12. Debt Obligations

Debt obligations primarily consist of amounts related to loans sold that did not qualify for loan sale accounting treatment. The following table summarizes debt obligations (in thousands):



	March 31, 2018		April 1, 2017
Acquired securitized financings (acquired as part of the Palm Harbor transaction)
Securitized financing 2005-1	$	20,524	$	23,756
Securitized financing 2007-1	22,552		25,728
Other secured financings	4,966		4,987
Secured Credit Facilities	11,770		3,520
	$	59,812	$	57,991

Acquired securitized financings were recorded at fair value at the time of acquisition, which resulted in a discount, and subsequently are accounted for in a manner similar to ASC 310-30 to accrete the discount.

The following table summarizes acquired securitized financings (in thousands):



	March 31, 2018			April 1, 2017
Securitized financings – contractual amount	$	46,591		$	57,120
Purchase Discount
Accretable	(3,515		)	(7,636		)
Non-accretable (1)	—			—
Total acquired securitized financings, net	$	43,076		$	49,484

(1) There is no non-accretable difference, as the contractual payments on acquired securitized financing are determined by the cash collections from the underlying loans.

Over the life of the loans, the Company continues to estimate cash flows expected to be paid on securitized financings. The Company evaluates at the balance sheet date whether the present value of its securitized financings, determined using the effective interest rate, has increased or decreased. The present value of any subsequent change in cash flows expected to be paid adjusts the amount of accretable yield recognized on a prospective basis over the securitized financing's remaining life.

The changes in accretable yield on securitized financings were as follows (in thousands):



	Year Ended
	March 31, 2018			April 1, 2017
Balance at the beginning of the period	$	7,636		$	12,333
Additions	—			—
Accretion	(3,336		)	(3,724		)
Adjustment to cash flows	(785		)	(973		)
Balance at the end of the period	$	3,515		$	7,636

Prior to the Company's acquisition of Palm Harbor and CountryPlace, CountryPlace completed its initial securitization (2005-1), which was structured as a securitized borrowing. At the balance sheet dates of March 31, 2018 and April 1, 2017, only Class A-4 originally totaling $27.4 million with a coupon rate of 5.20% remained outstanding, with a call date in January 2019. Additionally, CountryPlace completed its second securitized borrowing (2007-1), of which only Class A-4 originally totaling $25.1 million with a coupon rate of 5.846% remained outstanding at March 31, 2018, with a call date in July 2019. As of April 1, 2017, in addition to the Class A-4 bond, Class A-3 was also outstanding, originally totaling $24.5 million with a coupon rate of 5.593%. It is anticipated that the Company will purchase or refinance these outstanding 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.

The Company has entered into secured credit facilities with independent third party banks for a total of $15.0 million with one year draw periods and maturity dates of ten years after the expiration of the draw periods. The proceeds are used by the Company 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 the Company has 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%. The Company has 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.

Scheduled maturities for future fiscal years of the Company's debt obligations consist of the following (in thousands):



2019	$	26,044
2020	20,289
2021	1,619
2022	1,464
2023	3,633
Thereafter	6,763

Actual payments may vary from those above, resulting from prepayments or defaults on the underlying mortgage portfolio.