SSLIC definition
Examples of SSLIC in a sentence
SSLIC does not own, directly or indirectly, any of the outstanding capital stock of any corporation or an interest in any partnership, joint venture, or other enterprise, other than any securities held for investment purposes in the ordinary course of business.
On the Closing Date the dissenting SSLIC shares shall not exceed ten percent (10 %) of the shares of SSLIC Common then outstanding.
Furthermore, SSLIC shall not make any contributions under the Employee Benefit Plans other than those required by the terms of the Employee Benefit Plans without the prior written consent of Security National Life.
No contract, obligation, or commitment (excepting there from insurance policies and annuities issued by SSLIC in the ordinary course of business) shall be entered into or assumed by or on behalf of SSLIC, except normal commitments incurred in the ordinary course of business; nor any indebtedness incurred representing borrowed money or the deferred purchase price of goods or services; nor shall any material contract, obligation, or commitment be modified or amended in any material respect or terminated.
SSLIC shall continue in full force and effect, at its expense, (i) all present policies of casualty, property, fidelity, errors and omissions, directors' and officers', and workers' compensation insurance which have been issued to it and (ii) all bonds and/or deposits in respect of any casualty, fidelity, property, or workers' compensation risks which are self-insured.
Security National Life shall have delivered to SSLIC a certificate, dated the Closing Date and signed by an officer of Security National Life, evidencing compliance with the provisions of this Section 8.2.
To SSLIC's knowledge, there is no pending or threatened change of any such law, regulation, or order which might materially adversely affect the assets, liabilities, financial condition, or results of operations of SSLIC taken as a whole.
In giving such opinion, such counsel may rely upon opinions of other counsel satisfactory to it and, as to matters of fact, upon certificates of officers of Security National Life, provided that such counsel shall state that it believes it is justified in relying upon such certificates and shall deliver copies thereof to SSLIC contemporaneously with its opinion.
Neither SSLIC nor Security National Life may assign this Agreement or any interest hereunder, and any such attempted assignment not in compliance herewith shall be null and void, except that Security National Life may assign this Agreement to a wholly owned SSLIC Holding, provided that any such assignment shall not relieve Security National Life of its obligations hereunder.
The copies of SSLIC's Articles of Incorporation (certified by the Department of State of Florida) and Bylaws (certified by the secretary or an assistant secretary of SSLIC), both as amended to date, which have been furnished to Security National Life are true, correct, and complete and are in full force and effect on the date hereof.