Common use of Covenant Against Pledging Clause in Contracts

Covenant Against Pledging. Service Provider agrees that, without the prior written consent of DIR, it shall not assign, transfer, pledge, hypothecate or otherwise encumber its rights to receive payments from DIR under this Agreement for any reason whatsoever. To the extent DIR permits Service Provider to assign, transfer, pledge, hypothecate or otherwise encumber its rights to receive payments from DIR under this Agreement, Service Provider shall continue to be DIR's sole point of contact with respect to this Agreement, including with respect to payment. The person or Entity to which such rights are assigned, transferred, pledged, hypothecated or otherwise encumbered shall not be considered a third party beneficiary under this Agreement and shall not have any rights or causes of action against DIR.

Covenant Against Pledging. ‌ Service Provider agrees that, without the prior written consent of DIR, it shall not assign, transfer, pledge, hypothecate or otherwise encumber its rights to receive payments from DIR under this Agreement for any reason whatsoever. To the extent DIR permits Service Provider to assign, transfer, pledge, hypothecate or otherwise encumber its rights to receive payments from DIR under this Agreement, Service Provider shall continue to be DIR's sole point of contact with respect to this Agreement, including with respect to payment. The person or Entity to which such rights are assigned, transferred, pledged, hypothecated or otherwise encumbered shall not be considered a third party beneficiary under this Agreement and shall not have any rights or causes of action against DIR.