{ "docId": "019dd923-5e88-73ef-bd59-e554727c032d", "docSlug": "4c5f1d6f702f7476", "documentTitle": "one goldman sachs", "authorId": "GoldmanSachs", "authorName": "Goldman Sachs", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 69, "pageCount": 124, "prevPage": 68, "nextPage": 70, "slideType": "appendix_disclosure", "function": "summarize", "density": "overcrowded", "nDataPoints": 0, "notes": "This slide details the structural and operational role of the Funding IHC in the event of a Group Inc. bankruptcy.", "elementsJson": [ "headline_text", "data_table", "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd59-e554727c032d/69", "deckHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d#slide-69", "components": [ { "bbox": null, "kind": "callout", "text": "Funding IHC was established in order to facilitate our preferred resolution strategy and has a role in funding our material entities in business as usual operations.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-1641-767d-8502-ed77e84bf767", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.88 }, "kind": "paragraph", "text": "Our runway and resolution triggers are designed to ensure that Funding IHC maintains sufficient capital and liquidity resources to support the orderly wind-down of our participating material entities in accordance with our preferred resolution strategy.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "246ffc15-064c-451f-a424-3a2e598cda3c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.36 }, "kind": "paragraph", "text": "Funding IHC was established in order to facilitate our preferred resolution strategy and has a role in funding our material entities in business as usual operations. We transferred to Funding IHC two types of assets that could be used to support material entities leading up to and following a Group Inc. bankruptcy filing: (i) Group Inc. GCLA and (ii) unsecured receivables that could be forgiven to recapitalize material entities (also referred to as internal TLAC). Forming Funding IHC and pre-funding it with these assets has two main benefits to our preferred resolution strategy. First, it provides incremental protection against potential creditor challenge to the provision of support of material entities leading up to a Group Inc. bankruptcy filing. Second, because Funding IHC would not enter resolution proceedings, it would have the flexibility to provide capital and liquidity support to material entities as and when needed following a Group Inc. bankruptcy filing.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "740d3380-0ea1-4d83-be23-c0642291492d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.62 }, "kind": "paragraph", "text": "Funding IHC is a party to the CLSA, which governs the relationship between Group Inc. and Funding IHC, and Funding IHC's obligation to provide capital and liquidity support to participating material entities during the period leading up to and following Group Inc.'s bankruptcy filing. During business as usual and through a runway period, Funding IHC is required to provide liquidity to Group Inc. via the Revolver. During the runway, Funding IHC is also required to provide participating material entities with any capital required to meet their applicable regulatory requirements plus an operating buffer, and any liquidity required to maintain intraday liquidity requirements and prevent a payment failure. Upon the occurrence of a Resolution Trigger Event under the CLSA, (i) the Revolver automatically terminates, Group Inc. is obligated to use its available liquidity to repay outstanding amounts and, to the extent not repaid, outstanding amounts are automatically forgiven, (ii) Group Inc. is required to make a final contribution of GCLA and intercompany receivables to Funding IHC, and (iii) the Funding Note is automatically forgiven. In addition, Funding IHC remains contractually obligated to provide the same level of support to participating material entities as during the runway.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f97a69a2-2e85-424a-91f6-a0fb4f23762f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "table", "text": "Regulatory Status: Not prudentially regulated; Incorporation: Limited liability company incorporated in Delaware; Ownership: Direct, wholly-owned subsidiary of Group Inc.; Office Location: New York, NY; Activities: Primary funding vehicle for Group Inc.; Funding Sources: Pursuant to the CLSA, Funding IHC receives unsecured funding from Group Inc. via the Funding Note", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0fd7ee79-7b0c-4c37-a320-ac785d6593ed", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.04 }, "kind": "title", "text": "2023 Resolution Plan", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8488c00e-c5f0-442f-a8f7-83d442582fa4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.1, "y": 0.11 }, "kind": "title", "text": "Goldman Sachs Funding LLC (Funding IHC)", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e5698283-fb9a-48e5-9f6d-e48a6e912fd3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.1, "y": 0.33 }, "kind": "title", "text": "Summary of Funding IHC's Resolution Strategy", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea36bc44-5f0d-4123-9bd6-5c844e56c483", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "6af41cda-9c17-4e95-864a-88eef8903886", "evidence": "The slide contains a table with data.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 124, "from": 8, "beatId": "d68786b1-3dab-4ad0-b5b0-04ed44c1c6d3", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The document contains extensive data tables, appendix data, and methodology explanations.", "position": 1, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 124, "from": 6, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "d24b5f0d-d542-4d18-a73f-65d59f4261ed", "evidence": "The document provides a detailed explanation of the plan and supporting data.", "position": 0, "objective": "To demonstrate the effectiveness of Goldman Sachs' resolution plan.", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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