company growth from its inception in 1965 , cavco traditionally served affordable housing markets in the southwestern united states principally through manufactured home production . during the period from 1997 to 2000 , cavco was purchased by and became a wholly-owned subsidiary of centex corporation , which operated the company until 2003 , when cavco became a stand-alone publicly-held company traded on the nasdaq global select market under the ticker symbol cvco . 30 beginning in 2007 , the overall housing industry experienced a multi-year decline , which included the manufactured housing industry . since this downturn , cavco strategically expanded its factory operations and related business initiatives primarily through the acquisition of industry competitor operations . this development has enabled the company to more broadly participate in the overall housing industry recovery . in 2009 , the company acquired certain manufactured housing assets and liabilities of fleetwood . the assets purchased included seven operating production facilities as well as idle factories . during fiscal year 2011 , the company acquired certain manufactured housing assets and liabilities of palm harbor homes , inc. , a florida corporation . the assets purchased included five operating production facilities as well as idle factories , 49 operating retail locations , a manufactured housing finance company and a homeowners insurance company . these acquisitions expanded the company 's presence across the united states . in 2015 , the company purchased the business and operating assets of chariot eagle , a florida-based manufacturer of park model rvs and manufactured homes , as well as certain assets and liabilities of fairmont homes . these transactions provided additional home production capabilities , grew the company 's offering of park model rv product lines and further strengthened our market position in the southeast , midwest , the western great plains states and several provinces in canada . on april 3 , 2017 , the company purchased lexington homes , which operates a manufacturing facility in lexington , mississippi . this transaction was accounted for as a business combination and provides additional home production capabilities , further expanding our distribution into new southern markets . the company operates 20 homebuilding facilities located in millersburg and woodburn , oregon ; nampa , idaho ; riverside , california ; phoenix and goodyear , arizona ; austin , fort worth , seguin and waco , texas ; montevideo , minnesota ( 2 ) ; nappanee , indiana ; lafayette , tennessee ; lexington , mississippi ; martinsville and rocky mount , virginia ; douglas , georgia ; plant city and ocala , florida . the majority of the homes produced are sold to and distributed by independently owned retailers located primarily throughout the united states and canada . in addition , our homes are sold through 39 company-owned u.s. retail locations . we regularly review our product offerings throughout the combined organization and strive to improve product designs , production methods and marketing strategies . the supportive market response to the past and recent acquisitions has been encouraging and we believe that these expansions provide positive long-term strategic benefits for the company . we plan to focus on developing synergies among all operations , which continue to have organic growth potential . company outlook we maintain a conservative cost structure in an effort to build added value into our homes . we have placed a consistent focus on developing synergies among all operations . in addition , the company has worked diligently to maintain a solid financial position . our balance sheet strength and position in cash and cash equivalents should help us avoid liquidity problems and enable us to act effectively as market opportunities present themselves . with manufacturing facilities strategically positioned across the united states , we utilize local market research to design homes to meet the demands of our customers . we have the ability to customize floor plans and designs to fulfill specific needs and interests . by offering a full range of homes from entry-level models to large custom homes with the ability to engineer designs in-house , we can accommodate virtually any customer request . in addition to homes built to the federal hud code , we construct modular homes that conform to state and local codes , park model rvs and cabins and light commercial buildings at many of our manufacturing facilities . 31 we employ a concerted effort to identify niche market opportunities where our diverse product lines and custom building capabilities provide us with a competitive advantage . our green building initiatives involve the creation of an energy efficient envelope and higher utilization of renewable materials . these homes provide environmentally-friendly maintenance requirements , typically lower utility costs , specially designed ventilation systems and sustainability . cavco also builds homes designed to use alternative energy sources , such as solar and wind . from bamboo flooring and tankless water heaters to solar-powered homes , our products are diverse and tailored to a wide range of consumer interests . innovation in housing design is a forte of the company and we continue to introduce new models at competitive price points with expressive interiors and exteriors that complement home styles in the areas in which they are located . based on the relatively low cost associated with manufactured home ownership , our products have traditionally competed with rental housing 's monthly payment affordability . rental housing activity is reported to have continued to increase in recent years . as a result , tenant housing vacancy rates appear to have declined , causing a corresponding rise in associated rental rates . these rental market factors may cause some renters to become interested buyers of affordable-housing alternatives , including manufactured homes . further , with respect to the general rise in demand for rental housing , we have realized a larger proportion of orders from developers and community owners for new manufactured homes intended for use as rental housing . story_separator_special_tag cash used for investing activities in fiscal 2016 consisted of the net asset purchase of two subsidiaries , in addition to purchases of property , plant and equipment and investments in publicly-traded securities , offset by proceeds from investment sales . net cash provided by financing activities for the year ended march 31 , 2018 was primarily from advances on secured credit facilities , offset by payments on securitized financings . net cash used in financing activities for fiscal 2017 was from payments made on securitized financings , offset by proceeds from secured credit facilities and tax benefits from stock option exercises . net cash used in financing activities for fiscal 2016 was primarily from payments made on securitized financings , offset by proceeds from other secured financing and tax benefits from stock option exercises . financings . as of march 31 , 2018 , there were two classes of securitized bond debt outstanding : one totaling $ 20.5 million with a coupon rate of 5.20 % with a call date in january 2019 , and one totaling $ 22.6 million with a coupon rate of 5.846 % with a call date in july 2019. it is anticipated that we will purchase or refinance these facilities prior to their call dates . countryplace 's securitized debt is subject to provisions that require certain levels of overcollateralization . overcollateralization is equal to countryplace 's equity in the bonds . failure to satisfy these provisions could cause cash , which would normally be distributed to countryplace , to be used for repayment of the principal of the related class a bonds until the required overcollateralization level is reached . during periods when the overcollateralization is below the specified level , cash collections from the securitized loans in excess of servicing fees payable to countryplace and amounts owed to the class a bondholders , trustee and surety , are applied to reduce the class a debt until such time the overcollateralization level reaches the specified level . therefore , failure to meet the overcollateralization requirement could adversely affect the timing of cash flows received by countryplace . however , principal payments of the securitized debt , including accelerated amounts , is payable only from cash collections from the securitized loans and no additional sources of repayment are required or permitted . as of march 31 , 2018 , the 2005-1 and 2007-1 securitized portfolios were within the required overcollateralization level . in addition , we have entered into secured credit facilities with independent third party banks for a total of $ 15.0 million , of which $ 3.2 million is available , with one year draw periods and maturity dates of ten years after the expiration of the draw periods . the proceeds are used to originate and hold consumer home-only loans secured by manufactured homes , which are pledged as collateral to the facilities . the maximum advance for loans under this program is 80 % of the outstanding collateral principal balance , with the company providing the remaining funds . one of the facilities has a floating interest rate during a one year draw period in which we have the option to convert all or a portion of the loan to a fixed rate . during the draw period , the facility bears interest at an annual rate of the average one month libor rates plus 3.50 % . upon conversion , converted balances bear interest at an annual rate of 10 year u.s. treasury bonds plus 2.75 % . we exercised the early conversion option on all outstanding amounts under this facility prior to march 31 , 2018. payments are based on a 20 year amortization schedule with a balloon payment due upon maturity . the other facility has a fixed interest rate of 4.75 % . payments are interest only with a balloon payment due upon maturity . 40 contractual obligations and commitments the following table summarizes our contractual obligations at march 31 , 2018 to make future payments under our debt obligations and lease agreements . this table excludes long-term obligations for which there is no definite commitment period . replace_table_token_13_th ( 1 ) interest is calculated by applying contractual interest rates to month-end balances . the timing of these estimated payments fluctuates based upon various factors , including estimated loan portfolio prepayment and default rates . additionally , the company has contingent commitments at march 31 , 2018 , consisting of contingent repurchase obligations , letters of credit and remaining construction contingent commitments . for additional information related to these contingent obligations , see note 15 to the consolidated financial statements . the company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products . the maximum amount for which the company was liable under such agreements approximated $ 55.6 million at march 31 , 2018 , without reduction for the resale value of the homes . although the repurchase obligations outstanding have a finite life , these commitments are continually replaced as we continue to sell manufactured homes to retailers under repurchase and other recourse agreements with lending institutions which have provided wholesale floor plan financing to retailers . the company maintains an irrevocable letter of credit of $ 7.0 million to provide assurance that the company will fulfill its reinsurance obligations . this letter of credit is secured by certain of the company 's investments . while the current letters of credit have finite lives , they are subject to renewal based on their underlying requirements . the company has a commitment to fund construction-period mortgages up to $ 16.0 million at march 31 , 2018 . the total loan contract amount , less cumulative advances , represents an off-balance sheet contingent commitment of countryplace to fund future advances . critical accounting policies our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which have

liquidity and capital resources we believe that cash and cash equivalents at march 31 , 2018 , together with cash flow from operations , will be sufficient to fund our operations and provide for growth for the next 12 months and into the foreseeable future . we maintain cash in u.s. treasury money market funds and money market funds , some of which are in excess of federally insured limits . we expect to continue to evaluate potential acquisitions of , or strategic investments in , businesses that are complementary to our company . such transactions may require the use of cash and have other impacts on the company 's liquidity and capital resources in the event of such a transaction . the recent acquisition of lexington homes did not have a significant impact on our liquidity or capital resources . because of the company 's sufficient cash position , the company has not historically sought external sources of liquidity , with the exception of certain credit facilities for our home-only lending programs . however , depending on our operating results and strategic opportunities , we may need to seek additional or alternative sources of financing . there can be no assurance that such financing would be available on satisfactory terms , if at all . if this financing were not available , it could be necessary for us to reevaluate our long-term operating plans to make more efficient use of our existing capital resources .


 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 believe that cash and cash equivalents at march 31 , 2018 , together with cash flow from operations , will be sufficient to fund our operations and provide for growth for the next 12 months and into the foreseeable future . we maintain cash in u.s. treasury money market funds and money market funds , some of which are in excess of federally insured limits . we expect to continue to evaluate potential acquisitions of , or strategic investments in , businesses that are complementary to our company . such transactions may require the use of cash and have other impacts on the company 's liquidity and capital resources in the event of such a transaction . the recent acquisition of lexington homes did not have a significant impact on our liquidity or capital resources . because of the company 's sufficient cash position , the company has not historically sought external sources of liquidity , with the exception of certain credit facilities for our home-only lending programs . however , depending on our operating results and strategic opportunities , we may need to seek additional or alternative sources of financing . there can be no assurance that such financing would be available on satisfactory terms , if at all . if this financing were not available , it could be necessary for us to reevaluate our long-term operating plans to make more efficient use of our existing capital resources .
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 Suspicious Activity Report : company growth from its inception in 1965 , cavco traditionally served affordable housing markets in the southwestern united states principally through manufactured home production . during the period from 1997 to 2000 , cavco was purchased by and became a wholly-owned subsidiary of centex corporation , which operated the company until 2003 , when cavco became a stand-alone publicly-held company traded on the nasdaq global select market under the ticker symbol cvco . 30 beginning in 2007 , the overall housing industry experienced a multi-year decline , which included the manufactured housing industry . since this downturn , cavco strategically expanded its factory operations and related business initiatives primarily through the acquisition of industry competitor operations . this development has enabled the company to more broadly participate in the overall housing industry recovery . in 2009 , the company acquired certain manufactured housing assets and liabilities of fleetwood . the assets purchased included seven operating production facilities as well as idle factories . during fiscal year 2011 , the company acquired certain manufactured housing assets and liabilities of palm harbor homes , inc. , a florida corporation . the assets purchased included five operating production facilities as well as idle factories , 49 operating retail locations , a manufactured housing finance company and a homeowners insurance company . these acquisitions expanded the company 's presence across the united states . in 2015 , the company purchased the business and operating assets of chariot eagle , a florida-based manufacturer of park model rvs and manufactured homes , as well as certain assets and liabilities of fairmont homes . these transactions provided additional home production capabilities , grew the company 's offering of park model rv product lines and further strengthened our market position in the southeast , midwest , the western great plains states and several provinces in canada . on april 3 , 2017 , the company purchased lexington homes , which operates a manufacturing facility in lexington , mississippi . this transaction was accounted for as a business combination and provides additional home production capabilities , further expanding our distribution into new southern markets . the company operates 20 homebuilding facilities located in millersburg and woodburn , oregon ; nampa , idaho ; riverside , california ; phoenix and goodyear , arizona ; austin , fort worth , seguin and waco , texas ; montevideo , minnesota ( 2 ) ; nappanee , indiana ; lafayette , tennessee ; lexington , mississippi ; martinsville and rocky mount , virginia ; douglas , georgia ; plant city and ocala , florida . the majority of the homes produced are sold to and distributed by independently owned retailers located primarily throughout the united states and canada . in addition , our homes are sold through 39 company-owned u.s. retail locations . we regularly review our product offerings throughout the combined organization and strive to improve product designs , production methods and marketing strategies . the supportive market response to the past and recent acquisitions has been encouraging and we believe that these expansions provide positive long-term strategic benefits for the company . we plan to focus on developing synergies among all operations , which continue to have organic growth potential . company outlook we maintain a conservative cost structure in an effort to build added value into our homes . we have placed a consistent focus on developing synergies among all operations . in addition , the company has worked diligently to maintain a solid financial position . our balance sheet strength and position in cash and cash equivalents should help us avoid liquidity problems and enable us to act effectively as market opportunities present themselves . with manufacturing facilities strategically positioned across the united states , we utilize local market research to design homes to meet the demands of our customers . we have the ability to customize floor plans and designs to fulfill specific needs and interests . by offering a full range of homes from entry-level models to large custom homes with the ability to engineer designs in-house , we can accommodate virtually any customer request . in addition to homes built to the federal hud code , we construct modular homes that conform to state and local codes , park model rvs and cabins and light commercial buildings at many of our manufacturing facilities . 31 we employ a concerted effort to identify niche market opportunities where our diverse product lines and custom building capabilities provide us with a competitive advantage . our green building initiatives involve the creation of an energy efficient envelope and higher utilization of renewable materials . these homes provide environmentally-friendly maintenance requirements , typically lower utility costs , specially designed ventilation systems and sustainability . cavco also builds homes designed to use alternative energy sources , such as solar and wind . from bamboo flooring and tankless water heaters to solar-powered homes , our products are diverse and tailored to a wide range of consumer interests . innovation in housing design is a forte of the company and we continue to introduce new models at competitive price points with expressive interiors and exteriors that complement home styles in the areas in which they are located . based on the relatively low cost associated with manufactured home ownership , our products have traditionally competed with rental housing 's monthly payment affordability . rental housing activity is reported to have continued to increase in recent years . as a result , tenant housing vacancy rates appear to have declined , causing a corresponding rise in associated rental rates . these rental market factors may cause some renters to become interested buyers of affordable-housing alternatives , including manufactured homes . further , with respect to the general rise in demand for rental housing , we have realized a larger proportion of orders from developers and community owners for new manufactured homes intended for use as rental housing . story_separator_special_tag cash used for investing activities in fiscal 2016 consisted of the net asset purchase of two subsidiaries , in addition to purchases of property , plant and equipment and investments in publicly-traded securities , offset by proceeds from investment sales . net cash provided by financing activities for the year ended march 31 , 2018 was primarily from advances on secured credit facilities , offset by payments on securitized financings . net cash used in financing activities for fiscal 2017 was from payments made on securitized financings , offset by proceeds from secured credit facilities and tax benefits from stock option exercises . net cash used in financing activities for fiscal 2016 was primarily from payments made on securitized financings , offset by proceeds from other secured financing and tax benefits from stock option exercises . financings . as of march 31 , 2018 , there were two classes of securitized bond debt outstanding : one totaling $ 20.5 million with a coupon rate of 5.20 % with a call date in january 2019 , and one totaling $ 22.6 million with a coupon rate of 5.846 % with a call date in july 2019. it is anticipated that we will purchase or refinance these facilities prior to their call dates . countryplace 's securitized debt is subject to provisions that require certain levels of overcollateralization . overcollateralization is equal to countryplace 's equity in the bonds . failure to satisfy these provisions could cause cash , which would normally be distributed to countryplace , to be used for repayment of the principal of the related class a bonds until the required overcollateralization level is reached . during periods when the overcollateralization is below the specified level , cash collections from the securitized loans in excess of servicing fees payable to countryplace and amounts owed to the class a bondholders , trustee and surety , are applied to reduce the class a debt until such time the overcollateralization level reaches the specified level . therefore , failure to meet the overcollateralization requirement could adversely affect the timing of cash flows received by countryplace . however , principal payments of the securitized debt , including accelerated amounts , is payable only from cash collections from the securitized loans and no additional sources of repayment are required or permitted . as of march 31 , 2018 , the 2005-1 and 2007-1 securitized portfolios were within the required overcollateralization level . in addition , we have entered into secured credit facilities with independent third party banks for a total of $ 15.0 million , of which $ 3.2 million is available , with one year draw periods and maturity dates of ten years after the expiration of the draw periods . the proceeds are used to originate and hold consumer home-only loans secured by manufactured homes , which are pledged as collateral to the facilities . the maximum advance for loans under this program is 80 % of the outstanding collateral principal balance , with the company providing the remaining funds . one of the facilities has a floating interest rate during a one year draw period in which we have the option to convert all or a portion of the loan to a fixed rate . during the draw period , the facility bears interest at an annual rate of the average one month libor rates plus 3.50 % . upon conversion , converted balances bear interest at an annual rate of 10 year u.s. treasury bonds plus 2.75 % . we exercised the early conversion option on all outstanding amounts under this facility prior to march 31 , 2018. payments are based on a 20 year amortization schedule with a balloon payment due upon maturity . the other facility has a fixed interest rate of 4.75 % . payments are interest only with a balloon payment due upon maturity . 40 contractual obligations and commitments the following table summarizes our contractual obligations at march 31 , 2018 to make future payments under our debt obligations and lease agreements . this table excludes long-term obligations for which there is no definite commitment period . replace_table_token_13_th ( 1 ) interest is calculated by applying contractual interest rates to month-end balances . the timing of these estimated payments fluctuates based upon various factors , including estimated loan portfolio prepayment and default rates . additionally , the company has contingent commitments at march 31 , 2018 , consisting of contingent repurchase obligations , letters of credit and remaining construction contingent commitments . for additional information related to these contingent obligations , see note 15 to the consolidated financial statements . the company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent retailers of its products . the maximum amount for which the company was liable under such agreements approximated $ 55.6 million at march 31 , 2018 , without reduction for the resale value of the homes . although the repurchase obligations outstanding have a finite life , these commitments are continually replaced as we continue to sell manufactured homes to retailers under repurchase and other recourse agreements with lending institutions which have provided wholesale floor plan financing to retailers . the company maintains an irrevocable letter of credit of $ 7.0 million to provide assurance that the company will fulfill its reinsurance obligations . this letter of credit is secured by certain of the company 's investments . while the current letters of credit have finite lives , they are subject to renewal based on their underlying requirements . the company has a commitment to fund construction-period mortgages up to $ 16.0 million at march 31 , 2018 . the total loan contract amount , less cumulative advances , represents an off-balance sheet contingent commitment of countryplace to fund future advances . critical accounting policies our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which have

