Application of Payments

Application of Payments. Any and all payments received by the Administrative Agent pursuant to any enforcement proceeding or action against the Borrower prior to the repayment in full of all credit outstanding under the Credit Facilities and the termination of the Individual Commitments of the Lenders hereunder, at any time that an Event of Default shall have occurred and be continuing, shall be applied and distributed, as follows: (a) firstly, to the payment of all reasonable costs and expenses incurred by the Administrative Agent (including, without limitation, all legal fees and disbursements) in the exercise of all or any of the powers granted to it hereunder; (b) secondly, to the payment of the Obligations (other than those referred to in clause (a)) to the Lenders in respect of the relevant Credit Facility; in accordance with their relative Exposure; and (c) the balance, if any, to payment to the Group or otherwise in accordance with applicable law.