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  "documentTitle": "Pathward Financial | Results Presentation Deck | 33 slides",
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  "notes": "The slide explains the 'First Out' position in a securitization waterfall.",
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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.",
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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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      "text": "Total Exposure $332.5 million",
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      "text": "% of Total 8.6%",
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      "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 $3.65 billion and rental equipment, net of $211.4 million, as of March 31, 2021",
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      "text": "WAREHOUSE FINANCE",
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