we will also continue to work with a growing number of specialty retail 13 operators that allow us to continue our pursuit of a `` good , better , best `` approach and with customers seeking differentiated products and support . we will also continue to expand our business internationally . building brandshistorically , we have marketed products under our own brands , under license agreements for other brands , and under private label agreements . going forward , our focus will be on building our core brands of summer® , swaddleme® , and born free® , particularly among first-time prenatal moms , through improved marketing , including through social media . executing operational excellenceour entire organization is focused on delivering operational efficiency and excellence , such as through sku rationalization and utilization of a direct import program . by improving our analytic and forecasting capabilities , product development process , and management of working capital and costs , we expect continued improvement to internal processes that should , in turn , benefit our customers . by renewing our focus on these core strengths , as well as a focus on gross margins and a return on capital , we expect to drive future growth , improve profitability and to further develop and strengthen our relationships with our suppliers , retail customers and end-users of our products . we believe that , based on our core strengths and strategic priorities , we are well-positioned to capitalize on positive market trends including that u.s. birth rates are predicted to increase over the next several years after several years of low birth rates . 2013 activities cost reduction initiatives the company implemented several cost reduction initiatives in the third quarter of 2012 designed to lower promotional costs and advertising expenses , reduce operating costs , and improve margins . these initiatives have resulted in tighter controls of retailer program costs , a reduction in worldwide headcount , a reduction in executive salaries , voluntary reduction in board of director compensation , cuts in overhead spending relating to discontinuing various outside services , and negotiated lower professional service fees . additional headcount reductions were initiated in the first quarter of 2013. in november 2013 , the company initiated additional cost reduction actions , including global staff reductions , and reductions in temporary labor , professional fees and outside services which resulted in a fourth quarter of 2013 charge of $ 614. we expect the actions taken in 2013 will result in additional annual cost savings of approximately $ 4,000 beginning in 2014. new credit facility and term loan in february 2013 , we entered into a new loan and security agreement ( the `` bofa agreement `` ) with bank of america , n.a . , as agent , the financial institutions party to the agreement from time to time as lenders . the bofa agreement replaces our prior credit facility with bank of america that was set to expire in december 2013. the bofa agreement provides for an $ 80,000 , asset-based revolving credit facility , with a $ 10,000 letter of credit sub-line facility . the total borrowing capacity is based on a borrowing base , which is defined as 85 % of eligible receivables plus the lesser of ( i ) 70 % of the value of eligible inventory or ( ii ) 85 % of the net orderly liquidation value of eligible inventory and less reserves . the scheduled maturity date of loans under the bofa agreement is february 28 , 2018 ( subject to customary early termination provisions ) . all obligations under the bofa agreement are secured by substantially all the assets of the company , subject to the first priority lien on certain assets held by our term loan lender described below . proceeds from the loans were used to satisfy existing debt , pay fees and transaction expenses associated with the closing of the bofa agreement , pay obligations under the bofa agreement , make payments on the term loan described below , and for lawful corporate purposes , 14 including working capital . as a result of our refinancing , interest expense attributable to our new credit facilities is lower on comparable debt levels than our prior loan agreement in the latter half of 2013. in february 2013 , we entered into a new term loan agreement ( the `` term loan agreement `` ) with salus capital partners , llc , as administrative agent and collateral agent , and each lender from time to time a party to the term loan agreement providing for a $ 15,000 term loan ( the `` term loan `` ) . proceeds from the term loan were used to repay certain existing debt , to finance the acquisition of working capital assets in the ordinary course of business and capital expenditures , and for general corporate purposes . the term loan is secured by certain assets of the company , including a first priority lien on intellectual property , plant , property and equipment , and a pledge of 65 % of the ownership interests in certain subsidiaries of the company . the term loan matures on february 28 , 2018. as discussed in the note 5 of the notes to our consolidated financial statements included in this report and in `` liquidity and capital resources `` below , in november 2013 , we entered into amendments to each of the bofa agreement and the term loan agreement that modified the financial covenants with which we are required to comply . story_separator_special_tag for certain events of default relating to insolvency and receivership , all outstanding obligations would become due and payable . total borrowing capacity under the bofa agreement at december 31 , 2013 was $ 47,620 and borrowing availability was $ 12,842. prior bank of america loan agreement the bofa agreement entered into in february 2013 replaced our prior secured credit facility with bank of america , n.a . , as administrative agent , as set forth in the amended and restated loan agreement , dated august 2 , 2010 , as amended through november 7 , 2012 ( as amended , the `` prior loan agreement `` ) . the prior loan agreement provided for an $ 80,000 working capital revolving credit facility . the amounts outstanding under the prior loan agreement was paid in full on february 28 , 2013. we had also entered into various interest rate swap agreements in the past which effectively fixed the interest rates on a portion of the outstanding debt , of which , the last agreement matured on june 7 , 2012. in addition , the credit facility had an unused line fee based on the unused amount of the credit facility equal to 25 basis points . the prior loan agreement also contained customary events of default , including a cross default provision and a change of control provision . in the event of a default , all of the obligations of the company and its subsidiaries under the loan agreement may be declared immediately due and payable . for certain events of default relating to insolvency and receivership , all outstanding obligations become due and payable . term loan on february 28 , 2013 the company and its subsidiary , summer infant ( usa ) , inc. , as borrowers , entered into a term-loan agreement ( the `` term loan agreement `` ) with salus capital partners , llc , as administrative agent and collateral agent , and each lender from time to time a party to the term loan agreement providing for a $ 15,000 term-loan ( the `` term loan `` ) . proceeds from the term loan were used to repay certain existing debt , and were also used to finance the acquisition of working capital assets in the ordinary course of business , capital expenditures , and for other general corporate purposes . the term loan is secured by certain assets of the company , including a first priority lien on intellectual property , plant , property and equipment , and a pledge of 65 % of the ownership interests in certain subsidiaries of the company . the term loan matures on february 28 , 2018. in addition , summer infant canada limited and summer infant europe limited , subsidiaries of the company , are guarantors under the term loan agreement . the principal of the term loan is being repaid , on a quarterly basis , in installments of $ 375 , commencing with the quarter ending september 30 , 2013 , until paid in full on termination . the term loan bears interest at an annual rate equal to libor , plus 10 % , with a libor floor of 1.25 % . interest payments are due monthly , in arrears . as of december 31 , 2013 the interest rate on the term loan was 11.25 % . the term loan agreement contains customary affirmative and negative covenants substantially the same as the bofa agreement described above . in addition , prior to the amendment in november 2013 described below , we were required to ( i ) meet the same minimum , monthly consolidated ebitda as set forth in the bofa agreement and ( ii ) initially maintain a monthly senior leverage ratio of 1:1. for 22 periods after february 28 , 2014 , the senior leverage ratio will be based on an annual business plan to be approved by the company 's board of directors and will be tested monthly on a trailing twelve month basis . for purposes of the financial covenants in the term loan agreement , the senior leverage ratio is the ratio of ( 1 ) all amounts outstanding under the term loan agreement and the bofa agreement to ( 2 ) consolidated ebitda for the twelve-month period ending as of the last day of the most recently ended fiscal month . the term loan agreement also contains events of default , including a cross default with the bofa agreement , the occurrence of a material adverse event , the occurrence of a change of control , and the recall of products having a value of $ 2,000 or more . in the event of a default , all of the obligations of the company and its subsidiaries under the term loan agreement may be declared immediately due and payable . for certain events of default relating to insolvency and receivership , all outstanding obligations would become due and payable . on november 8 , 2013 , we entered into an amendment ( the `` term loan amendment `` ) to the term loan agreement . the term loan amendment amended the financial covenants in the term loan agreement to provide that ( i ) we are no longer required to comply with the minimum ebitda covenants for any period ending after september 30 , 2013 , ( ii ) we maintain a trailing 12-month fixed charge coverage ratio of at least 1.0 to1.0 , tested on a monthly basis , from and after september 30 , 2013 , and ( iii ) commencing february 28 , 2014 , we maintain a trailing 12-month senior leverage ratio , tested on a monthly basis of ( a ) no more than 6.0 to 1.0 for the periods ending on or before june 30 , 2014 , ( b ) no more than 5.5 to 1.0 for periods ending july 1 , 2014 through september 30 , 2014

liquidity and capital resources we generally fund our operations and working capital needs through cash generated from operations and borrowings under our credit facility . in our typical operational cash flow cycle , inventory is purchased in u.s. dollars to meet expected demand plus a safety stock . because the majority of our suppliers are based in asia , inventory takes from three to four weeks to arrive from asia to the various distribution points we maintain in the united states , canada and the united kingdom . payment terms for these vendors are approximately 60-90 days from the date the product ships from asia , therefore we are generally paying for the product a short time after it is physically received in the united states . in turn , sales to customers generally have payment terms of 30 to 60 days , resulting in an accounts receivable and increasing the amount of cash required to fund working capital . to bridge the gap between paying our suppliers and receiving payment from our customers for goods sold , we rely on our credit facilities . the majority of our capital expenditures are for tools and molds related to new product introductions . we receive indications from retailers generally around the middle of each year as to what products the retailer will be taking into its product line for the upcoming year . based on these indications , we will then acquire the tools and molds required to build and produce the products . in most cases , the payments for the tools are spread out over a three to four month period . for the twelve months ended december 31 , 2013 , net cash provided by operating activities totaled $ 19,061. for the twelve months ended december 31 , 2012 , net cash provided by operating activities totaled $ 4,643. the change in net cash relating to operating activities in 2013 as compared to 2012 is largely attributable to improved working capital management in collections , vendor management , and inventory as well as the implementation of a direct import program over the past year .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources we generally fund our operations and working capital needs through cash generated from operations and borrowings under our credit facility . in our typical operational cash flow cycle , inventory is purchased in u.s. dollars to meet expected demand plus a safety stock . because the majority of our suppliers are based in asia , inventory takes from three to four weeks to arrive from asia to the various distribution points we maintain in the united states , canada and the united kingdom . payment terms for these vendors are approximately 60-90 days from the date the product ships from asia , therefore we are generally paying for the product a short time after it is physically received in the united states . in turn , sales to customers generally have payment terms of 30 to 60 days , resulting in an accounts receivable and increasing the amount of cash required to fund working capital . to bridge the gap between paying our suppliers and receiving payment from our customers for goods sold , we rely on our credit facilities . the majority of our capital expenditures are for tools and molds related to new product introductions . we receive indications from retailers generally around the middle of each year as to what products the retailer will be taking into its product line for the upcoming year . based on these indications , we will then acquire the tools and molds required to build and produce the products . in most cases , the payments for the tools are spread out over a three to four month period . for the twelve months ended december 31 , 2013 , net cash provided by operating activities totaled $ 19,061. for the twelve months ended december 31 , 2012 , net cash provided by operating activities totaled $ 4,643. the change in net cash relating to operating activities in 2013 as compared to 2012 is largely attributable to improved working capital management in collections , vendor management , and inventory as well as the implementation of a direct import program over the past year .
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 Suspicious Activity Report : we will also continue to work with a growing number of specialty retail 13 operators that allow us to continue our pursuit of a `` good , better , best `` approach and with customers seeking differentiated products and support . we will also continue to expand our business internationally . building brandshistorically , we have marketed products under our own brands , under license agreements for other brands , and under private label agreements . going forward , our focus will be on building our core brands of summer® , swaddleme® , and born free® , particularly among first-time prenatal moms , through improved marketing , including through social media . executing operational excellenceour entire organization is focused on delivering operational efficiency and excellence , such as through sku rationalization and utilization of a direct import program . by improving our analytic and forecasting capabilities , product development process , and management of working capital and costs , we expect continued improvement to internal processes that should , in turn , benefit our customers . by renewing our focus on these core strengths , as well as a focus on gross margins and a return on capital , we expect to drive future growth , improve profitability and to further develop and strengthen our relationships with our suppliers , retail customers and end-users of our products . we believe that , based on our core strengths and strategic priorities , we are well-positioned to capitalize on positive market trends including that u.s. birth rates are predicted to increase over the next several years after several years of low birth rates . 2013 activities cost reduction initiatives the company implemented several cost reduction initiatives in the third quarter of 2012 designed to lower promotional costs and advertising expenses , reduce operating costs , and improve margins . these initiatives have resulted in tighter controls of retailer program costs , a reduction in worldwide headcount , a reduction in executive salaries , voluntary reduction in board of director compensation , cuts in overhead spending relating to discontinuing various outside services , and negotiated lower professional service fees . additional headcount reductions were initiated in the first quarter of 2013. in november 2013 , the company initiated additional cost reduction actions , including global staff reductions , and reductions in temporary labor , professional fees and outside services which resulted in a fourth quarter of 2013 charge of $ 614. we expect the actions taken in 2013 will result in additional annual cost savings of approximately $ 4,000 beginning in 2014. new credit facility and term loan in february 2013 , we entered into a new loan and security agreement ( the `` bofa agreement `` ) with bank of america , n.a . , as agent , the financial institutions party to the agreement from time to time as lenders . the bofa agreement replaces our prior credit facility with bank of america that was set to expire in december 2013. the bofa agreement provides for an $ 80,000 , asset-based revolving credit facility , with a $ 10,000 letter of credit sub-line facility . the total borrowing capacity is based on a borrowing base , which is defined as 85 % of eligible receivables plus the lesser of ( i ) 70 % of the value of eligible inventory or ( ii ) 85 % of the net orderly liquidation value of eligible inventory and less reserves . the scheduled maturity date of loans under the bofa agreement is february 28 , 2018 ( subject to customary early termination provisions ) . all obligations under the bofa agreement are secured by substantially all the assets of the company , subject to the first priority lien on certain assets held by our term loan lender described below . proceeds from the loans were used to satisfy existing debt , pay fees and transaction expenses associated with the closing of the bofa agreement , pay obligations under the bofa agreement , make payments on the term loan described below , and for lawful corporate purposes , 14 including working capital . as a result of our refinancing , interest expense attributable to our new credit facilities is lower on comparable debt levels than our prior loan agreement in the latter half of 2013. in february 2013 , we entered into a new term loan agreement ( the `` term loan agreement `` ) with salus capital partners , llc , as administrative agent and collateral agent , and each lender from time to time a party to the term loan agreement providing for a $ 15,000 term loan ( the `` term loan `` ) . proceeds from the term loan were used to repay certain existing debt , to finance the acquisition of working capital assets in the ordinary course of business and capital expenditures , and for general corporate purposes . the term loan is secured by certain assets of the company , including a first priority lien on intellectual property , plant , property and equipment , and a pledge of 65 % of the ownership interests in certain subsidiaries of the company . the term loan matures on february 28 , 2018. as discussed in the note 5 of the notes to our consolidated financial statements included in this report and in `` liquidity and capital resources `` below , in november 2013 , we entered into amendments to each of the bofa agreement and the term loan agreement that modified the financial covenants with which we are required to comply . story_separator_special_tag for certain events of default relating to insolvency and receivership , all outstanding obligations would become due and payable . total borrowing capacity under the bofa agreement at december 31 , 2013 was $ 47,620 and borrowing availability was $ 12,842. prior bank of america loan agreement the bofa agreement entered into in february 2013 replaced our prior secured credit facility with bank of america , n.a . , as administrative agent , as set forth in the amended and restated loan agreement , dated august 2 , 2010 , as amended through november 7 , 2012 ( as amended , the `` prior loan agreement `` ) . the prior loan agreement provided for an $ 80,000 working capital revolving credit facility . the amounts outstanding under the prior loan agreement was paid in full on february 28 , 2013. we had also entered into various interest rate swap agreements in the past which effectively fixed the interest rates on a portion of the outstanding debt , of which , the last agreement matured on june 7 , 2012. in addition , the credit facility had an unused line fee based on the unused amount of the credit facility equal to 25 basis points . the prior loan agreement also contained customary events of default , including a cross default provision and a change of control provision . in the event of a default , all of the obligations of the company and its subsidiaries under the loan agreement may be declared immediately due and payable . for certain events of default relating to insolvency and receivership , all outstanding obligations become due and payable . term loan on february 28 , 2013 the company and its subsidiary , summer infant ( usa ) , inc. , as borrowers , entered into a term-loan agreement ( the `` term loan agreement `` ) with salus capital partners , llc , as administrative agent and collateral agent , and each lender from time to time a party to the term loan agreement providing for a $ 15,000 term-loan ( the `` term loan `` ) . proceeds from the term loan were used to repay certain existing debt , and were also used to finance the acquisition of working capital assets in the ordinary course of business , capital expenditures , and for other general corporate purposes . the term loan is secured by certain assets of the company , including a first priority lien on intellectual property , plant , property and equipment , and a pledge of 65 % of the ownership interests in certain subsidiaries of the company . the term loan matures on february 28 , 2018. in addition , summer infant canada limited and summer infant europe limited , subsidiaries of the company , are guarantors under the term loan agreement . the principal of the term loan is being repaid , on a quarterly basis , in installments of $ 375 , commencing with the quarter ending september 30 , 2013 , until paid in full on termination . the term loan bears interest at an annual rate equal to libor , plus 10 % , with a libor floor of 1.25 % . interest payments are due monthly , in arrears . as of december 31 , 2013 the interest rate on the term loan was 11.25 % . the term loan agreement contains customary affirmative and negative covenants substantially the same as the bofa agreement described above . in addition , prior to the amendment in november 2013 described below , we were required to ( i ) meet the same minimum , monthly consolidated ebitda as set forth in the bofa agreement and ( ii ) initially maintain a monthly senior leverage ratio of 1:1. for 22 periods after february 28 , 2014 , the senior leverage ratio will be based on an annual business plan to be approved by the company 's board of directors and will be tested monthly on a trailing twelve month basis . for purposes of the financial covenants in the term loan agreement , the senior leverage ratio is the ratio of ( 1 ) all amounts outstanding under the term loan agreement and the bofa agreement to ( 2 ) consolidated ebitda for the twelve-month period ending as of the last day of the most recently ended fiscal month . the term loan agreement also contains events of default , including a cross default with the bofa agreement , the occurrence of a material adverse event , the occurrence of a change of control , and the recall of products having a value of $ 2,000 or more . in the event of a default , all of the obligations of the company and its subsidiaries under the term loan agreement may be declared immediately due and payable . for certain events of default relating to insolvency and receivership , all outstanding obligations would become due and payable . on november 8 , 2013 , we entered into an amendment ( the `` term loan amendment `` ) to the term loan agreement . the term loan amendment amended the financial covenants in the term loan agreement to provide that ( i ) we are no longer required to comply with the minimum ebitda covenants for any period ending after september 30 , 2013 , ( ii ) we maintain a trailing 12-month fixed charge coverage ratio of at least 1.0 to1.0 , tested on a monthly basis , from and after september 30 , 2013 , and ( iii ) commencing february 28 , 2014 , we maintain a trailing 12-month senior leverage ratio , tested on a monthly basis of ( a ) no more than 6.0 to 1.0 for the periods ending on or before june 30 , 2014 , ( b ) no more than 5.5 to 1.0 for periods ending july 1 , 2014 through september 30 , 2014

