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  "documentTitle": "Pathward Financial | Results Presentation Deck | 26 slides",
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  "authorName": "Meta Financial Group",
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  "presentationDate": "2020-04-01 00:00:00",
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  "notes": "The slide illustrates a cash flow waterfall mechanism for a $100M facility.",
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      "text": "EXAMPLE In the example $100M scenario, all cash flows of the outstanding facility are used to pay the First Out Tranche’s (i.e. – Meta’s) outstanding principal and interest. The First Out’s position must be paid down in full prior to the junior and equity tranches receiving any cash flow. Effectively, the First Out receives the benefit of $100M of loans/collateral to pay down its $55M full principal and interest position.",
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      "text": "All Loan/Collateral Cash Flows -> Admin Fees -> First-Out Tranche -> Junior Tranche -> Equity Tranche",
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      "text": "Agreements trigger waterfall protection for the “First Out” participant: The waterfall could be “triggered” due to items such as: collateral underperformance, collateral days past due, covenant breaches, concentration limit breaches, missed payments, regulatory events, material adverse effects, etc.",
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      "kind": "paragraph",
      "text": "Asset-backed warehouse lines of credit used to support strategic initiatives. Lines are primarily secured by consumer receivables, whereby Meta is in a senior, secured position as the first out participant. Have never had a charge off or loss.",
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      "text": "Total includes total gross loans & leases of $3.61 billion and rental equipment, net of $200.8M, as of March 31, 2020",
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      "text": "Total Exposure $333.8 million % of Total 8.8%",
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