SSB Account definition
SSB Account means the securities account described in the Control Agreement. -10- Security Instruments is used collectively herein to mean this Agreement, all Deeds of Trust, Mortgages, Security Agreements, Assignments of Production and Financing Statements and other collateral documents covering certain of the Oil and Gas Properties and related personal property, equipment, oil and gas inventory and proceeds of the foregoing, all guaranties, all pledge agreements, all security agreements and all collateral assignments of notes and liens executed as security for the Loans, all such documents to be in form and substance reasonably satisfactory to Agent. Subsidiary means any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by Borrower or another Subsidiary. Total Outstandings means, at any time, the sum of (i) the total principal balance outstanding on the Revolving Loans, plus (ii) the total face amount of all outstanding Letters of Credit, plus (iii) the amount of all unpaid Reimbursement Obligations. Tranche means a set of LIBOR Loans made by the Lenders at the same time and for the same Interest Period. Unscheduled Redeterminations means a redetermination of the Borrowing Base made at any time other than on the dates set for the regular redetermination of the Borrowing Base which are made (A) at the request of Borrower (but only once each six (6) month period), or (B) at the reasonable request of Majority Lenders, or (C) at any time that Agent or Majority Lenders determine, in their sole discretion that either (i) there has been a material decrease in the value of the Collateral, or (ii) an event has occurred which could cause a Material Adverse Effect.
Examples of SSB Account in a sentence
In addition to the mortgaging of the Oil and Gas Properties, PLP shall grant and assign to Agent for the ratable benefit of Lenders a first and prior Lien on the SSB Account and all assets therein and on 933,589 shares of Energen Stock owned by PLP, Borrower and PLLC shall grant and assign to Agent for the ratable benefit of Lenders a first and prior Lien on all equity interests in PLP and PLLC, and Guarantors shall provide Lenders with the Guaranties.