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  "notes": "Includes a table detailing regulatory status, ownership, and activities, followed by a narrative summary of the resolution strategy.",
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      "text": "We expect that prime brokerage and other clients of GSBE would transfer their positions to alternate third-party providers. All securities inventory would be sold, and derivatives would be unwound either through early terminations, contractual maturities, portfolio sales, novations or bilateral terminations. Deposits would be repaid.",
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      "text": "After the market-making and client positions have been wound down, GSBE's residual balance sheet would largely be cash, financed by a combination of debt and equity.",
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      "text": "The CLSA requires Funding IHC, both before and after a Group Inc. bankruptcy filing, to provide GSBE 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 GSBE, 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, GSBE would cease to solicit new business, but would retain the operational functionality needed to dispose of its assets and hedge its remaining risk positions. Because of the steps we have taken, it would continue to have access to both shared services and FMUs throughout the resolution process. This strategy would give it 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": "19 GSBE is a direct, wholly-owned subsidiary of GS Bank USA, which is itself a direct, wholly-owned subsidiary of Group Inc.",
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