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  "notes": "The slide discusses legal risks related to creditor challenges and the structural mechanisms (Funding IHC, CLSA) used to mitigate these risks.",
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      "text": "We established a Funding IHC as a direct subsidiary of Group Inc. In business-as-usual conditions, it provides most of the overnight and term loans required by our participating material entities and the parent company, and holds much of our excess liquidity that is not pre-positioned at participating material entities. Importantly, Funding IHC has no external creditors and it does not enter proceedings under our preferred resolution strategy. Funding IHC reduces the need for Group Inc. to contribute significant assets to material entities during the preference period that would precede its bankruptcy filing.",
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      "text": "We have put in place a CLSA to which Group Inc., Funding IHC, participating material operating entities, all of our material service entities and certain intermediate holding companies are parties. If certain pre-determined capital or liquidity triggers are breached, the CLSA requires Group Inc. to transfer additional resources to Funding IHC, and Funding IHC to provide financial support, as needed, to participating material entities. Group Inc. and Funding IHC have granted a security interest in substantially all of their assets (except Group Inc.'s equity interests in subsidiaries) to secure their obligations under the CLSA.",
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      "text": "With the help of external counsel, we have prepared an analysis that identifies potential obstacles under state and bankruptcy law to the provision of financial support. This analysis includes a consideration of potential creditor challenges based on claims of fraudulent transfer, preference, breach of fiduciary duty, breach of indenture covenants and equitable claims to enjoin the provision of financial support. The analysis considers potential obstacles to each element of the planned financial support, the timing considerations implicated by potential claims, and the extent to which any adjudication could affect the execution of our preferred resolution strategy.",
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      "kind": "paragraph",
      "text": "intercompany services are recorded in a data repository and workflow management application (SLATE). We also leverage a central repository for vendor-related data (KY3P). In addition, we also have a technology tool, the Recovery and Resolution Visualizer, which provides the ability to visually analyze these critical services and other dimensions of shared services.",
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      "text": "The CLSA provides additional protection against creditor challenge because the decisions to contribute Group Inc. assets, tie Funding IHC's support of participating material entities to specific metrics, and secure those obligations of Group Inc. and Funding IHC with collateral, were each",
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      "text": "Creditor Challenge: The provision of financial support to participating material operating entities is a critical component of our preferred resolution strategy because it allows these entities to avoid potential bankruptcy, insolvency or similar proceedings themselves. However, we recognize the risk that a legal challenge by the creditors of Group Inc. could potentially hinder the provision of such financial support, and we have taken a number of steps to reduce the likelihood that such a challenge would be successful:",
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      "text": "2023 Resolution Plan",
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      "text": "Legal Obstacles Associated with Financial Support and Emergency Motions",
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