Common use of Restriction on Assignment Clause in Contracts

Restriction on Assignment. The Entity shall not, either absolutely or by way of security, assign its interests, rights or obligations under this agreement prior to the performance and fulfillment of the Entity’s obligations under this agreement without: (a) the prior consent of the Administering Agency in writing signed by the Chief Executive Officer of the Administering Agency; and (b) the Assignee having entered into a deed of novation of this document with the Administering Agency, on terms reasonably acceptable to the Administering Agency, whereby the Assignee becomes contractually bound to the Administering Agency to perform and fulfill the provisions of this document or such of them as remain unperformed or unfulfilled by the Entity at the time of such assignment.