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²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¶PUHDOO\FRQFHUQHG ,DOZD\VWHOOWKHPWRJHWDVHFRQGRSLQLRQ,QIDFW,UHFRPPHQGWKDW DQ\RQHJHWDVHFRQGRSLQLRQRQDVHULRXVHOHFWLYHSURFHGXUH %XWLWGHSHQGVRQWKHVLWXDWLRQ ,I\RXKDYHJDOOVWRQHVDQGDSK\VLFLDQVD\V\RXUJDOOEODGGHUQHHGVWRFRPHRXWWKHQWKDW VDEUHDGDQGEXWWHUVXUJHU\ DQGWKHUH VXVXDOO\SUHWW\JRRGFRQVHQVXVWKDWLI\RX UHKDYLQJJDOOVWRQHSDLQ\RX YHJRWJDOOVWRQHV'U0LQW]DGGV0RVW H[SHUWVZRXOGVD\ *RDKHDGDQGJHW\RXUJDOOEODGGHUWDNHQRXW ,IWKHUH VDQHPHUJHQWVXUJHU\²VD\\RXKDYHDSSHQGLFLWLVDQG\RXPD\GLH²\RXGRQ WQHHGDVHFRQGRSLQLRQIRUWKDW'U 0LQW]HODERUDWHV%XWWKHWULFNLHUWKLQJV²OLNHVKRXOG,JHWP\NQHHVUHSODFHG"6KRXOG,JHWP\VSLQHIXVHG"$ORWRIWKHVH VRUWRIHOHFWLYHVXUJHULHVZKLFKDUHGHVLJQHGWRLPSURYHIXQFWLRQDQGUHOLHYHSDLQDUHFRQWURYHUVLDOEHFDXVHWKH\GRQ W DOZD\VGRWKDW,QWKRVHFDVHV, OODOZD\VVD\ *HWDVHFRQGRSLQLRQ :KHQ'RFWRUDQG3DWLHQW'LVDJUHH $FRPPRQUHDVRQWRVHHNDQRWKHUGRFWRU VDGYLFHLVZKHQWKHSDWLHQWGLVDJUHHVZLWKWKHUHFRPPHQGHGWUHDWPHQW , PPRVWPLQGIXORIPDNLQJVXUHWKDW, YHUHPRYHGIHDUDQGLJQRUDQFHIURPWKHGHFLVLRQDQGWKDW, YHKHOSHGWKHSDWLHQW PDNHWKHEHVWGHFLVLRQIRUWKHPVD\V'U0DQGURODRISDWLHQWVZLWKDWULDOILEULOODWLRQ,WGRHVJHWWULFN\ZKHQ,WKLQNWKDWD SDWLHQWLVFKRRVLQJWRGRVRPHWKLQJWKDW VQRWZKDW,WKLQNLVEHVW +HRIIHUVWKLVH[DPSOH,I,WKLQNDQDWULDOILEULOODWLRQSDWLHQWVKRXOGWDNHDGUXJ,WKLQNLVEHQHILFLDOEXWWKHQWKH\VHHWKH VWDWLVWLFVDQGWKH\VHHWKDWWKHGUXJUHGXFHVWKHULVNIRUVWURNHE\ZKLFKPHDQVWKH\KDYHDFKDQFHRIQRWKDYLQJ DVWURNHWKH\PD\GHFLGHWRJRZLWKWKHDQGQRWWDNHWKHGUXJ7KHQ,VWUXJJOHZLWKP\VHOI 2ND\PD\EH,DPELDVHG EHFDXVH,ZDQWWKHPWRPDNHWKHEHVWFKRLFH ,IWKH\GLVDJUHHWKDW VRIWHQZKHQ,VD\ <RXVKRXOGJRDQGJHWDQRWKHU RSLQLRQ*RWDONWRVRPHERG\HOVH 2WKHUGLVDJUHHPHQWVPD\KLQJHRQZKLFKWHVWVSDWLHQWVZDQWSHUIRUPHG0DQ\SDWLHQWVIRUH[DPSOHZDQWDQH[SHQVLYH 05,²RIWHQDWWKHXUJLQJRIIULHQGVDQGIDPLO\²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²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²RUVKRXOGVWRS²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²DWLHEUHDNHU"7DNLQJDYRWHRQDPHGLFDORU VFLHQWLILFTXHVWLRQGRHVQRWDVVXUHDUULYLQJDWWKHFRUUHFWDQVZHU²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²RULQWKHFDVHRISDWKRORJ\RIWHQUHDQDO\]LQJWLVVXHVDPSOHV²D VSHFLDOLVWLVVXHVDUHSRUWWKDWLVWKHQSRVWHGRQOLQHDFFHVVLEOHWRSDWLHQWVYLDDVHFXUHZHESRUWDO,QVRPHFDVHVD UHSUHVHQWDWLYHRIWKHRUJDQL]DWLRQGLVFXVVHVWKHUHSRUWZLWKDSDWLHQWRYHUWKHSKRQH ,QSHUVRQVHFRQGRSLQLRQVDUHJHQHUDOO\FRYHUHGE\FRPPHUFLDOLQVXUDQFH0HGLFDUH3DUW%IRRWVWKHELOOIRUDVHFRQG RSLQLRQLIVXUJHU\LVUHFRPPHQGHG²HYHQLQVRPHFDVHVLIWKHVXUJHU\LVQ WDQHPHUJHQF\>@7KHSDWLHQWSD\VRIWKH 0HGLFDUHDSSURYHGDPRXQW0HGLFDUHZLOODOVRKHOSSD\IRUDWKLUGRSLQLRQLIWKHILUVWDQGVHFRQGRSLQLRQVDUHGLIIHUHQW$V IRUYLUWXDOVHFRQGRSLQLRQV,GRQ WNQRZRIDQ\LQVXUDQFHFRPSDQ\WKDWFRYHUVWKDWFRVW'U9DUQVD\V :KDWLVWKHFRVW"7RJLYH\RXDQLGHDWKH&OHYHODQG&OLQLF V0\&RQVXOW2QOLQH0HGLFDO6HFRQG2SLQLRQVHUYLFHZLOOFRQILUP ZKHWKHURQHRILWVVSHFLDOLVWVFRQFXUVWKDWWKHLQLWLDOGLDJQRVLVLVFRUUHFWDQGWKDWWKHWUHDWPHQWSODQUHFRPPHQGHGE\WKH SDWLHQW VSK\VLFLDQLVLQGHHGWKHEHVWRSWLRQIRUWKHSDWLHQWIRUDIHHRI>@,ISDWKRORJ\LVLQFOXGHGWKHIHHLV$ &OHYHODQG&OLQLFVSHFLDOLVWUHYLHZVWKHFDVHDQGSURYLGHVDFRPSUHKHQVLYHUHSRUWZKLFKWKHSDWLHQWDFFHVVHVYLDDVSHFLDO :HESRUWDOLQDERXWGD\VWRZHHNV $IWHUUHFHLYLQJDUHSRUWSDWLHQWVZLOOVRPHWLPHVDVNPH :KDWZRXOG\RXGR" 'U9DUQVD\V,WHOOWKHP ,FDQ WPDNHWKLV GHFLVLRQIRU\RX0\GHFLVLRQZRXOGEHEDVHGRQP\RZQEHOLHIVYDOXHVDQGFLUFXPVWDQFHV<RXUVQHHGVWREHEDVHGRQ \RXUEHOLHIVDQGYDOXHV,MXVWZDQWWRPDNHVXUHWKDW\RXXQGHUVWDQGZKDW\RXQHHGWRNQRZWRPDNHDQLQIRUPHGGHFLVLRQ 7KDW VP\MRE 5HIHUHQFHV 30 RI KWWSZZZPHGVFDSHFRPYLHZDUWLFOHBSULQW *DZDQGH$3HUVRQDOEHVW7KH1HZ<RUNHU2FWREHUKWWSZZZQHZ\RUNHUFRPPDJD]LQH SHUVRQDOEHVW$FFHVVHG'HFHPEHU *URRSPDQ-6HFRQG2SLQLRQV6WRULHVRI,QWXLWLRQDQG&KRLFHLQWKH&KDQJLQJ:RUOGRI0HGLFLQH1HZ<RUN1< 3HQJXLQ%RRNV 6LQJK+0H\HU$17KRPDV(-7KHIUHTXHQF\RIGLDJQRVWLFHUURUVLQRXWSDWLHQWFDUHHVWLPDWLRQVIURPWKUHHODUJH REVHUYDWLRQDOVWXGLHVLQYROYLQJ86DGXOWSRSXODWLRQV%0-4XDO6DI .RKQ/7&RUULJDQ-0'RQDOGVRQ06HGV7R(UU,V+XPDQ%XLOGLQJD6DIHU+HDOWK6\VWHP,QVWLWXWHRI0HGLFLQH :DVKLQJWRQ'&1DWLRQDO$FDGHP\3UHVV 351HZVZLUH$VHFRQGORRNFDQVDYH\RXUOLIH)HEUXDU\KWWSZZZSUQHZVZLUHFRPQHZVUHOHDVHV DVHFRQGORRNFDQVDYH\RXUOLIHKWPO$FFHVVHG0DUFK -RKQV+RSNLQV0HGLFLQH5HPRWHPHGLFDOVHFRQGRSLQLRQSURJUDPKWWSZZZKRSNLQVPHGLFLQHRUJVHFRQGBRSLQLRQ $FFHVVHG0DUFK 0'$QGHUVRQ&DQFHU&HQWHU6HFRQGRSLQLRQSDWKRORJ\VHUYLFHVKWWSZZZPGDQGHUVRQRUJSDWLHQWDQGFDQFHU LQIRUPDWLRQFDUHFHQWHUVDQGFOLQLFVFOLQLFVVHFRQGRSLQLRQSDWKRORJ\LQGH[KWPO$FFHVVHG0DUFK &OHYHODQG&OLQLF2QOLQHPHGLFDOVHFRQGRSLQLRQKWWSHFOHYHODQGFOLQLFRUJRQOLQH6HFRQG2SLQLRQ3URGXFW+RPH $FFHVVHG0DUFK 3LQQDFOH&DUH0HGLFDOFHQWHUVRIH[FHOOHQFHKWWSVZZZSLQQDFOHFDUHFRPDERXWPHGLFDOFHQWHUVRIH[FHOOHQFH $FFHVVHG0DUFK 0HGLFDUHJRY*HWWLQJDVHFRQGRSLQLRQEHIRUHVXUJHU\KWWSZZZPHGLFDUHJRYZKDWPHGLFDUHFRYHUVSDUW EVHFRQGRSLQLRQVEHIRUHVXUJHU\KWPO$FFHVVHG0DUFK &OHYHODQG&OLQLF6HFRQGRSLQLRQVKWWSP\FOHYHODQGFOLQLFRUJSDWLHQWVYLVLWRUVLQWHUQDWLRQDOVHFRQGRSLQLRQV $FFHVVHG0DUFK 0HGVFDSH%XVLQHVVRI0HGLFLQH:HE0'//& &LWHWKLVDUWLFOH1HLO&KHVDQRZ'RFWRUV /RYH+DWH5HODWLRQVKLS:LWK6HFRQG2SLQLRQV0HGVFDSH-XQ 30
© Copyright 2026 Paperzz