Common use of Application of Credit Facility Drawings Clause in Contracts

Application of Credit Facility Drawings. The proceeds of any Credit Facility Drawing shall be deposited into the Initial Liquidity Payment Account and withdrawn by the Operating Bank, upon Written Notice from the Cash Manager, for application on the applicable Payment Date in the following manner: first, to the Expense Account an amount such that the amount on deposit therein is at least equal to the Required Expense Amount for such Payment Date and second, in no order of priority inter se, but pro rata, (1) to the Securities Accounts for the ACS Group Subclass A-1 Securities, the amount of accrued and unpaid interest on the ACS Group Subclass A-1 Securities with respect to the applicable Payment Date in no order of priority inter se, but pro rata; and (2) pro rata, to any Hedge Provider, an amount equal to any Senior Hedge Payment due from any ACS Group Member pursuant to any Hedge Agreement.

Application of Credit Facility Drawings. The proceeds of any Credit Facility Drawing shall be deposited into the Initial Liquidity Payment Account and withdrawn by the Operating Bank, upon Written Notice from the Cash Manager, for application on the applicable Payment Date in the following manner: firstFIRST, to the Expense Account an amount such that the amount on deposit therein is at least equal to the Required Expense Amount for such Payment Date and secondSECOND, in no order of priority inter se, but pro rata, (1) to the Securities Accounts for the ACS Group Subclass A-1 Securities, the amount of accrued and unpaid interest on the ACS Group Subclass A-1 Securities with respect to the applicable Payment Date in no order of priority inter se, but pro rata; and (2) pro rata, to any Hedge Provider, an amount equal to any Senior Hedge Payment due from any ACS Group Member pursuant to any Hedge Agreement.