ABSTRACT
Agents are liable for their own negligence, wilful default and breach of contract.
➤ The provision of funds by the issuer to the principal agent, or their provision to the other agents, does not discharge the issuer’s payment obligation on the bonds and coupons
(as the paying agents are the issuer’s agents). The payment obligations are satisfied
when payment is made by the paying agents to bondholders, or their collecting agents.
