Common use of Collection Actions Clause in Contracts

Collection Actions. If the Coral Group, in violation of this ------------------ Agreement, shall commence, prosecute or participate in any suit, action or proceeding against Borrower, Borrower may interpose as a defense or plea the making of this Agreement and Bank One may intervene and interpose such defense or plea in Bank One's name or in the name of Borrower. If the Coral Group shall attempt to enforce any security agreements, real estate mortgages or any lien instrument or other encumbrances, Bank One or Borrower may by virtue of this Agreement restrain the enforcement thereof in Bank One's name or in the name of Borrower. If the Coral Group obtains any assets of the Borrower as a result of any administrative, legal, or equitable action, or otherwise, the Coral Group agrees to forthwith pay, deliver, and assign to Bank One any such assets for application upon the amount now or hereafter owing to Bank One by Borrower.

Collection Actions. If the Coral Group, in violation of ------------------ this ------------------ Agreement, shall commence, prosecute or participate in any suit, action or proceeding against Borrower, Borrower may interpose as a defense or plea the making of this Agreement and Bank One MidFirst may intervene and interpose such defense or plea in Bank OneMidFirst's name or in the name of Borrower. If the Coral Group shall attempt to enforce any security agreements, real estate mortgages or any lien instrument or other encumbrances, Bank One MidFirst or Borrower may by virtue of this Agreement restrain the enforcement thereof in Bank OneMidFirst's name or in the name of Borrower. If the Coral Group obtains any assets of the Borrower as a result of any administrative, legal, or equitable action, or otherwise, the Coral Group agrees to forthwith pay, deliver, and assign to Bank One MidFirst any such assets for application upon the amount now or hereafter owing to MidFirst by Borrower, subject to the rights of Bank One by Borrowerunder the Bank One Agreement.