Common use of Refinancing Account Clause in Contracts

Refinancing Account. Upon notice to it of an ACS Group Refinancing, the Cash Manager shall cause the Operating Bank to establish and maintain a Refinancing Account pursuant to Section 3.01(a) hereof in the name of the Security Trustee for the benefit of the Holders of the subclass of ACS Group Securities, if any, to be refinanced. All net cash proceeds of such ACS Group Refinancing shall be deposited in the Refinancing Account and shall be held in such Account until such proceeds are applied to pay the Redemption Price or Guarantor Redemption Price, as applicable, of and all accrued and unpaid interest on such ACS Group Securities until such ACS Group Securities are cancelled by the Trustees and Refinancing Expenses (and any Policy Premium due and payable to the Policy Provider) with respect thereto (except to the extent the Directors and the Guarantor Directors have determined, as evidenced by a Board Resolution and a Guarantor Board Resolution, respectively, to pay the same from funds available therefor as Permitted Accruals in the Expense Account) and as otherwise provided in Section 5.02(f)(ii)(D) hereof.