Sessions & Tracks : Sessions : Session Files and Folders : Audio Files Folder

Audio Files Folder
The Audio Files folder contains all audio recorded or converted during the session.
When you record a new audio track, the track is saved as a new audio file to the Audio Files folder. You can also import other audio files into the session, and work with them as well.
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For details on allocating audio tracks to different hard drive locations, including shared media volumes, see Recording with Multiple Hard Drives.