2004 Subaru BAJA Owners Manual

Download PDF Manual
&RQYHQLHQFHKRRN &RDWKRRN KDQGJULS &DUJRQHWKRRNV 1HYHU KDQJ DQ\WKLQJ RQ WKH FRDW KRRN WKDW PLJKW REVWUXFW WKH GULYHU¶V YLHZ RU WKDW FRXOG FDXVHLQMXU\LQVXGGHQVWRSVRULQDFROOLVLRQ $QG GR QRW KDQJ LWHPV RQ WKH FRDW KRRN WKDW ZHLJKOEVNJRUPRUH UB6031BA 7KH FRDW KRRN LV DWWDFKHG WR HDFK UHDU SDVVHQJHU¶V HS6040BA ,QWHULRUDQGH[WHULRUHTXLSPHQWV $IWHUUHWXUQLQJWKHVHDWEDFNWRLWVRULJLQDOSRVL WLRQPDNHVXUHWKDWWKHUHDUVHDWEDFNKDVEHHQ VHFXUHO\ORFNHG:KHQVHFXUHO\ORFNHGWKHUHG PDUNVRQWKHORFNLQJNQREVDUHQRORQJHUYLVL EOH ±&217,18('±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¶VIORRUPDWLVSODFHGEDFN LQLWVSURSHUORFDWLRQDQGFRUUHFWO\VHFXUHGRQ LWV UHWDLQLQJ SLQ ,I WKH IORRU PDW VOLSV IRUZDUG DQGLQWHUIHUHVZLWKWKHPRYHPHQWRIWKHSHGDOV GXULQJGULYLQJLWFRXOGFDXVHDQDFFLGHQW HS6039BA HS6038BA $UHWDLQLQJSLQLVORFDWHGRQWKHGULYHU¶VVLGHRIWKHYH KLFOH7KHIORRUPDWLVVHFXUHGXVLQJWKHEXLOWLQJURP PHWE\SODFLQJWKHJURPPHWRYHUWKHSLQDQGSXVKLQJ GRZQZDUG &DUJREHG WR VXIIHU VHULRXV LQMXU\ RU GHDWK LQ D VXGGHQ EUDNLQJRULQDFROOLVLRQ ,QWHULRUDQGH[WHULRUHTXLSPHQWV UB1149BA y 1HYHU ILOO JDVROLQH FRQWDLQHUV RQ WKH FDUJR EHG6WDWLFHOHFWULFLW\PD\LJQLWHJDVROLQHYDSRU ZKHQ ILOOLQJ SRUWDEOH FRQWDLQHUV $SSURYHG FRQWDLQHUV PXVW EH UHPRYHG IURP WKH YHKLFOH DQGSODFHGRQWKHJURXQGZKHQILOOLQJ 'RQRWILOODQ\SRUWDEOHFRQWDLQHURQDYHKLFOH y 1HYHUDOORZDQ\RQHWRULGHLQWKHFDUJREHG ,WLVQRWGHVLJQHGIRUSDVVHQJHUV7KH\VKRXOG ULGH LQ WKH VHDWV ZLWK WKH VHDW EHOWV VHFXUHO\ IDVWHQHG2WKHUZLVHWKH\DUHPXFKPRUHOLNHO\ y 'RQRWH[FHHGWKHFDUJRORDGUDWLQJRI\RXU YHKLFOH 5HIHU WR WKH ³/RDGLQJ \RXU YHKLFOH´ VHFWLRQLQ&KDSWHU y %H VXUH FDUJR LV VHFXUHG SURSHUO\ 8QVH FXUHG FDUJR LQ WKH FDUJR EHG FDQ EH WKURZQ DURXQGGXULQJVXGGHQEUDNLQJLQDVKDUSWXUQ RU GXULQJ UDSLG DFFHOHUDWLRQ ZKLFK FRXOG FUH DWHDGDQJHURXVURDGKD]DUG y 7RDYRLGFUHDWLQJDGDQJHURXVURDGKD]DUGRU FDXVLQJ SHUVRQDO LQMXU\ FDUJR PXVW QRW VWLFN RXWEH\RQGWKHWDLOJDWH y 1HYHUGULYHWKHYHKLFOHZLWKWKHWDLOJDWHRSHQ XQOHVV WKH RSWLRQDO 68%$58 %HG ([WHQGHU LV XVHG &DUJRVKRXOGEHSODFHGLQWKHFDUJREHG0DNHVXUH DOOLWHPVDUHVHFXUHGLQSODFH %HFDUHIXOWRNHHSWKHYHKLFOHEDODQFHG/RFDWLQJWKH ZHLJKWDVORZDQGIDUIRUZDUGDVSRVVLEOHKHOSVPDLQ WDLQEDODQFH 7KHUH DUHWZRZDWHU GUDLQKROHV DWERWK VLGHV RIWKH ±&217,18('± ,QWHULRUDQGH[WHULRUHTXLSPHQWV IURQWHQGRIWKHFDUJREHG.HHSWKRVHKROHVFOHDUDQG IUHHIURPREVWUXFWLRQV %HGH[WHQGHULIHTXLSSHG &DUJRWLHGRZQKRRNV 7KHEHGH[WHQGHULVGHVLJQHGWRLQFUHDVHWKHXVDEOH FDUJRDUHDRIWKHEHG y :KHQWKHWDLOJDWHDQGEHGH[WHQGHUDUHLQWKH ³RSHQRXWZDUG´ SRVLWLRQ WKH OLFHQVH SODWH EUDFNHWPXVWEHORZHUHGDQGORFNHGLQWRSRVL WLRQ EHIRUH WKH YHKLFOH LV GULYHQ VHH VHFWLRQ ³/LFHQVH SODWH EUDFNHW´ XQGHU WKH KHDGLQJ RI ³7DLOJDWH´LQ&KDSWHUIRUPRUHLQIRUPDWLRQRQ WKHIXQFWLRQRIWKHOLFHQVHSODWHEUDFNHW,QRU GHUWRDYRLGGDPDJLQJWKHOLFHQVHSODWHEUDFNHW RU WKH EXPSHU PDNH FHUWDLQ WKDW WKH OLFHQVH SODWH EUDFNHW LV LQ LWV IXOO\ ORZHUHGRSHQ SRVL WLRQEHIRUHWKHWDLOJDWHLVORZHUHG y 'RQRWH[FHHGWKHFDUJRORDGUDWLQJRI\RXU YHKLFOH 5HIHU WR ³/RDGLQJ \RXU YHKLFOH´ VHF WLRQLQ&KDSWHU y /RFNLQJ EXFNOHV PXVW EH HQJDJHG LQWR WKH WDLOJDWHODWFKZKLOHWKHYHKLFOHLVLQPRWLRQ y :KHQWKHEHGH[WHQGHULVQRWLQXVHWKHWDLO JDWHVKRXOGEHFORVHG y 'RQRWXVHWKHEHGH[WHQGHURUWDLOJDWHWRVH FXUHFDUJR 7KHFDUJREHGLVHTXLSSHGZLWKIRXUWLHGRZQKRRNVVR WKDWFDUJRFDQEHVHFXUHGZLWKDOXJJDJHQHWRUURSHV UB6032BA ,QWHULRUDQGH[WHULRUHTXLSPHQWV 2SHQ2XWZDUG3RVLWLRQ±7RXVHWKHEHGH[WHQGHULQ WKHRSHQRXWZDUG SRVLWLRQVLPSO\ ORZHU\RXUOLFHQVH SODWHEUDFNHWVHHVHFWLRQ³/LFHQVHSODWHEUDFNHW´XQ GHUKHDGLQJRI³7DLOJDWH´LQ&KDSWHURSHQ\RXUWDLO JDWHDQGURWDWHWKHEHGH[WHQGHUXQWLOLWVLWVRQWKHWDLO JDWH y 5HPRYH WKH EHG H[WHQGHU IRU YHKLFOH ³2II 5RDG´XVH y 7RDYRLGFUHDWLQJDGDQJHURXVURDGKD]DUGRU FDXVLQJ SHUVRQDO LQMXU\ FDUJR PXVW QRW VWLFN RXWEH\RQGWKHEHGH[WHQGHU y 7R DYRLG GDPDJH WKH WDLOJDWH DQG EHG H[ WHQGHUPXVWUHPDLQLQWKHFORVHGLQZDUGSRVL WLRQZKHQWRZLQJZLWKDWUDLOHUKLWFK y 7R DYRLG GDPDJH FOHDQ WKH EHG H[WHQGHU RQO\ZLWKVRDSZDWHUDQGDVRIWEUXVK 2SHUDWLRQ UB8033AA $IWHU\RXKDYHURWDWHGWKHEHGH[WHQGHUORFNWKHEODFN EXFNOHSLQLQWRWKHWDLOJDWHODWFKE\SXVKLQJGRZQZDUG XQWLO \RX KHDU WZR FOLFNV 7KHQ WLJKWHQ WKH WHWKHU VWUDSV5HSHDWWKLVSURFHVVIRUWKHRWKHUVLGH:KHQ \RXZDQWWRUHWXUQWKHWDLOJDWHDQGWKHEHGH[WHQGHUWR WKHFORVHGLQZDUGSRVLWLRQSXOORQWKHWDLOJDWHUHOHDVH KDQGOHWRGLVHQJDJHWKHWHWKHUV UB8032AA ±&217,18('± ,QWHULRUDQGH[WHULRUHTXLSPHQWV 127( 8VHFDUHZKHQURWDWLQJEHGH[WHQGHU'RQRWSHU PLW WKH EXFNOHV WR FRPH LQ FRQWDFW ZLWK YHKLFOH VKHHWPHWDODQGEHGWULP &ORVHG,QZDUG 3RVLWLRQ ±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±&217,18('± ,QWHULRUDQGH[WHULRUHTXLSPHQWV %HGFRYHULIHTXLSSHG 6HFXULQJWKHFRYHU 7KHEHGFRYHULVGHVLJQHGWRFRYHUWKHFDUJRDUHDRI WKHEHG7KHEHGFRYHULVZDWHUUHVLVWDQWEXWQRWZD WHUSURRI y 'RQRWSODFHFDUJRRQWRSRIWKHEHGFRYHU y 'R QRW XVH WKH KDUG EHG FRYHU VHFWLRQ DV D VWHS y 'RQRWXVHWKHEHGFRYHUWRVHFXUHFDUJR y 7R DYRLG GDPDJH FOHDQ WKH EHG FRYHU ZLWK RQO\VRDSZDWHUDQGDVRIWEUXVK y 5HPRYHWKHVRIWSRUWLRQRIWKHEHGFRYHUEH IRUHWDNLQJWKHYHKLFOHWKURXJKDFDUZDVK UB6033AA UB6034BA ,QWHULRUDQGH[WHULRUHTXLSPHQWV 7RVHFXUHWKHVRIWSRUWLRQRIWKHEHGFRYHUWRWKHEHG VLPSO\VWDUWIURPHLWKHUVLGHRIWKHYHKLFOHDQGSODFH WKHSODVWLFVWULSXQGHUWKHUDLO6OLGH\RXUKDQGGRZQ WKHVLGHRIWKHYHKLFOHSXVKLQJWKHSODVWLFVWULSXQGHU WKH UDLO DV \RX JR &RQWLQXH WKLV DURXQG WKH HQWLUH OHQJWK RI WKH EHG )DVWHQ ERWK FORVHRXW ZUDSV ZLWK 9HOFURDURXQGWKHUHDUFKURPHEDUVVRWKDWWKH\DUH VHFXUH &RYHUUHPRYDO UB6036BA 7KHVRIWSRUWLRQRIWKHEHGFRYHUFDQEHUHPRYHGIURP WKHEHGFRYHU¶VKDUGVHFWLRQIRUFOHDQLQJRUVWRUDJH 8QIDVWHQWKH9HOFURRQ WKHWXEHFORVHRXWZUDSV DQG ILUPO\SXOOWKHFRYHURXWWRRQHVLGH UB6035BA ±&217,18('± ,QWHULRUDQGH[WHULRUHTXLSPHQWV &RYHUUHLQVWDOODWLRQ UB6037BA 7KH VRIW SRUWLRQ RI WKH EHG FRYHU FDQ EH UHLQVWDOOHG RQWR WKH EHG FRYHU¶V KDUG VHFWLRQ 6WDUW E\ LQVHUWLQJ WKHOHIWIURQWHGJHRIWKHVRIWSRUWLRQLQWRWKHULJKWVLGH RIWKHKDUGFRYHU7KLVDUHDLVIODUHGRXWWRHDVHLQVWDO ODWLRQ UB6038BA $V\RXLQVHUWDQGSXOOWKHVRIWSRUWLRQRIWKHEHGFRY HU LQWR WKH EHG FRYHU¶V KDUG VHFWLRQ PDNH VXUH WKH QH[WWRLQFKHVWRPPRIWKHVRIWSRU WLRQDUHVWUDLJKWDQGUHDG\WRHQWHUWKHIODUHGRXWSRU WLRQRIWKHKDUGVHFWLRQ 2QFH\RXKDYHSXOOHGWKHVRIWSRUWLRQRIWKHEHGFRYHU RQWRWKHEHGFRYHU¶VKDUGVHFWLRQPDNHVXUHWKHVRIW SRUWLRQLVHTXDOO\FHQWHUHGRQERWKVLGHV7RFRPSOHWH WKHLQVWDOODWLRQUHIHUWR³6HFXULQJWKHFRYHU´ 5RRIUDLODQGFURVVEDU y )RU FDUJR FDUU\LQJ SXUSRVHV WKH URRI UDLO PXVWEHXVHGWRJHWKHUZLWKDURRIFURVVEDUNLW DQG WKH DSSURSULDWH FDUU\LQJ DWWDFKPHQW 7KH URRIUDLOPXVWQHYHUEHXVHGDORQHWRFDUU\FDU JR2WKHUZLVHGDPDJHWRWKHURRIRUSDLQWRUD GDQJHURXV URDG KD]DUG GXH WR ORVV RI FDUJR FRXOGUHVXOW y :KHQXVLQJWKHURRIFURVVEDUNLWPDNHVXUH WKDWWKHWRWDOZHLJKWRIWKHFURVVEDUVFDUU\LQJ DWWDFKPHQW DQG FDUJR GRHV QRW H[FHHG WKH PD[LPXP ORDG OLPLW 2YHUORDGLQJ PD\ FDXVH GDPDJHWRWKHYHKLFOHDQGFUHDWHDVDIHW\KD] DUG ,QWHULRUDQGH[WHULRUHTXLSPHQWV UB8037BB &URVVEDUNLW 7KH URRI UDLO LV QRW GHVLJQHG WR FDUU\ FDUJR E\ LWVHOI &DUJRFDQEHFDUULHGDIWHUVHFXULQJWKHURRIFURVVEDU NLWWRWKHURRIUDLODQGLQVWDOOLQJWKHDSSURSULDWHFDUU\ LQJDWWDFKPHQW:KHQLQVWDOOLQJWKHURRIFURVVEDUNLW IROORZWKHPDQXIDFWXUHU¶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¶V LQ VWUXFWLRQV DQG PDNH VXUH WKDW WKH DWWDFKPHQW LV VH FXUHO\ IL[HG WR WKH FURVVEDUV 8VH RQO\ DWWDFKPHQWV GHVLJQHG VSHFLILFDOO\ IRU WKH FURVVEDUV $ VHW RI WKH FURVVEDUV LV GHVLJQHG WR FDUU\ ORDGV FDUJR DQG DW WDFKPHQW RI QRW PRUH WKDQ OEV NJ %HIRUH RSHUDWLQJ WKH YHKLFOH PDNH VXUH WKDW WKH FDUJR LV SURSHUO\VHFXUHGRQWKHDWWDFKPHQW 127( 5HPHPEHUWKDWWKHYHKLFOH¶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±&217,18('±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ÂLQ WR 1ÂP WR NJIÂP RI WRUTXHRUWLJKWHQVHFXUHO\ZLWKWKHWRU[ZUHQFKSUR ±&217,18('± 7 in (180 mm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in (0 mm) UB6049BB ,QVWDOO WKH UHDU FURVVEDU LQ WKH VDPH PDQQHU DV WKH IURQWFURVVEDU UB6050BA 127( 7KH UHDU FURVVEDU VKRXOG EH SRVLWLRQHG MXVW LQ IURQWRIWKHUHDUUDGLXVLQWKHURRIUDLO 127( %HIRUH HDFK XVHRIWKHURRIFURVVEDU PDNH VXUH WKH IRXU 7 FURVVEDU FODPS VFUHZV KDYH EHHQ FKHFNHGDQGUHWLJKWHQHGLIQHFHVVDU\WROEIÂLQ 1ÂPNJIÂPDVRXWOLQHGLQ6WHSDERYH 6SRUWDFWLYLW\OLJKWVLIHTXLSSHG ,QWHULRUDQGH[WHULRUHTXLSPHQWV RSHUDWHGRQSXEOLFURDGV y ,QPRVWVWDWHVWKHVSRUWDFWLYLW\OLJKWVPD\QRW EH RSHUDWHG ZKHQ WKH YHKLFOH LV LQ PRWLRQ RQ D SXEOLFURDG UB6041BB ,QGLFDWRUOLJKW 7KH VSRUW DFWLYLW\ OLJKWV ZLOO RSHUDWH RQO\ ZKHQ WKH SDUNLQJEUDNHLVHQJDJHG3XVKWKH³63257/,*+76´ VZLWFKWRWXUQWKHVSRUWDFWLYLW\OLJKWVRQ 3UHVVWKHVZLWFKDJDLQWRWXUQWKHPRII 7KHLQGLFDWRUOLJKWORFDWHGRQWKHVZLWFKZLOOLOOXPLQDWH ZKHQWKHVSRUWDFWLYLW\OLJKWVDUHRQ 127( y ,Q PRVW VWDWHV WKH VSRUW DFWLYLW\ OLJKWV PXVW KDYH VWRQH VKLHOGV LQVWDOOHG ZKHQ WKH YHKLFOH LV UB3019AA 7KH VSRUW DFWLYLW\ OLJKWV PRXQW WR WKH YHKLFOH IURQW FURVVEDU7KHVSRUWDFWLYLW\OLJKWVFURVVEDUZLUHKDU QHVVFRQQHFWVWRWKHURRIZLUHKDUQHVVDQGWKHQWRWKH YHKLFOH¶VHOHFWULFDOV\VWHP $WRROLVSURYLGHGZKLFKZLOOHQDEOHWKHVSRUWDFWLYLW\ OLJKWV¶ SRVLWLRQLQJ WR EH PRGLILHG VR WKDW HDFK ODPS FDQEHDLPHGRUURWDWHG7KHODPSVFDQEHPRXQWHG LQ WZR SRVLWLRQV XSULJKW QRUPDO RU IRUZDUG GRZQ ZDUG 7KH ODPSV VKRXOG EH URWDWHG WR WKH IRUZDUG ±&217,18('±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±°)±°& 6WDUWLQJDIORRGHGHQJLQH 6WRSSLQJWKHHQJLQH 0DQXDOWUDQVPLVVLRQ 6KLIWLQJVSHHGV 'ULYLQJWLSV $XWRPDWLFWUDQVPLVVLRQ %$-$%$-$6SRUW 6HOHFWRUOHYHU 'ULYLQJWLSV 6KLIWORFNUHOHDVH $XWRPDWLFWUDQVPLVVLRQ ZLWK632576+,)7PRGH±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¶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y )XHOVKRXOGEHXQOHDGHGDQGKDYHDQRFWDQHUDWLQJ QRORZHUWKDQWKDWVSHFLILHGLQWKLVPDQXDO y 0HWKDQRO PHWK\O RU ZRRG DOFRKRO LV VRPHWLPHV PL[HGZLWKXQOHDGHGJDVROLQH0HWKDQROFDQEHXVHG LQ\RXUYHKLFOH21/ ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ )XHOILOOHUGRRUDQGFDS T 5HIXHOLQJ y *DVROLQH YDSRU LV KLJKO\ IODPPDEOH %HIRUH UHIXHOLQJDOZD\VILUVWVWRSWKHHQJLQHDQGPDNH VXUHWKDWWKHUHDUHQROLJKWHGFLJDUHWWHVRSHQ IODPHVRUHOHFWULFDOVSDUNVLQWKHDGMDFHQWDUHD y :KHQ RSHQLQJ WKH FDS GR QRW UHPRYH WKH FDS TXLFNO\ )XHO PD\ EH XQGHU SUHVVXUH DQG VSUD\RXWRIWKHIXHOILOOHUQHFNHVSHFLDOO\LQKRW ZHDWKHUZKLFKPD\FDXVHLQMXU\ y 1HYHU ILOO JDVROLQH FRQWDLQHUV RQ WKH FDUJR EHG6WDWLFHOHFWULFLW\PD\LJQLWHJDVROLQHYDSRU ZKHQ ILOOLQJ SRUWDEOH FRQWDLQHUV $SSURYHG FRQWDLQHUV PXVW EH UHPRYHG IURP WKH YHKLFOH DQGSODFHGRQWKHJURXQGZKHQILOOLQJ 'RQRWILOODQ\SRUWDEOHFRQWDLQHURQDYHKLFOH FOLFNVWRSUHYHQWIXHOVSLOODJHLQWKHHYHQWRIDQ DFFLGHQW y 'RQRWOHWIXHOVSLOORQWKHH[WHULRUVXUIDFHVRI WKH YHKLFOH )XHOV PD\ FDXVH SDLQW GDPDJH ZKLFKLVQRWFRYHUHGXQGHUWKH68%$58/LPLW HG:DUUDQW\ y $OZD\VXVHDJHQXLQH68%$58IXHOILOOHUFDS ,I\RXXVHWKHZURQJFDSLWPD\QRWILWRUKDYH SURSHU YHQWLQJ DQG \RXU IXHO WDQN DQG HPLV VLRQFRQWUROV\VWHPPLJKWEHGDPDJHG y 1HYHU DGG DQ\ FOHDQLQJ DJHQWV WR WKH IXHO WDQN 7KH DGGLWLRQ RI D FOHDQLQJ DJHQW PD\ FDXVHGDPDJHWRWKHIXHOV\VWHP y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y ´ VLJQ LQ WKH FRPELQDWLRQPHWHU7KLVLQGLFDWHVWKDWWKHIXHOILOO HUGRRUOLGLVORFDWHGRQWKHULJKWVLGHRIWKHYH KLFOH y ,IWKHIXHOILOOHUFDSLVQRWWLJKWHQHGXQWLOLWFOLFNV RULIWKHWHWKHULVFDXJKWXQGHUWKHFDSWKH&+(&. (1*,1(ZDUQLQJOLJKWPD\FRPHRQ5HIHUWRWKH ³:DUQLQJDQGLQGLFDWRUOLJKWV´VHFWLRQORFDWHGLQ FKDSWHU y 7XUER PRGHOV RQO\ 3URPSWO\ SXW IXHO LQ WKH WDQN ZKHQHYHU WKH ORZ IXHO ZDUQLQJ OLJKW FRPHV RQ,IWKHHQJLQHPLVILUHGDVDUHVXOWRIDQHPSW\ WDQN UHVXOWLQJ FDWDO\]HU GDPDJH FRXOG FDXVH ±&217,18('±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¶VZKHHOVWRWXUQZKLOHWKH FDUUHPDLQVLQRQHSODFH'HSHQGLQJRQWKHVHYHULW\RI DVWDWH¶VDLUSROOXWLRQSUREOHPVWKHVWDWHVPXVWDGRSW HLWKHU D ³EDVLF´ RU ³HQKDQFHG´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y 7KHLQVSHFWLRQRIWKH2%'V\VWHPFRQVLVWVRIDYL VXDO RSHUDWLRQDO FKHFN RI WKH ³&+(&. (1*,1(´ ZDUQLQJOLJKWPDOIXQFWLRQLQGLFDWRUODPS0,/DQGDQ H[DPLQDWLRQ RI WKH 2%' V\VWHP ZLWK DQ HOHFWURQLF VFDQWRROZKLOHWKHHQJLQHLVUXQQLQJ y $ YHKLFOH SDVVHV WKH 2%' V\VWHP LQVSHFWLRQ LI SURSHUWKH³&+(&.(1*,1(´ZDUQLQJOLJKW0,/LOOX PLQDWLRQ LV REVHUYHG WKHUH LV QR VWRUHG GLDJQRVWLF WURXEOHFRGHVDQGWKH2%'V\VWHPUHDGLQHVVPRQL WRUVDUHFRPSOHWH y $ YHKLFOH IDLOV WKH 2%' LQVSHFWLRQ LI WKH ³&+(&. (1*,1(´ZDUQLQJOLJKW0,/LVQRWSURSHUO\RSHUDWLQJ RUWKHUHLVRQHRUPRUHGLDJQRVWLFWURXEOHFRGHVVWRUHG LQ YHKLFOH¶V FRPSXWHU ZLWK WKH ³&+(&. (1*,1(´ ZDUQLQJOLJKW0,/LOOXPLQDWHG y $VWDWHHPLVVLRQLQVSHFWLRQPD\UHMHFWQRWSDVVRU IDLODYHKLFOHLIWKHQXPEHURI2%'V\VWHPUHDGLQHVV ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ PRQLWRUV ³1RW 5HDG\´ LV JUHDWHU WKDQ WKUHH 8QGHU WKLVFRQGLWLRQWKHYHKLFOHRSHUDWRUVKRXOGEHLQVWUXFW HG WR GULYH KLVKHU YHKLFOH IRU D IHZ GD\V WR VHW WKH PRQLWRUVDQGUHWXUQIRUDQHPLVVLRQUHLQVSHFWLRQ y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³21´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³21´ SRVLWLRQ DQG FKHFNWKHRSHUDWLRQRIWKHZDUQLQJDQGLQGLFDWRUOLJKWV 5HIHU WR WKH ³:DUQLQJ DQG LQGLFDWRU OLJKWV´ VHFWLRQ FKDSWHU 7XUQ WKH LJQLWLRQ VZLWFK WR WKH ³67$57´ SRVLWLRQ ZLWKRXW GHSUHVVLQJ WKH DFFHOHUDWRU SHGDO 5HOHDVH 6WDUWLQJDQGRSHUDWLQJ WKHNH\LPPHGLDWHO\DIWHUWKHHQJLQHKDVVWDUWHG ,IWKHHQJLQHGRHVQRWVWDUWZLWKLQWHQVHFRQGVZDLWD ZKLOHDQGWKHQWXUQWKHLJQLWLRQVZLWFKWRWKH³67$57´ SRVLWLRQDJDLQZKLOHGHSUHVVLQJWKHDFFHOHUDWRUSHGDO KDOIZD\GRZQ &RQILUP WKDW DOO ZDUQLQJ DQG LQGLFDWRU OLJKWV KDYH JRQHRIIDIWHUWKHHQJLQHKDVVWDUWHG7KHIXHOLQMHFWLRQ V\VWHPDXWRPDWLFDOO\ORZHUVWKHLGOHVSHHGDVWKHHQ JLQHZDUPVXS 127(IRU%$-$7XUER 7KHHQJLQHPD\EHGLIILFXOWWRVWDUWZKHQWKHEDW WHU\KDVEHHQGLVFRQQHFWHGDQGUHFRQQHFWHGIRU PDLQWHQDQFHRURWKHUSXUSRVHV7KLVGLIILFXOW\LV FDXVHG E\ WKH HOHFWURQLFDOO\ FRQWUROOHG WKURWWOH¶V VHOIGLDJQRVLVIXQFWLRQ7RRYHUFRPHLWNHHSWKH LJQLWLRQ VZLWFK LQ WKH ³21´ SRVLWLRQ IRU DSSUR[L PDWHO\VHFRQGVEHIRUHVWDUWLQJWKHHQJLQH 6WDUWLQJWKHHQJLQHIRUDQDXWRPDWLF WUDQVPLVVLRQYHKLFOH ,I \RX UHVWDUW WKH HQJLQH ZKLOH WKH YHKLFOH LV PRYLQJVKLIWWKHVHOHFWRUOHYHULQWRWKH³1´SR VLWLRQ'RQRWDWWHPSWWRSODFHWKHVHOHFWRUOHYHU ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ RIDPRYLQJYHKLFOHLQWRWKH³3´SRVLWLRQ $SSO\WKHSDUNLQJEUDNH 7XUQRIIXQQHFHVVDU\OLJKWVDQGDFFHVVRULHV 6KLIW WKH VHOHFWRU OHYHU WR WKH ³3´ RU ³1´ SRVLWLRQ SUHIHUDEO\³3´SRVLWLRQ7KHVWDUWHUZLOORQO\RSHUDWH ZKHQWKHVHOHFWOHYHULVDWWKH³3´RU³1´SRVLWLRQ 7XUQ WKH LJQLWLRQ VZLWFK WR WKH ³21´ SRVLWLRQ DQG FKHFNWKHRSHUDWLRQRIWKHZDUQLQJDQGLQGLFDWRUOLJKWV 5HIHU WR WKH ³:DUQLQJ DQG LQGLFDWRU OLJKWV´ VHFWLRQ FKDSWHU 7XUQ WKH LJQLWLRQ VZLWFK WR WKH ³67$57´ SRVLWLRQ ZLWKRXW GHSUHVVLQJ WKH DFFHOHUDWRU SHGDO 5HOHDVH WKHNH\LPPHGLDWHO\DIWHUWKHHQJLQHKDVVWDUWHG ,IWKHHQJLQHGRHVQRWVWDUWZLWKLQWHQVHFRQGVZDLWD ZKLOHDQGWKHQWXUQWKHLJQLWLRQVZLWFKWRWKH³67$57´ SRVLWLRQDJDLQZKLOHGHSUHVVLQJWKHDFFHOHUDWRUSHGDO KDOIZD\GRZQ &RQILUP WKDW DOO ZDUQLQJ DQG LQGLFDWRU OLJKWV KDYH JRQHRXWDIWHUWKHHQJLQHKDVVWDUWHG7KHIXHOLQMHF WLRQV\VWHPDXWRPDWLFDOO\ORZHUVWKHLGOHVSHHGDVWKH HQJLQHZDUPVXS :KLOH WKH HQJLQH LV ZDUPLQJ XS PDNH VXUH WKDW WKH VHOHFWRUOHYHULVDWWKH³3´RU³1´SRVLWLRQDQGWKDWWKH SDUNLQJEUDNHLVDSSOLHG 127(IRU%$-$7XUER 7KHHQJLQHPD\EHGLIILFXOWWRVWDUWZKHQWKHEDW WHU\KDVEHHQGLVFRQQHFWHGDQGUHFRQQHFWHGIRU PDLQWHQDQFHRURWKHUSXUSRVHV7KLVGLIILFXOW\LV FDXVHG E\ WKH HOHFWURQLFDOO\ FRQWUROOHG WKURWWOH¶V VHOIGLDJQRVLVIXQFWLRQ7RRYHUFRPHLWNHHSWKH LJQLWLRQ VZLWFK LQ WKH ³21´ SRVLWLRQ IRU DSSUR[L PDWHO\VHFRQGVEHIRUHVWDUWLQJWKHHQJLQH 6WDUWLQJWKHHQJLQHGXULQJFROGZHDWK HUEHORZ±°)±°& ,IWKHHQJLQHLVGLIILFXOWWRVWDUWXVLQJWKHQRUPDOPHWK RGZLWKRXWGHSUHVVLQJWKHDFFHOHUDWRUSHGDOWXUQWKH LJQLWLRQ VZLWFK WR WKH ³67$57´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³/2&.´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±&217,18('± 6WDUWLQJDQGRSHUDWLQJ HS7008BA 7KH VKLIW SDWWHUQ LV VKRZQ RQ WKH VKLIW OHYHU NQRE :KHQVKLIWLQJIURPWKJHDUWRUHYHUVHJHDUILUVWUH WXUQWKHVKLIWOHYHUWRWKHQHXWUDOSRVLWLRQWKHQVKLIWLQWR UHYHUVHJHDU 7RFKDQJHJHDUVIXOO\GHSUHVVWKHFOXWFKSHGDOPRYH WKHVKLIWOHYHUDQGJUDGXDOO\OHWXSRQWKHFOXWFKSHGDO ,ILWLVGLIILFXOWWRVKLIWLQWRJHDUSXWWKHWUDQVPLVVLRQLQ QHXWUDO UHOHDVH WKH FOXWFK SHGDO PRPHQWDULO\ DQG WKHQWU\DJDLQ 6KLIWLQJVSHHGV T 5HFRPPHQGHGVKLIWLQJVSHHGV 7KHEHVWFRPSURPLVHEHWZHHQIXHOHFRQRP\DQGYH KLFOHSHUIRUPDQFHGXULQJQRUPDOGULYLQJLVHQVXUHGE\ VKLIWLQJXSDWWKHVSHHGVOLVWHGLQWKHIROORZLQJWDEOH 6KLIWXS VWWRQG QGWRUG UGWRWK WKWRWK PSKNPK T 0D[LPXPDOORZDEOHVSHHGV :KHQVKLIWLQJGRZQDJHDUHQVXUHWKDWWKHYH KLFOHLVQRWWUDYHOOLQJDWDVSHHGH[FHHGLQJWKH 0D[LPXP $OORZDEOH 6SHHG IRU WKH JHDU ZKLFK LVDERXWWREHVHOHFWHG)DLOXUHWRREVHUYHWKLV SUHFDXWLRQFDQOHDGWRHQJLQHRYHUUHYYLQJDQG WKLVLQWXUQFDQUHVXOWLQHQJLQHGDPDJH ,Q DGGLWLRQ VXGGHQ DSSOLFDWLRQ RI HQJLQH EUDNHVZKHQWKHYHKLFOHLVWUDYHOOLQJRQDVOLS SHU\ VXUIDFH FDQ OHDG WR ZKHHO ORFNLQJ DV D FRQVHTXHQFHFRQWURORIWKHYHKLFOHPD\EHORVW DQGWKHULVNRIDQDFFLGHQWLQFUHDVHG 7KHIROORZLQJWDEOHVKRZVWKHPD[LPXPVSHHGVWKDW DUHSRVVLEOHZLWKHDFKGLIIHUHQWJHDU 1HYHUH[FHHGWKHVSHHGOLPLWEHORZIRUHDFKJHDUSR VLWLRQ H[FHSW IRU EULHI DFFHOHUDWLRQ LQ DQ HPHUJHQF\ 7KHWDFKRPHWHU¶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³ULGH´RYHUXVHWKHEUDNHVZKLOHGH VFHQGLQJDKLOOWKH\PD\RYHUKHDWDQGQRWZRUNSURS HUO\ 7KHHQJLQHPD\RQUDUHRFFDVLRQVNQRFNZKHQWKH YHKLFOHUDSLGO\DFFHOHUDWHVRUUDSLGO\SXOOVDZD\IURP D VWDQGVWLOO 7KLV SKHQRPHQRQ GRHV QRW LQGLFDWH D IDXOW ±&217,18('±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³3´ RU ³1´ SRVLWLRQ LQWR WKH³'´³´³´³´RU³5´SRVLWLRQZKLOHGH SUHVVLQJWKHDFFHOHUDWRUSHGDO7KLVPD\FDXVH WKHYHKLFOHWRMXPSIRUZDUGRUEDFNZDUG y 6KLIW LQWR WKH ³3´ RU ³5´ SRVLWLRQ RQO\ DIWHU WKH YHKLFOH LV FRPSOHWHO\ VWRSSHG 6KLIWLQJ ZKLOHWKHYHKLFOHLVPRYLQJPD\FDXVHGDPDJH WRWKHWUDQVPLVVLRQ y 'RQRWUDFHWKHHQJLQHIRUPRUHWKDQILYHVHF RQGVLQDQ\SRVLWLRQH[FHSWWKH³1´RU³3´SR VLWLRQZKHQWKHEUDNHLVVHWRUWKHWLUHVDUHRQ EORFNV7KLVPD\FDXVHWKHDXWRPDWLFWUDQVPLV VLRQIOXLGWRRYHUKHDW y $YRLGVKLIWLQJIURPRQHRIWKHIRUZDUGGULYLQJ SRVLWLRQVLQWRWKH³5´SRVLWLRQRUYLFHYHUVDXQ WLO WKH YHKLFOH KDV FRPSOHWHO\ VWRSSHG 6XFK VKLIWLQJ PD\ FDXVH GDPDJH WR WKH WUDQVPLV 6HOHFWRUOHYHU 6WDUWLQJDQGRSHUDWLQJ HS7009AA :LWKWKHEUDNHSHGDOGHSUHVVHGPRYHWKHOHYHU DORQJWKHJDWH 0RYHWKHOHYHUDORQJWKHJDWH HS7010BA 7KHVHOHFWRUOHYHUKDVVHYHQSRVLWLRQV T 33DUN 7KLVSRVLWLRQLVIRUSDUNLQJWKHYHKLFOHDQGVWDUWLQJWKH HQJLQH ,Q WKLV SRVLWLRQ WKH WUDQVPLVVLRQ LV PHFKDQLFDOO\ ORFNHGWRSUHYHQWWKHYHKLFOHIURPUROOLQJIUHHO\ :KHQ\RXSDUNWKHYHKLFOHILUVWVHWWKHSDUNLQJEUDNH IXOO\WKHQVKLIWLQWRWKH³3´SRVLWLRQ'RQRWKROGWKHYH KLFOHZLWKRQO\WKHWUDQVPLVVLRQ ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ $VKLIWLQWHUORFNIXQFWLRQLVHPSOR\HGLQWKHDXWRPDWLF WUDQVPLVVLRQV\VWHPWRHQVXUHVDIHVWDUWLQJRIWKHYH KLFOH 7RVKLIWWKHVHOHFWRUOHYHUIURPWKH³3´WRWKHDQ\RWKHU SRVLWLRQ \RX KDYH WR GHSUHVV WKH EUDNH SHGDO IXOO\ ZKHQWKHLJQLWLRQVZLWFKLV LQWKH³21´ SRVLWLRQ 7KLV SUHYHQWVWKHYHKLFOHIURPOXUFKLQJZKHQLWLVVWDUWHG ,IWKHVKLIWOHYHUGRHVQRWPRYHIURPWKH³3´SRVLWLRQ ZLWKWKHEUDNHSHGDOGHSUHVVHGUHIHUWRWKH³6KLIWORFN UHOHDVH´VHFWLRQLQWKLVFKDSWHU T 55HYHUVH 7KLVSRVLWLRQLVIRUEDFNLQJWKHYHKLFOH 7RVKLIWIURP³1´WR³5´SRVLWLRQILUVWVWRSWKHYHKLFOH FRPSOHWHO\WKHQPRYHWKHOHYHUWR³5´SRVLWLRQ T 11HXWUDO 'RQRWGULYHWKHYHKLFOHZLWKWKHVHOHFWRUOHYHU LQ WKH ³1´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±&217,18('±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y $OZD\VDSSO\WKHIRRWRUSDUNLQJEUDNHZKHQWKHYH KLFOHLVVWRSSHGLQWKH³'´³´³´³´RU³5´SRVLWLRQ y $OZD\VVHWWKHSDUNLQJEUDNHZKHQSDUNLQJ\RXUYH KLFOH'RQRWKROGWKHYHKLFOHZLWKRQO\WKHWUDQVPLV VLRQ y 'RQRWNHHSWKHYHKLFOHLQDVWDWLRQDU\SRVLWLRQRQ DQXSKLOOJUDGHE\XVLQJWKH³'´³´³´RU³´SRVLWLRQ 8VHWKHEUDNHLQVWHDG 7KHHQJLQHPD\RQUDUHRFFDVLRQVNQRFNZKHQWKH YHKLFOHUDSLGO\DFFHOHUDWHVRUUDSLGO\SXOOVDZD\IURP D VWDQGVWLOO 7KLV SKHQRPHQRQ GRHV QRW LQGLFDWH D IDXOW 6KLIWORFNUHOHDVH ,IWKHVHOHFWRUOHYHUGRHVQRWPRYHIURPWKH³3´SRVL WLRQ ZLWK WKH EUDNH SHGDO GHSUHVVHG DQG WKH LJQLWLRQ VZLWFK LQ WKH ³21´ SRVLWLRQ SHUIRUP WKH IROORZLQJ VWHSV 7RRYHUULGHWKHVKLIWORFN 6HWWKHSDUNLQJEUDNHDQGVWRSWKHHQJLQH 7DNHRXWWKHVFUHZGULYHUIURPWKHWRROEDJ 5HPRYHWKHFRYHUE\SU\LQJRQWKHHGJHZLWKWKH UHJXODUVFUHZGULYHU 6WDUWLQJDQGRSHUDWLQJ HS7009BA ,QVHUWWKHVFUHZGULYHULQWRWKHKROH HS7011BA ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ 3XVKGRZQRQWKHVFUHZGULYHUDQGPRYHWKHVHOHF WRUOHYHUIURPWKH³3´WRWKH³1´SRVLWLRQ 5HPRYH WKH VFUHZGULYHU IURP WKH KROH 'HSUHVV WKHEUDNHSHGDODQGVWDUWWKHHQJLQH 7DNH\RXUYHKLFOHWRWKHQHDUHVW68%$58GHDOHULP PHGLDWHO\WRKDYHWKHV\VWHPUHSDLUHG $XWRPDWLFWUDQVPLVVLRQZLWK 632576+,)7PRGH±%$-$7XUER 'R QRW VKLIW IURP WKH ³3´ RU ³1´ SRVLWLRQ LQWR WKH³'´³´³´³´RU³5´SRVLWLRQZKLOHGH SUHVVLQJWKHDFFHOHUDWRUSHGDO7KLVPD\FDXVH WKHYHKLFOHWRMXPSIRUZDUGRUEDFNZDUG y 6KLIW LQWR WKH ³3´ RU ³5´ SRVLWLRQ RQO\ DIWHU WKH YHKLFOH LV FRPSOHWHO\ VWRSSHG 6KLIWLQJ ZKLOHWKHYHKLFOHLVPRYLQJPD\FDXVHGDPDJH WRWKHWUDQVPLVVLRQ y 'RQRWUDFHWKHHQJLQHIRUPRUHWKDQILYHVHF RQGVLQDQ\SRVLWLRQH[FHSWWKH³1´RU³3´SR VLWLRQ ZKHQ WKH EUDNH LV VHW RU ZKHQ ZKHHO EORFNVDUHXVHG7KLVPD\FDXVHWKHDXWRPDWLF WUDQVPLVVLRQIOXLGWRRYHUKHDW y $YRLGVKLIWLQJIURPRQHRIWKHIRUZDUGGULYLQJ SRVLWLRQVLQWRWKH³5´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±&217,18('± 6WDUWLQJDQGRSHUDWLQJ UB7025BA :KHQWKHEUDNHSHGDOGHSUHVVHGVKLIWZKLOH SUHVVLQJWKHEXWWRQLQ 6KLIWZKLOHSUHVVLQJWKHEXWWRQLQ 6KLIWZLWKRXWSUHVVLQJWKHEXWWRQ 7KHVHOHFWRUOHYHUKDVVHYHQSRVLWLRQV³3´³5´³1´ ³'´³´³´DQG³´DQGDOVRKDVDPDQXDOJDWHIRUXV LQJ³632576+,)7´PRGH 7KHUHOHDVHEXWWRQPXVWEHSXVKHGWRVHOHFWWKH³3´ ³5´RU³´SRVLWLRQV T 33DUN 7KLVSRVLWLRQLVIRUSDUNLQJWKHYHKLFOHDQGVWDUWLQJWKH HQJLQH ,Q WKLV SRVLWLRQ WKH WUDQVPLVVLRQ LV PHFKDQLFDOO\ ORFNHGWRSUHYHQWWKHYHKLFOHIURPUROOLQJIUHHO\ :KHQ\RXSDUNWKHYHKLFOHILUVWVHWWKHSDUNLQJEUDNH IXOO\WKHQVKLIWLQWRWKH³3´SRVLWLRQ'RQRWKROGWKHYH KLFOHZLWKRQO\WKHWUDQVPLVVLRQ $VKLIWLQWHUORFNIXQFWLRQLVHPSOR\HGLQWKHDXWRPDWLF WUDQVPLVVLRQV\VWHPWRHQVXUHVDIHVWDUWLQJRIWKHYH KLFOH 7RVKLIWWKHVHOHFWRUOHYHUIURPWKH³3´WRDQ\RWKHUSR VLWLRQ\RXKDYHWRGHSUHVVWKHEUDNHSHGDOIXOO\WKHQ SXVKWKHUHOHDVHEXWWRQRQWKHVHOHFWRUOHYHUZKHQWKH LJQLWLRQ VZLWFK LV LQ WKH ³21´ SRVLWLRQ 7KLV SUHYHQWV WKHYHKLFOHIURPOXUFKLQJZKHQLWLVVWDUWHG ,IWKHVKLIWOHYHUGRHVQRWPRYHIURPWKH³3´SRVLWLRQ ZLWK WKH EUDNH SHGDO GHSUHVVHG WKH UHOHDVH EXWWRQ SXVKHGLQDQGWKHLJQLWLRQVZLWFKLQWKH21SRVLWLRQ UHIHUWRWKH³6KLIWORFNUHOHDVH´VHFWLRQLQWKLVFKDSWHU T 55HYHUVH 7KLVSRVLWLRQLVIRUEDFNLQJWKHYHKLFOH 7RVKLIWIURPWKH³1´WR³5´SRVLWLRQILUVWVWRSWKHYHKL FOHFRPSOHWHO\WKHQPRYHWKHOHYHUWRWKH³5´SRVLWLRQ ZKLOHSXVKLQJWKHUHOHDVHEXWWRQ T 11HXWUDO 'RQRWGULYHWKHYHKLFOHZLWKWKHVHOHFWRUOHYHU LQ WKH ³1´ QHXWUDO SRVLWLRQ (QJLQH EUDNLQJ KDVQRHIIHFWLQWKLVFRQGLWLRQDQGWKHULVNRIDQ DFFLGHQWLVFRQVHTXHQWO\LQFUHDVHG 7KLVSRVLWLRQLVIRUUHVWDUWLQJDVWDOOHGHQJLQH ,Q WKLV SRVLWLRQ WKH ZKHHOV DQG WUDQVPLVVLRQ DUH QRW ORFNHG,QWKLVSRVLWLRQWKHWUDQVPLVVLRQLVQHXWUDOWKH YHKLFOHZLOOUROOIUHHO\HYHQRQWKHVOLJKWHVWLQFOLQHXQ OHVVWKHSDUNLQJEUDNHRUIRRWEUDNHLVRQ $YRLGFRDVWLQJZLWKWKHWUDQVPLVVLRQQHXWUDO 'XULQJFRDVWLQJWKHUHLVQRHQJLQHEUDNLQJHIIHFW 127(7XUERPRGHO ,IWKHVHOHFWRUOHYHULVLQWKH³1´SRVLWLRQZKHQ\RX VWRS WKH HQJLQH IRU SDUNLQJ \RX PD\ QRW VXEVH TXHQWO\EHDEOHWRPRYHLWWRWKH³5´DQG³3´SRVL WLRQV ,I WKLV KDSSHQV WXUQ WKH LJQLWLRQ VZLWFK WR WKH³21´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±&217,18('±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³´WR³´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³'´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±&217,18('± 6WDUWLQJDQGRSHUDWLQJ SRVVLEOH:KHQRQO\WKH LQJ LV SRVVLEOH :KHQ RQO\ WKH GRZQVKLIWLQJLVSRVVLEOH ODPSLVRQRQO\XSVKLIW ODPS LV RQ RQO\ 3HUIRUP JHDUVKLIWV XVLQJ WKH VHOHFWRU OHYHU 8SVKLIWLQJ 6KLIW WR WKH QH[WKLJKHU JHDU LQ WKH VWWRWKJHDU UDQJH E\ SXVKLQJ WKH VHOHFWRU OHYHU WRZDUG WKH ³´ HQGRIWKHPDQXDOJDWH 'RZQVKLIWLQJ 6KLIW WR WKH QH[WORZHU JHDU LQ WKH VWWRWKJHDU UDQJH E\ SXVKLQJ WKH VHOHFWRU OHYHU WRZDUG WKH ³±´ HQGRIWKHPDQXDOJDWH 7RGHVHOHFWWKH632576+,)7PRGHUHWXUQWKHVH OHFWRUOHYHUWRWKH³'´SRVLWLRQIURPWKHPDQXDOJDWH 127( 3OHDVHUHDGWKHIROORZLQJSRLQWVFDUHIXOO\DQGEHDU WKHPLQPLQGZKHQXVLQJWKH632576+,)7PRGH y :KHQ WKH WHPSHUDWXUH RI WKH DXWRPDWLF WUDQV PLVVLRQIOXLGLVORZHURUKLJKHUWKDQQRUPDOZDUQ LQJEHHSVDUHHPLWWHGDQGWKHVKLIWSRVLWLRQLQGLFD WRUVKRZV³±´,IWKHVHZDUQLQJVDUHLVVXHGGHVH OHFW WKH 632576+,)7 PRGH WR SURWHFW WKH DXWR PDWLFWUDQVPLVVLRQIURPGDPDJH y $XWRPDWLF JHDUVKLIWV GR QRW WDNH SODFH LQ WKH 62576+,)7 PRGH 3HUIRUP JHDUVKLIWV LQ DFFRU GDQFHZLWKURDGFRQGLWLRQVVRWKDWWKHWDFKRPHWHU QHHGOHGRHVQRWHQWHUWKHUHG]RQH,IWKHHQJLQH VSHHG UHDFKHV D SUHGHWHUPLQHG OHYHO D IXHOFXW IXQFWLRQZLOORSHUDWH6KLIWXSLIWKLVKDSSHQV y ,I \RX DWWHPSW WR VKLIW GRZQ ZKHQ WKH HQJLQH VSHHG LV WRR KLJK LH ZKHQ D GRZQVKLIW ZRXOG SXVKWKHWDFKRPHWHUQHHGOHEH\RQGWKHUHG]RQH EHHSVZLOOEHHPLWWHGWRZDUQ\RXWKDWWKHGRZQ VKLIWLVQRWSRVVLEOH y ,I\RXDWWHPSWWRVKLIWXSZKHQWKHYHKLFOHVSHHG LVWRRORZWKHWUDQVPLVVLRQZLOOQRWUHVSRQG y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y ,QRUGHUWRSUHYHQWRYHUUHYYLQJGXULQJDFFHOHU DWLRQRIWKHYHKLFOHWKHWUDQVPLVVLRQZLOODXWRPDW LFDOO\VKLIWWRWKHQH[WKLJKHUJHDULIWKH0D[LPXP $OORZDEOH6SHHGIRUWKHFXUUHQWJHDULVUHDFKHG y 6LPLODUO\ LQ RUGHU WR SUHYHQW RYHUUHYYLQJ GXU LQJ GHFHOHUDWLRQ RI WKH YHKLFOH WKH WUDQVPLVVLRQ ZLOOUHPDLQLQWKHFXUUHQWJHDULIWKHVSHHGRIWKH YHKLFOH LV LQ H[FHVV RI WKH 0D[LPXP $OORZDEOH 6SHHGIRUWKHJHDUWRZKLFKWKHVHOHFWRUOHYHUKDV EHHQPRYHG 'ULYLQJWLSV y $OZD\VDSSO\WKHIRRWRUSDUNLQJEUDNHZKHQWKHYH KLFOHLVVWRSSHGLQWKH³'´³´³´³´RU³5´SRVLWLRQ y $OZD\VVHWWKHSDUNLQJEUDNHZKHQSDUNLQJ\RXUYH KLFOH'RQRWKROGWKHYHKLFOHZLWKRQO\WKHWUDQVPLV VLRQ y 'RQRWNHHSWKHYHKLFOHLQDVWDWLRQDU\SRVLWLRQRQ DQXSKLOOJUDGHE\XVLQJWKH³'´³´³´RU³´SRVLWLRQ 8VHWKHEUDNHLQVWHDG y 7KHHQJLQHPD\RQUDUHRFFDVLRQVNQRFNZKHQWKH YHKLFOHUDSLGO\DFFHOHUDWHVRUUDSLGO\SXOOVDZD\IURP D VWDQGVWLOO 7KLV SKHQRPHQRQ GRHV QRW LQGLFDWH D IDXOW ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ 6KLIWORFNUHOHDVH ,IWKHVHOHFWRUOHYHUGRHVQRWPRYHIURPWKH³3´SRVL WLRQ ZLWK WKH EUDNH SHGDO GHSUHVVHG DQG WKH LJQLWLRQ VZLWFK LQ WKH ³21´ SRVLWLRQ SHUIRUP WKH IROORZLQJ VWHSV 7RRYHUULGHWKHVKLIWORFN 6HWWKHSDUNLQJEUDNHDQGVWRSWKHHQJLQH 7DNHRXWWKHVFUHZGULYHUIURPWKHWRROEDJ 5HPRYHWKHFRYHUE\SU\LQJRQWKHHGJHZLWKWKH UHJXODUVFUHZGULYHU UB7037BA ,QVHUWWKHVFUHZGULYHULQWRWKHKROH 3XVKGRZQRQWKHVFUHZGULYHUSXVKGRZQWKHEXW WRQDQGPRYHWKHVHOHFWRUOHYHUIURPWKH³3´WRWKH³1´ SRVLWLRQ 5HPRYH WKH VFUHZGULYHU IURP WKH KROH 'HSUHVV WKHEUDNHSHGDODQGVWDUWWKHHQJLQH 7DNH\RXUYHKLFOHWRWKHQHDUHVW68%$58GHDOHULP PHGLDWHO\WRKDYHWKHV\VWHPUHSDLUHG UB7029BA /LPLWHGVOLSGLIIHUHQWLDO/6' 3RZHUVWHHULQJ 6WDUWLQJDQGRSHUDWLQJ y 1HYHUVWDUWWKHHQJLQHZKLOHDWLUHRQRQHVLGH LVMDFNHGXSDVWKHYHKLFOHPD\PRYH y ,IRQHUHDUWLUHLVVSLQQLQJLQPXGDYRLGFRQ WLQXHGVSLQQLQJDWKLJKVSHHGDVWKLVFRXOGDG YHUVHO\DIIHFWWKH/6' y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±&217,18('± 6WDUWLQJDQGRSHUDWLQJ %UDNLQJ %UDNLQJWLSV 1HYHU UHVW \RXU IRRW RQ WKH EUDNH SHGDO ZKLOH GULYLQJ7KLVFDQFDXVHGDQJHURXVRYHUKHDWLQJ RIWKHEUDNHVDQG QHHGOHVV ZHDU RQ WKHEUDNH SDGVDQGOLQLQJV T :KHQWKHEUDNHVJHWZHW :KHQGULYLQJLQUDLQRUDIWHUZDVKLQJWKHYHKLFOHWKH EUDNHVPD\JHWZHW$VDUHVXOWEUDNHVWRSSLQJGLV WDQFHZLOOEHORQJHU7RGU\WKHEUDNHVGULYHWKHYHKL FOHDWDVDIHVSHHGZKLOHOLJKWO\GHSUHVVLQJWKHEUDNH SHGDOWRKHDWXSWKHEUDNHV T 8VHRIHQJLQHEUDNLQJ 5HPHPEHUWRPDNHXVHRIHQJLQHEUDNLQJLQDGGLWLRQ WRIRRWEUDNLQJ:KHQGHVFHQGLQJDJUDGHLIRQO\WKH IRRWEUDNHLVXVHGWKHEUDNHV PD\VWDUWZRUNLQJLP SURSHUO\ EHFDXVH RI EUDNH IOXLG RYHUKHDWLQJ FDXVHG E\RYHUKHDWHGEUDNHSDGV7RKHOSSUHYHQWWKLVVKLIW LQWRDORZHUJHDUWRJHWVWURQJHUHQJLQHEUDNLQJ T %UDNLQJZKHQDWLUHLVSXQFWXUHG 'RQRWGHSUHVVWKHEUDNHSHGDOVXGGHQO\ZKHQDWLUH LVSXQFWXUHG7KLVFRXOGFDXVHDORVVRIFRQWURORIWKH YHKLFOH .HHS GULYLQJ VWUDLJKW DKHDG ZKLOH JUDGXDOO\ UHGXFLQJVSHHG7KHQVORZO\SXOORIIWKHURDGWRDVDIH SODFH %UDNHV\VWHP T 7ZRVHSDUDWHFLUFXLWV T %UDNHERRVWHU 7KH EUDNH ERRVWHU XVHV HQJLQH PDQLIROG YDFXXP WR DVVLVWEUDNLQJIRUFH'RQRWWXUQRIIWKHHQJLQHZKLOH GULYLQJEHFDXVHWKDWZLOOWXUQRIIWKHEUDNHERRVWHUUH VXOWLQJLQSRRUEUDNLQJSRZHU 7KHEUDNHVZLOOFRQWLQXHWRZRUNHYHQZKHQWKHEUDNH ERRVWHUFRPSOHWHO\VWRSVIXQFWLRQLQJ,IWKLVKDSSHQV KRZHYHU\RXZLOOKDYHWRSXVKWKHSHGDOPXFKKDUGHU WKDQQRUPDODQGWKHEUDNLQJGLVWDQFHZLOOLQFUHDVH $%6$QWLORFN%UDNH6\VWHP 'LVFEUDNHSDGZHDUZDUQLQJLQGLFD WRUV 6WDUWLQJDQGRSHUDWLQJ HS7012BA 7KH GLVF EUDNH SDG ZHDU ZDUQLQJ LQGLFDWRUV RQ WKH GLVFEUDNHVJLYHDZDUQLQJQRLVHZKHQWKHEUDNHSDGV DUHZRUQ ,IDVTXHDNLQJRUVFUDSLQJQRLVHLVKHDUGIURPWKHGLVF EUDNHV ZKLOH EUDNLQJ LPPHGLDWHO\ KDYH \RXU YHKLFOH FKHFNHGE\\RXU68%$58GHDOHU $OZD\V XVH WKH XWPRVW FDUH LQ GULYLQJ ± RYHU FRQILGHQFH EHFDXVH \RX DUH GULYLQJ ZLWK DQ $%6HTXLSSHGYHKLFOHFRXOGHDVLO\OHDGWRDVH ULRXVDFFLGHQW y 7KH $%6 V\VWHP GRHV QRW DOZD\V GHFUHDVH VWRSSLQJGLVWDQFH ±&217,18('±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³21´SRVLWLRQDQGJRHVRXWDIWHU DERXWWZRVHFRQGV 7KLVLV DQ LQGLFDWLRQ WKDWWKH $%6V\VWHPLV ZRUNLQJ SURSHUO\ ,IWKHZDUQLQJOLJKWEHKDYHVDVIROORZVWKH$%6 V\VWHPPD\QRWEHZRUNLQJSURSHUO\ :KHQWKHZDUQLQJOLJKWLVRQWKH$%6IXQFWLRQ VKXWV GRZQ KRZHYHU WKH FRQYHQWLRQDO EUDNH V\VWHPFRQWLQXHVWRRSHUDWHQRUPDOO\ y 7KHZDUQLQJOLJKWGRHVQRWFRPHRQZKHQWKH LJQLWLRQVZLWFKLVWXUQHGWRWKH³21´SRVLWLRQ y 7KHZDUQLQJOLJKWFRPHVRQZKHQWKHLJQLWLRQ VZLWFK LV WXUQHG WR WKH ³21´ SRVLWLRQ EXW LW GRHV QRW JR RXW HYHQ ZKHQ WKH YHKLFOH VSHHG H[FHHGVDSSUR[LPDWHO\PSKNPK y 7KHZDUQLQJOLJKWFRPHVRQGXULQJGULYLQJ ,IWKHVHRFFXUKDYHWKH$%6V\VWHPUHSDLUHGDW WKHILUVWDYDLODEOHRSSRUWXQLW\E\\RXU68%$58 GHDOHU 127( ,I WKH ZDUQLQJ OLJKW EHKDYLRU LV DV GHVFULEHG EH ORZWKH$%6V\VWHPPD\EHFRQVLGHUHGQRUPDO y 7KH ZDUQLQJ OLJKW FRPHV RQ ULJKW DIWHU WKH HQ JLQHLVVWDUWHGEXWJRHVRXWLPPHGLDWHO\UHPDLQ LQJRII y 7KH ZDUQLQJ OLJKW UHPDLQV RQ DIWHU WKH HQJLQH KDVEHHQVWDUWHGEXWLWJRHVRXWZKHQWKHYHKLFOH VSHHGUHDFKHVDERXWPSKNPK y 7KHZDUQLQJOLJKWFRPHVRQGXULQJGULYLQJEXW LWJRHVRXWLPPHGLDWHO\DQGUHPDLQVRII :KHQGULYLQJZLWKDQLQVXIILFLHQWEDWWHU\YROWDJHVXFK DVZKHQWKHHQJLQHLVMXPSVWDUWHGWKH$%6ZDUQLQJ OLJKWPD\FRPHRQ7KLVLVGXHWRWKHORZEDWWHU\YROW DJH DQG GRHV QRW LQGLFDWH D PDOIXQFWLRQ :KHQ WKH 6WDUWLQJDQGRSHUDWLQJ EDWWHU\EHFRPHVIXOO\FKDUJHGWKHOLJKWZLOOJRRXW ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ 3DUNLQJ\RXUYHKLFOH y 1HYHU OHDYH XQDWWHQGHG FKLOGUHQ RU SHWV LQ WKH YHKLFOH 7KH\ FRXOG DFFLGHQWDOO\ LQMXUH WKHPVHOYHVRURWKHUVWKURXJKLQDGYHUWHQWRSHU DWLRQRIWKHYHKLFOH$OVRRQKRWRUVXQQ\GD\V WKH WHPSHUDWXUH LQ D FORVHG YHKLFOH FRXOG TXLFNO\ EHFRPH KLJK HQRXJK WR FDXVH VHYHUH RUSRVVLEO\IDWDOLQMXULHVWRWKHP y 'RQRWSDUNWKHYHKLFOHRYHUIODPPDEOHPDWH ULDOVVXFKDVGU\JUDVVZDVWHSDSHURUUDJVDV WKH\PD\EXUQHDVLO\LIWKH\FRPHQHDUKRWHQ JLQHRUH[KDXVWV\VWHPSDUWV y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³:DUQLQJDQGLQGLFDWRUOLJKWV´VHFWLRQFKDSWHU :KHQ SDUNLQJ \RXU YHKLFOH DOZD\V VHW WKH SDUNLQJ EUDNHILUPO\DQGSXWWKHVKLIWOHYHULQWKH³´VWIRUDQ XSJUDGHRU³5´5HYHUVHIRUDGRZQJUDGHIRUPDQXDO WUDQVPLVVLRQYHKLFOHVRULQWKH³3´3DUNSRVLWLRQIRU DXWRPDWLFWUDQVPLVVLRQYHKLFOHV$OZD\VVHWWKHSDUN LQJEUDNHILUPO\ZKHQSDUNLQJ\RXUYHKLFOH1HYHUUHO\ RQWKHWUDQVPLVVLRQDORQHWRKROGWKHYHKLFOH :KHQSDUNLQJRQDKLOODOZD\VWXUQWKHVWHHULQJZKHHO :KHQ WKH YHKLFOH LV KHDGHG XS WKH KLOO WKH IURQW ZKHHOVVKRXOGEHWXUQHGDZD\IURPWKHFXUE UB7033AA 6WDUWLQJDQGRSHUDWLQJ :KHQ IDFLQJ GRZQKLOO WKH IURQW ZKHHOV VKRXOG EH WXUQHGLQWRWKHFXUE UB7032AA ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ &UXLVHFRQWURO 'RQRWXVHWKHFUXLVHFRQWUROXQGHUDQ\RIWKH IROORZLQJ FRQGLWLRQV 7KLV PD\ FDXVH ORVV RI YHKLFOHFRQWURO y GULYLQJXSRUGRZQDVWHHSJUDGH y GULYLQJRQVOLSSHU\RUZLQGLQJURDGV y GULYLQJLQKHDY\WUDIILF &UXLVHFRQWUROHQDEOHV\RXWRPDLQWDLQDFRQVWDQWYH KLFOHVSHHGZLWKRXWKROGLQJ\RXUIRRWRQWKHDFFHOHUD WRUSHGDODQGLWLVRSHUDWLYHZKHQWKHYHKLFOHVSHHGLV PSKNPKRUPRUH0DNHVXUHWKHPDLQVZLWFK LVWXUQHG³2))´ZKHQWKHFUXLVHFRQWUROLVQRWLQXVHWR DYRLGXQLQWHQWLRQDOO\E\VHWWLQJWKHFUXLVHFRQWURO 7RVHWFUXLVHFRQWURO UB7038BA ACC RES CAN CEL SETCOAST HS7018BA 3XVKWKH³&58,6(´PDLQVZLWFK7KHLQGLFDWRUOLJKW RQWKHVZLWFKZLOOFRPHRQ 'HSUHVV WKH DFFHOHUDWRU SHGDO XQWLO WKH YHKLFOH UHDFKHVWKHGHVLUHGVSHHG 3XVK WKH FRQWURO OHYHU GRZQZDUG LQ WKH ³6(7 &2$67´GLUHFWLRQDQGUHOHDVHLW7KHQUHOHDVHWKHDF FHOHUDWRUSHGDO 7KHYHKLFOHZLOOPDLQWDLQWKHGHVLUHGVSHHG 6WDUWLQJDQGRSHUDWLQJ :KHQ WKH DFFHOHUDWRU SHGDO LV UHOHDVHG WKH YHKLFOH ZLOOUHWXUQWRDQGPDLQWDLQWKHSUHYLRXVFUXLVLQJVSHHG 7RWHPSRUDULO\FDQFHOWKHFUXLVHFRQ WURO 7KHUHDUHIRXUZD\VWRFDQFHOWKHFUXLVHFRQWUROWHP SRUDULO\ y 'HSUHVVWKHEUDNHSHGDO y 3XOOWKHFRQWUROOHYHULQWKH³&$1&(/´GLUHFWLRQLI VRHTXLSSHG y 'HSUHVVWKHFOXWFKSHGDOPDQXDOWUDQVPLVVLRQYH KLFOHVRQO\ y 6KLIW WKH VHOHFWRU OHYHU LQWR WKH ³1´ SRVLWLRQ DXWR PDWLFWUDQVPLVVLRQYHKLFOHVRQO\ UB4010KA ´LQGLFDWRUOLJKWLVLOOXPLQDWHGLQ $WWKLVWLPHWKH³ WKHFRPELQDWLRQPHWHU 9HKLFOH VSHHG FDQ EH WHPSRUDULO\ LQFUHDVHG ZKLOH GULYLQJ ZLWK WKH FUXLVH FRQWURO DFWLYDWHG 6LPSO\ GH SUHVVWKHDFFHOHUDWRUSHGDOWRDFFHOHUDWHWKHYHKLFOH ´ LQGLFDWRU OLJKW LQ WKH FRPELQDWLRQ PHWHU 7KH ³ JRHVRIIZKHQWKHFUXLVHFRQWUROLVFDQFHOOHG 7RUHVXPHWKHFUXLVHFRQWURODIWHULWKDVEHHQWHPSR UDULO\ FDQFHOHG DQG ZLWK YHKLFOH VSHHG RI DERXW PSKNPKRUPRUHSXVKWKHFRQWUROOHYHUXSZDUG LQ WKH ³$&&(/ 5(680(´ GLUHFWLRQ WR UHWXUQ WR WKH RULJLQDOFUXLVLQJVSHHGDXWRPDWLFDOO\ 7KH ³ ZLOODXWRPDWLFDOO\FRPHRQDWWKLVWLPH ´ LQGLFDWRU OLJKW LQ WKH FRPELQDWLRQ PHWHU ±&217,18('± 6WDUWLQJDQGRSHUDWLQJ 7RWXUQRIIWKHFUXLVHFRQWURO 7KHUHDUHWZRZD\VWRWXUQRIIWKHFUXLVHFRQWURO y 3XVKWKHPDLQVZLWFKDJDLQ y 7XUQ WKH LJQLWLRQ VZLWFK WR WKH ³$&&´ SRVLWLRQ EXW RQO\ZKHQWKHYHKLFOHLVFRPSOHWHO\VWRSSHG

Boost Classifieds - Car Advice, Reviews, Events & Classifieds

2004 Subaru BAJA Owners Manual