Common use of Paying Agent to Hold Clause in Contracts

Paying Agent to Hold. Money in Trust. Prior to, or not later than 10:00 a.m., New York City time, on each due date of the principal of and premium, if any, and interest on any Security, AK Steel shall deposit with the Paying Agent a sum sufficient to pay such principal, premium and interest when so becoming due. AK Steel shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Securityholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of any default by AK Steel in making any such payment. If AK Steel or a domestically incorporated Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. AK Steel at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section 2.4, the Paying Agent shall have no further liability for the money delivered to the Trustee.