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What does paying agent mean?

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paying agent
Noun

A central securities depository, such as the Depository Trust Company (DTC) in the United States, or an international central securities depository, such as Euroclear and Clearstream for the Euromarket, that is appointed by the issuer to distribute payments of interest and principal to bondholders, frequently also the fiscal agent.

Synonym(s): 
  • agent bank; principal paying agent.
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