Define: Daily Simple SOFR
What does "Daily Simple SOFR" mean? The meaning differs based on the contract. We found 2 definitions across 2 companies in SEC filings.
Definition 1 (ABBOTT LABORATORIES, seen in 1 filing)
Daily Simple SOFR means for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
Source: ABBOTT LABORATORIES 10-K
Definition 2 (Brookfield Asset Management Ltd., seen in 1 filing)
Daily Simple SOFR means for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Lenders in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining Daily Simple SOFR for syndicated business loans provided that, if the Lenders decide that any such convention is not administratively feasible for the Lenders, then the Lenders may establish another convention in its reasonable discretion.
Source: Brookfield Asset Management Ltd. 10-K
Data extracted from 2 SEC EDGAR filings across 2 companies. Source: Material contracts (Exhibit 10) filed under Regulation S-K.
This page presents definitions found in actual SEC filings for informational purposes. The specific definition appropriate for your contract may vary based on jurisdiction, industry, and specific circumstances. Consult with a qualified attorney for legal advice.