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  "notes": "The slide describes a regulatory resolution strategy (living will).",
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      "text": "Our preferred resolution strategy is consistent with a \"single point of entry\" strategy.",
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      "text": "We assume that the firm suffers an extremely large financial loss, followed by ten days of significant outflows of liquidity.\nThis causes our parent company and one smaller material operating entity, J. Aron & Company LLC (\"JANY\"), to enter bankruptcy proceedings.\nThe remaining material operating entities and all material service entities are expected to survive for long enough to be wound down in an orderly manner over an extended period, or be sold. This is because they have significant pre-positioned capital and liquidity at their disposal, and because they are parties to the Capital and Liquidity Support Agreement (\"CLSA\")4 and, as such, are contractually entitled to receive financial resources, as needed, from Goldman Sachs Funding LLC (\"Funding IHC\"), and because they have continued access to operational capabilities.\nOur material service entities continue to provide operational services to the participating material operating entities because they are contractually obligated to do so, have six months of pre-funding, and would continue to be paid for providing those services.\nBy keeping the participating material operating and service entities out of proceedings, we can facilitate the gradual and orderly wind-down of our balance sheet, and thereby avoid the disruption that could be caused by a sudden cessation of activities. This strategy avoids the fire-sale of assets, minimizes unnecessary losses and permits the orderly transfer of client accounts to alternative service providers.",
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      "text": "4 The CLSA is a binding agreement between Funding IHC, Group Inc. and participating material entities, that contractually obliges Funding IHC to provide capital and liquidity support, as needed, to the participating material entities in a resolution scenario.",
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