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Here is a diagram showing how the HSM authentication model works for a PED-authenticated SafeNet HSM when MofN secret splitting was invoked at initialization time.
This Help also has similar diagrams with:
•no PED PINs or MofN. See HSM General Authentication Model
•PED PINs but no MofN, See HSM Authentication Model with Two PED PINs
•PED PINs and MofN. See HSM Authentication Model with both PED PIN and MofN