CDNS 8-K

Cadence Design Systems Inc (CDNS)

8-K 2024-06-03 For: 2024-05-30

Added on April 11, 2026


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit No.						Description

10.1						Loan Agreement, dated May 30 , 2024, by and among Cadence Design Systems, Inc., Bank of America, N.A. and the other lenders party thereto.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


CADENCE DESIGN SYSTEMS, INC.

By:						/s/ John M. Wall
						John M. Wall
						Senior Vice President and Chief Financial Officer


ARTICLE I DEFINITIONS AND ACCOUNTING TERMS		1
	1.01 Defined Terms	1
	1.02 Other Interpretive Provisions	22
	1.03 Accounting Terms	22
	1.04 Rounding	23
	1.05 Times of Day	23
	1.06 Interest Rates	23

ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS		24

	2.01 Term Loan	24
	2.02 Borrowings, Conversions and Continuations of Loans	24
	2.03 [Reserved.]	25
	2.04 [Reserved.]	25
	2.05 Voluntary Prepayments of Loans	25
	2.06 Mandatory Reduction of Commitments	26
	2.07 Repayment of Loans	26
	2.08 Interest	26
	2.09 Fees	26
	2.10 Computation of Interest and Fees	27
	2.11 Evidence of Debt	27
	2.12 Payments Generally; Administrative Agent’s Clawback	27
	2.13 Sharing of Payments by Lenders	29
	2.14 [Reserved.]	29
	2.15 Defaulting Lenders	30

ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY		30

	3.01 Taxes	30
	3.02 Illegality	35
	3.03 Inability to Determine Rates	35
	3.04 Increased Costs	37
	3.05 Compensation for Losses	38
	3.06 Mitigation Obligations; Replacement of Lenders	39
	3.07 Survival	39

ARTICLE IV [RESERVED]		39

ARTICLE V CONDITIONS PRECEDENT TO CREDIT EXTENSIONS		39

	5.01 Conditions to Effectiveness of the Agreement	39
	5.02 Conditions to the Credit Extension	41

ARTICLE VI REPRESENTATIONS AND WARRANTIES		41

	6.01 Existence, Qualification and Power	41
	6.02 Authorization; No Contravention	41
	6.03 Governmental Authorization; Other Consents	42
	6.04 Binding Effect	42
	6.05 Financial Statements; No Material Adverse Effect	42
	6.06 Litigation	43
	6.07 Taxes	43
	6.08 “Plan Assets”	43


	6.09 Margin Regulations; Investment Company Act	43
	6.10 Disclosure	43
	6.11 Compliance with Laws	44
	6.12 OFAC; Anti-Corruption Laws	44
	6.13 Affected Financial Institutions	44

ARTICLE VII AFFIRMATIVE COVENANTS		44

	7.01 Financial Statements	44
	7.02 Certificates; Other Information	45
	7.03 Notices	47
	7.04 Payment of Taxes	47
	7.05 Preservation of Existence	47
	7.06 Compliance with Laws	47
	7.07 Inspection Rights	47
	7.08 Use of Proceeds	48
	7.09 Anti-Corruption Laws	48
	7.10 Ranking	48

ARTICLE VIII NEGATIVE COVENANTS		48

	8.01 Liens	48
	8.02 [Reserved]	50
	8.03 Indebtedness	50
	8.04 Fundamental Changes	51
	8.05 Dispositions	52
	8.06 Change in Nature of Business	52
	8.07 Transactions with Affiliates	52
	8.08 Use of Proceeds	52
	8.09 Financial Covenant	52
	8.10 Fiscal Year	53
	8.11 Sanctions	53
	8.12 Anti-Corruption Laws	53

ARTICLE IX EVENTS OF DEFAULT AND REMEDIES		53

	9.01 Events of Default	53
	9.02 Remedies Upon Event of Default	55
	9.03 Application of Funds	55

ARTICLE X ADMINISTRATIVE AGENT		56

	10.01 Appointment and Authority	56
	10.02 Rights as a Lender	56
	10.03 Exculpatory Provisions	56
	10.04 Reliance by Administrative Agent	57
	10.05 Delegation of Duties	58
	10.06 Resignation of Administrative Agent	58
	10.07 Non-Reliance on Administrative Agent and Other Lenders	59
	10.08 No Other Duties; Etc	60
	10.09 Administrative Agent May File Proofs of Claim	60
	10.10 ERISA Matters	60
	10.11 Recovery of Erroneous Payments	61



ARTICLE XI MISCELLANEOUS		62

	11.01 Amendments, Etc	62
	11.02 Notices; Effectiveness; Electronic Communications	63
	11.03 No Waiver; Cumulative Remedies; Enforcement	65
	11.04 Expenses; Indemnity; Damage Waiver	66
	11.05 Payments Set Aside	67
	11.06 Successors and Assigns	68
	11.07 Treatment of Certain Information; Confidentiality	71
	11.08 Rights of Setoff	72
	11.09 Interest Rate Limitation	73
	11.10 Counterparts; Integration; Effectiveness	73
	11.11 Survival of Representations and Warranties	73
	11.12 Severability	74
	11.13 Replacement of Lenders	74
	11.14 Governing Law; Jurisdiction; Etc	75
	11.15 Waiver of Jury Trial	76
	11.16 No Advisory or Fiduciary Responsibility	76
	11.17 Electronic Execution; Electronic Records	77
	11.18 USA PATRIOT Act Notice	78
	11.19 [Reserved.]	78
	11.20 California Judicial Reference	78
	11.21 Acknowledgment and Consent to Bail-In of Affected Financial Institutions	78
	11.22 Acknowledgement Regarding any Supported QFCs	79


Pricing Level	Debt Rating of Borrower (Moody’s/S&P/Fitch)	Applicable Rate for Term SOFR Loans	Applicable Rate for Base Rate Loans
I	> A2 / A / A	0.875%	0.000%
II	A3/ A- / A-	1.000%	0.000%
III	Baa1/ BBB+ / BBB+	1.125%	0.125%
IV	Baa2 / BBB / BBB	1.250%	0.250%
V	< Baa3/ BBB- / BBB-	1.375%	0.375%