Jurisdiction(s):
United Kingdom

Key definition

Group Company definition

What does Group Company mean? In practice, group company describes, in relation to a specified company, any other company that belongs to the same corporate group as that company. It means, in relation to a company, any member of its Group, with Group normally defined in the relevant document. Typically, this captures the parent or holding company, the company itself, its subsidiaries and any fellow subsidiaries. Many agreements define Group by reference to statutory concepts: in the UK, the Companies Act 2006 terms parent undertaking/subsidiary undertaking or holding company/subsidiary; in Ireland, the Companies Act 2014 terms holding company/subsidiary. The expression Group Company...

UK passenger rolling stock purchase agreements: market-standard MSA terms—parties, specification changes, stage payments and bonds, consents, delay liquidated damages, testing/acceptance, product support, indemnities, liability caps and defaults

Published by a LexisNexis Banking & Finance expert

Practice notes

In UK passenger services, new fleets of rolling stock are acquired through a range of structural frameworks and arrangements.

The simplest approach sees an operating lessor buy a new fleet from a rolling stock manufacturer under a purchase agreement, then lease that fleet to an operator.

For further details on these models, see Practice Note: Rail finance—purchase agreements.

This Practice Note outlines the principal terms of a market-standard purchase agreement, often also referred to as a manufacture and supply agreement, or MSA.

An overview of a purchase agreement

A purchase agreement is usually concluded between the lessor, the manufacturer and the operator.

The table below outlines each party...

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Web page updated on 22/05/2026

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