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R ), and the obligations of HSBC Holdings plc, a financial institutions holding company organized under the laws of England and Wales ( HSBC Holdings ) on behalf of itself and its subsidiaries and affiliates, with respect to the Monitor and the Department, are as described below. To the extent that HSBC Holdings compliance with its obligations as set forth below requires it, HSBC Holdings agrees to require that its wholly-owned subsidiaries comply with the requirements and obligations.

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