Common use of Insurance; Condemnation Awards Clause in Contracts

Insurance; Condemnation Awards. The Subordinated Creditor hereby assigns and releases unto McDonald's, until payment in full of the Senior Obligations: (i) all of its right, title, interest or claim, if any, in and to the proceeds of all policies of insurance covering the Real Properties, for application in accordance with the provisions of the Senior Mortgages or as the Borrower and McDonald's may otherwise agree; and (ii) all of its right, title and interest or claim, if any, in and to all awards or other compensation made for any taking of any part of the Real Properties for application in accordance with the provisions of the Senior Mortgages or as the Borrower and McDonald's may otherwise agree. All such insurance proceeds or awards which may become due and payable to the Subordinated Creditor shall be payable directly to McDonald's, and the Subordinated Creditor directs any insurance company or governmental authority to make payment thereof directly to McDonald's for application in accordance with the Senior Mortgages. In the event that any such insurance proceeds or awards are made payable to the Subordinated Creditor despite such direction, the Subordinated Creditor shall promptly transfer the same, or promptly cause the same to be transferred, to McDonald's.