Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 58

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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, qualifications, and baskets, on the ability of the Company and its subsidiaries to incur additional indebtedness or guarantees of indebtedness, pay dividends or distributions on, redeem, repurchase, or retire capital stock, make investments, loans, advances, or acquisitions, enter into sale and leaseback transactions, engage in transactions with affiliates, create liens, transfer or sell assets, create restrictions 

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on the payment of dividends or other distributions from subsidiaries, and consolidate, merge, or transfer all or substantially all of the assets of the Company and its subsidiaries taken as a whole), and events of default (as defined in the Credit Agreement).In addition, the Credit Agreement includes the following financial covenants (i) as of the end of any fiscal quarter, the Consolidated Total Leverage Ratio (as defined in the Credit Agreement) cannot exceed 3.25 to 1.00 and (ii) a requirement to maintain Consolidated EBITDA (as defined in the Credit Agreement) for any period of four fiscal quarters of at least $75 million.As of December 28, 2024 and March 30, 2024, there were no borrowings outstanding under the Revolving Credit Facility or the previous credit agreement entered into on November 22, 2022 and we were in compliance with all covenants.

12. Reinsurance and Insurance Loss Reserves

Certain of Standard Casualty Company's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations.The effects of reinsurance on premiums written and earned were as follows (in thousands):Three Months EndedDecember 28, 2024December 30, 2023WrittenEarnedWrittenEarnedDirect premiums$19,260 $24,645 $11,135 $10,693 Assumed premiums—nonaffiliated21,534 20,629 8,430 8,459 Ceded premiums—nonaffiliated(17,387)(17,387)(6,406)(6,406)$23,407 $27,887 $13,159 $12,746 Nine Months EndedDecember 28, 2024December 30, 2023WrittenEarnedWrittenEarnedDirect premiums$32,763 $36,947 $31,581 $28,740 Assumed premiums—nonaffiliated33,269 30,133