CIFR 8-K

Cipher Digital Inc. (CIFR)

8-K 2026-03-25 For: 2026-03-23

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Added on April 10, 2026

Date: March 25, 2026	CIPHER DIGITAL INC.

	By:	/s/ Tyler Page
	Name:	Tyler Page
	Title:	Chief Executive Officer

ARTICLE I Definitions	1
Section 1.01 Defined Terms	1
Section 1.02 Terms Generally; GAAP	41
Section 1.03 [Reserved]	41
Section 1.04 Timing of Payment or Performance	41
Section 1.05 Times of Day	41
Section 1.06 Classification of Loans and Borrowings	41
Section 1.07 Certain Conditions, Calculations and Tests	41
Section 1.08 Interest Rates; Benchmark Notification	43
Section 1.09 Exchange Rates; Currency Equivalents	43
ARTICLE II The Credits	44
Section 2.01 Commitments	44
Section 2.02 Loans and Borrowings	44
Section 2.03 Requests for Borrowings	45
Section 2.04 [Reserved]	45
Section 2.05 Letters of Credit	45
Section 2.06 Funding of Borrowings	49
Section 2.07 Interest Elections	50
Section 2.08 Termination and Reduction of Commitments	51
Section 2.09 Evidence of Debt	51
Section 2.10 Repayment of Loans	52
Section 2.11 Prepayment of Loans	52
Section 2.12 Fees	53
Section 2.13 Interest	54
Section 2.14 Alternative Rate of Interest	54
Section 2.15 Increased Costs	56
Section 2.16 Break Funding Payments	57
Section 2.17 Taxes	57
Section 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs	61
Section 2.19 Mitigation Obligations; Replacement of Lenders	62
Section 2.20 Illegality	63
Section 2.21 Incremental Commitments	64
Section 2.22 Extensions of Loans and Commitments	65
Section 2.23 Refinancing Amendments	66
Section 2.24 Defaulting Lender	67
ARTICLE III Representations and Warranties	69
Section 3.01 Organization; Powers	69
Section 3.02 Authorization	69
Section 3.03 Enforceability	70
Section 3.04 Governmental Approvals	70
Section 3.05 Financial Statements	70
Section 3.06 No Material Adverse Effect	70
Section 3.07 Title to Properties; Possession under Leases	70
Section 3.08 [Reserved]	70
Section 3.09 Litigation; Compliance with Laws	70
Section 3.10 Federal Reserve Regulations	71
Section 3.11 Investment Company Act	71

Section 3.12 Use of Proceeds	71
Section 3.13 Tax Returns	71
Section 3.14 No Material Misstatements	71
Section 3.15 Employee Benefit Plans	72
Section 3.16 Environmental Matters	72
Section 3.17 Security Documents	72
Section 3.18 Solvency	73
Section 3.19 Labor Matters	73
Section 3.20 [Reserved]	73
Section 3.21 Intellectual Property; Licenses, Etc	73
Section 3.22 USA PATRIOT Act	73
Section 3.23 Anti-Corruption Laws and Sanctions	73
ARTICLE IV Conditions of Lending	73
Section 4.01 Closing Date	73
Section 4.02 Subsequent Credit Events	75
Section 4.03 Determinations under Section 4.01	76
ARTICLE V Affirmative Covenants	76
Section 5.01 Existence; Business and Properties	76
Section 5.02 Insurance	76
Section 5.03 Taxes	77
Section 5.04 Financial Statements, Reports, Etc	77
Section 5.05 Other Notices	79
Section 5.06 Compliance with Laws	79
Section 5.07 Maintaining Records; Access to Properties and Inspections	79
Section 5.08 Use of Proceeds	79
Section 5.09 [Reserved]	79
Section 5.10 Additional Security; Further Assurances	79
Section 5.11 [Reserved]	81
Section 5.12 Restricted and Unrestricted Subsidiaries; Material Intellectual Property	81
Section 5.13 Anti-Corruption Laws and Sanctions	81
Section 5.14 Post-Closing	81
ARTICLE VI Negative Covenants	81
Section 6.02 Liens	84
Section 6.03 Asset Sales	88
Section 6.04 Investments, Loans and Advances	88
Section 6.05 Mergers and Fundamental Changes	91
Section 6.06 Restricted Payments	91
Section 6.07 [Reserved]	93
Section 6.08 Restrictions on Subsidiary Distributions and Negative Pledge Clauses	93
Section 6.09 Financial Covenant	95
Section 6.10 Transactions with Affiliates	95
ARTICLE VII Events of Default	97
Section 7.01 Events of Default	97
ARTICLE VIII The Administrative Agent and Other Agents	99
Section 8.01 Appointment	99

Section 8.02 Delegation of Duties	100
Section 8.03 Exculpatory Provisions	100
Section 8.04 Reliance by the Agents	101
Section 8.05 Notice of Default	101
Section 8.06 Non-Reliance on the Agents, Arrangers and Other Lenders	101
Section 8.07 Indemnification	102
Section 8.08 Agents in Their Individual Capacity	102
Section 8.09 Successor Administrative Agent	103
Section 8.10 Arrangers, Etc	103
Section 8.11 Security Documents and Agents	103
Section 8.12 Right to Realize on Collateral and Enforce Guarantees	104
Section 8.13 Withholding Tax	105
Section 8.14 Certain ERISA Matters	105
Section 8.15 Erroneous Payments	106
ARTICLE IX Miscellaneous	106
Section 9.01 Notices; Communications	107
Section 9.02 Survival of Agreement	108
Section 9.03 Binding Effect	108
Section 9.04 Successors and Assigns	108
Section 9.05 Expenses; Indemnity	113
Section 9.06 Right of Set-off	114
Section 9.07 Applicable Law	114
Section 9.08 Waivers; Amendment	114
Section 9.09 Interest Rate Limitation	116
Section 9.10 Entire Agreement	117
Section 9.11 WAIVER OF JURY TRIAL	117
Section 9.12 Severability	117
Section 9.13 Counterparts; Electronic Execution	117
Section 9.14 Headings	118
Section 9.15 Jurisdiction; Consent to Service of Process	118
Section 9.16 Confidentiality	118
Section 9.17 Release of Liens and Guarantees	120
Section 9.18 USA PATRIOT Act	121
Section 9.19 Agency of the Borrower for the Loan Parties	121
Section 9.20 No Liability of the Issuing Banks	121
Section 9.21 Judgment Currency	122
Section 9.22 Acknowledgment and Consent to Bail-In of Affected Financial Institutions	122
Section 9.23 Acknowledgment Regarding Any Supported QFCs	122
Section 9.24 No Advisory or Fiduciary Responsibility	123

Exhibit A	Form of Assignment and Acceptance
Exhibit B-1	Form of Borrowing Request
Exhibit B-2	Form of Letter of Credit Request
Exhibit C	Form of Interest Election Request
Exhibit D	Form of Note
Exhibit E-1	U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
Exhibit E-2	U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
Exhibit E-3	U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
Exhibit E-4	U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)
Exhibit F	Form of Guarantee Agreement
Exhibit G	Form of Compliance Certificate
Exhibit H	Form of Perfection Certificate
Exhibit I	Form of Collateral Agreement
Schedule 1.01A	Letter of Credit Individual Sublimits
Schedule 1.01B	Unrestricted Subsidiaries
Schedule 2.01	Commitments
Schedule 3.04	Governmental Approvals
Schedule 3.09	Existing Litigation
Schedule 3.21	Intellectual Property; Licenses, Etc.
Schedule 5.14	Post-Closing Actions
Schedule 6.01	Indebtedness
Schedule 6.02	Liens
Schedule 6.04	Investments
Schedule 6.10	Transactions with Affiliates
Schedule 9.01	Notice Information

Applicable Margin
Pricing Level	Consolidated Total Debt to Market Capitalization Ratio	Term SOFR Loans	ABR Loans
1	< 0.30:1	1.250%	0.250%
2	> 0.30:1 but < 0.60:1	1.500%	0.500%
3	> 0.60:1	1.750%	0.750%

CIPHER DIGITAL INC.,
as Borrower


By:	/s/Greg Mumford
	Name:	Greg Mumford
	Title:	Chief Financial Officer

MORGAN STANLEY SENIOR FUNDING, INC.,
as Administrative Agent and Collateral Agent


By:	/s/Nicholas Melvin
	Name:	Nicholas Melvin
	Title:	Authorized Signatory

MORGAN STANLEY SENIOR FUNDING, INC.,
as a Lender and an Issuing Bank


By:	/s/ Fred Gonfiantini
	Name:	Fred Gonfiantini
	Title:	Vice President

	BANCO SANTANDER, S.A., NEW YORK BRANCH,
	as a Lender and Issuing Bank



	By:	/s/ D. Andrew Maletta
	Name:	D. Andrew Maletta
	Title:	Authorized Signatory



	By:	/s/ Ryan Peters
	Name:	Ryan Peters
	Title:	Authorized Signatory

GOLDMAN SACHS LENDING PARTNERS LLC,
as a Lender and an Issuing Bank


By:	/s/ Jonathan Dworkin
	Name:	Jonathan Dworkin
	Title:	Authorized Signatory

	JPMORGAN CHASE BANK, N.A.,
	as a Lender and an Issuing Bank


	By:	/s/ Antonios Vavdinos
	Name:	Antonios Vavdinos
	Title:	Authorized Signatory

	SUMITOMO MITSUI BANKING
	CORPORATION ,
	as a Lender and an Issuing Bank


	By:	/s/ Nabeel Shah
	Name:	Nabeel Shah
	Title:	Executive Director

	WELLS FARGO BANK, N.A.
	as a Lender and an Issuing Bank


	By:	/s/ Tanner Ketellapper
	Name:	Tanner Ketellapper
	Title:	Executive Director

Lender	Commitment
Morgan Stanley Senior Funding, Inc.	$33,350,000.00
Banco Santander, S.A., New York Branch	$33,330,000.00
Goldman Sachs Lending Partners LLC	$33,330,000.00
JPMorgan Chase Bank, N.A.	$33,330,000.00
Sumitomo Mitsui Banking Corporation	$33,330,000.00
Wells Fargo Bank, National Association	$33,330,000.00
Total	$200,000,000.00

1.	Assignor:

2.	Assignee:
		[and is an [Affiliate][Approved Fund] of [identify Lender]]

3.	Borrower:	Cipher Digital Inc., a Delaware corporation, as Borrower

4.	Administrative Agent:	Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, the “*Administrative Agent*,” under the Credit Agreement).

5.	Credit Agreement:	The Credit Agreement, dated as of March 23, 2026, among Cipher Digital Inc., a Delaware corporation, as the Borrower, Morgan Stanley Senior Funding, Inc., as Administrative Agent and Collateral Agent, and each Issuing Bank and Lender party thereto from time to time.

6.	Assigned Interest:

	ASSIGNOR

	[NAME OF ASSIGNOR]


	By:
		Name:
		Title:

	ASSIGNEE

	[NAME OF ASSIGNEE]


	By:
		Name:
		Title:

[Consented to and]⁴ Accepted:

MORGAN STANLEY SENIOR FUNDING, INC.,
as Administrative Agent


By:
	Name:
	Title:

[[             ]²], as Issuing Bank under the Credit Agreement

___________________________________________]
Attention: [__________________________________]