Paying Agent

The institution, often appointed in an Indenture or a paying agency agreement, responsible for making payments of Interest and Principal to bondholders.  The Paying Agent is usually a bank or trust company but may be the treasurer or some other officer of the Issuer.  Frequently the same entity serves also as the Registrar. Typically, the Trustee is also the Registrar and Paying Agent.

See Also


The person or entity responsible for maintaining records on behalf of the issuer for the purpose of recording the names of the owners of registered bonds.


A commercial bank or trust company with trust powers which acts in a fiduciary capacity for and on behalf of the bondholders by entering into an indenture with the issuer of the bonds.

Indenture or Trust Indenture/Agreement

A contract between an issuer and a trustee under which the issuer issues bonds and specifies their maturities, interest rates, redemption provisions, form, exchange provisions, security and other terms.

Hudson Yards Rail Yards

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Securities Act of 1933

Law designed to ensure that investors are provided with material information about new issues of securities offered for sale to the public.