The part that was actually in the released movie ends at 0:45. (You can also tell by the fact that the audio/video very obviously changes to daily footage at that point.)
See also the scene afterward where George tells “Calvin” about the encounter, which IMO worked way better than actually showing the rest of it:

















And then there’s a follow-up scene the next day, where George tells “Calvin Klein” about the encounter.
Having George retell it worked way better than showing it directly, IMO.
https://www.youtube.com/watch?v=xUXjfYFwgZo