGLVPDGHXSRIFRQWLQHQWDOFUXVWDQGRFHDQLFFUXVW 'LYHUJHQWSODWHERXQGDU\±DERXQGDU\EHWZHHQWZRSODWHVZKLFKDUHPRYLQJDZD\IURPHDFKRWKHU 'RPHPRXQWDLQ±DPRXQWDLQZKLFKLVFUHDWHGE\PDJPDKHDYLQJWKHFUXVWXSZDUGVFUHDWLQJDGRPH VKDSHEXWWKHPDJPDFRROVEHIRUHHYHUEUHDNLQJWKURXJKWKHFUXVW 'RUPDQW±D³VOHHSLQJ´YROFDQR7KLVYROFDQRLVQRWFXUUHQWO\HUXSWLQJEXWPD\EHFRPHDFWLYHDJDLQDW VRPHSRLQWLQWKHIXWXUH (DUWKTXDNHDVXGGHQUHOHDVHRIVWRUHGXSHQHUJ\ZLWKLQWKHHDUWK7KLVHQHUJ\LVUHOHDVHGLQWKH IRUPRIVHLVPLFZDYHV3ZDYHVDQG6ZDYHVDUHZDYHVZKLFKRFFXULQWKHERG\RIWKHHDUWKLQWHULRU DQG/RYHZDYHVDQG5DOHLJKZDYHVDUHZDYHVZKLFKRFFXURQWKHVXUIDFH (SLFHQWHU7KHSODFHDERYHJURXQGZKHUHWKHHDUWKTXDNHLVWKHVWURQJHVW7KH/RYHZDYHVDQG 5D\OHLJKZDYHVZRXOGVWDUWIURPWKLVSRLQW ([WLQFW±7KLVYROFDQRKDVQRWHUXSWHGLQDYHU\ORQJWLPHDQGVFLHQWLVWVEHOLHYHWKDWLWZLOOQHYHUHUXSW DJDLQ )DXOW±DODUJHGHHSFUDFNLQWKHHDUWKWKDWJRHVWKURXJKWKHOLWKRVSKHUH )DXOWEORFNPRXQWDLQ±DPRXQWDLQZKLFKLVIRUPHGDWDIDXOWZKHUHEORFNVRIFUXVWDUHPRYHG YHUWLFDOO\LQUHODWLRQWRHDFKRWKHU )RFXV±WKHSODFHXQGHUJURXQGZKHUHWKHHDUWKTXDNHEHJLQVDQGLVWKHVWURQJHVW7KH3ZDYHVDQG6 ZDYHVZRXOGVWDUWIURPWKLVSRLQW,WLVDOVRFDOOHGWKHK\SRFHQWHU )ROGPRXQWDLQ±DPRXQWDLQZKLFKLVIRUPHGDWDFRQYHUJHQWSODWHERXQGDU\DVOD\HUVRIWKHFUXVWDUH IROGHGLQWRDVHULHVRIKLJKSRLQWVDQGORZSRLQWVZLWKRXWWKHOD\HUVIDXOWLQJEUHDNLQJ +RWVSRWDVWDWLRQDU\SRFNHWRIH[WUHPHO\KRWPDJPDLQWKHDVWKHQRVSKHUHZKLFKLVKRWWHUWKDQWKH VXUURXQGLQJPDJPD%HFDXVHRIWKLVWKHPDJPDEXUQVWKURXJKWKHFUXVWDERYHFUHDWLQJDYROFDQR$V WKHWHFWRQLFSODWHPRYHVRYHUWKLVKRWVSRWWKHYROFDQRDOVRPRYHVRIIWKHKRWVSRWDQGEHFRPHH[WLQFW 1RZWKHKRWVSRWEXUQVWKURXJKDQRWKHUDUHDRIWKHFUXVWFUHDWLQJDQHZYROFDQR7KLVFUHDWHV³FKDLQV´ RIYROFDQRHVWKH+DZDLLDQ,VODQGVZHUHIRUPHGLQWKLVZD\ +\SRFHQWHU±DQRWKHUQDPHIRUWKHIRFXVRIDQHDUWKTXDNH ,QQHUFRUH±WKHFHQWHURIWKHHDUWK7KLVLVDVROLGEDOORILURQDQGQLFNHO,WLVVROLGEHFDXVHLWLVXQGHU VRPXFKSUHVVXUHIURPDOORIWKHRWKHUOD\HUV /DYD±PROWHQURFNZKLFKLVHUXSWHG287RIDYROFDQR /LWKRVSKHUH±WKHQDPHIRUWKHUHJLRQRIWKHHDUWKPDGHXSRIWKHFUXVWDQGXSSHUSDUWRIWKHPDQWOH 7KLVLVVROLGDQGLVZKDWWKHWHFWRQLFSODWHVDUHFRPSRVHGPDGHXSRI 0DJPD±PROWHQURFN,16,'(WKHHDUWK 0DQWOH±WKLVLVWKHWKLFNHVWOD\HURIWKHHDUWK7KHXSSHUSDUWRIWKHPDQWOHLVVROLGDQGLVFRPELQHG ZLWKWKHFUXVWWRPDNHXSWKHOLWKRVSKHUH7KHORZHUSDUWRIWKHPDQWOHGLUHFWO\EHORZWKHOLWKRVSKHUHLV PDGHXSRIPDJPDDQGLVFDOOHGWKHDVWKHQRVSKHUH 0LGRFHDQULIW±WKLVLVDQRWKHUQDPHIRUVHDIORRUVSUHDGLQJ 2FHDQLFFUXVW±WKLVFUXVWLVIRXQGXQGHUWKHRFHDQVDQGLVWKLQQHUWKDQFRQWLQHQWDOFUXVWEXWLVPRUH GHQVH 2XWHUFRUH±WKLVLVDOLTXLGOD\HURILURQZKLFKVXUURXQGVWKHLQQHUFRUH7KHHDUWK¶VPDJQHWLFILHOGLV IRXQGKHUH 3DQJDHD±WKHQDPHRIWKHJLDQWODQGPDVVIURPRYHUPLOOLRQ\HDUVDJRZKHQDOORIWKHFRQWLQHQWV ZHUHMRLQHGWRJHWKHU 6HDIORRUVSUHDGLQJ±RFFXUVDWDGLYHUJHQWERXQGDU\ZKHQWZRSODWHVZLWKRFHDQLFFUXVWDWWKHLUHGJHV PRYHDZD\IURPHDFKRWKHU$VWKH\GRPDJPDIURPWKHDVWKHQRVSKHUHFRPHVXSEHWZHHQWKHSODWHV FUHDWLQJQHZFUXVW 6XEGXFWLRQ±RFFXUVDWDFRQYHUJHQWERXQGDU\ZKHQDSODWHZLWKRFHDQLFFUXVWLVPRYLQJWRZDUGVD SODWHZLWKFRQWLQHQWDOFUXVW7KHRFHDQLFFUXVWZLOOEHSXVKHGXQGHUWKHFRQWLQHQWDOFUXVWEHFDXVHLWLV GHQVHU$VWKHSODWHLVSXVKHGLQWRWKHDVWKHQRVSKHUHWKHFUXVWPHOWVFUHDWLQJQHZPDJPD 6\QFOLQHWKHGRZQZDUGIROGRUSHDNRIDIROGPRXWDLQ 7HFWRQLFSODWHV±PDGHXSRIWKHOLWKRVSKHUHDQGLWLVWKHJLDQWSLHFHVWKDWDOORIWKHHDUWK¶VODQG PDVVHVDQGRFHDQVDUHEURNHQXSRQ 7UDQVIRUPSODWHERXQGDU\DERXQGDU\EHWZHHQWZRSODWHVZKLFKDUHVOLGLQJRUVOLSSLQJSDVWHDFK RWKHU 9LVFRVLW\±WKHUDWHRUVSHHGDWZKLFKDVXEVWDQFHIORZV 9ROFDQR±DW\SHRIPRXQWDLQRQWKHHDUWK¶VFUXVWZKLFKLVIRUPHGIURPPDJPDHUXSWLRQV
© Copyright 2026 Paperzz