Common use of Lien on Assets Clause in Contracts

Lien on Assets. If a Portfolio requires Provident to advance cash or securities for any purpose or in the event that Provident or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct, any property at any time held for the account of a Portfolio shall be security therefor and should the Portfolio fail to repay Provident promptly, Provident shall be entitled to utilize available cash and to dispose of the Portfolio's assets to the extent necessary to obtain reimbursement; provided, however, that the total value of any property of the Portfolio which at any time is security for any payment by Provident hereunder shall not exceed 15% of the Portfolio's total net asset value.