(a)  Each borrowing by the Borrower from the Lenders hereunder and each payment by the Borrower shall be made pro   rata according to the respective Loan Percentages of the relevant Lenders in respect of each tranche of the Loans.  Subject to Sections 2.21(d)(iv) and Section 2.22(b)(2), each payment (including prepayments) in respect of principal, interest or fees in respect of Loans shall be applied among tranches of Loans as directed by the Borrower.  Each payment (including prepayments) in respect of principal or interest in respect of any tranche of the Loans and each payment in respect of fees payable hereunder shall be applied to the amounts of such obligations owing to the Lenders with respect to such tranche, pro   rata according to the respective amounts then due and owing to such Lenders; provided , the provisions of this sentence shall not be construed to apply to any payment made pursuant to Sections 2.21 or 2.22 , or obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant.