Common use of Payments Received by the Subordinated Creditor Clause in Contracts

Payments Received by the Subordinated Creditor. In the event that the Subordinated Creditor receives any payment or other distribution of any kind or character from the Borrower or from any other source whatsoever in respect of any of the Subordinated Indenture Indebtedness, or receives any security therefor, whether by way of agreement or compromise or otherwise, which it is not entitled to retain pursuant to the terms of this Agreement, the Subordinated Creditor shall immediately deliver the same to McDonald's, in the form received, together with any necessary endorsements, in each case for application on account of the Senior Obligations, but until so received by McDonald's, the same shall be held in trust by the Subordinated Creditor as the property of McDonald's.