The Lien Sample Clauses
The Lien clause establishes a legal right for a party, typically a contractor or supplier, to claim a security interest in property or materials until payment obligations are fulfilled. In practice, this means that if the party providing goods or services is not paid as agreed, they may retain possession of the property or file a lien against it, which can prevent its sale or transfer until the debt is settled. This clause serves to protect the interests of those supplying labor or materials by ensuring they have a mechanism to secure payment and mitigate the risk of non-payment.
The Lien. As a guarantee for the full and precise payment of the secured amounts, the guarantors hereby pledge in a first-priority fixed pledge in favour of the bank all of the assets set forth below:
3.1 279 (two hundred and seventy-nine) ordinary shares of NIS 0.001 par value each in Merhav M.N.P.("the company") and 6 foundation shares of NIS 0.1 par value each, which are owned by the guarantors (hereinafter, "the shares"). The shares will be deposited pursuant to the terms of this note in a securities term deposit, no 294916/81 maintained in Branch 800 of the bank on behalf of the guarantors, to which a monetary account will be attached (The aforesaid securities term deposit and the monetary account to be attached thereto will be termed hereinafter: "the securities term deposit") The pledge hereby created will also apply to:
3.2 All dividends to be given and/or to be paid and/or to be issued from time to time in respect of or pursuant to the shares and/or the other shares as defined hereinafter, at any time, commencing from the date of signing this pledge note;
3.3 All of the shares and stock of shares that will reach or will be issued from time to time in respect of or in lieu of the shares (hereinafter "the other shares") and all of the rights, options, monies, assets that will arrive or be issued in lieu of the shares and/or in respect of or by virtue of the shares and/or the other shares as bonus shares, priority or other rights;
3.4 All of the rights in the company and or towards it and/or towards other shareholders in which the law and/or the articles of the company and/or any other agreement, if any, confer and will confer them from time to time on the guarantors in respect of and/or by virtue of the shares and/or other shares;
3.5 All of the rights that the guarantors have and will have in respect of and in connection with the aforesaid securities term deposit including the rights in the monetary account attached thereto. The other shares and all of the rights, monies, securities and assets as aforesaid in the above paragraphs 3.1–3.5 and below will be termed "the pledged shares and rights".
The Lien