Common use of Benefit of Agreement; Assignment Clause in Contracts

Benefit of Agreement; Assignment. (a) This Agreement shall be binding upon and inure to the benefit of, and shall be enforceable by, the parties hereto and their respective personal representatives, successors and assigns, except that the parties hereto may not transfer or assign any of their respective rights or obligations hereunder without the prior written consent of the other parties. (b) The parties hereto agree and designate EVB and Sonabank as third-party beneficiaries of this Agreement, with EVB and Sonabank each having the right to enforce the terms hereof.