A paying agent acts as an intermediary in these transactions and receives a fee for its services. There are many formats for paying agency agreements. Banks usually have their own standard agreements, as does the Securities and Exchange Commission (SEC). An agreement of paying agencies shall indicate the date of the agreement and the parties concerned, as well as, where appropriate, the physical addresses where the principal amount is kept. These agreements typically cite the details of the offer, such as: “The Municipality of XYZ is offering $200,000,000 in variable-rate notes as of August 10, 2019.” The agreement could ensure that the payment of principal and interest on the bonds is guaranteed by a guarantor or agent. .