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  "notes": "Includes a table detailing GSCO's regulatory status, ownership, and activities, followed by a narrative summary of the resolution strategy.",
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      "text": "The CLSA requires Funding IHC, both before and after a Group Inc. bankruptcy filing, to provide GSCO with sufficient capital to meet its applicable capital requirements plus an operating buffer, and sufficient liquidity to meet its intraday liquidity requirements and prevent a payment default. This would allow GSCO, under our preferred resolution strategy, to remain out of proceedings while it winds itself down in an orderly manner over time. After Group Inc. enters bankruptcy proceedings, GSCO would cease to solicit new business, but would retain the operational functionality needed to dispose of its assets and hedge its remaining risk positions. It would continue to have access to shared services and FMUs throughout the resolution process; this would prevent significant disruptions to clients holding cash or securities at GSCO, and would give GSCO the flexibility to execute asset sales and derivative unwinds at a pace that would avoid fire-sales or recourse to emergency government facilities.",
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      "text": "We expect prime brokerage and other clients of GSCO to transfer their positions to other third-party providers. All securities inventory would be sold, and derivatives unwound through early terminations, contractual maturities, portfolio sales, novations or bilateral terminations. Once this process is complete, GSCO's residual balance sheet would largely be cash, financed by a combination of debt and equity. Our strategy is designed with the goal of having sufficient liquidity and capital to pay GSCO's third-party creditors in full, with any remaining amounts ultimately returned to the bankruptcy estate of the parent company.",
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      "text": "18 Except for de minimis non-voting, non-participating interests.",
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